Business & Economy
Customs targets N11.074trillion revenue for 2026 fiscal year . Exceeds 2025 target with N674billion ….As NASS hails Tinubu for extending CG’s tenure
By George Mgbeleke
The Nigerian Customs Service ( NCS ) on Monday announced that its revenue target for 2026 fiscal year is N11.074trillion which almost doubled N6.584trillion targeted in 2025 and exceeded with N674billion by generating N7.277trillion .
This is as the Senate and the House of Representatives Committees on Customs, commended President Bola Ahmed Tinubu for extending the tenure of the Comptroller – General of Customs , Bashir Adewale Adeniyi for six months.
Ambitious revenue target of Customs for 2026 fiscal year , was separately made by its Comptroller – General during budget defence session before the Senate and House of Representatives Committee .
The Comptroller – General at the committee session in the Senate, said out of the projected N11.074trillion in 2026,, N4.43trillion has been realised as at 31st of May .
Expenditure proposal of Customs in 2026 according to him, is N1.235trillion out of which N421billion is earmarked for personnel cost , N307billion for overhead cost and N565billion for capital expenditure.
On budget performance for 2025 , the Customs boss told the Committee that while N6.584trillion was targeted as revenue , N7. 277trillion was generated , showing excess of N674billion about 10.24% positive variance .
He however said that Customs would have generated more in 2025 but some policies of government like CNG / Electric Vehicles Tarrif, the yet to be implemented Green Tax etc
affected its operations.
” In 2026 , despite the major Elephant in the room which is the crisis in the middle east , Customs is determined to achieve its revenue target of N11.074trillion or even surpassed it “, he said.
Elated by the ambitious revenue projection for 2026 and target surpassing in 2025, the Chairman of the committee, Senator Jibrin Isah ( Kogi East ) , congratulated the Customs Boss on the six month tenure extension given him by President Tinubu last month .
” Customs under your leadership , has been transformed through series of revenue generating reforms , improved anti – smuggling measures, improved trade facilitation and provision of required infrastructure for ease of doing business .
” Please work harder in 2026 to actualize your budget dreams and projections”, he said .
He thereafter put to voice votes among members of the committee , the 2026 budget proposal of Customs as presented by its CG and got approval of all the members in attendance.
Business & Economy
Enough is Enough : HURIWA Demands FCT Rent Tribunal, Slams National Assembly’s 27-year Failure to Protect Abuja Tenants from Economic Predators
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) is compelled to raise the alarm over the worsening reign of impunity in the Federal Capital Territory’s housing sector, where landlords have become laws unto themselves, imposing outrageous, arbitrary and extortionate rent increases with absolute disregard for justice, fairness and the economic realities confronting millions of Nigerians.
HURIWA unequivocally condemns the unchecked exploitation of tenants in Abuja and describes the current rental regime as one of the gravest forms of economic violence being perpetrated against citizens in the nation’s capital.
It is disgraceful that after nearly twenty-seven years of uninterrupted democratic governance, successive National Assemblies have shamelessly failed to enact a comprehensive legal framework regulating landlord-tenant relationships in the Federal Capital Territory. This legislative negligence has effectively abandoned millions of residents to the mercy of desperate profiteers masquerading as landlords, who arbitrarily determine rents without accountability, transparency or legal restraint.
Today, Abuja has become one of Africa’s most expensive cities in which to rent accommodation, not because of superior infrastructure or exceptional public services, but because government institutions have abdicated their constitutional responsibility to protect citizens from economic exploitation.
HURIWA is not speaking in abstraction. We have become direct victims of this institutional failure.
Without prior consultation, negotiation or mutual agreement, the landlord of the building housing the national headquarters of HURIWA arbitrarily increased the annual rent for our modest one-room office from ₦1 million to ₦3 million. This outrageous 200 per cent increment was imposed unilaterally and without any corresponding improvement in the facilities, infrastructure or services attached to the property.
We reject this unconscionable act of economic intimidation.
This is not negotiation. This is exploitation.
This is not commerce. It is profiteering.
This is not property management. It is economic oppression.
If a nationally recognised civil society organisation can be subjected to such brazen exploitation, one can only imagine the daily suffering of ordinary civil servants, pensioners, teachers, journalists, artisans, widows, market women, students and young families who lack the platform to speak out.
Across Abuja, landlords have transformed shelter—a fundamental human necessity—into an instrument of economic blackmail. Many now increase rents by 50, 100 or even 200 per cent without notice, justification or consultation. Tenants are routinely threatened with eviction if they dare question these arbitrary demands, while many buildings suffer from poor maintenance, dilapidated facilities, inadequate water supply, erratic electricity and crumbling infrastructure.
Yet tenants are expected to pay increasingly scandalous rents for deteriorating living conditions.
The consequences of this lawless rental culture are devastating.
Families are being displaced from communities they have lived in for years. Young professionals are abandoning the city centre for distant settlements because they can no longer afford accommodation. Businesses are shutting down under crushing overhead costs. Many workers now spend the bulk of their salaries on rent, leaving virtually nothing for food, healthcare, transportation or education.
The housing crisis is no longer merely an economic issue.
It has become a major human rights challenge.
It is fueling homelessness, deepening poverty, widening inequality, destroying small businesses, encouraging urban crime and creating conditions capable of triggering serious social instability if urgent intervention is not undertaken.
HURIWA therefore calls on the President of the Senate, the Speaker of the House of Representatives and every member representing the Federal Capital Territory to immediately commence legislative action establishing an independent Federal Capital Territory Landlords and Tenants Tribunal, backed by a robust legal framework capable of protecting both landlords and tenants.
The proposed Tribunal should possess statutory authority to mediate disputes, regulate arbitrary rent increases, discourage exploitative practices, protect landlords against defaulting tenants, guarantee due process before eviction and ensure that both parties operate within a transparent legal framework.
We also demand the establishment of an independent Landlords and Tenants Ombudsman to receive complaints, investigate abuses, resolve disputes through mediation and prevent avoidable litigation.
The era where landlords behave like emperors and tenants are treated as conquered subjects must come to an end.
HURIWA equally calls on the Minister of the Federal Capital Territory, Barrister Nyesom Wike, to convene an emergency stakeholders’ summit involving tenants’ associations, estate surveyors, consumer protection agencies, civil society organisations and landlords to fashion practical and sustainable solutions to Abuja’s worsening housing emergency.
Government cannot continue to celebrate infrastructural development while millions of residents are gradually being priced out of the city they help to sustain through their labour and taxes.
Housing is not a luxury.
It is not a privilege reserved for the wealthy.
Access to decent shelter is inseparable from the constitutional guarantee of the dignity of the human person.
History will not be kind to any government that watches helplessly while speculative greed renders thousands of hardworking Nigerians homeless.
The National Assembly must stop looking the other way.
Silence in the face of injustice amounts to complicity.
HURIWA will continue to mobilise public opinion, engage relevant institutions and pursue every lawful democratic avenue until Abuja tenants are rescued from this reign of economic intimidation and Nigeria finally adopts a fair, transparent and enforceable legal regime that balances the legitimate rights of landlords with the fundamental rights of tenants.
Business & Economy
25 Investors To Storm Delta Economic Summit,As Shettima,Okonjo – Iweala Expected
By David Owei
The Delta State Government, Monday, said 25 prospective investors from Brazil and China have indicated interest in the forthcoming Delta State Investment and Economic Summit, as Vice President Kashim Shettima and Director-General of the World Trade Organisation, WTO, Dr Ngozi Okonjo-Iweala, Patrice Lumumba headline a high-powered list of participants.
Secretary to the State Government, SSG, and Chairman of the Main Organising Committee, Dr Kingsley Emu, disclosed this during an interactive session with stakeholders in Asaba, saying the summit would connect the state’s vast economic potential with local and international capital.
Emu said the summit, themed “Harnessing Our Strengths and Potential,” would also attract the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, development finance institutions and leading private-sector players, while renowned oil and gas industry leader, Engr. Austin Avuru, would serve as Chairman.
He said: “To date, 25 potential investors are coming in from Brazil and China. They have indicated interest and we are already making preparations for them.
“Our sister, Dr Ngozi Okonjo-Iweala, Director-General of the WTO, will be the keynote speaker. Engr. Austin Avuru is the Chairman of the Summit. The Minister of Finance has personally acknowledged his attendance, while the Vice President, Senator Kashim Shettima, has also confirmed his attendance.
“So, it is going to be a star-studded programme, with participation from the national level, development finance institutions and a host of others.”
Emu stressed that local businesses would play a critical role in translating foreign investor interest into sustainable economic activity, noting that prospective investors were already seeking credible indigenous partners.
“For every potential investor who has expressed interest, they are talking about local partners, and those partners will come from among our people.
“The significant success we will achieve on this journey will depend on your cooperation, collaboration and positive disposition to what we want to do,” he told stakeholders.
The SSG said Delta was approaching the summit with clearly defined and bankable investment propositions rather than a broad promotional agenda, identifying agriculture, aquaculture, power, oil and gas, solid minerals, manufacturing and the blue economy as priority sectors.
According to him, Delta possesses strong economic fundamentals, including a youthful population, extensive land and waterways, abundant oil and gas resources, expanding infrastructure and a broad network of tertiary, technical and vocational institutions.
“We have a lot of strengths. We are one of Nigeria’s leading subnational economies, with a youthful population and enormous consumption potential.
We have vast land and water resources that give us a competitive advantage, particularly in the blue and marine economy,” he said.
Emu said the state was deliberately repositioning beyond its traditional identity as a leading oil-producing state, with services, agriculture and other non-oil sectors increasingly contributing to economic growth.
He said; “we have four universities owned by the state, so we are providing a new level of manpower. Potential investors can partner freely and easily with our institutions and technical colleges to train manpower tailor-made to suit their operations.
This presents enormous opportunities in human capital development and availability of skilled manpower.
“We are very strong in agriculture and we want to translate that strength across the entire value chain. Cassava is one of the areas we are looking at. We are also looking at rice and other agro-products. What we want is investment that creates value, jobs and sustainable economic activity”.
The SSG described aquaculture as one of Delta’s strongest but underdeveloped opportunities, saying the state has a huge concentration of fish farmers and fish ponds but requires significant investment in fish feed production, cold rooms and processing facilities.
“Fish feed is one of the most important, expensive and challenging issues for fish farmers. Once you have those feeds available, you can be sure that we will become a major fish basket.
“If we have cold rooms and processing facilities around, our farmers will produce much more. We are looking for investors, both foreign and local, to partner with us to bridge these gaps,” Emu said.
He said the state’s extensive waterways also offered opportunities for commercial fishing, processing and other blue-economy ventures.
On solid minerals, Emu listed kaolin, coal, silica, clay and lignite among resources with commercial potential, stressing that some deposits were already attracting concessions and commercial activity.
“Solid mineral opportunities exist here. It is no longer storytelling; the resources are proven and people are already doing business in some of these areas,” he said.
Emu also identified power as a major investment frontier, citing Delta’s gas resources and proximity to critical gas infrastructure as competitive advantages for industrial development.
He said the government was exploring decentralised electricity solutions, particularly mini-grids and captive generation, to provide more reliable energy for industrial clusters, manufacturing concerns and commercial centres.
“The preferred model for us is the mini-grid because the national grid has become a major challenge. We have opportunities for power across the state, particularly in our cities and industrial areas where demand is high.
“If you have consistent power supply, the economy will do much better. We have the gas, we have the strategic location and we have the opportunity to provide competitive power for industries,” he said.
Emu said the summit would go beyond speeches to include sector-focused engagements, investment matchmaking, site visits and structured follow-up aimed at converting investor interest into bankable projects.
Speaking on behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Janet Olisa said the organised private sector was fully on board and ready to partner with the state government.
She expressed confidence that sustained public-private collaboration would help translate the summit into tangible investments, job creation and broader economic growth.
Business & Economy
How Coastal States Can Grow Nigeria’s Blue Economy – Gov Diri *Appoints Agge Seaport Transaction Adviser
By David Owei
Governor of Bayelsa State, Senator Douye Diri, has advocated for Nigeria’s coastal states to maximise their aquatic potential to contribute to the growth of the country’s marine and blue economy.
Governor Diri also contended that the country’s maritime domain holds enormous potential to boost its economic growth.
The Bayelsa governor stated this on Thursday in a keynote address with the theme, “Sub-National Leadership in Advancing Nigeria’s Maritime and Blue Economy: The Bayelsa Experience and Pathways for Coastal State Development” during the 2nd Quarter 2026 Citizens/Stakeholders’ Engagement organised by the Federal Ministry of Marine and Blue Economy at the Eko Hotel and Suites, Victoria Island, Lagos.
Governor Diri asserted that of Nigeria’s more than 850km coastline, it is the states that have the waterways and that they . must move from being spectators to stakeholders.
He proposed five pathways for coastal states to collaborate for not only their collective progress and that of their communities but also Nigeria’s.
He said there was need for these states to institutionalise and create focal ministries or agencies and give them political and financial authority.
He also urged them to enact blue economy laws that align with the national policy and which reflect their unique geography and people.
According to him, such sub-nationals should secure and map out their domain as well as invest in coastal security and credible ocean data.
Diri, who further stated that the sub-nationals should establish maritime skills hubs, modernise fish processing and build cold storage, proposed that coastal producers be connected to national and global value chains.
The Bayelsa helmsman, who became the first governor in Nigeria to create a full-fledged Ministry of Marine and Blue Economy in the country in 2024, explained that the move was inspired by the Federal Government’s creation of a similar ministry in 2023 by President Bola Tinubu.
He said: “To ignore the Blue Economy in Bayelsa would be to ignore Bayelsa itself. That is why, following the initiative of the Federal Government, Bayelsa is not merely a state with a bespoke ministry, we are a national model for how to institutionalise and mainstream the Blue Economy at the sub-national level.”
On achievements in the sector, he said one of the state’s flagship priorities was the Agge Deep Seaport, which he noted was not merely a port but a gateway vision for regional trade, logistics, industrial development, fisheries exports, and wider integration within the Gulf of Guinea.
Consequently, he said his administration appointed a Transaction Adviser and that work had advanced to the inception report stage.
Diri expressed appreciation to the Federal Ministry of Marine and Blue Economy and other relevant federal institutions as it looked forward to a continued collaboration to move the Agge seaport from vision to bankable reality.
He also stated that Bayelsa had made modest progress in the sector following the creation of the ministry as “the state has moved from natural endowment to institutional recognition; from consultation to policy formulation; from validation to implementation.
“We are currently finalising the Bayelsa State Blue Economy Law. This legislation will provide certainty for investment, protect our ecosystems, and enshrine the rights of coastal communities. Investors do not gamble where the law is silent.”
On opportunities and investments in the sector, Diri said his administration had begun to translate the vision into practical action.
In the area of fisheries and aquaculture, he noted that government had commenced the operationalisation of the Bayelsa Aquaculture Village at Yenegwe, which is a 127-hectare facility designed as a major production, training, and enterprise hub.
According to him, the village has a hatchery capable of producing over three million fingerlings per cycle; 500 grow-out ponds, each measuring 20 metres by 50 metres; and a feed mill with capacity to produce up to 20 tonnes of fish feed per day.
Declaring the event open, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the successful implementation of the blue economy policy last year marked an important milestone in the sector.
Oyetola noted that it provided Nigeria with a coherent, strategic framework for unlocking opportunities that abound within the country’s ocean space, inland waterways and coastal resources.
He stressed that effective implementation of the national policy in the sector cannot rest solely on the federal government, adding that the states, the private sector and development partners were critical in realising President Tinubu’s Renewed Hope Agenda for the sector and the country.
Also, President of the Dangote Group, Alhaji Aliko Dangote, who was represented by Managing Director of Dangote Ports Operations, Mr. Simon Akin Omole, remarked that Nigeria’s blue economy was no longer defined by its potential but by the collective willingness to unlock it.
“The decisions we make today will determine whether future generations inherit a coastline untapped promise or a globally competitive economy that drives investments, industrialisation and shared prosperity,” he said.
Present at the well-attended event were all the institutional stakeholders in the sector as well as the governors of Akwa Ibom, Ondo and Borno, who were represented by the Deputy Governor, Senator Akon Eyakenyi, Mr. Olu Alade and Dr. Abdulkarim Babagana respectively, and chairman of the Senate Committee on Marine and Blue Economy, Senator Wasiu Sanni.
The governor was accompanied by the Commissioner for Marine and Blue Economy, Dr. Faith Izibenua-Godwin, her Information and Environment counterparts, Mrs. Ebiuwou Koku-Obiyai, and Hon. Ben Ololo as well as the General Manager, Bayelsa Housing and Property Development Authority, Hon. Tonye Isenah and the former Managing Director, Niger Delta Development Commission, Chief Ndutimi Alaibe.
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