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Category: Economy

  • Kogi Assembly Passes 2024 Budget Of N258.2 Billion bill

    Kogi Assembly Passes 2024 Budget Of N258.2 Billion bill

    By Noah Ocheni, Lokoja

    The Kogi State House of Assembly has passed into law the 2024 Appropriation Bill of over N258.2 billion naira.

    The passage followed the adoption of the report of the House Standing Committee on Appropriation Budget Monitoring and Economic Planning.

    At the clause by clause consideration by the committee of supply, the Speaker Aliyu Umar Yusuf said “the bill had in it authorized recurrent expenditure of over N145.7 billion naira while the authorized capital expenditure stood at over N112.5 billion naira.”

    He said the bill which had shown the allocation of funds to each Ministries, Departments and Agencies would take effect from January 1, 2024 and end December 30, 2024.

  • South Africa to Briefly Surpass Nigeria as Africa’s Largest Economy

    South Africa to Briefly Surpass Nigeria as Africa’s Largest Economy

    By Daniel Edu

    According to projections from the International Monetary Fund (IMF), South Africa is set to briefly overtake Nigeria and Egypt as the largest economy in Africa next year. The IMF’s World Economic Outlook anticipates South Africa’s gross domestic product to reach $401 billion in 2024, surpassing Nigeria’s $395 billion and Egypt’s $358 billion, all calculated at current prices.

    However, this economic shift is expected to be a short-lived one, with South Africa projected to maintain its top position for only one year before slipping behind Nigeria once again. By 2026, the IMF report indicates that South Africa is likely to drop to the third position, trailing behind Egypt.

  • Federal Government and Wema Bank Launch Digital Skills Program for Eligible Nigerians

    Federal Government and Wema Bank Launch Digital Skills Program for Eligible Nigerians

    By Daniel Edu

    The Federal Government, in collaboration with Wema Bank, is calling on eligible Nigerians to apply for a newly introduced digital skills program aimed at empowering Micro, Small, and Medium Enterprises (MSMEs).

    Mr. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice-President, announced this initiative in a statement issued on Monday in Abuja.

    Adekunle-Johnson revealed that the FGN X ALAT Digital Skillnovation Programme is open for entries from tech enthusiasts, aspiring entrepreneurs, business owners, job seekers, working professionals, and aspiring future leaders.

    Interested and eligible Nigerians can apply for the program by visiting https://fg-skillnovation.alat.ng, with the portal now open for applications. Eligible applicants must be Nigerian citizens residing in the country and fall within the age range of 18 to 35. They should possess literacy and numeracy skills, with formal education being a plus but not mandatory.

    Applicants are also required to have access to a digital device such as a smartphone, laptop, or desktop for connectivity and engagement purposes. Commitment to the entire program duration, along with a genuine interest in digital skills, entrepreneurship, or technology, is essential.

    Adekunle-Johnson listed several program benefits, including training, mentorship, funding for innovative ideas, support for startups, and increased market reach. The FGN X ALAT Digital Skillnovation program promises access to funding, mentorship, job opportunities, and grants worth millions of dollars to bring beneficiaries’ ideas to life and provide real-world market experience.

    He concluded by encouraging interested Nigerians to visit https://fg-skillnovation.alat.ng and apply for the program.

    The Federal Government, in collaboration with Wema Bank, has announced its commitment to train two million youths in digital skills. This initiative aligns with the government’s mission to support job creation and promote economic growth, as emphasized by the administration. Wema Bank, in partnership with the Office of the Vice President, aims to impact two million youths and one million MSMEs across Nigeria through this endeavor.

  • China’s Belt and Road Initiative: A Transformative Global Infrastructure Project at 10

    China’s Belt and Road Initiative: A Transformative Global Infrastructure Project at 10

    By Dr Austin Maho

    The Belt and Road Initiative (BRI), also known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road, is one of the most ambitious and extensive infrastructure and economic development projects in modern history.

    Since its debut in 2013, China’s huge Belt and Road Initiative (BRI) has spread its tentacles across the globe like an octopus and noticeably changed the landscape of infrastructure especially in Africa.

    The initiative seeks to foster economic cooperation and connectivity among countries in Asia, Europe, Africa, and beyond. Launched in 2013 by Chinese President Xi Jinping, the BRI has garnered significant attention and debate due to its vast scope and implications for global geopolitics, trade, and development.

    As the BRI marks its tenth anniversary perhaps no better time than now to do an appraisal of this global initiative and its contributions to global development.

    The historical context of the Belt and Road Initiative is deeply rooted in China’s historical engagement with the world. The concept is inspired by the ancient Silk Road trade routes that connected China to Europe, the Middle East, and Africa, facilitating the exchange of goods, culture, and ideas. The BRI is seen as a modern version of these ancient routes, aiming to reinvigorate economic and cultural exchanges on a global scale.

    The BRI primarily aim is to enhance infrastructure development, trade connectivity, and economic cooperation among participating countries. It consists of two main components:

    Silk Road Economic Belt: This land-based component aims to create a network of transportation and infrastructure projects, connecting China to Europe via Central Asia, the Middle East, and Eastern Europe.

    21st Century Maritime Silk Road: The maritime component focuses on improving connectivity through ports, shipping lanes, and maritime infrastructure, linking China to Southeast Asia, South Asia, Africa, and Europe.

    Key Pillars:

    1. Infrastructure Development: One of the central elements of the BRI is the construction of roads, railways, bridges, ports, and other critical infrastructure in participating countries. This infrastructure development is designed to improve connectivity and facilitate trade.

    2. Trade Facilitation: The BRI seeks to remove trade barriers, reduce transportation costs, and streamline customs procedures to promote the flow of goods between countries.

    3. Economic Cooperation: Through the BRI, China aims to promote economic cooperation and investment in various sectors, including energy, manufacturing, technology, and finance.

    4. People-to-People Connectivity: Cultural exchange and collaboration in education, tourism, and healthcare are vital components of the initiative, fostering mutual understanding among participating nations.

    Progress and Achievements

    Since its inception, the Belt and Road Initiative has made substantial progress. Several landmark projects have been undertaken, which have improved connectivity and infrastructure across the regions involved. Key achievements include:

    1. Infrastructure Development: Notable projects include the China-Pakistan Economic Corridor (CPEC), the Mombasa-Nairobi Standard Gauge Railway in Kenya, and the Piraeus Port in Greece, among others.

    2. Trade Expansion: Trade volumes along BRI routes have increased significantly, opening up new markets for participating countries and enhancing global trade.

    3. Economic Growth: The BRI has contributed to economic growth in many of the participating nations, attracting foreign investment and stimulating domestic industries.

    4. Enhanced Connectivity: The development of new transport routes and digital infrastructure has improved connectivity between participating countries.

    Since Nigeria joined the Belt and Road Initiative (BRI) at the 2018 Beijing summit, Nigeria has benefited inleaps and bounds. There have been a harvest of infrastructural development across the country.

    As a global infrastructure development programme the BRI in ten years of existence has become an important platform for achieving the UN’s 2030 Agenda for Sustainable Development.

    Notably also, the initiative and its core concepts have been incorporated into the G-20, the Asia-Pacific Economic Cooperation and the Shanghai Cooperation Organisation. These are major milestones for a decade old establishment.

    In Africa major projects that have been financed through the BRI include Kenya’s Nairobi-Mombasa standard gauge rail line, Ethiopia’s Addis– Djibouti standard rail line and Tazara railway linking the port city of Dar el Salam in Tanzania to the town of Kapiri Mposhi in Zambia’s central province.

    In Nigeria ompleted projects and ongoing ones include the Abuja–Kaduna standard gauge rail line, Abuja rail mass transit, the four airport projects which include the Nnamdi Azikiwe International Airport, Abuja, Murtala Mohammed International Airport in Lagos amd the Kano and PortHarcourt international Airports. Others are the Lagos–Ibadan standard gauge rail line, Lekki deep sea port., the Abuja, Lafia, Makurdi dualisation project , Abuja township road project, among others.

    Unarguably, infrastructure development is a major component of the BRI which has been making great impact on the lives of the people of Africa.

    For instance, the Kaduna to Abuja rail service that was inaugurated in 2016 has created major transportation channel from the capital city to the industrial and metropolitan city of Kaduna.

    The Abuja–Kaduna rail line has also improved investment environment, promoted business trade and safer passenger traffic and cargo transportation between the two cities.

    Similarly, dozens of Chinese enterprises of different scale are almost in every state of Nigeria, thriving and contributing to the economy of those states and Nigeria.

    Trade volume between Nigeria and China has been on the upward swing rising to 15.3billion dollars in 2018 –10.8 per cent higher than that of 2017.

    Similarly, trades between China and African countries continue to grow significantly, testifying to the deepening economic relations between the two sides.

    Irredpective of criticism there is no doubt thst the BRI has not only promoted integration and connectivity it has also shifted the balance of global power and influence, with China taking on a more prominent role in global affairs.

    Furthermore, the people-to-people component of the BRI has enhanced cultural understanding and cooperation among diverse nations.

    China’s Belt and Road Initiative is a monumental undertaking that seeks to revive the historical Silk Road and stimulate economic cooperation among countries across Asia, Europe, Africa, and beyond. While it has achieved considerable success in terms of infrastructure development and economic growth, it has also encountered criticism and challenges.

    The BRI’s impact on the global stage is complex, with economic integration, geopolitical shifts, and cultural exchange playing significant roles. As the initiative continues to evolve, it remains a topic of global interest and debate, shaping the future of international relations and trade.

  • Tax Justice Network (TJN) Collaborates with KADIRS to Enhance the Visibility of IGR in Kaduna

    Tax Justice Network (TJN) Collaborates with KADIRS to Enhance the Visibility of IGR in Kaduna

    By Daniel Edu

    The Tax Justice Network (TJN), in partnership with the Kaduna State Internal Revenue Service (KADIRS), has initiated efforts to improve the visibility of Internally Generated Revenue (IGR) in Kaduna through media engagement and reporting.

    This round table engagement, designed to secure media support in Kaduna, received backing from Christian Aid. Mr. Simeon Olatunde, the Coordinator of TJN in Kaduna, emphasized the media’s vital role in promoting a fair, inclusive, and citizen-driven tax process.

    He described TJN as a coalition of civil society and media advocates working to promote equity and inclusive prosperity in Kaduna State. TJN’s focus is on fostering socioeconomic justice through an equitable and fair tax system within the state and beyond.

    “Throughout the years, we have been dedicated to promoting good governance, tax education, and awareness, in collaboration with the state government, private sector, and development partners, to protect and advance taxpayers’ rights and compliance,” he stated.

    Olatunde noted that there is limited knowledge about taxation among media professionals in Kaduna, which motivated the round table engagement.

    “The Network, in collaboration with tax experts, identified that media professionals, although part of the network, often possess limited knowledge about taxation, and their coverage tends to revolve around figures and tax lines. Our work with the media has been on a small scale, and we aim to expand our reach,” he explained.

    The engagement’s objective is to involve more media professionals, broaden their understanding, and enhance their capacity to provide better tax education.

    Regarding public tax administration education, Olatunde mentioned that the network engages communities through the Community Development Charter (CDC) process, creating opportunities for communities to discuss tax concerns at the local level.

    The coordinator emphasized TJN’s commitment to advocating for development levies and taxes that directly benefit the community, ensuring that a specific portion of the revenue generated goes back to the local community.

  • Fuel Stations Implement Fuel Rationing Amid Importation Hesitation by Marketers

    Fuel Stations Implement Fuel Rationing Amid Importation Hesitation by Marketers

    By Milcah  Tanimu

    Numerous petrol stations nationwide are presently enforcing rationing measures forc, commonly known as petrol, as fuel marketers opt out of importation

    Despite a significant decline in fuel consumption over the past months following the surge in fuel pump prices, which explains the absence of extensive queues at fuel stations, there have been reported mild queues at petrol stations in several major cities, particularly in Lagos.

    These modest queues in major cities, including Lagos, are projected to intensify in the upcoming days due to the ongoing rationing strategy.

    For more than a week now, a large portion of fuel dispensing outlets in Lagos has been operating at reduced capacity, only selling for a limited number of hours each day.

    Initially, marketers cited expectations of an impending upward price adjustment, which the Nigerian National Petroleum Corporation Limited (NNPCL) promptly denied.

    Another speculation suggested that the federal government was considering reintroducing partial subsidies to mitigate the impact of the rising petrol prices.

    While there has been no official confirmation of this claim, a highly credible source informed our correspondent that such rumors are circulating and the government is reportedly contemplating such a move.

    This purported decision aims to counter the escalating petrol pump prices, which have been taking a toll on the general cost of living for the masses.

    The source disclosed that this measure appears to be the only viable option for the government at the moment, as it lacks control over international crude oil prices, which significantly influence the cost of refined products imported into the country.

    However, a reliable industry insider, contacted by our correspondent, confirmed that fuel depots are seemingly experiencing shortages.

    Our source reiterated that the experiences of motorists at filling stations indeed validate the current situation.

    “The truth is that marketers are not importing. The landing cost is above the ex-depot price currently, and accessing foreign exchange is proving to be challenging,” she explained.

    She further stated that the issue of pricing with the NNPCL remains unresolved, and the company’s decision to stipulate the selling price for marketers contradicts the principles of deregulation and competition.

    According to the source, despite the concept of deregulation, if the exchange rate and forex scarcity remain unresolved, petrol prices will continue to rise.

    major petroleum product marketers and other independent traders, who had resumed PMS importation following the removal of petrol subsidies by the federal government, were contemplating reducing further import activities.

    Industry sources informed us that an increase in the exchange rate had rendered the business unprofitable.

    Just last month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that oil marketers had commenced petrol importation into the nation.

    Previously, product importation had been exclusively managed by the Nigerian National Petroleum Corporation Limited (NNPCL).

    At a stakeholders’ engagement event in Lagos, Farouk Ahmed, the CEO of NMDPRA, revealed that out of 56 oil marketing companies that applied for licenses, 10 demonstrated commitment, and three had already imported fuel into the country.

    Ahmed listed the three importing companies as A.Y. Ashafa, Prudent, and Emadeb, while mentioning that others were expected to commence imports in the subsequent weeks.

    He also reiterated the federal government’s dedication to deregulating the sector in line with the Petroleum Industry Act (PIA) and noted that challenges affecting seamless product importation were being addressed.

    In recent times, oil marketers have urged the government to address security concerns and temporarily suspend the 7.5% Value Added Tax (VAT) on diesel, as part of the measures required to positively impact operations in the downstream sector.

  • Minister Aims for Double-Digit Economic Growth in Tinubu Administration

    Minister Aims for Double-Digit Economic Growth in Tinubu Administration

    By Milcah  Tanimu

    The newly appointed Minister of Budget and Economic Planning, Atiku Bagudu, has unveiled the government’s ambitious goal of achieving double-digit economic growth during President Bola Tinubu’s tenure.

    Addressing the public for the first time after assuming office in Abuja on Tuesday, Mr. Bagudu expressed the administration’s commitment to fostering substantial economic expansion.

    He highlighted that President Tinubu envisions a future where the Nigerian economy thrives at a double-digit growth rate, promoting inclusivity across all regions of the nation.

    Mr. Bagudu emphasized that the president firmly believes in the attainability of such growth, drawing inspiration from other nations that have achieved this feat. He stressed the importance of an economy that encourages healthy competition, rewards diligence, and extends its benefits to every citizen.

    “Bold and proactive measures have already been taken to reposition Nigeria’s economic trajectory,” he stated. He underscored President Tinubu’s establishment of a robust institutional framework aimed at sustaining this accelerated growth.

    The minister pointed out a significant policy alteration, namely the merger of the functions of the National Planning Commission and the Budget Office of the Federation under the Ministry of Budget and Economic Planning.

    This restructuring, Mr. Bagudu explained, aims to streamline planning and budgeting processes by establishing a coherent institutional framework that facilitates effective implementation.

    He outlined the upcoming initiatives, including the harmonization of planning strategies, alignment of priorities in medium-term development plans, and synchronization of sector-specific reports with the Sustainable Development Goals and the presidential campaign manifesto.

    Mr. Bagudu also emphasized the need to prioritize strategies that enhance Nigeria’s image on the global stage. He pledged to operate an open-door policy within the ministry, emphasizing the importance of knowledge exchange to propel the country’s economic growth.

    In conclusion, the minister’s inaugural address showcased the government’s determination to pursue a path of vigorous economic expansion, echoing President Tinubu’s vision of a Nigeria that achieves and sustains double-digit growth rates while fostering inclusivity and development.

  • “Nigerian Govt Warns NLC: No Strike Over Fuel Subsidy”

    “Nigerian Govt Warns NLC: No Strike Over Fuel Subsidy”

    The Nigerian government has issued a stern warning to the Nigerian Labour Congress (NLC) concerning their planned strike in response to the fuel subsidy removal by President Bola Tinubu’s administration.

    In a statement released on Wednesday by the Federal Ministry of Justice, the government emphasized that any industrial action taken by the union concerning the fuel subsidy removal would be considered contempt of court. The statement, signed by the Solicitor-General of the Federation and Permanent Secretary of the Federal Ministry of Justice, Beatrice Jedy-Agba, stated, “It is, therefore, our minimum expectation that NLC will allow the courts to perform their constitutional roles rather than resorting to self-help and undermining the orders of the court.”

    The statement serves as a reminder to the union of an order issued by the National Industrial Court in Abuja on June 5, which restrained the organized Labour, including the NLC and the Trade Union Congress (TUC) and their affiliates, from engaging in any strike action.

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    The Nigerian government further emphasizes the importance of adhering to legal processes and urges the NLC to find alternative means of addressing their concerns. With the removal of fuel subsidy being a contentious issue, the government aims to ensure stability and avoid disruptions in essential services and the economy.

    As the situation unfolds, both parties will need to engage in constructive dialogue to find a resolution that addresses the interests of workers while considering the country’s economic challenges. It remains to be seen how the NLC will respond to the government’s warning and whether alternative approaches to address the fuel subsidy removal will be explored.

  • “IPMAN calls for refinery emergency as petrol prices surge “

    “IPMAN calls for refinery emergency as petrol prices surge “

    Following the recent surge in pump prices of Premium Motor Spirit (PMS or petrol), with some petrol stations in Port Harcourt selling at an exorbitant rate of N620 per litre due to an increment in ex-depot prices by NNPC Ltd., the Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a fervent call to the Federal Government.

    Dr. Joseph Obele, the IPMAN Chairman in Rivers State, expressed deep concern over the situation, revealing that NNPC, being the sole importer of fuel in the country, has raised the ex-depot price from N487.7 per litre to N567.7 per litre.

    Obele emphasized that this unprecedented increase in fuel prices would have severe repercussions on the already burdened masses, leading to heightened suffering. In light of this crisis, he urgently urged President Bola Ahmed Tinubu to declare a state of emergency on Nigeria’s four refineries.

    The IPMAN Chairman asserted that the new fuel prices would bring unprecedented hardships to both citizens and marketers, necessitating the sourcing of additional trading capital to sustain their businesses. He also expressed concerns that the soaring inflation index would further strain the already fragile Nigerian economy.

    According to Obele, the most viable and long-term solution to this recurring problem lies in the refurbishment and revitalization of the nation’s refineries. He firmly believes that a state of emergency declaration on the refineries by the President would pave the way for much-needed reforms and sustainable solutions.

    The current situation demands urgent and proactive measures to alleviate the plight of the citizens and mitigate the adverse effects on the nation’s economy. IPMAN’s call for immediate action on the refineries seeks to address the root cause of the issue and ensure a stable and affordable fuel supply system for the Nigerian people.

  • NLC President Claims Deception on Fuel Pump Pricing in Nigeria

    NLC President Claims Deception on Fuel Pump Pricing in Nigeria

    Joe Ajaero, the president of the Nigeria Labour Congress (NLC), has expressed concerns about the deceptive practices surrounding fuel pump pricing in Nigeria. During an interview with Channels Television on July 18, Ajaero shed light on the situation.

    According to Ajaero, the Nigerian National Petroleum Company Limited (NNPCL) has stated that independent marketers are now responsible for importing refined petroleum products into the country, implying that they are no longer the sole importers. However, Nigerians are demanding transparency and calling for the public disclosure of the names of these new importers.

    Ajaero voiced his doubts, saying, “NNPCL cannot import and claim that the commodity was imported by marketers. That is not true. If the government removed petroleum product subsidies and suddenly there is another price increase just as committee meetings are about to begin, why would the government seek a court injunction and employ other measures if it is not involved?”

    He expressed concern that Nigerians are being needlessly punished and deceived, stating, “It seems we have entered a period where lies are prevailing, and Nigerians are being subjected to unnecessary hardships. If you have a single market where everyone must change dollars at N800/$1, and you remove the market where people were exchanging dollars at N450 to import, it means that the moment the dollar value increases to N900/N1000, they will tell us that they imported it at the current value. Even though the products we have now are not the ones imported at N800/$, the government is clearly playing with Nigerians. This is not economics; it is a reign of impunity.”

    Ajaero also criticized the government’s decision to allocate N70 billion to subsidize the National Assembly while removing fuel subsidies, which primarily affect the impoverished masses. He accused the government of taking away benefits from the poor and channeling them to the wealthy.

    Regarding the compressed natural gas (CNG) context, Ajaero mentioned that if the CNG agreement had already been implemented, it would have provided a cheaper alternative (N100 per liter) for underprivileged Nigerians who struggle to afford fuel at higher prices. However, the continued increase in fuel pump prices while the CNG agreement is still pending is seen as a disregard for the welfare of Nigerians.

    Ajaero further revealed that institutions such as the African Development Bank (AfDB) have shown interest in funding the CNG alternative in the country, raising confusion as to why the government is not taking steps to initiate the availability of CNG as an alternative fuel for Nigerians.

    He accused the government of exhibiting dictatorial tendencies and currently burdening Nigerians with price hikes in fuel, school fees, and electricity tariffs.