Connect with us


BIG STORY

FG To Enhance Non-Oil Revenue, Economic Council To Review Impact of Trump’s Tariff

Published

on

The Minister of Finance, Wale Edun, stated that the Federal Government intends to enhance non-oil revenue as part of efforts to mitigate the negative consequences of trade tariffs imposed by President Donald Trump.

Edun also mentioned that the Economic Management Team (EMT) would convene to evaluate the potential effects of the “14 per cent tariff” on Nigerian exports to the United States.

He explained that the team would subsequently propose strategies to soften the blow to the nation’s economy.

Speaking at a Ministry of Finance Incorporated (MOFI) event on Monday, Edun pointed out that while the main challenge for Nigeria would stem from a potential drop in oil prices, the government is working to increase oil output and improve non-oil revenue.

The Trump administration recently introduced a range of tariffs, from “10 per cent and 65 per cent”, on exports from various countries, including a “14 per cent tariff” on Nigerian exports to the US.

Responding to journalists’ questions during the MOFI Corporate Governance Forum, Edun noted that the US had, as of April 2, exempted mineral exports, such as oil.

“Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out.

“There’s global uncertainty at a huge level, so nobody knows exactly what will happen– the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.

“So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”

In his keynote speech at the event titled “Ensuring Value Creation in State Owned Enterprises Through Better Corporate Governance,” Edun outlined plans to consider budget restructuring, prioritisation of spending, and creative non-debt financing approaches.

He revealed that Nigeria has maintained a trade surplus with the US over the past three years (2022-2024).

“Nigeria-US Trade has been in surplus in the last 3 years (2022-2024). Nigeria’s exports to the US were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022-2024, respectively.

“Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to N5.08 trillion in value while non-oil was just N0.44 trillion

“Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.

“The adverse effect on Nigeria will be through oil price plunge. We are intensifying efforts to ramp up crude oil production to curtail any price effect.

“We are also focusing on non-oil revenue mobilisation by FIRS and Customs, budget adjustment and prioritisation where possible, and also and innovative non-debt financing strategies,” the minister said.

Regarding MOFI’s commitment to corporate governance, Edun said that as nations face economic instability, financial pressures, and the need for structural change, strong governance becomes increasingly important.

“The interplay between economic performance and corporate governance is neither incidental nor superficial. Instead, it constitutes the bedrock for establishing sustainable development, investors’ confidence, and institutional integrity.

“In this context, it is imperative that we not only discuss the state of our economy but also underscore the transformative role that sound corporate governance can play in fostering resilience, efficiency, and long-term value creation,” he said.

He added that State-Owned Enterprises (SOEs) are vital to the national economy, influencing critical sectors such as energy, infrastructure, telecoms, and financial services.

“However, their potential to drive economic expansion, job creation, and industrial growth has often been constrained by inefficiencies, poor financial stewardship, and, in some instances, governance deficiencies,” he said.

BIG STORY

Aso Rock Not A Party Office — Holding NEC Meeting There An Aberration — ADC To APC

Published

on

The African Democratic Congress has criticised the All Progressives Congress for conducting its national executive committee meeting at the State House in Abuja.

In a Friday statement, Bolaji Abdullahi, interim national publicity secretary of ADC, noted that the State House is neither a party office nor a private residence.

President Bola Tinubu presided over the APC NEC meeting on Thursday at the Banquet Hall of the State House. During the session, the party named Nentawe Yilwatda, the minister of humanitarian affairs and poverty reduction, as its new national chairman.

Yilwatda replaced Abdullahi Ganduje, who stepped down from the position in June.

Abdullahi responded to the appointment by stating that the ADC hopes the “appointment” of Yilwatda “might trigger a shift in tone, temperament, and trajectory for a party that has too often equated governance with propaganda, and power with impunity”.

He also expressed the hope that the APC would demonstrate “greater tolerance” for opposing voices under Yilwatda’s leadership.

He added, “We hope Professor Yilwatda will channel his high education and experience towards improving the democratic credentials of his party and its government, which, so far, has been marked by intolerance and what has often appeared like a deliberate plan to eliminate all opposition parties and foist a one-party rule on the country.”

He said it was concerning that the National Executive Committee meeting “was held within the confines of the State House — a public institution, funded by the Nigerian people, not a party office or private residence.”

He described the APC’s decision to host a party meeting at the seat of government as “an aberration that underlines how far this government has strayed from the foundational norms of democratic accountability.”

He called on the new chairman to ensure the party “respects the line — now dangerously blurred — between party and state.”

Abdullahi also highlighted Yilwatda’s former role as a Resident Electoral Commissioner, saying, “This is no small credential. It comes with a deep understanding of electoral ethics, neutrality, and public trust.”

He continued, “We sincerely hope he will draw on this experience to promote the sanctity of our electoral processes, rather than using insider knowledge to game the system in favour of his party, as has often been the case under the APC’s watch.”

He concluded, “In closing, we pray for Professor Yilwatda that may his tenure be longer than those of his predecessors and his exit more honourable.”

This is not the first time an APC NEC meeting has been hosted at Aso Rock. The ruling party previously held a similar meeting at the presidential villa in 2020.

Continue Reading

BIG STORY

Over 4,000 Inmates Freed In Push For Justice Reform — Interior Minister Tunji-Ojo

Published

on

The federal government has announced the release of over 4,000 inmates from correctional facilities nationwide as part of its justice system reform efforts.

Olubunmi Tunji-Ojo, the minister of interior, made this known on Thursday during a meeting with Chinedu Ogah, chairman of the house of representatives committee on reformatory institutions, in Abuja.

He stated that the inmate population has decreased from over 86,000 to around 81,450 following a review process focused on cases involving minor infractions.

“The correctional service remains a key priority. We must uphold the dignity of even the most vulnerable citizens,” he said.

Tunji-Ojo praised the national assembly for backing the ministry’s reform initiatives and highlighted the importance of collaboration between the executive and legislative branches in achieving lasting changes.

Ogah remarked that the minister’s actions are in line with President Bola Tinubu’s broader goals for justice reform and national progress.

This federal initiative coincides with similar actions at the state level aimed at easing overcrowding in correctional centres.

In May, Halima Mohammed, chief judge of Gombe, authorised the release of 85 inmates from the custodial facilities in Gombe and Billiri.

That decision came after inspections by the state’s criminal justice and inquiry committee across four correctional centres.

The chief judge explained that the visits were intended to identify inmates qualified for bail or outright release.

Continue Reading

BIG STORY

PDP Will Finish Fourth In 2027 Elections — Many Leaders Have Been Eased Out — Fayose

Published

on

Ayodele Fayose, former governor of Ekiti, has said that the Peoples Democratic Party (PDP) has lost its structure and may likely end up in fourth place in the 2027 general election.

During an interview on Channels Television’s Politics Today on Friday, Fayose explained that the opposition party has been weakened by internal strife and the exclusion of its key figures.

“You know the situation of our party today, and it is in my prayer that the PDP does not come fourth in the coming elections,” he said.

“When I came here, I said the party was already going into carcass.

“Pretenders can pretend, but you know that managing the party has become an issue; everybody in that party today is doing to your tent, o Israel.

“Today, I am telling you the PDP will come fourth in the general elections. In most states, they are already compromised.

“They have eased out so many leaders. It’s good for them, but let me remind you, I was part of the G5.”

Fayose added that the PDP has lost much of its strength, pointing to the departure of influential members.

“In the same PDP, the presidential candidate has left, the vice-presidential candidate has left, senators have left, and governors have left,” he said.

He noted that although he was invited to the party’s last national executive committee (NEC) meeting, he stayed away because he felt sidelined.

Fayose also suggested that President Bola Tinubu offers the quickest route for the north to regain power after his tenure.

He referred to a past conversation with the president where Tinubu described the All Progressives Congress (APC) as the “shortest political link between the north and the south”.

“I recall he told me that the shortest distance between the north and the south is APC,” Fayose said.

“I could not understand at the time because he told me that after Buhari’s four years, anybody should be able to wait for another four years.

“So, zoning to the south by the PDP is good for them because today Tinubu is the shortest distance for power to return to the north.”

Fayose clarified that he has not left the PDP but remains open to working with any political party.

Continue Reading



 

Join Us On Facebook

Most Popular