Business & Economy
Student Loan : N116.184billion disbursed so far – NELFUND …gets N58.4billion budget envelope for 2025
By George Mgbeleke
Nigerian Education Loan Fund ( NELFUND), declared in Abuja Thursday that as at 1st January, 2025, it has disbursed N116. 184billion for upkeep of students across 176, 252 beneficiary institutions in the country .
The Education Loan Fund was however given a paltry N58.4billion budget envelope for 2025 fiscal year.
The Managing Director of NELFUND, Akintunde Sawyer who stated these in his presentation before the National Assembly joint Committee on Tertiary Institutions and TETFUND during budget defence session , however clarified that out of the N116.184billion , N37.7billion was expended on institution loan .
According to him, a total number of 352, 796 students applied for the loan , while 108,484 , were given .
On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and Hon Gboyega Isiaka led joint committee that a of N58.4billion budget envelope was given the agency .
” Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost , N24.7billion for overhead cost and N21.4billion for capital expenditure “, he explained .
After consideration of budgetary proposals of the agency the joint committee accordingly approved it through voice vote put to members.
Earlier before approval of the agency’s 2025 budgetary proposals , the Chairman of the joint Committee, Senator Dandutse Muntari harped on transparency on spending of appropriations made for the agency in 2025.
” We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions “, he said
Business & Economy
Market Demolitions, Poor Infrastructure Threaten Traders’ Survival” — Lagos Market Leader Cry out
By Our Lagos Correspondent
Disturbed incessant demolition of markets in Lagos state, President of Ndigboamaka Progressive Market Association, Comrade Chinedu Ukatu, has raised alarm over the increasing demolition of shops in Lagos markets, and what he described as systemic challenges affecting traders, particularly those of South-East extraction.
Reacting to the ugly incident while fielding questions from Journalists,Ukatu, traced his journey from humble beginnings to becoming a leading figure representing over 58 major market associations in Lagos.
He dismissed claims that demolitions in Lagos are targeted solely at Igbo traders, stressing that such assertions may be misleading.
“I will be wrong to categorize demolitions as targeting Igbo-owned shops. These demolitions occur in markets where different ethnic groups operate, even though Igbos are in the majority,” he said.
However, he questioned the government’s approach, accusing authorities of failing to follow due process.
“Many of these buildings have existed for years with approvals. Why demolish them now without proper notice or differentiation between those who complied with regulations and those who did not?” he queried.
He cited a past incident at Alaba Market, where investigations revealed that while some traders had valid approvals, others did not—yet demolitions were carried out indiscriminately.
“This lack of proper engagement fuels suspicion and public outcry,” he added.
Katu also challenged the widespread notion of “Igbo markets” in Lagos.
“There is nothing like an Igbo market. What we have are markets where Igbos are the majority. Other ethnic groups are also present,” he clarified.
He noted that his association coordinates major markets across Lagos, including areas such as Alaba, Lagos Island, and Tejuosho.
Describing his role as demanding, Ukatu said leading traders requires humility and patience.
“We are naturally independent-minded people. You don’t control traders; you guide them. The challenges are enormous,” he said.
He admitted that traders themselves sometimes contribute to their problems.
“Non-compliance and lack of patience often give government the opportunity to act against us. Many traders are also ignorant of policies and procedures,” he noted.
Katu strongly criticized the government for neglecting market infrastructure despite collecting revenue from traders.
“Go to the Trade Fair complex, the roads are terrible, there is no potable water, no proper toilets, no hospitals.
Yet, government agencies are busy collecting revenue,” he said.
He argued that traders largely develop markets themselves, while authorities fail to provide basic amenities.
“If we pay taxes, we should see the dividends; good roads, security, water, and a conducive business environment,” he stressed.
On why many South-East traders prefer Lagos over investing in their home region, Katu blamed lack of infrastructure and poor policy implementation.
“The seaport is in Lagos. That is why we are here. If the South-East had functional ports and infrastructure, many traders would relocate,” he said.
He criticized the development of certain markets in the South-East, such as the proposed international market, stating that stakeholders were not consulted.
“You cannot build a market without involving traders. That is why such projects fail,” he explained.
Ukatu also pointed to insecurity, multiple taxation, and poor road networks as deterrents to investment in the region.
He urged both federal and state governments to create an enabling environment for businesses.
“Provide infrastructure, reduce port charges, ensure policy consistency, and stop exploiting traders. That is how to grow the economy,” he said.
Looking ahead to the 2027 elections, Ukatu advised traders to focus on leadership that prioritizes economic growth.
“As an association, we are apolitical, but we support any government that promotes the welfare of traders and makes business easier,” he said.
He encouraged traders to make informed decisions.
“Think about your business and your future. Support leaders who will create opportunities, reduce costs, and provide an enabling environment,” he noted.
Business & Economy
Senate Approves Customs 2026 Budget, – Backs N11.07tn Revenue target
By George Mgbeleke
The Senate on Wednesday approved the 2026 budget proposal of the Nigerian Customs Service (NCS), endorsing a revenue target of N11.074 trillion and a total expenditure of N1.295 trillion for the 2026 fiscal year.
The approval followed the consideration of the report of the Senate Committee on Customs, Excise and Tariffs, chaired by Senator Isah Jibrin (Kogi East), during plenary.
Presenting the report, Jibrin said the committee assessed the agency’s 2025 budget implementation before examining the 2026 estimates.
He declared that the Customs Service exceeded its 2025 revenue target of N6.5 trillion, generating about N7.2 trillion, representing a performance of 110.53 per cent.
According to him, the agency’s performance could have been stronger but for the suspension of excise duty on telecommunications services, fiscal measures promoting local production of healthcare products and disruptions to global trade caused by the Russia-Ukraine conflict, which affected imports, particularly wheat.
On expenditure, Jibrin said although the Customs Service had an approved budget of about N1.132 trillion in 2025, actual spending stood at N591 billion.
He attributed the shortfall in capital expenditure to delays in approvals by the Bureau of Public Procurement (BPP) and the Federal Executive Council (FEC), resulting in several projects being rolled over to the 2026 fiscal year.
The committee chairman explained that the Service’s projected N11.074 trillion revenue target for 2026 would be driven by expanded deployment of technology, improved revenue recovery mechanisms, real-time audit systems, enhanced trade facilitation and intensified anti-smuggling operations.
He added that the proposed N1.295 trillion expenditure consists of N421 billion for personnel costs, N307 billion for overheads and N565 billion for capital projects, with funding expected to come mainly from the statutory four per cent Free on Board (FOB) levy under the Nigerian Customs Service Act, 2023.
Based on its review, the committee recommended Senate approval of both the proposed revenue target and expenditure estimates.
Contributing to the debate, Deputy Senate President Barau Jibrin praised the committee for what he described as a well-prepared report and commended the Comptroller-General of Customs and the entire workforce for their impressive performance.
He said the agency’s record revenue generation justified President Bola Tinubu’s decision to extend the tenure of the Comptroller-General.
“You have an agency that budgeted to generate about N6.5 trillion but ended up generating N7.2 trillion. That is a wonderful performance, and we cannot commend the Comptroller-General and his team enough,” Barau said.
He noted that despite generating significantly higher revenue, the Customs Service spent only N591 billion in 2025, with a larger share devoted to capital projects than overhead costs.
Barau also described the agency’s projected revenue target of over N11 trillion for 2026 as evidence of confidence in the reforms and innovations introduced by its leadership.
“For an agency to propose generating N11 trillion and spending only N1.2 trillion to run its operations shows remarkable fiscal discipline. This is an institution Nigerians should be proud of,” he added.
Following the committee’s recommendations, Senate President Godswill Akpabio put the proposals to a voice vote, and lawmakers unanimously approved the revenue target and expenditure estimates.
Akpabio commended the Senate Committee on Customs, Excise and Tariffs for its thorough scrutiny of the budget proposal and congratulated the leadership of the Nigerian Customs Service on its performance.
He also expressed confidence that the approved budget would strengthen the operations of the Customs Service and boost revenue generation for the Federal Government
Business & Economy
Anchor the Blue Economy on Nigerian Coast Guard – PC-NCG Appeals to Tinubu
By David Owei
The Provisionary Committee for the Proposed Nigerian Coast Guard (PC-NCG) has reiterated its call on President Asiwaju Bola Ahmed Tinubu, to recognize and establish the Nigerian Coast Guard as a strategic pillar within the National Blue Economy Policy Framework, consistent with the objectives of the Renewed Hope Agenda.
In an open letter to President Tinubu, titled: “Contracting Pipeline Surveillance, to Creating a Nigerian Coast Guard for Maritime Security Institutional Development and Protection of the Blue Economy”, Captain Noah Ichaba, the Chief Executive and Accounting Officer of PC-NCG, made a case for integrating existing maritime security experience and expertise into the institutional framework of the proposed Nigerian Coast Guard, to build a comprehensive national maritime security architecture aligned with international best practices.
Captain Ichaba maintained that Nigeria’s maritime security must not depend solely on the renewal of surveillance contracts, regardless of their immediate value or operational contributions. Instead, it must rest on strong, professional, accountable, and enduring institutions capable of safeguarding our territorial waters, strategic national infrastructure, and maritime resources for generations to come.
The letter reads in part: “The Provisionary Committee for the proposed Nigerian Coast Guard (PC-NCG) respectfully conveys its profound appreciation for your administration’s unwavering commitment to strengthening Nigeria’s maritime security architecture, advancing the Blue Economy, protecting critical national assets and implementing the Renewed Hope Agenda.
The recent national conversation surrounding the possible renewal of the pipeline surveillance contract valued at approximately N2.1 trillion has once again drawn attention to the enormous financial commitment required to secure Nigeria’s strategic oil and gas infrastructure.
Beyond the immediate issue of contract renewal, this development presents Nigeria with a defining national opportunity to adopt a more enduring and institution-based approach to maritime security, institutional development and protection of the blue economy.
Rather than relying predominantly on renewable surveillance contracts, the Federal Government can seize this historic moment by establishing a statutory Nigerian Coast Guard, a permanent national institution specifically designed to protect Nigeria’s vast maritime domain and critical offshore infrastructure in accordance with international best practices.
This is not a question of replacing existing security arrangements or diminishing the contributions of individuals, communities or organizations that have supported national maritime security efforts. Rather, it is about transforming decades of valuable operational experience into a sustainable national institution that will serve present and future generations.
Maritime security is universally recognized as a sovereign responsibility. Across the world, nations with significant maritime interests maintain Coast Guard services responsible for coastal security, maritime law enforcement, offshore infrastructure protection, search and rescue, environmental protection, anti-smuggling operations, fisheries enforcement and emergency response. These are permanent statutory institutions operating under clear legal mandates, accountable to government and recognized internationally.
Nigeria, as Africa’s foremost maritime nation, possesses over 850 kilometres of coastline, extensive inland waterways, strategic ports, offshore oil and gas facilities, and one of the continent’s most promising Blue Economy sectors. Such enormous national assets deserve permanent institutional protection rather than continued dependence on temporary contractual arrangements.
The establishment of a Nigerian Coast Guard would provide Nigeria with a professionally trained, technologically equipped, and legally empowered institution capable of safeguarding oil and gas infrastructure; combating piracy, crude oil theft, illegal bunkering, illegal fishing, smuggling, trafficking, and marine pollution; strengthening maritime law enforcement; conducting search and rescue operations; protecting the marine environment; and supporting disaster response along Nigeria’s coastline and inland waterways.
A Coast Guard would also complement the constitutional responsibilities of the Nigerian Navy rather than duplicate them. While the Navy remains focused on national defence and military operations, the Coast Guard would specialize in civil maritime safety, maritime security, law enforcement, environmental protection, and humanitarian operations, thereby creating a more efficient and integrated maritime security architecture.
From an economic perspective, the establishment of the Nigerian Coast Guard represents a strategic investment rather than a recurring expenditure. Instead of repeatedly financing large-scale surveillance contracts, Nigeria would be investing in a permanent national institution whose assets, personnel, operational systems, and infrastructure would remain the property of the Federal Republic of Nigeria.
Such an institution would build institutional memory, professional expertise, and operational continuity while significantly reducing long-term dependence on contract-based security arrangements.
The benefits of establishing the Nigerian Coast Guard include: Permanent protection of critical oil and gas infrastructure. Enhanced maritime domain awareness. Effective suppression of piracy and maritime crimes. Improved search and rescue capabilities. Stronger environmental protection and pollution response. Better enforcement of fisheries and maritime laws. Increased investor confidence in Nigeria’s maritime sector. Sustainable employment opportunities for thousands of Nigerians. Enhanced inter-agency coordination. Stronger international cooperation with global Coast Guard services. Improved implementation of international maritime conventions. Accelerated development of Nigeria’s Blue Economy. Long-term fiscal sustainability through institutional capacity-building.
The current national discourse therefore presents an opportunity that extends far beyond the renewal of any surveillance contract. It invites Nigeria to transition from temporary arrangements toward permanent institutional solutions capable of protecting national interests for generations.
The collective experience, influence and commitment to the peace and security of the Niger Delta can become valuable pillars in the successful establishment and operation of a Nigerian Coast Guard.
Your Excellency, history often remembers leaders who transformed temporary solutions into enduring institutions. The establishment of the Nigerian Coast Guard under your administration would stand as one of the most significant institutional reforms in Nigeria’s maritime history, strengthening national security, protecting strategic economic assets, promoting regional stability, and elevating Nigeria’s standing within the international maritime community.
Together, let us seize this defining national opportunity to move from pipeline surveillance to a Nigerian Coast Guard-an institution that will secure Nigeria’s maritime future, strengthen our sovereignty, reinforce our international reputation, and leave a lasting legacy for generations yet unborn.”
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