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One Year Anniversary: Afenifere to Tinubu; Rejig your Economic policies …Says high inflation, increased poverty, among others

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President Bola Ahmed Tinubu

 

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

NEITI Report : Senate gives Seplat , Network E & P , others , 48 hours ultimatum ….As Dubri oil defends $3.025million royalty and gas flare debts

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Senate President Godswill Akpabio

By George Mgbeleke

Foĺlowing the on-going efforts by the Senate to recover all unaccounted funds by revenue generating Agencies of government, the Red chamber on Tuesday through its Public Accounts Committee , gave Seplat Energy , Network E & P Nigeria Limited and two other oil companies , 48 hours to appear before it to answer queries raised against them in the 2021, 2022 and 2023 audit reports presented by Nigeria Extractive Industries Transparency Initiative ( NEITI) .

The two other oil companies given similar 48 hours ultimatum for appearance or risk invocation of legislative powers against them are All Grace Energy Limited and Aradel Energy Limited .

But Dubri Oil Company Limited that appeared before the committee , defended $’3.025million royalty and gas flare debts recorded against it in the audit report .

48 hours ultimatum against the affected four oil companies followed resolution adopted to that effect by the Senator Ibrahim Hassan Dankwabo led committee in line with displeasures expressed by some of its members .

First to call for sanction against the erring oil companies , was Senator Abdul Ningi ( Bauchi Central ) who described letter written by Network E & P Nigeria Limited to the committee that Nigerian Upstream Petroleum Regulatory Commission ( NUPRC) is the regulatory body it reports to , as disturbing and provocative .

The Senate according to him as provided for in sections 88 and 89 of the 1999 constitution, can invite any body or agency .

” The Senate and by extension , the National Assembly, is the custodian of Nigeria law that has power to invite anybody or agency for explanations on issues raised against them “, he said .

In supporting Ningi , Senator Shehu Kaka Lawan ( Borno Central ) , called for invocation of constitutional powers against management of the affected agencies which made the Chairman to issue 48 hours ultimatum for appearance against Managing Director of Network E & P Nigeria Limited .

” Having failed to honour invitation of this committee two consecutive times , the Managing Director of Network E & P Nigeria Limited should appear before us unfailingly on Thursday this week or risk full invocation of legislative powers against him”, he said .

Similar ultimatums were also issued against Managing Directors of All Grace Energy Limited , Aradel Energy Limited and Seplat Energy when when their absence was noted by the committee.

But Dubri Oil that appeared , rejected $3.025million royalty and gas flare debts recorded against it .

NEITI in the report alleged that as submitted by NUPRC in 2025 that Dubri Oil owes $3.025million debt which include $2.378million debt for gas flare and $646, 605.55 for oil production

The query was however faulted by representative of Dubri Oil , Soyode Olusoji Clement who said the report was compiled when the oil company had reconciliation issue with NUPRC .

The reconciliation problem between Dubri oil and NUPRC according to him , has however been resolved without any debt hanging on Dubri oil .

He presented documents to that effect to the committee which according to the committee, would be studied critically before issuance of clean bill of health .

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Business & Economy

Tinubu’s livestock reforms will end subsistence farming, create jobs –Jega

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By Our Correspondent

The Special Adviser to the President on Livestock Development, Prof. Attahiru M. Jega, has said the Presidential Livestock Reforms Agenda of President Bola Ahmed Tinubu is designed to end subsistence livestock farming and build a commercially viable sector that will create jobs and strengthen food security.

Jega, who is also Co-Chair of the Presidential Livestock Reforms Implementation Committee, stated this in a goodwill message delivered at the 9th All Africa Conference on Animal Agriculture in Abuja on behalf of the Presidency.

The conference themed, “Repositioning Animal Agriculture for Africa’s Food Security and Global Competitiveness,” brought together stakeholders across the continent.

Jega, who was represented by Prof. D. J. U. Kalla, said Africa cannot achieve sustainable food security, improved nutrition and inclusive economic growth without transforming animal agriculture.

“Livestock is deeply woven into Africa’s culture, heritage and economy. Beyond food, cattle, sheep, goats, camels and poultry represent wealth, livelihoods, resilience and social capital for millions of African families,” he stated.

He noted that the sector generates employment and income across breeding, feed, animal health, processing, trade and value addition, describing livestock as “not a peripheral component of African agriculture, but a prime mover of inclusive economic transformation.”

“Our ambition is to unlock the enormous economic potential—the goldmine—of the livestock sector and build a productive, competitive, climate-resilient and commercially viable industry that creates jobs, strengthens food and nutrition security, and drives rural prosperity,” he said.

Jega stressed that the country must move “from subsistence to productivity, from fragmentation to value-chain integration, and from potential to investment and competitiveness.”

He listed key areas for investment to include genetics, animal health, feed and forage, water, research and innovation, infrastructure, value addition and markets.

The presidential aide urged the conference to move “beyond dialogue to action, partnerships and measurable commitments” that translate policy into impact.

“Africa has the livestock resources. Our task is to convert this biological wealth into nutritious food, decent jobs, resilient livelihoods and globally competitive enterprises. Africa must feed Africa—and animal agriculture must be at the fulcrum of that transformation,” Jega concluded.

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Business & Economy

Women,s Wing Of ABER Hails Dr. Piriye Kiyaramo As Visionary Leading Africa,s Blue Economy Transformation

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By David Owei

“The Captain of the Blue Future” Commends Inclusive Leadership Ahead of the forthcoming Africa Blue Economy Roundtable’s Women Forum

Younde, Cameroon – The Head of the Women’s Wing of Africa Blue Economy Roundtable – ABER, Barr. Sophie De Sylvie Djoufa Tiemagni, popularly known as ‘The Captain of the Blue Future’, has paid glowing tribute to Dr. Piriye Kiyaramo, Convener and Chief Executive Officer of ABER, describing him as a visionary leader shaping the future of Africa’s Blue Economy.

In a statement issued from the ABER Women’s Wing Secretariat, Duoula – Cameroon, Barr. Djoufa Tiemagni said Dr. Kiyaramo embodies a new generation of leadership focused on action, inclusion, and impact.

“There are leaders who manage, and there are leaders who inspire, transform, and unite. Dr. Piriye Kiyaramo unquestionably belongs to the latter category. In many ways, he is the human embodiment of leadership,” she stated.

Barr. Djoufa Tiemagni noted that under Dr. Kiyaramo’s leadership, ABER has prioritized competence over connections in its appointments of regional leaders, an International Ambassador, the Head of the Women’s Wing, and in recognizing outstanding women through prestigious awards.

“Through these appointments, he has demonstrated that inclusion is not a slogan but a fundamental value at the heart of his vision. He has made inclusion, merit, and excellence the pillars of his leadership,” she said.

She added that this approach, guided by competence, commitment, and contribution to the blue economy, has enabled ABER to build a united community of stakeholders with a shared ambition: to make the blue economy a powerful engine for Africa’s development.

The tribute comes on the heels of the 3rd Africa Blue Economy Week, held in Luanda, Angola from 22 to 25 July 2026, where the central theme was transforming strategies into tangible results for African people.

“Since its establishment, ABER has worked tirelessly to build partnerships, promote African talent, strengthen women’s leadership, and accelerate the implementation of high-impact initiatives,” Barr. Djoufa Tiemagni said. “The time has come to move from strategy to action and make the blue economy a strategic driver of economic transformation, sovereignty, job creation, innovation, and Africa’s emergence.”

Concluding her tribute, Barr. Djoufa Tiemagni said Dr. Kiyaramo’s leadership reminds Africa that no sustainable transformation can be achieved without vision, inclusion, and action.

“Today, that vision has become a reality. Yes, ‘together we can’. And we believe it wholeheartedly. Together, we can. Together, we will. The future of Africa’s Blue Economy is bright.”

The Africa Blue Economy Roundtable – ABER, convened by Dr. Piriye Kiyaramo, is a pan-African platform dedicated to advancing policy dialogue, investment, and partnerships for the sustainable development of Africa’s ocean and water resources. ABER works to position the blue economy as a key driver of jobs, food security, climate resilience, and inclusive growth across the continent.

The Women’s Wing of ABER is committed to amplifying women’s leadership, participation, and impact in maritime governance, fisheries, aquaculture, shipping, and all blue economy sectors.

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