Economy
Food Security: Release your farmlands to support Tinubu’s agricultural reforms, IMPI tells state governors
A policy analyst body, the Independent Media and Policy Initiative (IMPI) has condemned what they described as lackadaisical attitude of some state governors towards the release of arable lands for farming to support the Agricultural initiatives of President Bola Tinubu.
The IMPI expressed dissatisfaction that despite efforts by the president to address the skyrocketing food prices in the country and to ensure sustainable food supply, some state governors have not embraced this initiative.
The body stated this in Abuja on Monday, during a World Press Conference on the Social, Economic and Political Developments in Nigeria (January to April 2024).
Although, the IMPI did not reveal the name of the accused states, they urged them to turn a new leaf by assisting the President Bola Tinubu-led administration achieve the desired goal.
Speaking on behalf of the body, IMPI Chairman, Chief Niyi Akinsiju said “While the economy is gaining much needed momentum in the enunciated areas as recorded in the first quarter of the year, we, however, observe with mixed feelings, rocketing food prices which continue to manifest in high headline inflation rate recorded at 33.2 percent, very much driven by a 40.01 percent food inflation rate in March.
“Despite this disconcerting persistent increase in food prices, we must acknowledge the conscious efforts of President Bola Tinubu to rejig the economy and ensure food security through massive investment in agriculture. In this regard, we particularly commend the administration for funding the ongoing dry season cultivation of 120,000 hectares of farmland for the production of wheat.
“This aggressive push to boost food production is a confirmation of the President’s seriousness on his declaration of State of Emergency on Food Security on 13th July 2023. To this end, we also commend the Jigawa state government for allocating 80,000 hectares of land to the Presidential initiative on wheat, and also thank the government of Kano and Kaduna states for making available the remaining 40,000 hectares that will make the exercise a tremendous success.
“However, we are not happy and wish to publicly register our displeasure over the lackadaisical attitude of some state governors to the Presidential commitment to cultivate 500,000 hectares of land, to grow rice, cassava, maize, wheat, millet, and other staple crops across the country.
“Our investigation showed that many state governments are yet to make available their own portion of farm lands for the exercise. Therefore, we call on all the state governments that are yet to provide farmlands for the programme to do so, as quickly as possible, because time is of the essence as the country is in dire need of massive food production at this crucial moment”.
The IMPI Chairman also commended the President Bola Tinubu’s government for the gain in the country’s Gross Domestic Product (GDP) through the removal of fuel subsidy.
“Painful as the decision by the Federal Government to remove petrol subsidy and the unification of the foreign exchange windows has been, the economy had responded positively by returning an impressive 3.4 percent growth in the nation’s Gross Domestic Product (GDP) in the 4th Quarter of 2023, as released by the National Bureau of Statistics (NBS) in February this year.
“This confirms our earlier claims and projections that the economy was responding positively to the reforms of this administration. And that Nigerians will soon begin to reap the harvest of their sacrifice through affordable cost of living, food security, creation of a job creating economy, access to quality education, and affordable health and transport services”, he added.
On the use of Compressed Natural Gas (CNG) as an alternative means of transportation to mitigate the costly impact of fuel subsidy removal, he said “the Compressed Natural Gas (CNG) powered transportation system has become a reality as promised by the president. Nigeria has now joined the group of nations with fleets of CNG vehicles, as all is now set for the launch and deployment of the first set of mass-transit CNG vehicles and tricycles across the 36 states of the Federation and FCT in May, 2024.
“These eco-friendly vehicles will transport commuters at reduced cost, provide thousands of job opportunities for our youths, and improve the standard of living of the people”.
“On the revenue side, the removal of fuel subsidy has become a financial elixir for the hitherto constricted revenue earning capabilities of the national economy. Nigerians are now witnesses to the monthly spectacle of Federation Accounts Allocation Committee’s (FAAC) sharing and savings never-before-earned revenue among the three tiers of government which has averaged N250bn monthly, thereby enhancing the Federal, States and Local Government Areas capacity to pay workers’ salaries and provide critical infrastructure”.
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.
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