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Tag: Nigeria

  • Nigeria must shift from  culture of violence to fundamental rights

    Nigeria must shift from  culture of violence to fundamental rights

    Deputy Vice-Chancellor (Development Services) University of Lagos (UNILAG) Akoka Professor Ayodele Atsenuwa has said that Nigeria needs to shift from a culture of violence to uphold the fundamental human rights of citizens as contained in the constitution.

    Atsenuwa  recommended better support for the Nigerian Police Force and a focus on effective systems of law enforcement instead of talks of salary as the solution to human rights abuse, including extrajudicial killings by law enforcement agents.

    Delivering a keynote  address at the 75th International Human Rights Day Celebration held by the Nigerian Bar Association (NBA) Ikeja Branch, the law professor gave an appraisal of Chapter 4 of the Constitution of the Federal Republic of Nigeria 1999 (As Amended) vis a vis, the operations of Law Enforcement Agencies in the country.

    Atsenuwa said the Nigerian state and its agents are largely complicit in the breach of the fundamental human rights of its citizens.

    She said: “Virtually every state agency has law enforcement powers which have implications for human rights. Their officers are usually empowered to use force… which have a clawback on rights.”

    The law professor said the legal provision for the use of force by the police can prevent citizens from enjoying their rights to movement, peaceful assembly and lawful gathering.

    The law professor said there is a perception among law enforcement agencies that they are not a part of the criminal justice system and that it works against the execution of their duties.

    She said that officers of the police force who feel that killing criminals is more effective only lack the capacity for effective law enforcement.

    Red Also: Perform or be fired, Tinubu tells NNPCL board

    Atsenuwa said the Nigerian criminal justice system needs to begin planning for the prevention of crime instead of being reactive to prevent further abuse of human rights, including unlawful arrest and detention and forced confessions.

    Atsenuwa added that the Universal Declaration of Human Rights (UDHR) is the bedrock of the human rights laws in Nigeria and a reminder that every Nigerian is at risk if one individual abuses human rights and gets away with it.

    “Nigeria needs more compulsion to domesticate the UDHR due to the dualist legal system practised in the country.

    “To date – in Nigeria – economic, social and cultural rights are treated differently from the rest of the civil and political rights in Chapter 4 [of the 1999 Constitution]. They are seen as more of an aspiration instead of rights,” Atsenuwa continued.

    The Vice Chairman of the NBA Ikeja Branch and Chairman of the Human Rights Committee, U.C. Tracy Amadigwe-Dike, said the celebration of the International Human Rights Day was to shine a light on how unfortunate it is that the Nigerian government, through its agencies, are mainly involved in violating the rights of the citizens they are meant to secure.

    The chairman of the NBA Ikeja Branch, Oluwaseun Olawumi, pointed to the value of human rights and said, “Human rights must be respected and implemented even if there is a cost – such as a slower and more expensive process.”

  • Digital financing key to Nigeria’s global dominance

    Digital financing key to Nigeria’s global dominance

    The Executive Vice Chairman, Federal Competition and Consumer Protection (FCCPC) Babatunde Irukere has said digital financing is key to Nigerian global dominance, attributing its importance to the future of the youths.

    The EVC spoke at the 7th edition of the National Young Consumer Contest Awards 2023 in Abuja, stating that digital markets are the future that will dominate Africa.

    He said: “He urge the youths to embrace digital technology so they can catch up with the rest of the world, this defines their future and attainment in life. If the future is digital, and fiscal responsibility is an important part of your success, making you to think digital markets is appropriate.

    “Nigeria has become a hub for digital companies; six technology companies with a market capitalisation of $1billion have been birthed in Nigeria in the last eight years.

    Red Also: Perform or be fired, Tinubu tells NNPCL board

    “Our youths should be focused and intentional in embracing digital technology, that is the way to the future. We must be intentional and the young people must focus on this. We cannot catch up with the rest of the world by building new schools.

    The Competition which was in  two categories saw Freedom Omenyi of the Benue State University winning the first prize, Ifeanyi Victoria from the University of Nigeria, Nsukka came second as Zainab Opeyemi of the Lagos State University got the third position. For the secondary category, the first position was won by Southern British High School, Calabar, Cross River State.

  • Malaysia, Nigeria to close 1.6m tonnes palm oil gap

    Malaysia, Nigeria to close 1.6m tonnes palm oil gap

    Malaysian experts are partnering Nigeria stakeholders to increase production of oil palm estimated at 1.4 million metric tonnes (MT)  yearly.

     This figure is considered low with the nation’s demand for palm oil standing at three million MT. 

    One of the goals of the team of experts, which consists of Group Managing and founder, Agrinexus, and visiting Professor, University of Calabar, Shermal Perera, is to work with local stakeholders to help the industry close Nigeria’s 1.6 million MTproduction gap.

    Nigeria spends N500 billion yearly on imports to fill the deficit in production.

    Speaking in Lagos, Perera expressed dismay that the production had failed to meet demand.

    He attributed the decline to lack of skilled managers in oil palm plantations and called for measures to be put in place to address the issue and strategies to be formulated to ensure the competitiveness and sustainability of the industry.

    Read Also: Renewing the hope of Nigerians

    According to him, the oil palm plantation sector relies heavily on skilled professionals for maintenance activities.

    To this end, he stressed the need for innovations in the mechanisation and automation technologies to fulfill the need of the oil palm plantation sector.

    He said his organisation was working with experts to bring into the country the  Incorporated Society of Planters (ISP)  established in Malaysia to provide knowledge on plantation management and to enhance capability and understanding in the oil palm industry.

    According to him, ISP will be launched next year to address the issue of labour shortage in the country’s oil palm plantation sector, minimise operational cost and improve the yield of palm oil which in turn will increase the income of players including the smallholders. According to him, ISP has more than 6,000 members. (Local & Overseas) and mainly catered for those who work in the plantation industry as executives and above.

    The Managing Director, Foremost Development Services Limited and Advisor to Plantation Owners Forum of Nigeria (POFON), Mr Fatai Afolabi, indicated that all hands must be on deck to promote increased production to save the industry.

    According to him, the production growth of palm oil in Nigeria has stalled in recent years, but farmers are now looking to replant or expand plantations amid rising prices.

    He said ISP, established in 1919, will promote general interests of the planting profession.

    He said the society seeks to improve technical and managerial knowledge of planters.

    Compared to Nigeria that has less than 800,000 hectares of cultivated oil palm, Malaysia has 5.6 million hectares.

    Nigeria’s palm oil imports from Malaysia have surged by 65.3 percent in the first nine months of this year , according to data from the Malaysian Palm Oil Council.

    Between January and September this year , Nigeria’s palm oil imports from Malaysia increased to 234,324 MT, up from 141,786 MT during the same period in 2022, marking a substantial increase of 92,538 MT.

    In 2022, the country imported 227,035 MT of crude palm oil from Malaysia.

    To boost local crude palm oil production, the federal government listed crude palm oil on the 41 items restricted from forex access.

  • Nigeria’s oil and gas sector: Senate Committee commends LEE Engineering for contributions

    Nigeria’s oil and gas sector: Senate Committee commends LEE Engineering for contributions

    The Nigerian Senate Committee on Gas has lauded the patriotism and huge contributions of Lee Engineering and Construction Company Ltd, to the development of the Oil and Gas sector in Nigeria. The Chairman of the Senate Committee on Gas, Senator Jarigbe Agom Jarigbe, who commended Lee Engineering for its unrelenting patriotism and huge investments in the Oil and Gas industry in Nigeria declared that the company’s patriotism, huge workforce of over four thousand employees (4,000) coupled with its value-addition drive in the Oil and Gas industry in Nigeria deserve the committee support in all its ramifications.

    In a letter personally signed by Senator Jarigbe (Chairman of the Senate Committee on Gas) and addressed to the Managing Director and CEO of Lee Engineering, the Senate Committee said: “The Senate Committee on Gas writes to commend you on your activities in the Oil and gas sector in Nigeria. The Committee’s investigations revealed that you have invested hugely in the Oil and Gas industry, with a staff strength of over four thousand employees. We found no infractions associated with your company”.

    The Senate Committee while pledging to support Lee Engineering and Construction Company Ltd, as one of Nigeria’s leading indigenous companies in the oil and gas sector operating as a frontline Engineering, procurement, construction, operations and maintenance company (EPCOM), noted thus: “The Committee commends you (Lee Engineering & Construction Company Ltd) for your patriotism and pledge to support you in adding value and creating wealth for the Nation.”

    It would be recalled that Lee Engineering and Construction Company Ltd was among fifteen firms invited recently by the Senate Committee on Gas to throw light on operational milestones they have attained with facilities advanced to them individually under the supervision of the Central Bank of Nigeria (CBN) ( which was provided by commercial banks) under stringent guidelines and protocols.

    Read Also: Shettima inaugurates core working group on fight against malnutrition

     In its response, Lee Engineering and Construction Company Ltd, had in a detailed and convincing presentation made by the company’s legal adviser, Mr. Matthew Agbadon and, the firm’s Executive Director, Finance and Accounts, Mr. Benedict Ebalukhota, explained convincingly and explicitly its operational milestones with a multi- billionaire factory establishment in Warri, Delta State. Their presentation reads in part: “Lee Engineering has been in the oil and gas industry for 32 years with over 4, 000 employees. This particular project is one of the outfits of Lee Engineering and it’s located in Warri, Delta State. If the committee is ready to visit the project today, we are ready. It is 90 percent completed. It is billed for commissioning in the first quarter of next year.

    The company added: “Our factory is a multi-billion naira factory which specialize in the fabrication and manufacturing of vital equipment and components for the oil and gas industry facilities such as flow stations, refineries, petro-chemical gas plant processing and allied facilities.”

    Impressed with its findings, the Senate Committee on Gas consequently lauded and  applauded Lee Engineering’s enormous contributions to the development of the Oil and Gas industry in Nigeria, stressing that the Committee will support the firm accordingly all the way.

  • Nigeria CG calls for unity, peaceful coexistence among Nigerians in Bamenda

    Nigeria CG calls for unity, peaceful coexistence among Nigerians in Bamenda

    The Nigeria Consul General to the Southwest and Northwest Regions of Cameroon, Ambassador Lawal Bappah, mni, has called for a peaceful and harmonious relationship between Nigerians and Cameroonians in Bamenda, during a courtesy call on the Northwest Regional Governor, Adolphe Lele L’Afrique recently.

    Ambassador Lawal Bappuh indicated that the prevailing insecurity in the Northwest region is a huge concern to the Consulate in Buea and it is preoccupying the government of the Federal Republic of Nigeria. “It’s a huge challenge to the two friendly countries. The peace we need in Cameroon is the peace we also need in Nigeria. When there is no peace in Cameroon, definitely there will be no peace in Nigeria,” he told the media.

    The Nigerian Consul General emphasized that authorities in Abuja and Yaoundé would continue to explore areas of collaboration to restore normalcy. “We must find a lasting solution to what is happening,” he noted.

    The Nigerian CG has also cautioned the newly elected executive members of the Bamenda Chapter of the Nigerian Union to live harmoniously and respect the laws of Cameroon. The call was made during the official installation of the executive recently in Bamenda. The installation ceremony was chaired by the Consul General of Nigeria for the South West and North West Region, Ambassador Lawal Bappah.

    Present on the side of Cameroon was the Senior Divisional Officer, SDO, of Mezam, Simon Emile Mooh, who represented the Governor of the North West Region, Divisional Officer, DO, of Bamenda II and HRH the Fon of Mekong.

    Before presenting the newly elected executive to the Nigerian community in Bamenda on Sunday, the Consul General had earlier presented them to Governor Adolphe Lele L’afrique where discussions were centered on peaceful coexistence and addressing the insecurity that is plaguing some parts of the region.

    During the event, authorities urged the Nigerian community in Bamenda to make sure that they conduct themselves well, be peaceful and not be involved in any illegal activity. “My strong message to them is to respect the laws of the Republic of Cameroon. This is a very challenging environment; so I ask them to continue conducting themselves very well. Since it’s a border community, Nigerians should avoid getting involved in illegal activities because doing so will attract the wrath of the law,” Ambassador Lawal Bappah said.

    Read Also: Shettima inaugurates core working group on fight against malnutrition

    The Consul General also called on his compatriots to focus only on their businesses, stay neutral and not be involved in the domestic politics of Cameroon. Bappah enjoined the newly installed executive to follow in the footsteps of the previous executive, who maintained peace amongst the community members during their term in office.

    In his remarks at the occassion, the SDO of Mezam, Simon Emile Mooh, also tasked the executive to work closely with local authorities in Bamenda. He called on them to ensure reconciliation among all Nigerians in Bamenda and ensure they have their valid residence permits.

    The newly installed President of the Bamenda Chapter of the Nigerian Union, Nze Clifford Edozie, said the entire executive is going to follow all the advices. Nze Clifford, while commenting on their projects, revealed that the union has a project to build a community hall for the Nigerians in Bamenda. “May be by March or April 2024, we will lay the foundation and start building a hall for our own, so that we may not continue to pay rent during our events,” Nze Clifford said. The newly installed executives revealed that they will embark on uniting all the Nigerians in Bamenda under one union. He regretted the fact that the over seven-year armed conflict in the Anglophone regions of Cameroon has forced many of his people to migrate to other regions.

    The Secretary General of the union, Chukwu Humphrey, in his speech, pleaded with the newly installed chairman and his executive to support Nigerians who do business.  According to him, security forces have been extorting huge sums of money from them. Chukwu also begged Ambassador Lawal Bappah to help the union in repatriating stranded Nigerians.

    He added that this is becoming a difficult task for them. The occasion also saw Ambassador Lawal Bappah decorated in the famous North-West traditional regalia “Togho’ by the Nigerian traditional council in Bamenda.

  • Nigeria unites with the world in fight against corruption

    Nigeria unites with the world in fight against corruption

    The Nigeria Delegation joins over 150 member states for the 10th Conference of States Parties in Atlanta to commemorate the twentieth anniversary of the United Nations Convention against Corruption (UNCAC).

    This was according to the press release published on the United Nations Office on Drugs and Crime (UNODC), Country Office in Nigeria, website made available to reporters.

    Led by the Honourable Attorney-General of the Federation (HAGF) and Minister of Justice, HE Mr. Lateef Fagbemi, SAN, the Nigerian delegation included representatives of the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Related Offences Commission, the Code of Conduct Bureau, the Corporate Affairs Commission, the Police Service Commission, the Nigeria Police Force in addition to the officials of the Ministry of Foreign Affairs.

    In addition to the official delegation, the Conference benefitted from a strong showing of Nigerian civil society organizations, such as the Civil Society Legislative Advocacy Centre (CISCLAC), the HEDA Resource Center, the African Network for Environment and Economic Justice (ANEEJ), the Center for Governance, Asset Recovery and Sustainable Development (African Center), the Centre for Fiscal Integrity and Transparency Watch (CeFTIW) amongst others.

    Read Also; Sanwo-Olu promises medical palliatives to residents

    In his statement, the Honourable Attorney-General stated that “Nigeria has suffered from the damaging effects of corruption including the loss of billions of dollars to foreign havens, stolen, and expatriated by corrupt leaders and their foreign accomplices including multinational companies. The diversion of such strategic resources continues to challenge Nigeria’s growth and development”.

    He added that Nigeria has taken proactive measures to combat corruption, block leakages, and recover stolen assets. In this regard, he mentioned some of the achievements made by Nigeria in the last two decades following a stock-taking exercise embarked on by the government with UNODC support. One such achievement is the adoption of a roadmap for the implementation and deployment of a web-based ‘Beneficial Ownership Register’, encompassing all sectors in the country. Nigeria is also sponsoring a draft follow-up resolution on Beneficial Ownership titled “Enhancing Transparency and the Use of Beneficial Ownership Information to Strengthen Asset Recovery”. Sponsoring a total of six resolutions on the topic of asset recovery, international cooperation and beneficial ownership transparency during the past Conferences of States Parties, Nigeria has significantly contributed to the development of international policy and standards in the implementation of the United Nations Convention against Corruption. Another achievement highlighted in the statement of the Honorable Attorney General was the establishment of the Nigerian Open Contracting Portal for increased disclosure of procurement information to all stakeholders. The portal will ensure improved transparency and accountability processes in procurement. It will also help enhance active citizen participation for better service delivery and improved ease of doing business.

    The Honourable Attorney-General outlined some key priorities for Nigeria in the fight against corruption, including criminal justice reform, asset recovery, beneficial ownership transparency, and curbing illicit financial flows.

    The Honourable Attorney-General also gave a brief statement at the action series organized by the Global Forum on Asset Recovery (GFAR) on the sideline of the COSP. In his statement, he acknowledged the recent return of USD 1 million to Nigeria by the US Government of proceeds of a corruption case involving the former Governor of Bayelsa State, the late Depriye Alamieyeseigha.

    He also expressed the willingness of the Nigerian government to cooperate with the French authorities in accelerating the return of an additional USD 150 million of the Abacha loot.

    Nigeria’s Statistician General, Prince Adeyemi Adeniran, joined UNODC’s Executive Director Ghada Waly, the Italian Minister of Justice Carlo Nordio, the World Bank’s Global Director for Governance and Ghana’s Government Statistician, Professor Samuel Kobina Annim in discussing the role of corruption measurement to trigger action and assess impact. Recalling the national corruption surveys conducted in 2016 and 2019 respectively, and the 3rd national corruption survey ongoing, he outlined some of the policy reforms these exercises in data collection and analysis had managed to drive.

    Nigerian Government officials, members of civil society, academia, and the private sector also participated actively in dozens of other side events sharing achievements as well as challenges in preventing and tackling corruption, including the Stolen Asset Recovery Day and the meeting of the Global Operational Network of Law Enforcement Authorities (GlobE).

    Safeguarding people, institutions and the economy from corruption and illicit financial flows is a priority also for UNODC’s work in Nigeria. Our Strategic Vision 2030 for Nigeria which was developed in close consultations with the Nigerian Government, civil society, private sector, academia as well as development partners, aims to support the Nigerian Government and people to increase integrity and accountability of Nigerian institutions and individuals and to enhance the recovery and return of stolen assets.

  • Nigeria’s credit-rating bounce

    Nigeria’s credit-rating bounce

    Sir: In November, Morgan Stanley made a fetching prognosis on Nigeria’s economic health: It says President Bola Tinubu’s “policy reforms could spur economic growth and the rise of a mass consumer market, with potential opportunities in mobile banking and consumer goods”.

    Earlier in August, S&P Global Ratings revised the previous negative outlook to stable. And just recently, Moody’s Investors Service raised Nigeria’s credit outlook from stable to positive. According to Moody’s, “these policy changes, and those potentially to come, have raised the prospects of a fiscal and external improvement in the country’s credit profile’’.

    The premise of these reports has a common provenance in the policy initiatives of the Tinubu administration. On May 29, President Tinubu announced the immediate cessation of petrol subsidy. The decision was most judicious as Nigeria grappled with mounting national debts, desiccating revenue, haemorrhaging economy, corruption, and shadowy sectoral enterprise. The nation was spending as much as N400 billion every month to subsidise the petrol price and had racked up $6 billion in petrol-subsidy debts. The scheme was projected to have wolfed over N11 trillion in eight years.

    The administration went further in its bold reforms with meticulous monetary policy prescriptions like the (ongoing) unification of foreign exchange rates and the lifting of foreign exchange restrictions on the importation of 43 items. The restrictions had pushed importers into the parallel market, contributing to the surplus demand for forex, and inadvertently, weakening the parallel-market exchange rate, pushing up prices.

    On October 23, at the 29th Nigerian Economic Summit (NES) in Abuja, President Tinubu announced that his administration would honour legitimate foreign exchange obligations and restore confidence in the financial markets.

    Read Also: GTI  applauds Nigeria’s feats at  2023 CAF Award

    “My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” the president had said.

    And true to his pledge, a few weeks after, the Central Bank of Nigeria (CBN) began clearing a backlog of foreign exchange forwards in banks, delivering about 80 percent of outstanding forex forwards in some financial institutions in November. Nigeria had a forex forwards backlog of nearly $7 billion.

    The 2024 Appropriation bill provides clear evidence of the administration’s determination to deepen its refinements, and sail Nigeria through unsteady waters into a more salubrious economic climate. The proposed budget prioritises defence and internal security, job creation, macro-economic stability, better investment environment, human capital development, poverty reduction, and social security.

    In the bill, exquisitely titled, ‘Budget of Renewed Hope’, security takes a considerable chunk of N3.2 trillion. Securing citizens, property, and investments is the primary objective of government. Investments are cowardly, namby-pamby; they go where there is safety, stability, and security. The administration has been on a passionate drive to attract foreign investments, the allocation to defence and internal security clearly means that the government understands it must make the ground fertile and secure for investments, and as such, it is ensuring that.

    Also, in the proposed budget, education gets an allocation of N2.2 trillion, and health N1.33 trillion. This is in consonance with the government’s focalisation of human capital development as the most critical resource for national development. Other priority allocations include infrastructure N1.32 trillion, social development and poverty reduction, N534 billion.

    The monetary policies and fiscal policies of the Tinubu administration align in an umbilicus of vision. The vision is to re-oxygenate the economy to bring about growth and development through job creation, food security, ending extreme poverty, building resilience, and bringing the future to Nigerians.

    • Fredrick Nwabufo, Senior Special Assistant to the President on Public Engagement, Abuja.
  • ‘Nigeria will meet 1.7m bpd budget oil benchmark’

    ‘Nigeria will meet 1.7m bpd budget oil benchmark’

    The Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has assured that Nigeria will meet and surpass the 2024 crude oil production budget benchmark of 1.7 million barrels per day (bpd).

    He gave the assurance at a stakeholder’s interactive session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector organised by Chevron Nigeria Plc.

    Lokpobiri, in a statement said the country had the capacity to increase crude oil production to 2 million bpd.

    Expressing his commitment to fostering collaboration with stakeholders to enhance the country’s oil and gas sector amidst his ambitious target for 2024, the Minister said the Federal Government would sustain stakeholders’ engagement.

    “The success of the upstream sector will determine the success of the midstream and the downstream.

    “And as a government, we are willing to sustain that engagement with the stakeholders so that in 2024 and beyond, we will ensure that we produce not just 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand,” he said.

    The Minister outlined the trajectory of sector growth since the current administration took office, starting at about 1 million barrels per day and steadily increasing to 1.4 million barrels per day.

    He expressed his ambition to continue this upward trajectory, highlighting the government’s commitment to creating an enabling environment for stakeholders to thrive.

    “As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our fiscal regime is competitive globally.

    “My appeal is that this old marriage, let us manage it, sustain it and improve on it. Whatever your concerns may be, let us put them on the table to disagree to agree,” Lokpobiri said.

    He reassured stakeholders of the government’s diligent effort to address challenges facing the sector and provide the best playing field for both International Oil Companies (IOCs) and independents to make the necessary investments.

    Read Also: How to shore up Nigeria’s foreign exchange, by Finance minister

    “As a country, we have the capacity to produce more than 2 million barrels per day. We have identified the issues bedeviling the sector and are already working on them.

    “I would replicate this programme with all the IOCs and independents so that we can make the sector work for all of us and Nigerians at large, and I know that 2024 will be a much better year,” he added.

    The minister also highlighted ongoing efforts to rehabilitate refineries and ensure the functionality of modular refineries to enhance the country’s refining capacity, meet local and regional demands, and thrive internationally.

    The Minister, however, urged stakeholders to join hands in building a robust oil and gas sector that would contribute significantly to the economic growth and development of Nigeria.

    Recall that the Federal Government, in the Appropriation Bill, gave an average crude oil production benchmark of 1.78 mb/d, and a crude oil price benchmark of $77.96.

  • How to shore up Nigeria’s foreign exchange, by Finance minister

    How to shore up Nigeria’s foreign exchange, by Finance minister

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said President Bola Tinubu has directed the implementation of an executive order that will ensure that all foreign exchange (forex) held in private hands across the country are paid into the banks.

    He also said the President has also ordered the implementation of an executive order that allows the issuance of foreign currency financial instruments in the domestic economy, so that as people bring in the cash into the banking system, they can have investments.

    The Minister was responding to questions from members of the House of Representatives Committee on Finance when he appeared to defend the Ministry’s 2024 budget estimate.

    He also said the government was working on the possibility of replacing the waiver which has cost the country huge revenue losses with rebates.

    He said: “Essentially, there is the need to increase our foreign reserve given the import dependency and given the fact that we want to produce more locally which requires importing machines and, in many cases, raw materials so that value can be added, jobs can be created and we can give people incomes and reduce poverty.

    “There is a need for foreign exchange. The primary source is oil revenue and if we look at what has gone on at the concluding COP28 in Dubai, UAE, the conversation there is that there is no clear agreement that you should suddenly phase out fossil fuels.

    “We are a fossil fuel nation and we still have oil revenues to rely on and they are a veritable source, not just of government revenue, but foreign exchange.

    “We need to emphasise that we better maximise the revenues and foreign exchange revenues from oil production and sales. That is the primary source for Nigeria as of this time.

    “But in addition, we need to encourage and we have committed ourselves as a government and as the key priority of Mr President to attract investments, domestic investments and foreign direct investments. That too is a source of liquidity in foreign exchange.

    “I must say that included in the sources of foreign exchange available, is foreign exchange held by Nigerians in cash outside the banking system which is in the billions.

    “Mr President has authorized an executive order to facilitate the payment of that cash into the banking system so it can form part of the money supply which can be of use to the Nigerian economy.

    “Similarly, there is also an executive order that allows the issuance of foreign currency financial instruments in the domestic economy, so that as people bring in that cash into the banking system, they can have investments.

    “Also by the time we have foreign currency denominated investments in Nigeria, then Nigerians with huge financial savings in banks  abroad can bring it back home and save it in their own economy and not feel that they are going to suffer foreign exchange losses.

    Read Also: Kaduna bombing: Tinubu’s daughter visits victims, donates N5m to injured survivors

    “These are some of the measures, some of the initiatives aimed at shoring up foreign exchange. They are being implemented imminently even though I think it is unwise and in fact even unnecessary to quote specific figures or timetables, but we can be optimistic that the foreign exchange liquidity would improve in the short term.”

    The Minister also said the government was looking at the possibility of replacing the annual waivers with a more manageable rebate system

    He said: “In terms of tax waivers, exemptions are basically incentives. There is a set of incentives which effectively is government expenditure. What that means is that the government is spending on encouraging manufacturing, encouraging exports and others.

    “It is worth approximately as you rightly said about one per cent of GDP and I know the Fiscal Policy and Tax Reform Committee is looking very closely at this and the Ministry of Finance will do so as well.

    “But the arrowhead for a really comprehensive analysis and cost benefit analysis of those incentives and the spending on incentives, tax exemptions, duty waivers and so forth, is being done right now and we expect tremendous savings from there.

    “In particular, we feel that a policy of rebate is probably better than upfront allocation of incentives. When the transaction is carried out, it is entirely feasible and practical and possible to immediately give somebody a rebate on funding that they have spent.

    “It can be done seamlessly and with the technology these days, what could have been cumbersome in the past and taken too long and be self-defeating can now be done simultaneously, so that if you pay your duty and you claim the rebate, immediately the transaction is consummated and we see that you have actually imported the machinery you said you would import, you get your funds back. So that is the direction in which that is moving.”

    Responding to a question on the possibility of merging the Federal Inland Revenue Services (FIRS) and the Nigeria Customs Service to form one revenue generating agency, the Minister said revenue collection should be the focal point for the government.

    He said: “In terms of the merger, what you are really indicating and speaking to is the fact that revenue collection should be through a focal point.

    “There is no reason why, just because you are a revenue generating agency, you give out assessments which people pay. It does not mean they should pay to that agency.

    “They can pay to a centralized point. The Federal Inland Revenue Service can collect on behalf of all the agencies. So, these are the types of innovations, these are types of efficiencies and improvements that we must look at.

    “I am just agreeing wholeheartedly with you that given this day and age, given the technological advancement, given the digital tools available, we really should be doing better in terms of revenue generation, collection and monitoring.”

  • GTI  applauds Nigeria’s feats at  2023 CAF Award

    GTI  applauds Nigeria’s feats at  2023 CAF Award

    Strategic partners to the Nigeria Premier Football League (NPFL), GTI Asset Management and Trust Limited, have congratulated the trio of Victor Osimhen, Asisat Oshoala, Chiamaka Nnadozie and the entire Super Falcons team on their triumphs at the just concluded 2023 CAF Awards ceremony held in Marrakech, Morocco on Monday night.

    GTI Head of Media and Publicity, Andrew Ekejiuba, affirmed in a press statement that the remarkable achievements of Victor Osimhen, on winning the CAF 2023 Men’s Player of the Year; Asisat Oshoala who clinched the 2023 CAF Women’s Player of The Year; Chiamaka Nnadozie, who emerged as Woman Goalkeeper of the Year, as well as the Super Falcons as the Women’s National Team of the Year is a confirmation that the country is blessed with abundant talents in sports, especially football.

    The Executive Director of GTI, Nelson Ine attributed Nigeria’s continental triumphs at the Awards ceremony to hard work and determination on the part of the players involved.

     “GTI is proud to join many stakeholders of Nigerian football in congratulating Nigeria’s sensational striker Victor Osimhen; six-time CAF Women’s Player of the Year, Asisat Oshoala; inaugural Woman Goalkeeper of the Year Chiamaka Nnadozie and the Super Falcons for putting smiles on the faces of Nigerians.

    Read Also: CAF Awards: Sports Minister lauds Osimhen, Oshoala, Nnadozie, Super Falcons

     “The triumphant feats by these Nigerians have redoubled the efforts of GTI in seeing that more Osimhens, Oshoalas and Nnadozies are produced through our strategic partnership with the NPFL in the near future.

     “We need to rekindle our efforts at sustaining the country’s soccer prowess going forward and GTI is strategically positioned to compliment the efforts of administrators of sports in Nigeria to actualize this great dream since we have enough talents to make our dream come to fruition,” he stated.

    Speaking further, Ine said: “The achievements of Osimhen and co will really serve as an inspiration to aspiring young footballers to always give out their best while wearing the green and white jersey of the country. Therefore, we call on the private sector to continue to play a vital role and support the government in its bid to take sports development in the country to a desirable height.”

    Meanwhile, GTI have felicitated with the Honourable Minister of Sports Development, Senator John Owan Enoh and the President of Nigeria Football Federation, Alhaji Ibrahim Gusau on the achievements of these young Nigerians at the just concluded CAF 2023 Awards.