Economy
Economy: Don’t blame Tinubu for current challenges – APC Professionals Forum
The All Progressives Congress (APC) Professionals Forum, has urged Nigerians not to blame President Bola Tinubu for the current economic challenges facing the country.
The Forum Board of Trustees (BOT) Chairman, Dr Isa Yuguda stated this during the first edition of the Asiwaju Scorecard Series in Abuja on Tuesday.
According to them, President Tinubu met a very bad economic situation that would have worsened if he didn’t handle it well.
“The President did not create any of the problems people are talking about whether in the economy or in the other sectors. Infact what he met on ground would have created a worse situation if not properly handled but he is championing reforms that are required to pave way for a better society”, he said.
Speaking on the controversial fuel subsidy removal, he re-emphasised that the President did not remove the subsidy on fuel as it was not part of the 2023 budget.
“We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy but again for the avoidance of doubt he did not remove subsidy on PMS. It was not in the later part of the 2023 budget but surprisingly the Tinubu administration has had to bear the brunt for subsidy removal.
“Let me quickly add that my opposition to fuel subsidy has been well documented since the Goodluck Jonathan years when as chairman of a subcommittee on the economic meltdown, we recommended its removal after a discovery of the scam being perpetrated in the name of fuel subsidy. A recent study also showed that inspite of the COVID-19 lockdown of 2020, Nigeria still paid billions of naira for fuel subsidy even though in reality, domestic fuel consumption was very low.
“Indeed, the President has today been proved right with the manner petrol importation has gone down by 50% since June 2023 and it is almost certain to go down more in a few months when the 650,000 barrels per day Dangote Refinery begin to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri Refineries.
“If any Nigerian is still in doubt about how payment of subsidy has over the years strained the country’s resources, they must have seen how the subnationals now receive more than double what they used to get from Federation Account Allocation Committee (FAAC)”, the Forum added.
Dr. Yuguda commended the present administration for the impact of its policies, stating that the Federation Account Allocation Committee (FAAC) made the highest disbursement in its history in April 2024.
“At the last FAAC meeting, the total distributable revenue for April 2024 was N1.2trilllon, the highest ever disbursement in history. This time last year in the subsidy era, what was shared was N655.8bn. So the subnationals especially are receiving double their previous allocations and therefore have more funds for critical infrastructure and should be doing more to provide succour to the people.
“The reform-minded Tinubu administration also unified the exchange rates which inevitably sent those benefiting from arbitrage out of business. And of course, it did not take before Nigeria began to reap the benefits as the economy grew by 3.46% in the fourth quarter of 2023 compared with 2.54% in the preceding quarter. Also Capital importation was up by 66% in Q4 of 2023 compared to a 33% decline in thr previous quarter.
“Let us not forget how oil production has grown steadily since the second quarter of 2023 from 1.22m barrels per day to 1.55m barrels per day which means additional resources even as non-oil revenue continue to rise as a result of financial re-engineering of the Tinubu administration.
“There was a time, specifically in the first quarter of 2023, when debt service went from about 95% of the nation’s revenue to 183%, according to data from the Budget office, even though our debt-to-GDP ratio looked good. Today, Nigeria’s debt service-to-revenue ratio has dropped to about 66.9% which is the lowest in four years. This is largely due to fuel subsidy removal and the unification of the foreign exchange market, which have not only increased revenue inflows but also ensured the allocation of more funds for capital projects”.
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
Kogi: CP Dantawaye engage stakeholders in Ijumu, emphasises security, community policing
Fidelity Bank equips entrepreneurs for global trade success with EMP 18
Reports of Justice Agim accompanying Wike to UNICAL convocation false, misleading Supreme Court
Confusion in ISWAP, B’Haram camp, as top commanders eliminated in military’s fire power [Pictures]
Breaking: Bello appoints Ohinoyi of Ebira Chairman, Kogi Council of Chiefs
Amid endless salary cut, Bello takes delivery of Mercedes Benz S class, 2019 model worth N98 million
-
News1 week agoBill to establish National Cashew Production and Research Institute in Kogi passes first reading in Senate
-
News1 week agoShehu Sani debunks Governor Uba Sani’s alleged diversion of LG funds, challenges El-Rufai to publicly tender evidence
-
News1 week agoReport of attack on Wike’s Port Harcourt residence false, misleading – Police
-
News7 days agoPlateau gov’t expresses concern over violence in Shendam LGA, calls for calm
-
Sports1 week agoMerino gives Arsenal win over Chelsea
-
Politics5 days agoOpposition leaders announce coalition to challenge Tinubu in 2027
-
Interview1 week agoSenators Natasha-Akpabio saga should have been resolved privately – Rev. Mrs Emeribe
-
News1 week agoNatasha uncovers arrest plot after reported Akpabio to IPU in New York