Author: user user

Godswill Akpabio, the Senate President, has commended President Bola Tinubu’s economic management, declaring that no state government in Nigeria is currently borrowing to pay workers’ salaries, a development he credited to the administration’s fiscal discipline and economic reforms.

Akpabio remarked on Tuesday in his welcome-back speech while addressing lawmakers during the resumption of plenary after a long recess.

He said, ‘I can confidently say that through the engineering of President Bola Tinubu and his team, no state government today is borrowing to pay salaries.

‘So, for this, we say kudos to the administration.’

The Senate President praised what he described as the ‘sound economic engineering’ of the Tinubu administration, noting that the fiscal reforms have strengthened revenue generation and restored investor confidence in key sectors of the economy.

He said the upper chamber would continue to support policies that improve the lives of Nigerians while maintaining its independence and oversight role over the executive arm.

‘The Senate will lend its strength to every policy that raises our people, but where policies imperil them, we shall not hesitate to speak on their behalf,’ he said.

Akpabio, however, reminded his colleagues that their return to plenary came at a time when citizens were grappling with insecurity, high cost of living, and hunger, stressing that Nigerians expected tangible results, not rhetoric.

‘Over 33 million Nigerians face acute food insecurity, a crisis demanding urgent legislative action on agriculture, irrigation, rural roads, and mechanisation.

‘Hunger cannot be defeated with words; it requires policy, budget, and will,’ he declared.

The Senate President further urged senators to rededicate themselves to the service of the nation, warning against the growing culture of political showmanship.

‘Leadership is not a carnival, and governance is not a stage for theatrics.

‘Let no one mistake the nation’s destiny for a costume drama, nor confuse applause with achievement,’ he cautioned.

Akpabio also called for stronger collaboration between the legislature and executive to tackle the nation’s challenges, including insecurity, power instability, and infrastructure decay.

He emphasised the need to reform the Constitution, deepen democracy, and ensure that public funds are used for the people’s welfare, not private gain.

‘Our relations with the Executive shall remain frank and firm, neither obsequious nor obstructive,’ he noted.

‘We must continue to uphold the independence of this Senate, the dignity of this chamber, and the majesty of the Constitution which governs us all.’

As the Senate resumes its legislative duties, Akpabio charged his colleagues to make the 10th Senate a symbol of integrity and transformation.

‘Let this Senate be remembered as an instrument of national transformation, a citadel of democracy, and a beacon of hope,’ he said.

Nigeria’s agricultural sector recorded steady growth during the 2025 wet season, with increased production across major food crops and a general decline in market prices, according to the latest Agricultural Performance Survey (APS) conducted by the National Agricultural Extension and Research Liaison Services (NAERLS), Ahmadu Bello University, Zaria.

The survey, released in collaboration with the Federal Ministry of Agriculture and Food Security (FMAFS) and 22 partner agencies on Tuesday in Abuja, shows that rice, maize, sorghum, millet, cowpea, yam, and cassava all posted higher outputs compared to 2024.

‘The 2025 APS confirms steady growth in Nigerian agriculture, driven by expanded cultivated areas, improved practices, and farmer resilience across major producing states,’said Yusuf Sani Ahmad, Executive Director, NAERLS.

The study also found that food prices fell sharply across all six geopolitical zones, with maize, rice, and sorghum prices dropping by more than 50 percent nationally, reflecting improved food availability.

However, the sector continues to face challenges from climate shocks, flooding, and rising input costs. Fertilizer prices rose by nearly 20 percent on average, while floods in Niger, Jigawa, and several southern states destroyed crops and infrastructure.

Despite these setbacks, the report highlights improved mechanization data, with over 1,600 functional tractors recorded nationwide and new datasets from a Farm Family Census and Tractor Census introduced to enhance planning.

The livestock and fisheries sub-sectors showed mixed performance. Poultry and pig farmers faced outbreaks of Newcastle Disease and African Swine Fever, while fish production fell in some northern zones due to insecurity and flooding.

In his remarks during the report presentation, Abubakar Kyari, minister of agriculture and food security, said the findings would help government refine its policies to boost food and nutrition security.

‘This report provides the evidence base we need to plan smarter, support our farmers better, and achieve national food sufficiency,’ the Minister stated.

According to the Minister, the 2025 APS recorded increased production of rice, maize, sorghum, millet, cowpea, yam, and cassava compared to 2024 levels, alongside a ‘significant drop in food prices across all zones.’ He attributed the improvement to cumulative government efforts in boosting input supply, mechanization, and farmer support systems, despite challenges such as erratic rainfall, flooding, and pest outbreaks.

Kyari, however, cautioned that rising input costs, particularly for fertilizer and fuel, as well as uneven mechanization coverage and persistent postharvest losses, remain serious constraints to productivity.

He also highlighted livestock disease outbreaks and a decline in fisheries production in some regions as areas requiring urgent intervention.

‘The APS findings present both encouraging progress and critical challenges,’ the Minister said. ‘As a Ministry, we view these findings not merely as statistics but as a compass for future action.’

The report concluded with key recommendations, including the institutionalisation of a Dry Season Agricultural Survey, scaling up climate-smart agriculture, ensuring affordable farm inputs, expanding mechanization, and strengthening extension and veterinary systems.

‘Nigeria’s farmers have shown remarkable resilience,’ Ahmad added. ‘Our task now is to build on these gains and make agriculture more adaptive, efficient, and data-driven.’

Muhammad Sanusi, a former governor of the Central Bank of Nigeria (CBN) has cautioned against loosening of monetary policy, warning that a reduction in interest rates at this time could jeopardise economic stability and reverse recent gains in the fight against inflation.

Speaking during a plenary session at the ongoing Nigeria Economic Summit on Tuesday, Sanusi described the recent reduction in Monetary Policy Rate to 27% by the Central Bank of Nigeria (CBN) as premature and send wrong signals. He urged the apex bank to maintain a tight monetary policy to ensure economic stability.

‘Yesterday, I heard a few things at this summit that disturbed me a bit. One of the things I didn’t like was this aspect that we need to have interest rates come down.

‘When the MPC reduced MPR, I called members and said, as far as I am concerned, it was premature. I think it would be a very dangerous thing at this time for this summit to send a signal that we should loosen money. We do not need to send that signal now. So let us encourage the central bank to hold the line,’ he urged.

The former CBN governor warned that any loosening of monetary policy at this point could reverse the gains the country has achieved in exchange rate stability, inflation control, and reserve accumulation.

‘Stability is fundamental in money. Without it, we can’t have growth. Without it, we can’t have development. We created a central bank for stable exchange rates, for building our reserves, for stability and bringing inflation down. The only way to achieve this was by tightening money and raising interest rates,’ he stressed.

Sanusi further noted that the Nigerian economy had shown promising signs, growing by 3% in the first quarter and 4% in the second quarter of 2025, which accoridng to him surpases population growth for the first time in several years.

‘This is the first time in what, eight years that this economy is growing faster than the population. That’s amazing’, Sanusi said, but warned against complacency.

‘So it’s fantastic. But it’s not the time to blink. It’s not the time to walk back,’ he added.

Sanusi also said curbing inflation remains one of beat approaches in uplifting the poor.

Super Eagles camp in Polokwane, South Africa, came alive on Tuesday as 18 players reported for duty ahead of Nigeria’s crucial 2026 FIFA World Cup qualifier against Lesotho on Friday.

Head coach Eric Chelle and his backroom staff had arrived earlier on Monday to officially open camp at The Ranch Hotel, with preparations set to intensify ahead of the Group C clash.

The team held its first full training session on Tuesday evening at the Peter Mokaba Stadium, the venue for Friday’s encounter.

Among the early arrivals are captain William Troost-Ekong, Victor Osimhen, Ademola Lookman, Alex Iwobi, Calvin Bassey, Samuel Chukwueze, Wilfred Ndidi, Moses Simon, Terem Moffi, and Frank Onyeka.

Others who have checked in include Tolu Arokodare, Chrisantus Uche, Semi Ajayi, Bruno Onyemaechi, Stanley Nwabali, Adebayo Adeleye, Amas Obasogie, and Benjamin Frederick.

Meanwhile, Zaidu Sanusi, Alhassan Yusuf Abdullahi, Akor Adams, and Olakunle Olusegun are expected to join the camp in the coming hours.

Nigeria will take on Lesotho in Matchday 9 of the 2026 FIFA World Cup qualifying series on Friday, October 10, 2025, at the New Peter Mokaba Stadium in Polokwane.

The Super Eagles currently sit third in Group C with 11 points, three behind leaders Benin Republic and South Africa.

A win in Polokwane is crucial to reigniting Nigeria’s qualification hopes for the 2026 FIFA World Cup, which will be co-hosted by the United States, Canada, and Mexico.

President Bola Ahmed Tinubu has withheld assent to two bills recently passed by the National Assembly, citing provisions that he described as inconsistent with federal policy, financially risky, and potentially harmful to good governance.

Godswill Akpabio, the Senate President, read the President’s letters to lawmakers on Tuesday at the resumption of plenary.

The first bill declined by the President is the proposed law establishing the Nigerian Institute of Transport Technology (NITT).

While acknowledging its good intentions, Tinubu said the legislation contained several provisions that posed serious fiscal and governance challenges.

The bill empowered the institute to collect 1% of all import and export freight levies, a provision he described as ‘onerous and unfair to businesses’ and inconsistent with the Federal Government’s tax policy.

It authorized the institute to borrow up to ?50million without presidential approval, which he warned could open the door to ‘serious financial abuse.’

It also gave the institute power to invest funds, even though the agency is not revenue-generating by design.

Tinubu stressed that such clauses violated the government’s fiscal discipline framework and would set a dangerous precedent if allowed.

The President also rejected the National Library Trust Fund Establishment (Amendment) Bill 2025, citing conflicts with existing laws and policies.

According to him, the bill contained provisions that contradicted central government policy on the funding of public agencies, Taxation of national entities, Public service remuneration, and age and tenure of public servants.

He argued that enacting the bill in its present form would ‘create an unsustainable precedent against the public interest.’

In both letters, Tinubu urged the Senate to review the identified issues and make necessary corrections.

‘I hope that the Senate will take necessary steps to fix the identified issues with this legislation,’ he wrote.

In his response, Akpabio thanked the President for carefully scrutinizing the bills, noting that the concerns raised were valid and would be addressed by the relevant committees.

‘This is a demonstration of the President’s steady hands and attention to detail.

‘It now falls on us to re-examine the bills and ensure they are in line with national policy and fiscal responsibility,’ Akpabio told his colleagues.

The two bills were subsequently referred to Senate committees for further legislative action.

Nigeria’s economic future will not be defined by its resource endowment alone-it will be shaped by the strength, agility, and strategic coherence of its supply chains. As Africa’s largest economy and most populous nation, Nigeria sits at the fulcrum of a continental transformation. The question is no longer whether Nigeria can lead Africa’s trade renaissance, but whether it will architect the systems to do so.

With the African Continental Free Trade Area (AfCFTA) now operational, Nigeria faces a historic opportunity to evolve from a consumption-driven economy into a production and export powerhouse. The AfCFTA connects 55 countries and over 1.4 billion people, creating a potential $1 trillion intra-African trade market by 2035. But scale alone is not strategy. Nigeria must build the systems, institutions, and capabilities to lead-not just participate-in this renaissance.

Under the leadership of Dr. Jumoke Oduwole, the Federal Ministry of Industry, Trade and Investment (FMITI) has established a strong foundation. The Ministry’s 2025 roadmap highlights economic diversification, industrialisation, and global competitiveness. Initiatives such as soft loans for MSMEs across 776 LGAs, rehabilitation of export zones, and digital trade protocols under AfCFTA signal intent. Dr. Oduwole’s focus on developing a ‘dynamic, resilient, and sustainable economy’ shows a clear understanding of Nigeria’s potential. Her team’s efforts to expand bilateral trade with Brazil, India, and the UAE, alongside her support for digital trade facilitation, warrant commendation.

However, intent must be matched with execution. Nigeria’s logistics costs remain among the highest in Africa, accounting for up to 30% of product value, compared to the global average of 8-15%. Customs delays, fragmented infrastructure, and regulatory bottlenecks continue to undermine competitiveness. Despite the Ministry’s roadmap, Nigeria lacks a unified, supply chain-focused strategy that integrates trade, transport, and industrial policy into a single coherent framework.

China’s transformation into the ‘factory of the world’ offers a compelling parallel. Between 1980 and 2020, China lifted over 800 million people out of poverty, primarily through manufacturing-led growth. Its regional industrial hubs-the Pearl River Delta, Yangtze River Delta, and Bohai Economic Rim-specialized in electronics, textiles, and heavy industry, respectively. These zones were supported by special economic incentives, massive infrastructure investment (over $1.3 trillion on transport infrastructure between 2010 and 2020), and export-oriented policies that linked local production to global markets.

Nigeria can replicate this model by developing regional manufacturing corridors-Lagos-Ibadan for consumer goods, Kano-Kaduna for agro-processing, and Port Harcourt-Calabar for petrochemicals and energy. But this requires coordinated policy, reliable infrastructure, and targeted investment.

Other African countries are already positioning themselves as regional supply chain hubs. Morocco has become a global automotive hub, exporting over 700,000 vehicles annually, supported by Renault and Stellantis plants. Ethiopia’s Hawassa Industrial Park has attracted textile manufacturers with low energy costs and streamlined customs processes. Kenya is investing in the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) Corridor to connect East Africa’s trade routes. South Africa remains dominant in automotive and mining supply chains, with over 60% of its exports going to other African countries.

Despite its market size, Nigeria ranks 131st in the World Bank’s Logistics Performance Index (2023), behind Kenya (68th), Morocco (79th), and Ghana (120th). The risk of being leapfrogged is real.To lead Africa’s supply chain renaissance, Nigeria must institutionalise execution across five pillars: regional value chain development, infrastructure modernisation, digital transformation, institutional reform, and sustainability integration. Sectoral clusters must be identified and supported-agro-processing in the North, pharmaceuticals in the South-West, and energy in the South-South. Infrastructure projects like the Lekki Deep Sea Port, Kano-Maradi Rail Line, and inland dry ports must be accelerated, with last-mile logistics and renewable energy prioritised. Digital tools such as blockchain-enabled customs, AI-driven demand forecasting, and smart warehousing must be scaled. Nigeria’s digital economy, projected to reach $180 billion by 2025, is a strategic asset that must be fully leveraged.

Institutional reform is equally critical. Trade, transport, and industrial policies must be harmonised under a unified national strategy. Agencies such as Customs, NPA, and NEPC must be strengthened-not just in their mandate, but also in their execution. Public-private partnerships should be expanded to accelerate infrastructure delivery, while development finance institutions must design tailored instruments to de-risk industrial investment.

Nigeria must also embed Environmental, Social, and Governance (ESG) principles into logistics and manufacturing. Global investors increasingly demand low-carbon, socially inclusive supply chains. Developing Nigeria’s carbon market in partnership with institutions like the IFC will future-proof competitiveness and attract green capital.

Dr. Oduwole’s leadership has opened the door. What’s needed now is a permanent, practitioner-led platform-a national supply chain think tank that informs policy, guides investment, and empowers execution. Not just for summit season, but for every quarter, every reform, every trade negotiation. This platform must produce quarterly diagnostics, policy briefs, and investment blueprints tailored to Nigeria’s evolving trade landscape.

Nigeria’s future will be built not by what it protects, but by what it connects. The time to architect that future is now.

Nigeria must address the challenges limiting agricultural productivity in the North in order to effectively combat hunger and avert a bigger humanitarian crisis, according to a joint report by the World Food Programme (WFP) and the African Development Bank.

Despite vast arable land, Northern Nigeria continues to face high food insecurity, soaring malnutrition rates, and the nation’s highest food inflation, challenges the report links to climate shocks, insecurity, and weak economic structures.

The joint assessment argues that scaling up agricultural investment in the North could be the game-changer needed to tackle Nigeria’s worsening humanitarian crisis and chronic hunger.

‘While humanitarian interventions such as food and cash assistance have helped meet urgent needs, they were not strategically designed to strengthen local food systems or support recovery,’ the report noted.

It stressed that linking food aid to local sourcing, storage, and processing would have amplified the economic impact within affected communities. ‘Tying cash transfers to local markets and smallholder farmers ensures money circulates within the region, empowering producers and boosting food supply,’ it added.

Currently, more than 31 million Nigerians face severe food insecurity, with about five million concentrated in Borno, Yobe, and Adamawa states. In the same region, nearly 2.3 million people remain displaced by conflict, according to WFP data.

Recent funding cuts by the United States have worsened the crisis, leaving thousands of families without food aid and exposing the fragility of Nigeria’s humanitarian response.

The report also revealed that previous assistance models often benefited markets outside the conflict zones. ‘Cash transfers and food purchases largely flowed to distant suppliers, bypassing local producers,’ it said. ‘This approach met immediate needs but failed to build resilience or stimulate regional food economies.’

Analysts say redirecting investment toward agro-processing, input supply, and logistics in the North would not only improve food availability in the country but also create jobs and reduce reliance on imports.

The report concludes that integrating humanitarian aid with agricultural investment offers Nigeria its best chance to curb hunger, rebuild livelihoods, and drive long-term food security.

Investment opportunities for stronger food systems

The report highlights two critical, high-impact investment opportunities to strengthen Northern Nigeria’s food system, while boosting food security in the country. They include improving on-farm storage to curb post-harvest losses and revitalising local milling capacity in Northern Nigeria to boost food security and stimulate regional trade.

These investment cases are presented as illustrative examples, designed to showcase the scale of opportunities and the potential returns from targeted agricultural investments. They are not prescriptive blueprints, but practical insights into how well-placed capital can address two of the region’s most pressing challenges: widespread post-harvest losses and limited wheat processing capacity.

By tackling these bottlenecks, the WFP suggests that investors and policymakers can unlock significant economic value, strengthen local supply chains, and lay the foundation for a more resilient and self-sustaining food system across the country.

Nigeria’s pathway to progress

To drive sustained growth and build stronger food systems, the report outlines five strategic pathways that guarantee growth and progress of Nigeria’s food systems. These include, aligning humanitarian response with local economies, investing in stability where it exists, building crisis-resilient food systems, embedding long-term thinking in humanitarian action, and applying lessons proactively.

The report stresses that humanitarian efforts must evolve beyond short-term relief to strengthen local systems and livelihoods.

‘A crisis response that builds local capacity, supports livelihoods, and aligns with long-term development goals is not just more effective – it is essential to breaking cycles of dependency,’ the report stated.

It further highlights that leveraging stable areas in Northern Nigeria for targeted agricultural and economic investments could unlock massive opportunities for recovery. These relatively secure zones, the report argues, can serve as anchors for production, storage, processing, and transport, driving regional food security and resilience.

‘These areas represent entry points for transformation,’ the report noted. ‘Ignoring them risks further decline and the loss of valuable opportunities to strengthen both local economies and national food systems.’

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reform Committee, has said that Nigerians will start enjoying the benefits of the new tax laws beginning from January 2026.

Oyedele, who spoke at the ongoing Nigerian Economic Summit (NES31) in Abuja on Tuesday, said that about 98 per cent of Nigeria’s population will no longer pay the Pay As You Earn (PAYE) tax.

President Bola Tinubu, in June 2025, signed the four (4) Tax Reform Bills into law. These laws include the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).

The Acts comprehensively overhaul the Nigerian tax landscape to drive economic growth, increase revenue generation, improve the business environment and enhance effective tax administration across the different levels of government.

Oyedele emphasised that the new tax laws are not targeted at the low-income earners or those at the poverty line.

‘From January 2026, you will feel the impact. If you earn a salary, when you are paid your salary at the end of January 2026, for 97- 98 per cent of Nigerians, they will either no longer pay PAYE, or they’ll pay less PAYE.

‘That is about 33 percent of workers in the public and private sector combined, will no longer pay PAYE, because they will be exempted. The remaining 2 percent plus will pay more,’ he said.

He explained that the committee has established a poverty line, which can be determined through a household income and not individuals.

‘So if you look at the amount, you don’t know how many people depend on that amount. So we looked at the study that was done by the NBS, and the average household size in Nigeria is five. Based on the data on employment, gainfully employed people, you have a little over two out of the five who are employed.

‘We came up with a conclusion of between N100,000 and N120,000 a month. Two people would then earn around 230,000 to 240,000 to cater for five people so they don’t fall below the poverty line. Under the old laws, you earn 30,000 Naira a month, you’re paying tax. So this is significant improvement,’ he said.

Oyedele, speaking further, stressed that the laws are made to enhance businesses and reduce their risks. He also explained that the law, with the reduction in personal income tax to 25 percent, seeks to create incentives for business formalisation.

He said that the law also reduces the corporate tax rate from 30 to 25 per cent. He also stated that under the new law, if your annual turnover is 100 million Naira or less, as a company, your corporate tax rate is 0 per cent.

‘Low income, no tax. Upper income, a bit more. Now, in many countries around the world, what you will find is that the top rates for personal income tax is usually higher than the rate for corporate tax so that you can incentivise business formalisation.

‘So when you operate in the informal sector and you want to pay your taxes, your maximum income tax doesn’t even hit 20 percent. Same business, formalize it, register as a company, your tax burden goes to over 40 percent. And then we lament that the informal sector is too big. We were creating it, we created a disincentive to formalization. We are now trying to reverse it. It’s the reason why we have to take the top rates for personal income tax to 25 percent.’

President Bola Tinubu has accepted the resignation of Geoffrey Nnaji, minister of Innovation, Science, and Technology, following some allegations of certificate forgery against him.

Bayo Onanuga, special adviser to the President on Information and Strategy, in a statement, said Nnaji’s resignation was received by President Tinubu ‘ today in a letter thanking the President for allowing him to serve Nigeria.’

Recall that President Tinubu had appointed Nnaji as a minister in August 2023.

Nnaji, in the letter of resignation, said ‘he has been a target of blackmail by political opponents.’

President Tinubu thanked him for his service and wished him well in future endeavours.

Nnaji was alleged to have presented a certificate that claims he is a graduate of the University of Nigeria Nsukka.

The institution however couldn’t verify the claim, saying that it has no records that Nnaji actually graduated from the University.

Nnaji resignation makes him the second Minister in the two years old cabinet of President Tinubu, to have left under such circumstances.

Recall that Betta Edu, former minister of Humanitarian Affairs and Poverty Alleviation also left the cabinet unceremoniously, after she suspended by the President over allegations of diversion of public funds into private account.

Eko Electricity Distribution Company Plc (Eko DisCo) has registered Excel Electricity Distribution Limited as a wholly owned subsidiary to oversee its electricity distribution business within Lagos State.

According to the company, the move aligns with the requirements of the Electricity Act 2023, which transferred regulatory oversight of the electricity market to State Governments.

In a statement issued on Monday, Eko DisCo said the Lagos State Electricity Regulatory Commission (LASERC) had directed the company to register a separate entity for its Lagos operations, in compliance with state electricity market regulations.

The company clarified that the new entity, Excel Electricity Distribution Limited, would operate under Eko DisCo’s oversight while remaining subject to regulation by LASERC and the Nigerian Electricity Regulatory Commission (NERC).

Eko DisCo emphasised that the restructuring does not amount to a sale or takeover, noting that it remains a legally recognised and operational entity under Nigerian law.

‘Eko Electricity Distribution Company Plc has not been sold or taken over. There has been no sale, transfer of ownership, or dissolution of the company,’ the statement read.

The company further explained that Eko DisCo remains owned by West Power and Gas Limited (WPG), which retains a 60% stake, while the Bureau of Public Enterprises (BPE) holds the remaining 40% on behalf of the Federal Government of Nigeria.

Eko DisCo noted that the new subsidiary, Excel Electricity Distribution Limited, will continue electricity distribution activities previously handled by Eko DisCo, with no operational disruption to customers.

‘All customers of Excel Disco will continue to be served by the same personnel who served them in EKODISCO and should pay their bills in the same way. They will not notice any change as we transition the name from EKODISCO to Excel Disco,’ the company said.

The statement also confirmed that Eko DisCo had transmuted into a holding company as part of the transition, describing the change as a regulatory compliance measure that would not affect its operations in Lagos.

Eko DisCo reiterated its commitment to providing reliable, efficient, and sustainable power supply to customers, stressing that the development is a regulatory and structural transition, not a takeover or divestment.