Business & Economy
One Year Anniversary: Afenifere to Tinubu; Rejig your Economic policies …Says high inflation, increased poverty, among others
By George Mgbeleke
The pan-Nigerian social welfarists group, Afenifere, has urged Nigeria’s government to rethink its economic policies, citing high inflation and increased poverty as major concerns affecting citizens.
In a release signed by Afenifere’s Publicity Secretary, Prince Justice Faloye and made available to journalists, the group warned that if the Federal Government does not change its current economic policies during the first year of its scorecard review, the ongoing economic turbulence may persist.
It claimed it would further impoverish the citizens in the following years.
The group advised President Bola Tinubu’s administration to pay heed to the yearning of the masses and alleviate their plight.
It stated that the economy had experienced severe turbulence in the one-year administration of Tinubu.
Afenifere called for a better understanding of the economy to stop the alarming rate of inflation, devaluation, increasing unemployment, homelessness, and poverty.
“Firstly, it is an illogical economic belief that the subsidy removals and tax increases that remove money from the economy will stimulate economic growth. Therefore, the adoption of flawed neo-liberal theories of subsidy removal and unbridled tax increases must be stopped since they always contract the economy. Ours is no exception as companies are folding up and leaving due to fuel and electricity costs skyrocketing, fuelling galloping inflation and fall of real incomes.
“In apparent over-reliance on a one-sided monetary policy, this current government has been hiking interest rates with the Monetary Policy Rate standing currently at 26.25 per cent from 18.5 per cent a year earlier. The Central Bank of Nigeria also raised the Cash Reserve Ratio to 45 per cent from its 32.5 per cent position a year ago,” it said.
Recall that President Bola Tinubu announced the removal of subsidy on petrol in his speech at his inauguration on May 29, 2023.
Meanwhile, on June 14, 2023, the Central Bank of Nigeria announced the unification of all segments of the forex exchange market, causing the local currency to depreciate from N463.38/$ on June 9 to N632.77/$ at the official forex market.
The naira has further weakened to N1,482.63 on May 27.
Afenifere emphasised that those policies were crowding out the productive sectors of the economy from much-needed loans.
According to the group, hikes in interest rates are not effective in curbing inflation for the twin reasons that whatever loans are withheld from the private sector by the restrictive policies are flowing to the government, which is spending recklessly and pumping the same funds right back into the markets.
It stated, “Energy costs are crucial to the modern economy since energy is an essential ingredient for almost all human activities, so (they) are subsidised by most nations, while querying the need to remove fuel subsidies when, according to the International Monetary Fund, the global average for fuel subsidies to the Gross Domestic Production is 7.1 per cent, compared to ours, that was about two per cent.”
The group noted that the ratio of all subsidies to government expenditure for over 200 million people was about 25 per cent, which was half the cost of governance of 50 per cent enjoyed by just one per cent of the population.
“Past governments failed to prioritise local refineries for petrol and gas production for thermal plants. The national electricity plan intended to subsidise private investors initially and then raise prices to recover investments. However, without significant new investments, the government increased electricity costs, profiting from existing resources. This imposed high energy costs, hindering productivity and job creation.
“The policy of floating the naira without moderating the excesses of the free-market speculators and hoarders, and a nation addicted to capital flight, is questionable economic logic. With 90 per cent of our foreign exchange derived from oil and gas, stopping government funding of the forex market was bound to lead to massive devaluation as witnessed.
“Our collective patrimony is not only meant to fund the political class’s excessive cost of governance but to stimulate the economy and abundance of life to the greatest number of citizens. This is the Afenifere standard of governance,” it stated.
Meanwhile, Afenifere also stressed the need for a stable foreign exchange market to steady domestic prices, enhance investor confidence, and attract both local and foreign investments. It criticised expensive efforts to lure direct foreign investors, noting that existing investors were stagnant or withdrawing due to unfriendly investment conditions.
Afenifere urged the government to prioritise accurate accounting of oil and mineral extraction and strengthen national security to protect economic sites, proposing shifting focus from elite protection to implementing multi-tiered policing as a national priority.
“Unfortunately, it appears that President Tinubu is still possessed by this mindset of taxing the poor to transfer to the privileged, especially cronies. We are being inundated with all sorts of hare-brained tax schemes like communication, and cyber security taxes,” it noted.
The group explained that concentrating solely on elevating the tax-to-GDP ratio from 6.7 per cent to 18 per cent is akin to transferring resources from the less affluent to the affluent.
“The informal sector, which constitutes most of our employment and income, lacks substantial government social support. This means that the increased tax revenue is likely to disproportionately benefit the wealthy, such as civil servants and politicians, instead of addressing the needs of the broader population.
“The administration’s economic strategy lacks foresight and prioritises costly projects over beneficial investments. For instance, choosing the Lagos-Calabar Coastal Highway over the railway system reveals misplaced priorities. Allocating N20 trillion to cronies for the highway instead of addressing homelessness or investing in productive infrastructure is concerning,” it stated.
According to Afenifere, to improve revenue and promote development, the country needs transparency in oil revenue management and the government should focus on building railways like Lagos-Calabar, Ilorin-Yola, and Sokoto-Maiduguri, adding that those projects offer high returns, create better-paying jobs, and reduce reliance on the informal sector.
“At the end of the first year of Tinubu’s administration, the question is whether our continued arrested economic development is due to corruption or incompetence. From failure to mine and refine crude oil to unjustified loans, and excessive cost of governance, it is the people that are made to suffer the tragic consequences. This economic dispensation of Monkey dey work, baboon dey chop must be halted before the sociopolitical fabric of Nigeria is destroyed beyond repair,” Afenifere stated.
Business & Economy
PPP Business Model Responsible for Success of NLNG -Fubara *Pledges Continued support for Corporate Organizations operating in Rivers State
By George Mgbeleke
Governor of Rivers State, His Excellency, Sir Siminalayi Fubara has attributed the success of the Nigeria Liquified Natural Gas ( NLNG) Limited to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies from the inception of the organisation.
Governor Fubara stated this while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade who paid him a courtesy visit at Government House, Port Harcourt.
The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.This partnership model allows for shared risks, costs, and expertise in the LNG sector.

L to R: Miss Homa Nmegbu, Govt. Relations Advisor; Abdul Saleh, Technical Adviser to Exexutive Management; Dr Yemi Adeyemi, Manager Community Relations; Abdul Umar, Manager, Government Relations; Engr Adeleye Falade, MD/CEO, Governor of Rivers State, His Excellency, Siminalayi Fubara; Dr Sophia Horsfall, GM, External Relations & Sustainable Development; Mike Igoni, Head, Govt Relations; Ifeanyi Umeh, Head Community Engagement & Liaison, Kate Allison, Senior Govt Relations Advisor and Emma Nwatu, Senior Media Advisor, in a group photograph during the courtesy visit on Wednesday.
In a statement by his Chief Press Secretary,Onwuka Nzeshi, governor Fubara observed that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence. According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it, has largely been responsible for its success.
” I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.
Governor Fubara pledged the continued support of his administration for the NLNG, stressing that the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government of Nigeria. He gave assurance that his administration will continue to contribute it’s own quota in support of the NLNG.
“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.
“So the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.
“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.
In his opening remark, the new CEO of the NLNG, Mr Adeleye Falade who led other top officials of the company on the visit, expressed appreciation for the audience granted them and appealed to the Government of Rivers State to continue to support the organisation.
” We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.
The company, Falade said, has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact. According to him
communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model. He said that beyond community infrastructure, the NLNG have sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes. These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.
Among officials of the company who accompanied the Managing Director where General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations; Dr Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh. Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu, Senior Government Relations Advisor, Mrs Kate Allison and Audio -Visual Advisor, Mr Dawood Ahmed.
Business & Economy
*HallowMace Africa and Partners Announce First Stage Results For July 2026 National Legislative Awards*
*Abuja, Nigeria, April 1st, 2026.* HallowMace Africa, a leading media and advocacy organisation dedicated to promoting legislative accountability and excellence, has officially released the results of the first stage of voting for its highly anticipated July 2026 National Legislative Awards.
Following an intensive initial voting phase, Nigerians, in collaboration with the National Assembly Press Corps, have successfully nominated a distinguished list of Senators and Members of the House of Representatives. These nominees represent the pinnacle of legislative performance across the nation’s six geo-political zones and the Federal Capital Territory.
The first stage of voting saw robust participation from citizens and accredited press corps members, who evaluated lawmakers based on legislative impact, constituency representation, and public service delivery.
*List Of Outstanding Nominees By Geo-Political Zone:*
*SOUTH EAST*
*Abia:* Sen. Enyinnaya Abariba (Senate); Hon. Benjamin Kalu (Reps)
*Anambra:* Sen. Victor Umeh (Senate); Hon. Dominic Okafor (Reps)
*Ebonyi:* Sen. Peter Nwaebonyi (Senate); Hon. Nkemkanma Kama (Reps)
*Enugu:* Sen. Osita Ngwu (Senate); Hon. John Nnolim (Reps)
*Imo:* Sen. Osita Izunaso (Senate); Hon. Chike Okafor (Reps)
*SOUTH SOUTH*
*Akwa Ibom:* Sen. Godswill Akpabio (Senate); Hon. Patrick Umoh-Ikor (Reps)
*Bayelsa:* Sen. Seriake Dickson (Senate); Hon. Frederick Agbedi (Reps)
*Delta:* Sen. Ned Nwoko (Senate); Hon. Francis Waive (Reps)
*Edo:* Sen. Adams Oshiomole (Senate); Hon. Julius Ihonvbere (Reps)
*Cross River:* Sen. Asuquo Elpenyong (Senate); Hon. Michael Etaba (Reps)
*Rivers:* Sen. Harry Banigo (Senate); Hon. Inombek Awaji-Abiante (Reps)
*SOUTH WEST*
*Ekiti:* Sen. Opeyemi Bamidele (Senate); Hon. Akor Rotimi (Reps)
*Lagos:* Sen. Adetokunbo Abiru (Senate); Hon. Babajimi Benson (Reps)
*Ogun:* Sen. Solomon Olamilekan (Senate); Hon. Isiaka Ibrahim (Reps)
*Ondo:* Sen. Emmanuel Ipimsagba Olajide (Senate); Hon. Donald Ojogo (Reps)
*Osun:* Sen. Francis Adenigba Fadaunsi (Senate); Hon. Oluwole Oke (Reps)
*Oyo:* Sen. Abdulfattah Buhari (Senate); Hon. Tolulope Akande-Sadipe (Reps)
*NORTH CENTRAL*
*Kwara:* Sen. Saliu Mustapha (Senate); Hon. Muktar Shagaya (Reps)
*Benue:* Sen. Abba Moro (Senate); Hon. Terseer Ugbor (Reps)
*Niger:* Sen. Sani Musa (Senate); Hon. Saidu Musa Abdullahi (Reps)
*Kogi:* Sen. Natasha Akpoti-Uduanghan (Senate); Hon. Leke Abejide (Reps)
*Nasarawa:* Sen. Aliyu Wadada (Senate); Hon. Jonathan G. Gaza (Reps)
*Plateau:* Sen. Diket Plang (Senate); Hon. Yusuf Adamu Gagdi (Reps)
*NORTH EAST*
*Adamawa:* Sen. Abass Aminu Iya (Senate); Hon. Laori K. Bitrus (Reps)
*Bauchi:* Sen. Abdul Ninji (Senate); Hon. Manu Soro Mansur (Reps)
*Borno:* Sen. Muhammed Monguno (Senate); Hon. Ahmadu Usman Jaha (Reps)
*Gombe:* Sen. Muhammed Danjuma Goje (Senate); Hon. Bello Usman Kumo (Reps)
*Taraba:* Sen. David Jumkuta (Senate); Hon. Jaafara Yakubu (Reps)
*Yobe:* Sen. Ahmad Lawan (Senate); Hon. Khadija Bukar Abba-Ibrahim (Reps)
*NORTH WEST*
*Jigawa:* Sen. Hussaini Babangida Uba (Senate); Hon. Hassan Fulata (Reps)
*Kaduna:* Sen. Sunday Katung (Senate); Hon. Shehu Agilo (Reps)
*Kano:* Sen. Jubil Barau (Senate); Hon. Aliyu Madaki (Reps)
*Katsina:* Sen. Abdulazeez Musa Yar’Adua (Senate); Hon. Sada Soli (Reps)
*Kebbi:* Sen. Yahaya Abdullahi (Senate); Hon. Bello Kaoje (Reps)
*Sokoto:* Sen. Amimu Waziri Tambuwal (Senate); Hon. Abdussamad Dasuki (Reps)
*Zamfara:* Sen. Bilbis Aliyu Ikra (Senate); Hon. Aminu Sani Jaji (Reps)
*FEDERAL CAPITAL TERRITORY*
*FCT:* Sen. Ireti Kingibe (Senate); Hon. Ajiya Abdulrahman (Reps)
*Next Stage of Voting*
With the first stage concluded, the competition now enters a critical phase. The goal is to identify one Most Outstanding Senator and one Most Outstanding House of Representatives member per geo-political zone.
In the upcoming second stage, the current list of nominees will be narrowed down to a final three (3) nominees per zone. These top three finalists will then advance to the final voting stage, where the ultimate winner for each geo-political zone will be determined.
*“The massive participation we witnessed in the first stage is a testament to the growing interest of Nigerians in legislative accountability,” said Amb. Anderson Osiebe, Executive Director, HallowMace Africa. “As we proceed to the next stage, we urge the public to remain engaged. We are committed to a transparent process that celebrates the lawmakers who truly exemplify service to the people.”*
*Voting links and timelines for the next stage is as follows:*
thenationallegislativeawards@gmail.com
The voting commences immediately using the above email, *also this voting timeline shall expire on the 14th day of April 2026 by 11:59pm.*
The National Legislative Awards 2026 is Powered by HallowMace Africa in partnership with International Goodwill Ambassador Club, ERGAF Africa, Isabella Ayuk Foundation and many others.
*About HallowMace Africa*
HallowMace Africa is a non-governmental organization focused on promoting democratic values, legislative excellence, and civic engagement across the African continent.
*Media Contact:*
Amb. Oguh Hyginus John
*Head of Public Communications Desk*
HallowMace Africa
Business & Economy
2026 Budget :Senate Approves N68,323 Trillion *Added Tinubu’s N9tri. request to N58.5tri initial proposal *raises Oil benchmark to $75 per barrel
By George Mgbeleke
The Senate at a special plenary on Tuesday, approved President Bola Tinubu’s request to increase the 2026 budget from the initial proposal of N58.472 trillion to ₦68,323,309,818,667 trillion.
The Red Chamber also passed for third and final reading the 2026 Appropriation Bill, which seeks legislative authorization for total expenditure of ₦68.323 trillion for the 2026 fiscal year.
President Tinubu had presented the initial ₦58.472 trillion budget to a joint session of the National Assembly on December 19, 2025.
The budget focused on consolidating macroeconomic stability, improving the business environment, promoting job-rich growth, and reducing poverty, with defence and security (₦5.41 trillion), infrastructure (₦3.56 trillion), education (₦3.52 trillion), and health (₦2.48 trillion) receiving priority votes.
However, President Tinubu, on Wednesday, sent a request to the Senate seeking an increase to the tune of N9 trillion, a request that was immediately considered and approved by the lawmakers.
Presenting the report of the National Assembly Joint Committee on the 2026 Appropriation Bill during plenary, the Chairman, Senate Committee on Appropriations, Senator Solomon Adeola, told the Chamber that while the Committee was working on the N58.472 trillion earlier proposed in December, 2025, President Tinubu sent communication to the Committee, proposing adjustments to the budget.
“During the consideration of the Bill by the Joint Committee on Appropriations, a communication was received from Mr. President proposing adjustments to the 2026 Budget. The proposed adjustments were intended to regularise outstanding legacy capital commitments carried over from previous appropriation cycles, thereby ensuring that the 2026 fiscal programme is not unduly burdened by unresolved obligations from earlier years.
The proposals also sought to accommodate a limited number of strategic interventions in the areas of transport, health, and institutional preparedness considered critical to national development and governance continuity, while aligning the financing framework of the 2026 Budget with the revised expenditure profile in a manner that preserves macro-fiscal stability,” he said.
He noted that the adjustment included ₦5.71 trillion in outstanding unfunded capital obligations from the 2025 budget, saying that this was necessary because these obligations were unlikely to be implemented before the 2025 budget expired.
According to him, the outstanding obligations arose from the 2025 Appropriation (Repeal and Enactment) Act, noting that the sum of ₦2 trillion was added for priority projects nationwide that were omitted in the rollover to the 2026 budget.
Also, the strategic national interventions include a Federal Government equity contribution of ₦478.60 billion for the Presidential Legacy Light Rail Projects, which are in Lagos, Kano, Kaduna, and Ogun States.
The interventions also include ₦8.96 billion for feasibility studies for the Calabar-Maiduguri Corridor and the Maiduguri-Sokoto Superhighway. These projects are under the Tinubu National Beltway Initiative.
An additional US$344.83 million, equivalent to approximately ₦482.76 billion, was proposed for priority health sector interventions. These interventions are tied to existing bilateral understandings and implementation commitments.
The Committee also pointed out that a further provision of ₦98.50 billion was proposed for the Court of Appeal. This is in support of the institutional architecture for the 2027 General Election cycle.
The Supreme Court is also proposed to receive ₦36.7 billion. This is also in support of the 2027 General Election cycle.
The Judiciary’s budget ceiling is proposed to be reinstated with ₦268.54 billion. This is to accommodate the prospective appointment of more Justices of the Court of Appeal and Judges.
The total adjustments amount to ₦9.091 trillion, which the funding sources include an increase in the oil benchmark by $10/b, generating ₦2.592 trillion.
According to the Chairman of the Committee, the recent tariff adjustment measures in the telecommunications industry have stimulated renewed investor confidence. Capital inflows and investment commitments exceeding $2 billion have been recorded.
He observed that the telecommunications sector is transitioning from a position of constrained tax yield and underinvestment to one characterised by renewed growth. The projected revenue contribution from MTN Nigeria and Airtel Nigeria is ₦874 billion.
“MTN Nigeria is expected to contribute ₦724 billion in Corporate Income Tax (CIT) in 2026. Airtel Nigeria is expected to contribute ₦150 billion in CIT in 2026. The external borrowings are proposed to increase by ₦6.163 trillion. This will support the funding of the adjustments,” he said.
The adjustments are aimed at consolidating macroeconomic stability and promoting job-rich growth. The 2026 budget prioritizes security, infrastructure, education, and health.
After considering the report of the Joint Committee, the Senate approved the adjustments, expressing optimism that the adjustments would stimulate economic growth and improve living standards of citizens.
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