Category: The Nation – Nigeria

The Securities and Exchange Commission (SEC) has raised a red flag over the activities of criminals who use artificial intelligence generated Ponzi schemes to scam unsuspecting Nigerian investors. The commission warned Nigerians to be wary, emphasising that: ‘These platforms are not registered or regulated by the SEC; yet they continue to mislead the public with false claims of AI-driven investments. They pose serious risks to investors, hence the commission issued series of disclaimers against their activities.”

No doubt, those who fall prey to these scammers are mostly the greedy, who easily get enchanted with promises of unfathomable benefits from investments. The commission recalled that platforms such as CBEX, Silverkuun, and TOFRO operated illegally advertised AI-powered trading systems that promised unrealistic returns and those who keyed into them got scammed.

We join our voice to that of the commission to warn Nigerians not to get carried away by promises of profits or returns on investment that have no relationship to economic realities.

The commission advised Nigerian investors to be extra vigilant as fraudsters exploit deep fake videos and AI-generated content to lure their victims. To give their fraudulent platforms an air of credibility, they also manipulate videos to give impression of endorsement by politicians, celebrities and TV hosts for their schemes which they share as adverts on social media groups.

As stated by the commission: ‘Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.’

We urge SEC to collaborate with the nation’s intelligence and security agencies to fight the scammers on all fronts. The commission should in particular work with the Economic and Financial Crimes Commission (EFCC) proactively to deal with the new challenges.

The SEC has promised: ‘We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market;’ Nigerians must take it by its words and demand that it walks the talk.

The huge losses that Nigerians suffer in the hands of Ponzi scammers should worry all stakeholders. We demand for a review of the relevant laws to prevent and punish those who engage in such fraudulent schemes.

There should be long prison sentences for those who engage in such deceitful activities. If the existing laws are not far-reaching enough, the National Assembly should review and make them stiffer, while security agencies should have dedicated departments with the technical know-how and resources to constantly look out for such scammers, so that their activities can be nipped in the bud early enough.

The names of those who engage in such schemes should be in the public space, so that in addition to the legal consequences for their actions, they would suffer public strictures of naming and shaming. As part of putting the public on notice, the commission, in concert with security agencies, should not hesitate to name all such unregistered schemes operating without license, in the interest of the unsuspecting public.

Alternatively, SEC should have a running website with the names of all registered schemes, easily accessible to the general public.

While the commission and the intelligence and security agencies work to aid the diligent public, individuals must resist the urge to fall prey to unrealistic expectations. When a scheme makes promises akin to money doubling of investment, every week or every month, a discerning investor should know that such promises are unrealistic.

The tendency to believe that one will be among the lucky few to benefit before the scheme bursts should be resisted. Perhaps, there should be some punishment for those who deal with unregistered schemes, despite notice, as a further deterrent.

The Independent National Electoral Commission (INEC) has urged eligible citizens, particularly residents of Mushin local government to take full advantage of the ongoing continuous voters’ registration and transfer exercise.

At a sensitisation forum, an INEC official, Abiodun Oje, said that the initiative was designed to ease the process for citizens to register, transfer, or update their voter information with ease.

‘This exercise concerns every eligible citizen, particularly in Mushin Local Government. You don’t need to travel long distances. You can transfer your registration to where you reside, whether interstate, inter-local government, or even within the same community,’ he said.

He noted that the transfer process covers interstate, inter and intra-LGA movements, ensuring that voters are not disenfranchised due to relocation.

Abiodun also emphasised the pivotal role of community based associations and socio-political groups in sensitising residents on the importance of participating in the exercise.

‘As leaders and influencers in your various communities, be it in the markets, among artisans, or within socio-political groups, you occupy a strategic position in mobilising our people,’ he said.

National Commissioner Mrs. May Agbamuche-Mbu yesterday took over in acting capacity as Chairman of the Independent National Electoral Commission (INEC).

Prof. Mahmood Yakubu stepped down after ten years of service.

He handed over to her being one of the most senior national commissioners, pending the appointment of a substantive chairman.

Prof. Yakubu announced that he was proceeding on a one-month terminal leave, preparatory to his final exit next month.

Agbamuche-Mbu, a National Commissioner from the Southeast, heads the INEC’s Legal Services, Clearance and Complaints Committee (LSCCC).

According to Section 154(1) of 1999 Constitution (as amended), the Chairman of INEC ‘shall be appointed by the President and the appointment shall be subject to confirmation by the Senate.”

Also, ‘Sub-section 3 provides that in exercising his powers to appoint a person as Chairman of INEC, ‘the President shall consult the Council of State.’

The Council of State, which is made up of the President, former Heads of State, Senate President, House of Representatives Speaker, Chief Justice of the Federation, past Chief Justices of Nigeria and 36 governors, is expected to meet in Abuja tomorrow.

Yakubu, a Professor of Political History and International Studies, and 14th Chief Umpire, succeeded Prof. Attahiru Jega in 2015. He was re-appointed by former President Muhammadu Buhari for a second term of five years on December 9, 2020.

He announced his stepping down during a meeting with the State Resident Electoral Commissioners (RECs) at the INEC Headquarters in Abuja.

In a letter dated October 3, 2025, Yakubu had expressed gratitude to President Tinubu for the opportunity to serve the nation.

President Tinubu, who accepted his departure, thanked him for his service to the nation and bestowed on him the national honour of the Commander of the Order of the Niger (CON).

In a speech laced with emotion, Yakubu, who supervised two presidential elections in 2019 and 2023, thanks National Commissioners, Resident Electoral Commissioners and other electoral officers for their dedication, commitment, and hard work during his tenure.

He also catalogued his achievements, which he attributed to team work.

Yakubu said: ‘Over the years, we achieved a lot in responding to challenges and introducing many innovations. We have consolidated the biometric register of voters and replaced many of our manual processes with digital platforms and applications.

‘These include the nomination of candidates, submission of polling and collation agents by political parties, accreditation of national and international observers and the media for elections, voter accreditation and result management.

‘In addition, with the support of development partners, we have introduced various technologies to improve diverse aspects of election management such as easy location of election facilities, management of collation and returning officers, virtual training of electoral staff, management of political parties finances and audits, as well as the overall monitoring of elections using our Election Monitoring and Support Centre (EMSC). Indeed, we have made tremendous progress, but a lot more needs to be done.’

He added: ‘Accordingly, and knowing the enormity of the challenges ahead having been privileged to serve the Commission for ten years with only a few more weeks to serve, I have taken a decision and conveyed same as provided by Sec. 306 (1) and (2) of the Constitution of the Federal Republic of Nigeria 1999 (as mended).

‘In the interim, I am handing over to one of the most senior National Commissioners by date of appointment. Following consultation with other National Commissioners, Mrs. May Agbamuche-Mbu will serve in an acting capacity pending the appointment of a substantive Chairman of the Commission.

‘I hope that this will afford the appointing authorities adequate time to appoint a new Chairman. It will also enable the new Chairman to settle down quickly to the task of conducting elections and electoral activities in Africa’s most demographically and logistically complex elections.

‘I want to express my profound appreciation to members of the Commission and our Resident Electoral Commissioners (RECs) for the excellent working relations that we shared.

‘Since 2015, I have worked with 24 National Commissioners and 67 RECs. So also to the staff of the Commission. Those involved in elections or vastly knowledgeable about election management understand what the conduct of elections entails. I will forever cherish the support of successive Secretaries and staff of the Commission nationwide.’

After receiving the baton, the acting chairman promised to uphold the integrity of the electoral agency during the transition period.

Leadway, one of Nigeria’s foremost non-banking financial services and wellbeing providers, is celebrating 55 years of innovation, resilience, and inclusive impact across West Africa.

The Group Managing Director of Leadway Holdings, Tunde Hassan-Odukale said from its inception in 1970 as an insurance company, Leadway has evolved into a diversified group championing financial access, inclusion, and wellbeing for individuals and businesses across the region.

He stated that as at date, Leadway’s integrated offerings span life and general insurance, health coverage, pensions, asset and wealth management, estate planning, hospitality and credit solutions, empowering millions to build resilient financial futures.

He said: ‘Leadway’s journey is, in many ways, the story of Nigeria itself-one of resilience, diversity, and progress. We began with the mission of providing succour and financial freedom to individuals and businesses through risk management.

‘Over the years, that mission has expanded into building a holistic ecosystem that now encompasses insurance, pensions, health, investments, trusteeship and hospitality. This milestone is both a testament to the trust we have earned and the excellence we continue to uphold. Leadway has built its reputation as Nigeria’s most consistent claims-paying insurer, disbursing nearly N500 billion in claims between 2016 and 2024, including N117 billion in 2024 alone.

‘Through its HMO subsidiary, the group continues to deliver award-winning healthcare services to millions of Nigerians through a network of more than 2,500 hospital providers nationwide while continuously increasing robust financial portfolios and securing the future of many Nigerians through its Pensions and Asset Management subsidiaries’.

He noted that beyond Nigeria, Leadway has expanded its regional footprint into Côte d’Ivoire, strengthening its leadership in Francophone West Africa through Leadway Assurance, Ankara Services and Leadway IARD. The Group’s legacy also extends to impactful social initiatives.

‘Leadway Media Dash provides young entrepreneurs and SMEs with visibility by showcasing their businesses on Leadway-owned platforms. Its long-standing support for the Lagos International Trade Fair underlines its commitment to commerce and enterprise in the sub-region. Leadway also invests in Nigeria’s creative economy, sponsoring the Lagos Leather Fair, supporting the Nigerian Pavilion at the London Design Biennale, and championing emerging talent through the +234 Art Fair and Creative Bloc Carnival, among others.

‘As Leadway marks its 55th anniversary, it reflects on a journey marked by impact, resilience, and trust while restating its goal to create creative and inclusive financial, health, and wellness ecosystems for its clients. ‘We are committed to creating the next chapter of Africa’s financial services wellbeing powerhouse, offering digital-first solutions that are unparalleled, people-focused, and competitive on a global scale, with our past guiding us and shaping the future ahead’, Hassan-Odukale reaffirmed.

Film director and treasurer of the Directors Guild of Nigeria (DGN), Lagos Chapter, Oghenenyerhovwo Nana, popularly known as Ny Nana, has urged the Nigerian film industry to give directors the recognition and compensation they deserve.

Speaking on the evolving role of the DGN, Nana said, ‘Visibility is no longer enough. Directors need to be recognized as the backbone of the industry and compensated accordingly. The DGN is evolving into not just a community but a bargaining force-one that advocates for fair wages, royalties, and credit recognition both locally and internationally. In the future, I see us moving toward stronger legal protections and professional standards that place directors at the center of negotiations.’

Nana, who began her career as a radio and television presenter before transitioning into film, also highlighted the importance of financial discipline in sustaining Nollywood. Reflecting on her dual role as a filmmaker and Treasurer of the Guild, she explained:

‘For me, it’s about discipline and perspective. As filmmakers, our creativity drives us, but as Treasurer, I recognize that sustainability in our industry comes from financial accountability. I approach Guild finances with the same attention to detail I bring to storytelling-every number must serve a purpose, just as every scene must serve the story. I balance both roles by separating passion from process. While I create from instinct, I manage resources with structure, transparency, and foresight.’

She has directed projects including April 1st, Hypocrites Chair, and Thin Line, and is regarded as one of Nollywood’s bold voices advocating for authentic storytelling and industry reform.

The House of Representatives has vowed to recover an estimated 9 billion dollars lost to illegal mining activities and to plug all revenue leakages in the nation’s solid minerals sector.

The House declared war on illegal mining in the country, while vowing to leave no stone unturned in exposing corruption in the sector.

Speaking at the inaugural meeting of the ad hoc committee on illegal mining, Chairman of the Committee, Sani Abdulraheem, said the task before them was a matter of national urgency, stressing that the committee will ‘leave no stone unturned’ in exposing corruption, enforcing transparency, and ensuring that ‘every Naira from Nigeria’s natural resources is properly accounted for.’

He said the activities of illegal miners have not only robbed the country of billions in potential revenue but also fuelled insecurity, degraded the environment, and displaced vulnerable communities across mining regions.

‘We lost approximately nine billion US dollars in just over two and a half months through illegal mining. This theft of our resources must stop. Our mission is to block revenue leakages, enforce transparency, and make sure every kobo from our natural resources contributes to national development.’

The Chairman said the committee would conduct structured oversight on the mining sector, strengthen revenue tracking mechanisms, and collaborate with relevant stakeholders, including ministries, agencies, private operators, and host communities, to restore accountability and sanity in the sector.

‘We are here today to ensure that every Naira inherited from our rich natural resources contributes to our national economy.

‘As we move forward, one of the core objectives of this committee is to block revenue leakages caused by illegal mining and associated activities, which not only steal from our national treasury but also hinder the growth of legitimate mining operations that could contribute substantially to our national revenue.

‘Structured oversight will strengthen our revenue tracking mechanism and ensure that the full benefit of Nigerian mining flows directly into the government coffers. Rather than being siphoned off through illegal mining activities’.

While referencing Ajaokuta Steel Company as a symbol of Nigeria’s untapped potential, Abdulraheem expressed optimism that renewed government efforts under the current administration would revitalize the project.

‘Ajaokuta stands as a glaring testament to our failure to harness our mineral wealth. But today, we see political will like never before. The appointment of an indigenous professional to lead its revival gives us hope for a stronger steel sector that will drive industrialization and job creation,’ he said.

Speaking at the event, Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Ahmed Abubakar Audi, said the Corps had intensified its clampdown on illegal mining operations nationwide.

Represented by Assistant Commander Atta John Onoja, disclosed that over 500 illegal miners have been arrested, with 270 already facing trial and several convictions secured in recent weeks.

He said, ‘Illegal miners are no longer having their field day. Many are now running to regularize their operations,’ Onoja stated. ‘The NSCDC, under the directive of the Minister of Interior and the Minister of Solid Minerals, remains committed to eliminating illegal mining to its barest minimum.’

While acknowledging operational challenges, Onoja called for stronger legal frameworks to ensure effective prosecution and deterrence against mining-related crimes.

He assured the lawmakers of the NSCDC’s maximum cooperation and partnership in the national effort to sanitize the sector, emphasizing that the fight against illegal mining aligns directly with the Corps’ mandate to protect critical national assets and infrastructure.

The committee ended the inaugural meeting by entering an executive session to chart its roadmap for investigations and collaboration with key stakeholders.

The Lagos State Traffic Management Authority (LASTMA) has arrested a 47-year-old man, Adetayo Adewodun, for impersonating a LASTMA officer and extorting money from a motorist at Itire Junction in Lagos State.

According to a statement issued by Adebayo Taofiq, Director of Public Affairs and Enlightenment at LASTMA, the incident occurred on Tuesday.

Preliminary investigations showed that Adewodun stopped one Mr. Ayano Stephen, driver of a white Hilux vehicle (registration number GME 259 TE) belonging to a construction firm, accusing him of making an unlawful turn.

Pretending to be a LASTMA operative, the suspect demanded ?80,000 as a penalty for the alleged offence. Unable to pay the full amount, Stephen pleaded and eventually handed over ?7,800-the only cash he had on him-to the fake officer.

Stephen later became suspicious of the man’s conduct and contacted LASTMA through its toll-free hotline to verify his identity. Acting promptly on the report, the agency’s Surveillance and Intelligence Unit, under the directive of General Manager Mr. Olalekan Bakare-Oki, mobilised to the location.

On sighting the enforcement team, Adewodun attempted to flee but was pursued, arrested, and taken to LASTMA’s headquarters in Oshodi for interrogation.

During questioning, Adewodun confessed to being part of a three-man syndicate that frequently poses as LASTMA officials to extort unsuspecting motorists around the Itire area and other parts of Lagos. He revealed that the group makes an average of ?65,000 daily from such fraudulent activities.

Commending the motorist for his vigilance, Mr. Bakare-Oki described the report as an act of civic responsibility. He reaffirmed LASTMA’s commitment to integrity, professionalism, and transparency, emphasizing that the agency maintains a zero-tolerance policy toward impersonation and extortion.

‘All authentic LASTMA officers can be easily identified by their official uniforms, personalized name tags, and service identification numbers,’ Bakare-Oki stated.

He urged motorists to remain alert and report suspicious activities through the agency’s verified communication channels, including its toll-free emergency line (080000527862).

Mr. Bakare-Oki assured that the suspect would be arraigned before a Mobile Court to serve as a deterrent to others engaging in similar criminal acts.

He reiterated that LASTMA remains resolute in ensuring order, discipline, and sanity on Lagos roads while protecting law-abiding motorists from fraudulent exploitation.

Choosing a country to boost one’s career can be hard – even more so for women. While some countries offer amazing career opportunities, others leave women feeling uninspired.

For women who are inspired to make the leap and move abroad for their career, it can be a hugely rewarding experience, offering everything from better salaries to the opportunity to explore a foreign marketplace.

These countries ensure that women have a work-life balance, along with ample job opportunities in multiple fields.

Moreover, women are not exploited in those countries and are treated as equals to men.

A recent study by Click Intelligence evaluated countries based on multiple economic and gender indicators such as the percentage of women business owners, women in managerial positions, employment gap between genders, wage disparities, maternity leave provisions, and women’s perception of safety.

Each factor was weighted to create a ‘women’s well-being score’ that reflects both professional opportunities and quality of life.

1. Belgium

2. Slovenia

3. Portugal

4. Spain

5. France

6. Sweden

7. Australia

8. United States

9. Finland

10. Estonia

Belgium ranks first as the best country for women, showing the smallest gender wage gap at just 1.19%. Belgian women hold 36% of management positions while benefiting from generous 15-month maternity leave policies. The country performs well on safety, too, with a lower share of women reporting concerns about going out at night.

Slovenia takes second place with 45% women holding managerial positions, among the highest rates globally. The country also maintains a solid 27% female business ownership rate and matches Belgium with 15-month maternity leave provisions. The gender employment gap here stays relatively low at 8.4%.

Portugal is the third-best country for women to live and work. Portuguese women own 30.2% of local companies and take 40% of executive roles. The country posts a smaller 8.2% employment gap between men and women, and shows a 9.35% difference in wages, well below the average for developed nations.

Portugal is followed by neighboring Spain in fourth place. Here, only 17.3% of women say they feel unsafe, which is one of the lowest rates in the ranking. Spanish mothers are entitled to the longest parental leave at 16 months, and the country’s gender wage gap is also among the smallest (6.72%).

Next comes France, where women also benefit from 16-month maternity leave provisions, while filling 38% of senior roles. Almost every fourth business is owned by women here. The country also records a reduced employment gap between genders (7.8%) and has below-average wage differences.

Sweden ranks sixth as women here are strongly represented in leadership positions, holding 43% of managerial roles. Sweden posts the smallest employment gap at just 6.3% and reports a low salary difference. Working women in Sweden can also take long maternity leaves, lasting up to 14 months.

Australia takes seventh place as the best non-European country for women. Here, almost half of the executive positions are held by women, while nearly a third of local companies are also women-owned. Australia shows a below-average gender employment gap, too.

In eighth place is the United States, where women are behind more than 35% of businesses, the highest share in the world. American women also take up nearly half of managerial roles, showing strong representation at all leading levels.

Finland is in ninth position. Finnish women entrepreneurs own 33% of local firms, while employed women face a small 7.5% gap in workplaces. On top of that, parents in Finland can benefit from up to 15 months of maternity leave.

Estonia completes the top ten countries for women to work and live. Nearly half of all management positions are held by women here, second only to Australia, and about one in three businesses is female-owned. Safety is another strong point in Estonia, as only 8.5% of women say they feel unsafe, the lowest share anywhere in the ranking.

Nigeria is not yet a developing country at least in terms of science and technology. It is an under-developing geo-polity. Most of the numerous modern technologies all over the country are not an index of development. They are rooted firmly in foreignness. Indeed, Nigeria is an uncritical consumer of what other nations are producing, often with its natural resources. Nigeria’s local resources are being regularly, cheaply harnessed by the smarter members of the global community while the political leaders look the other way. This is not unconnected with maximum corruption and a gross lack of unalloyed patriotism. As a matter of fact, the Nigerian local environment is not conducive to productivity.

From the eve of independence to-date, this country could hardly craft appropriate legal frameworks to elect first class political leaders. That is to say, elections based on meritocracy and justice. Selfless service to humanity only minimally exists in the leaders’ vocabularies of popular essence. However, there are a few Nigerian leaders with golden hearts. Such spiritually buoyant citizens have what it takes to engineer a vibrant society, where a raw material economy has no place to stand in the 21st century.

But it is a pity, that the few disciplined Nigerians who manage to occupy major political positions are eventually polluted or choked to death by the demonic majority. Terrible lies and deception have become an acceptable tradition. Nigeria is in dire need of change. Even the issue of security is being politicised by some leaders as if human lives do not matter.

Although bigotry is a global social disease, the Nigerian case is too extra-ordinary to be glossed over. It seems that Nigeria has become the headquarters of bigotry. However, bigotry goes beyond the spheres of religion and ethnicity. It embraces racism including a wide range of other discriminatory tendencies. In many cases, people are appointed to sensitive positions on the basis of religious sentiments, ethnic considerations and/or political affiliations. This is at variance with good governance and by extension, national development.

Once upon a time, the Minister for Information and Culture openly confessed that he had no knowledge of culture and cultural heritage management until his appointment.

It is a weak thesis in my opinion, to say that directors-general and directors are the ones to do the job in the ministries. The overall head (minister) has to know his onions, otherwise there would be huge gaps. For optimum results, round pegs should be put in round holes. Some powerful Nigerians or elder statesmen, bombarding the offices of governors and president with long lists of their godchildren often for unmerited appointments, are also a part of the country’s problems. They cannot have their cake and eat it. Ideal history is unforgiving!

Nigerians need to begin to devise new hypotheses. These hypotheses must be rigorously tested in order to craft a new Nigeria. In this connection, some of the old assumptions have to be creatively challenged to pave the way for new possibilities. Let our leaders stop being too self-satisfied with near-complete imaginary past glories, in order to successfully capture the challenges of tomorrow. The current philosophy needs to be replaced with greater meritocracy.

Anybody who thinks that bigotry is not boundary-less, is a day dreamer. Both the learned and the ordinary people (with a few exceptions) are in bondage of bigotry. The political class members are fooling the ordinary people. These leaders do not bother about religion and ethnicity whenever they want to allocate to themselves abnormally huge allowances while the masses continue to groan. This is hedonism at its peak! Nigerians, same as other members of the Homo sapiens group are endowed with sophisticated minds. This is to enable us to be thinking healthily as a precondition for setting ourselves free from the shackles of spiritual and material poverty.

Part of this, is the capacity to hold the leaders accountable at all times through the lens of strong institutions. But painfully, the Nigerian masses fold their arms and allow the governors and even local government chairmen to continue to take them for a ride. Instead of challenging our political authorities in a critical fashion, we have shifted that responsibility to God. We naively assume that Nigerians are the only children of Providence, by asking Him to do everything for us, despite our superb brains. Praying to God is good and indeed, necessary for spiritual upliftment. However, leaving our own assignment to Olodumare (the supreme God) is irresponsible in a variety of senses. God abhors laziness. Therefore, the Nigerian masses must allow Him to rest.

Our democracy is caricatured in the face of weak institutions. The ordinary people have no confidence in the National Assembly (legislature) and the Judiciary. This started from 1999. It is not a new development. There is a trust deficit. This paves the way for a near-complete dictatorship, and by the same token, poor governance. Part of this ugliness is traceable to unfettered, primitive greed of the political class members with their inflated sense of self-importance. Nigerians are not brainless at all. But unfortunately, they have been consistently failing to engage in critical thinking. This is most disturbing. Nigerians have forgotten that creative thinking is the cornerstone of robust spiritual and material abundance. That is the reason why critical thinking and healthy physical world must dance together. Bigotry has to be kept on the refuse dump of human affairs. Indeed, bigotry is a dreadful monster.

Therefore, any leader who is not performing optimally should be told to wake up or get the wrath of the people. There should be no room for uncontrolled sentiments in this regard. No good reason to begin to worry about the religion or ethnic background of a leader. Such an attitude can easily engender inter-personal as well as group misunderstanding, suspicions and even conflicts. This behavioural trait (bigotry) is at variance with sustainable peace and progress in Nigeria. After 65 years of political independence from Britain, Nigeria still has the challenge of stunted growth to grapple with.

Again, those who are singing praises of our abusers through the lens of vanity biographies need spiritual deliverance. They (the spiritless biographers with their insatiable longing after miserable wealth) are almost worse than the leadership class.

President Bola Ahmed Tinubu is certainly working hard on some areas of our national life. But according to a popular Yoruba proverb, ‘not all clothes can be dried off in the sun’. This is for strategic reasons! But due to the hugeness of the mess before this administration started, not much is appreciated by the ordinary people (with the exception of a few citizens, having an extra-ordinarily deep sense of judgement).

As a matter of fact, the president is keeping his nose to the grindstone. However, like Oliver Twist, we (especially the federal university staff and retirees) want some more. This is not out of greed but obvious necessity. It is time for the Nigerian citizens to begin to rise above primordial political partisanship including other related reactionary ideologies so that Nigeria can get to the promised land.

Allocation to states have increased by over 111 per cent, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun said yesterday.

He said: ‘States are now awash with cash’, adding that the additional funds empower states to drive growth and service delivery at the sub-national level.

Speaking during a session titled: ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030’ at the ongoing 31st Nigerian Economic Summit (#NES31) in Abuja, Edun identified exchange rate unification and fuel subsidy removal as the most significant reforms, freeing up about five per cent of Nigeria’s GDP into the Federation Account.

The minister said the government had reached an agreement with the National Assembly to ensure timely budget execution and restore adherence to the normal fiscal calendar.

He said: ‘No more extensions of budget into the next year, which has created so much confusion in the system.

‘We have talked to the National Assembly and agreed to restore normalcy in that space.’

The minister explained that consistent and disciplined budget implementation is key to transparency, better project delivery, and credible public expenditure tracking.

Budgets 2024 and 2025 are simultaneously running and there is the likelihood of the extension of Budget 2025 till 2026 given the late commencement of its implementation.

On debt management, Edun said the government is adopting a new borrowing mix to reduce exposure to Eurobonds and other external loans.

‘The government will make greater use of Sukuk, green bonds, and diaspora bonds instead of Eurobonds,’ he said.

He noted that this strategy would expand domestic investment participation while aligning debt issuance with Nigeria’s sustainable development goals.

Edun also said that fiscal transparency has significantly improved, revealing that ‘it was not until August 1 this year that the Federal Government had full visibility of its accounts with the Central Bank of Nigeria (CBN).’

He added: ‘We are determined to bring all Federal Government funds into visibility. There is a lot of government money lying outside the CBN.’

To strengthen financial accountability, Edun said a new federal billing system had been launched to track payments for goods and services.

The system, he said, ensures that every transaction is traceable and accurately captured.

On inflation, the minister said government interventions began with deliberate fiscal policy adjustments and smarter spending priorities.

DMO: Focus on revenue, not just debt size

Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, said that Nigeria’s public debt level remains sustainable, stressing that the real challenge lies in revenue generation, not debt accumulation.

‘When people talk about Nigeria’s debt-to-GDP ratio, they often forget that the international benchmark for countries like ours is about 70 per cent,’ she explained.

‘At 40 per cent, Nigeria remains below that threshold.’

Ms Oniha noted that the critical issue is the debt service-to-revenue ratio, which determines how much of the nation’s income goes into paying debts.

‘If a large portion of revenue goes to debt service, less will be left for development projects,’ she said.

Ms Oniha emphasised that raising revenue is the most effective way to manage debt sustainably.

‘The focus should be on growing revenue so that the debt service-to-revenue ratio can be lower,’ she said.

‘When revenues rise significantly, the rate of borrowing will slow down, and the government can service debts conveniently while still funding critical projects.’

She added that all debt servicing provisions are integrated into the Medium-Term Expenditure Framework (MTEF) and the national budget, ensuring predictability and transparency in Nigeria’s debt strategy.

Both Edun and Ms Oniha agreed that ongoing fiscal reforms – including stronger revenue mobilisation, transparent spending, and disciplined borrowing – are crucial to achieving a stable and inclusive economy by 2030.

Bagudu: we will implement development plans

Bagudu said Nigeria’s next National Development Plan (NDP 2026-2030), guided by the Nigeria Agenda 2050, targets a $1 trillion GDP by 2030.

He said achieving this goal would require an average annual GDP growth rate of 8.78 percent, a 17.18 percent manufacturing contribution to GDP, and a 24.78 percent manufactured export share by 2030.

He said: ‘The process of developing the NDP 2026-2030 will be consultative, participatory, and inclusive. We will involve the private sector, state and local governments, political parties, civil society organizations, labour unions, and other key stakeholders.’

The minister explained that the Renewed Hope Ward-Based Development Programme would be one of the key focus areas of the summit.

He described it as ‘an ambitious, people-centred initiative designed to uplift economically active citizens and ensure that ordinary Nigerians, particularly those at the grassroots, directly feel the positive impact of government reforms.’

Fed Govt mobilising 49% of $2b fibre optic investment

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijjani, said that the Federal Government is mobilising 49 per cent of Nigeria’s $2 billion fibre optic network project to deepen broadband access nationwide.

Speaking at a session hosted by IHS Towers, Tijjani said the project will connect every state, local government, and ward with fibre infrastructure.

‘For Nigerians to have connectivity, we must invest in fibre optic networks, which will cost about $2 billion,’ he said. ‘Government is bringing 49 per cent, and the private sector will provide the rest.’

Tijjani said improving broadband access could raise national GDP by 2.5 per cent for every 10 per cent increase in connectivity.

He noted that 11 states have already eliminated Right of Way (RoW) charges, facilitating faster deployment.

Beyond broadband, Tijjani said the government is integrating Artificial Intelligence (AI) and innovation policies to position Nigeria as a digital hub.

IHS Nigeria CEO Mohamad Darwish added that bridging the digital divide will require ‘massive investments in broadband coverage, innovation, and talent.’

He stressed that public-private partnerships and digital literacy programs are essential to ‘unlock productivity, drive growth, and position Nigeria as a future-ready economy.’

NESG urges focus on job creation

NESG Chairman Niyi Yusuf advised that Nigeria’s next phase of reform must focus on job creation, productivity, and inclusive growth.

‘The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian,’ Yusuf said.

He stated that while past policies had concentrated on macroeconomic stabilisation, the time has come to translate those efforts into sustained job creation and real improvements in living standards.

NESG advised that Nigeria needed to create at least 4.5 million jobs annually for five years to curtail rising unemployment.

The group, in a report titled: ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,’ stated that the nation’s working-age population could expand to 168 million within the decade.

It warned that without decisive action, unemployment and underemployment could double by the end of the decade, trapping millions of Nigerians in low-skilled, low-paying, and vulnerable work.

According to the NESG, the future of Nigeria’s workforce depends on how quickly the country can move from a ‘hustle economy’ dominated by informal activities to one that delivers decent and productive employment.

NESG Senior Economist Wilson Erumebor, who presented the report, said the job crisis in the country has gone beyond employment numbers to a fundamental development challenge.

‘This is not just a labour market issue; it is a huge development challenge. Without decisive reforms to create decent and productive jobs, an entire generation risks being trapped in vulnerable work that neither lifts families out of poverty nor moves the nation forward,’ he warned.

‘The weak private sector capacity and reliance on the government for wage employment in some states have left millions of Nigerians with the option of finding work in the informal economy,’ he said.

‘The informal sector has become the default employer, absorbing a significant share of the country’s workforce.’