President signs Bills on police funding, training institute

President Bola Ahmed Tinubu has assented to the Nigeria Police Training Institute (Establishment) Bill and the Nigeria Police Trust Fund (Amendment) Bill.

This was announced in a letter to the National Assembly and read by Senate President Godswill Akpabio at the resumption of plenary yesterday.

The two Bills are aimed at addressing the lingering funding and training deficits of the police force.

First enacted in 2019, the Nigeria Police Trust Fund Act seeks to provide a dedicated source of funding for training, equipment, operations, and welfare of the police to ensure public safety.

The Police Training Institute (Establishment) Bill also underscores a significant step to modernizing and professionalising the law enforcement training framework in the country.

In the letter, the President also communicated his refusal to assent to two Bills, which he said were ‘tainted with fundamental defects’.

The Bills are: the Nigerian Institute of Transport Technology (Establishment) Bill 2025 and the National Assembly Library Trust Fund (Establishment) Bill, 2025.

‘Pursuant to Section 58(4) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I hereby convey to the Senate, my decision to decline assent to the Nigerian Institute of Transport Technology (Establishment) Bill 2025.

‘The rationale for my decision is that the Bill is tainted with fundamental defects, such as Section 18, subsection 4(a).

‘The Bill expands the source of funding of the National Transport Logistics Research to include one per cent of freight on every import and every export, from Nigeria, without the approval of the Federal Executive Council. Moreso, when the Institute is to be funded by the same Federal Government.

‘Section 21(2) empowers the institute to borrow by way of loan or overdraft without the consent of the President of the Federal Republic of Nigeria, except where the amount to be borrowed is above N50 million.

‘In the extant Act, borrowing can be made with the approval of the President. The removal of the approval of the President has not been explained or justified.

‘The provision could be abused as the institute may request to borrow an amount equal to N50 million or less to avoid Presidential approval. This will amount to serious financial abuse

‘Section 23(4) is on the power to invest surplus funds. Since the institute is to be funded by the Federal Government and money appropriated by the government for any agency is usually projected and accounted for, it is unlikely to have surpluses.

‘The issue of investing surplus funds is usually applicable to agencies that are not funded by the federal government of Nigeria, but generate revenue to spend.

‘In addition, Section 21 states that it is the surplus fund of the Institute that should be invested, while Section 23 states that any of the institute’s funds could be invested. This can allow funds other than surpluses to be diverted for investment purposes from their original purpose.

‘Section 18(2) requires money in the fund to be applied towards the promotion of the objectives and functions of the Act.

‘It does not include or recognise the investment of the funds of the Institute. This seems contradictory to Section 23, which proposes to allow the Institute to invest its funds on securities as approved by the Minister. On the above reasons, I withhold my assent to the Bill.’

Akpabio thanked the President for taking the time to go through the Bill and pointing out anomalies that need to be rectified.

He said: ‘I want to thank the President for taking the time to go through every Bill that we sent to the Executive.

‘This is very impressive because it means that the Executive took time to go through, clause by clause. And so, we will do justice to all the observations put forward by the President.’

Commenting on the reason for rejecting the proposed National Assembly Library Trust Fund (Establishment) Amendment Bill, 2025, President Tinubu said: ‘Notwithstanding the laudable objectives of the legislation, certain provisions contained therein go against the settled law and policies of the Federal Government of Nigeria as it relates to funding of agencies under the National Assembly, taxation of national entities, public service remuneration, as well as age and year of service, among others.

‘If this Bill becomes law, these provisions will establish an unsustainable precedent against the public interest.

‘Further to the above, I will not be granting presidential assent to the Bill. I hope that the Senate will take necessary steps to fix the identified issues with this legislation.’

Sanusi, Peterside, Oteh, Kukah, others laud govt, Labour, Dangote Refinery

From the Emir of Kano, Khalifa Muhammad Sanusi II, renowned industrialist, Atedo Peterside, former Securities and Exchange Commission(SEC) Director-General, Arunma Oteh, Catholic Bishop of Sokoto Diocese, Rev. Matthew Kukah, came yesterday a pat on the back of the Federal Government, labour unions, and Dangote Refinery for stepping back from confrontation and resolving Dangote Refinery dispute through dialogue.

In a joint statement on the ‘Dangote Refinery Dispute’, they noted with concern the recent crisis and disruptions surrounding the Dangote Refinery.

‘Although the immediate crisis has been de-escalated through government mediation and renewed dialogue between labour and management, the episode raises important lessons for Nigeria’s economic future,’ they said.

They explained that for decades, Nigerians endured the collapse of government-owned refineries, the waste of trillions of naira in subsidies, and dependence on fuel imports. These failures left citizens exposed to scarcity, inflation, and insecurity.

‘In this context, the Dangote Refinery represents more than a private venture; it is a national symbol of what bold domestic investment can achieve. Already, the refinery has begun to ease supply pressures, with petrol prices in some parts of the country dropping from around ?1,500 per litre to about ?820 – a 55% reduction. This impact on transport costs and food prices offers Nigerians a glimpse of how local productivity can improve daily life. It also signals to investors at home and abroad that industry, rather than speculation, can still thrive in Nigeria,’ they said.

‘However, the strikes and threats that accompanied this transition send the wrong signals. Industrial disputes, if not carefully managed, risk discouraging both domestic and foreign investment at a time when Nigeria most needs capital and innovation. A refinery of this scale is a national lifeline, with profound consequences for jobs, energy security, and inflation,’ they said.

The said that workers’ rights must be respected.

‘The Constitution guarantees the right to organise and to demand fair treatment. No enterprise can succeed without motivated, fairly treated workers. Markets and productivity must be protected. The right to organise cannot become a license to hold the economy hostage. Productive enterprises that lower costs and create jobs must be safeguarded,’ they said.

‘Social responsibility and accountability must remain central. Investors of this magnitude must operate transparently, uphold fair labour practices, and reinvest in the communities they serve,’ they said.

‘We also note that concerns about monopoly or market dominance should not be settled by disruptive industrial action. Nigeria has institutions, such as the Federal Competition and Consumer Protection Commission (FCCPC), that are mandated to assess such claims. Where there are legitimate issues of pricing or dominance, the proper channel is through these statutory bodies, not strikes that harm ordinary Nigerians,’ they added.

‘Moreover, as has been noted, there is no legal monopoly here; others are free to invest in refining, provided they can mobilise the necessary resources and expertise,’ they stated.

According to them, this crisis is not about a refinery or any other business. ‘It is about the direction of our economy: whether we will continue in a cycle of scarcity and rent-seeking or build a future anchored on productivity, fairness, and shared prosperity. The Dangote refinery represents an audacious step forward. It should not be undermined but strengthened – as a signal to other industrialists that investing in Nigeria’s future is worthwhile’, they added.

Again, Bandits Strike Near FCT, Abduct Man, 2 Daughters

Gunmen suspected to be kidnappers have raided Zhibi, a community neighbouring Dei-Dei town in the Federal Capital Territory (FCT) but located in Tafa Local Government Area of Niger State.

Abuja Metro learnt that the attackers abducted a businessman, Muhammad Shuaibu, along with his two daughters – a 200-level university student and her younger sister.

A member of the family told Abuja Metro that the assailants broke into the victim’s home around 12am on Friday through the backyard door after destroying a burglar-proof padlock.

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‘They did the same thing in the room where the wife of the family head was sleeping. She woke up suddenly to see them inside her room, so she quickly ran toward her husband’s room,’ the source recounted.

The source added, ‘They summoned all the family members to the sitting room, threatening to take all of them. But the wife knelt down and kept pleading with them to spare her baby. That made them spare her and the baby.’

According to the source, the attackers seized the mobile phones of the man and his wife and also demanded foodstuffs, which were not available in the house.

He said the police outpost in the area has only a few personnel, and efforts to get a response from the Dei-Dei Division did not yield any result, as, according to him, they always insist that they are under the FCT command, while the area falls within Niger State.

It was further learnt that no communication had been established between the kidnappers and the victims’ relatives as of Monday afternoon when our reporter visited the residence.

The Police Area Commander in Suleja, Muhammad Sani Musa, did not respond to phone calls made by our reporter on Monday.

However, a police source in the area confirmed the attack, adding that efforts were ongoing to track the abductors.

Purchase, staff costs continue to rise, Stanbic report shows

The business environment remained favorable for investors in September 2025, but purchase and staff costs continued to climb, pushing overall input prices higher.

The Stanbic Purchasing Managers’ Index (PMI) survey shows that output charges rose for the 13th month as companies passed increased costs on to customers. Prices of key inputs such as cement and paper products went up, while wage bills increased in line with higher employment levels.

The rise in input prices was broad-based across all sectors. Despite rising inflationary pressures, the private sector continued to expand, with the headline PMI rising to 54, up from 53.3 in August. This was the eighth month of improved business conditions. A PMI reading above 50 indicates expansion.

The continued growth was driven by a rise in new business and stronger demand. Companies reported an upturn in output as they adjusted production to meet increased orders.

All monitored sectors, including agriculture, industry, construction, wholesale and retail, and services, recorded growth in output and new business.

‘Private sector momentum remained strong in September, with robust consumer demand driving new orders and output,’ said Christopher Legilisho, Stanbic Bank economist.

‘Businesses remain optimistic about future activity, with expectations of sales and hiring in the next 12 months,’ he said, noting that inflationary pressures persisted as purchase prices, wages, and output charges all rose.

However, Legilisho said business confidence remained high, reflecting optimism about the economic trajectory.

The survey indicated that firms expanded capacity in September to accommodate increased orders, resulting in further growth in employment and input purchases.

Job creation extended to an eighth consecutive month, with most firms hiring temporary workers

.

Staff costs also rose, continuing a trend that began more than 18 months ago, as firms attributed higher wage bills to workforce growth.

Meanwhile, Uganda Bureau of Statistics reported that annual headline inflation for the year to September rose to 4 percent from 3.8 percent in August.

Input price inflation, largely driven by higher fuel and utility costs, persisted across all sectors. Similarly, output prices rose as firms sought to recover rising costs.

Nevertheless, the agriculture and construction sectors recorded slight declines in selling prices.

China’s Expanding Mineral Empire in Africa: A New Colonialism?

Critical minerals such as cobalt, lithium, nickel, and rare earth elements are essential to the economy of the 21st century. They are the driving force behind electric vehicles, wind turbines, solar panels, and hydrogen fuel cells.

Without these resources, the global transition to sustainable energy would come to a halt. However, beneath the surface of promises for green growth lies a harsh geopolitical truth: the control of these vital resources is increasingly held by a single nation-China. This grow-ing influence of Beijing is particularly evident in Africa.

Currently, China is responsible for 60 percent of the world’s production and 85 percent of the pro-cessing capacity for critical minerals.

This level of dominance did not happen by chance. Since the 1980s, Beijing has strategically developed its rare earth industry through subsidies, low-interest loans, and lax environmental regulations, effectively undermining Western competitors who face stricter rules and higher expenses. As the demand for these minerals continues to rise, China has shifted its focus to Africa, a continent abundant in resources, from cobalt in the Democratic Repub-lic of Congo (DRC) to lithium in Zimbabwe and Namibia.

Recent reports from 2023 and 2024 indicate that Chinese firms have invested nearly $8 billion in mining projects across Africa, including lithium processing facilities in Mali and Zimbabwe, as well as expanded operations in South Africa, Zambia, Guinea, Angola, and Nigeria.3 In Malawi, Beijing secured a $7 billion deal for titanium mining, while in Madagascar, Chinese companies col-laborated with Singapore-listed ISR Capital on a rare earths initiative.

These activities are not mere coincidences instead they reflect a calculated effort to secure Africa’s mineral resources.

One of the most potent strategies employed by China has been the ‘infrastructure-for-resources’ model, where Beijing constructs roads, railways, or hospitals in exchange for long-term mining rights. A prime example of this is the Sicomines deal in the DRC, which granted Chinese compa-nies access to cobalt and copper reserves in return for infrastructure development.

Joint ventures and acquisitions further solidify this influence: China’s Zijin Mining Group collaborated with Congo’s state-owned Cominiere, while Shenghe Resources took over a portion of Tanzania’s Ngualla rare earth project.

Financing is equally vital. From 2000 to 2018, Chinese loans to African governments and state-owned enterprises reached $152 billion, with Angola receiving nearly 30 percent of that total.

Countries rich in minerals, like Zambia and the DRC, received $14 billion, much of which was di-rectly linked to resource extraction. Unlike loans from the IMF or World Bank, Chinese financing imposes fewer conditions regarding governance or transparency. This is appealing to African lead-ers in the short term but poses risks to long-term sovereignty.

China’s engagement flourishes in regions where governance is lacking. In Congo, leaked docu-ments from ‘The Sentry’ disclosed how the shell company Congo Construction Company funneled $55 million through intermediaries to bribe officials in a multibillion-dollar mining agreement. This deal, intended to finance essential infrastructure, instead enriched the elite while the average Congo-lese citizen reaped little benefit.

Namibia presents yet another cautionary example. Xinfeng Investments, a firm owned by Chinese interests, is accused of acquiring it’s Uis lithium mine through corrupt practices, utilizing permits meant for small-scale miners. Reports suggest that it evaded environmental assessments, bribed local leaders, and subjected workers to conditions reminiscent of apartheid. Instead of contributing to local development, the company exported thousands of tonnes of raw lithium ore to China, un-dermining Namibia’s efforts for local processing.

In Zimbabwe, the lithium rush at the Sandawana mine quickly descended into chaos. Thousands of artisanal miners operated in perilous conditions, with alarming reports of child labor and mine col-lapses. By 2023, the government had expelled these miners and transferred control to companies linked to the ruling ZANU-PF party and the military, some of which are under Western sanctions. Despite an official ban on unprocessed lithium exports, firms with political connections were per-mitted to transport raw ore out of the country.

The environmental repercussions of China’s mining activities are profound. A 2023 report from the Business and Human Rights Resource Centre highlighted extensive breaches of environmental regulations by Chinese firms in Africa’s mining industry. Communities have endured land degra-dation, contaminated water sources, and a loss of biodiversity.

Labor practices raise similar concerns. In Zambia, regulators faced allegations of accepting bribes to ignore labor violations by Chinese companies.

In South Africa, Chinese firms have encoun-tered strikes and protests over inadequate wages, unsafe working conditions, and racial discrimina-tion. The anticipated job creation often fails to materialize as Chinese companies bring in their own workforce, leaving local Africans marginalized.

Numerous African nations are currently grappling with debt distress, exacerbated by resource loans backed by China. Unable to meet repayment obligations, these countries face the peril of compromising their sovereignty. Allegations of illegal mining are rampant. In Nigeria, for instance, authorities took action against Ruitai Mining Company for engaging in illicit titanium ore opera-tions in 2023.

Reports from other nations even indicate potential connections between illegal min-ing activities and the financing of militant groups.

Some governments are starting to push back. Zimbabwe and Namibia have implemented bans on the export of unprocessed lithium, with the intention of compelling investors to establish domestic processing facilities. Nigeria has also halted specific Chinese mining operations. However, the en-forcement of these measures is inconsistent, particularly in regions where political elites benefit from opaque agreements with Beijing.

China’s stronghold over Africa’s mineral sector transcends the continent, it poses a global dilem-ma. By monopolizing both extraction and refining processes, Beijing has achieved a level of verti-cal integration that grants it significant influence. In the cobalt market, Chinese companies dominate mines in the Democratic Republic of the Congo and refining operations across the globe.

A simi-lar trend is emerging in the lithium sector. This control enables Beijing to dictate global pricing and supply chains.

The geopolitical implications are evident. In 2010, during a diplomatic spat, China curtailed rare earth exports to Japan. Experts caution that it could employ the same strategy again, potentially dis-rupting the supply of essential minerals to Western nations.

Meanwhile, Africa risks remaining entrenched in the role of a raw material exporter, missing out on opportunities for industrialization. The West, in turn, becomes perilously reliant on a single source for its critical mineral needs.

Africa must harness its mineral resources, but not under exploitative conditions. The continent can-not afford to repeat the patterns of extraction seen during the colonial era without meaningful trans-formation. Leaders must implement environmental protections, demand local processing, and en-sure that mining agreements truly benefit the populace.

Western nations also share in this responsibility. After years of overlooking Africa’s resource po-tential, they must now provide credible alternatives-such as investments in processing facilities, transparent financing, and partnerships that prioritize the development of Africa.

China’s increasing influence in Africa’s vital minerals is not just an economic issue; it poses geo-political, environmental, and ethical challenges. If African nations do not assert their control and the global community fails to offer fairer alternatives, the continent risks falling into yet another cycle of exploitation.

As the world accelerates towards decarbonization, Africa finds itself at the center of the mineral landscape. The critical question is whether it will merely serve as a temporary stop in China’s sup-ply chain or rise as a genuine partner in shaping the future of clean energy.

Amana Bank first private bank to expand to Pulmoddai

Amana Bank recently announced the opening of its latest Self-Banking Centre (SBC) in Pulmoddai, a remote city located in the Trincomalee District of Sri Lanka’s Eastern Province. With this launch, Amana Bank becomes the first private bank to establish a presence in Pulmoddai, marking an important milestone in its journey of expanding access to banking across underserved communities.

Renowned for its Ilmenite mineral sand mining as well as its lagoon and freshwater fishing industries, Pulmoddai plays a unique role in the region’s economy. Responding to the growing financial needs of the people of Pulmoddai, Amana Bank’s new SBC located at

No. 1, Main Street, Pulmoddai, will provide customers with 24/7 access to cash withdrawals, cash deposits, and cheque deposits-ensuring unmatched ease and convenience in managing their finances.

This opening marks the Bank’s 38th Self-Banking Centre and its 71st overall customer touchpoint. It is also the 4th SBC in the Trincomalee District, joining the existing centres in Muttur, Trincomalee, and Thoppur, alongside the Bank’s fully fledged branch in Kinniya.

The opening ceremony was graced by the presence of Vice President Retail Banking and Marketing Siddeeque Akbar, Head of Marketing and Corporate Communications Azim Rali, Manager Offsite SBC Operations Imran Mohamed, Kinniya Branch Manager Mohamed Ismathullah, as well as the Officer-in-Charge of Pulmoddai Police, local business representatives, and residents of the area.

Vice President Retail Banking and Marketing, Siddeeque Akbar, said: ‘We are happy to expand our presence in Pulmoddai based on the strong demand from the local community for our unique people-friendly banking model. Our goal is to bring banking services closer to communities, providing them with unmatched ease and convenience in their financial transactions. This new Self-Banking Centre will support the diverse banking needs of the local economy, including sectors such as fisheries, government employees, trading, and factory workers, thereby contributing to the region’s overall growth and prosperity.’

With the launch of the Pulmoddai SBC, Amana Bank continues to strengthen its commitment to enhancing financial inclusion by providing accessible and convenient banking solutions to communities across Sri Lanka.

Youngest Sri Lankan at Everest Base Camp sets sights on Europe’s tallest

The youngest Sri Lankan to reach Everest Base Camp, Jaith Adithya Nathavitharana, achieved this feat at just 15 years and 4 months. Now, he sets his sights on summiting Mount Elbrus, the tallest mountain in Europe, and Mount Vinson, the tallest in Antarctica. At 13, on 10 August 2023, Jaith summited Stella Point of Mount Kilimanjaro and pledged to himself to climb the Seven Summits, including Everest Base Camp, sooner rather than later. Mount Elbrus in Russia stands at 18,510 ft, while Mount Vinson reaches 16,050 ft.

‘As cliché as it may sound, I am truly proud of myself. Strengthened by the lion’s might, it was an amazing experience overall, and being the youngest there is simply the cherry on top,’ he says with a sense of achievement. A Year 9 student at Colombo International School Kandy with a penchant for History, Business Studies, and Biology, Jaith relied on his sports background in football and badminton to build stamina and endurance.

‘In comparison to summiting Kilimanjaro, Everest Base Camp was truly more special. It was less rushed and more relaxed. We stayed about 30 minutes, taking photographs and enjoying the surroundings, whereas on Kilimanjaro, it was five minutes, one photograph, and then turnaround.’ Jaith, who collects ornamental fish and plays video games as hobbies, also swims and plays chess, adding to his vast extracurricular repertoire, which includes being a member of the Model United Nations.

While the adrenaline rush of seeing the words ‘Everest Base Camp’ etched into the rock is hard to express in words, Jaith, who felt a mix of joy, achievement, and shock at having reached the Base Camp, also had some grounding moments on the climb. ‘The lives led by the mountain people on Everest and other peaks in the region were shocking. The Sherpas, for instance, earn barely enough to live even though they carry 15 to 30 kg on a given trip. The Everest region feels like time has stood still. There are no cars, no running water, and yaks and mules are used for ferrying necessities, while these Sherpas climb to and fro to earn their living. It’s not an easy life for them.’

Jaith recalls that the biggest challenge was the altitude, with breathing becoming harder as the climb grew steeper. ‘We would usually start climbing at about 6:30 a.m., walking an average of seven hours daily. The higher we went, the more difficult the days became, and those final days were truly challenging – fighting altitude and fatigue, which hit me in the last few days.’

He does, however, acknowledge that memories are not just made of reaching Base Camp. ‘Visiting tea houses, crossing suspension bridges, climbing alongside mules and yaks, soaking in the beautiful landscape of glaciers and temples, experiencing the spiritual side of the mountain, and meeting experienced mountaineers who kept encouraging me – all of these are memories I will cherish. It is amazing how every climber becomes a part of the mountain and the culture in the region. The experience truly helped me bond more with my father and this climb was special because it was my way of getting back at him for Kili,’ he adds with a smile.

Though his career ambition is not ‘mountain-oriented’ but rather focused on becoming a professional footballer playing in the Champions League one day, Jaith says he will not attempt an Everest climb again. ‘It’s a little too nerve-wracking and has too many negatives. But I am preparing for the next two climbs – the tallest in Europe and the tallest in Antarctica.’

Grateful for the support his teachers and friends extended to ensure he didn’t miss any schoolwork while away, Jaith encourages other young people to try mountaineering. ‘Just remember, once you start, there’s no going back – as one person on the mountain told me. All you need is a trekking pole and good layering. From there, it becomes an addiction. It is truly a soul-cleansing experience, builds self-confidence, and is a very useful way to find yourself.’

CIABOC gets digital Case Tracking System to boost transparency, efficiency

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) yesterday launched a new digital Case Tracking System aimed at improving transparency, efficiency, and accountability.

CIABOC Chairman Justice Neil Iddawala described the new platform as ‘a transformative step’ that goes beyond a mere technological upgrade. He said the system represents a major shift in how the Commission manages and processes information, records, and case files central to its work.

‘Corruption thrives where there is opacity, delay, and inefficiency. Transparency and accountability are the strongest deterrents,’ Justice Iddawala said, calling the new system ‘an instrument of reform’ that will strengthen public trust.

The Case Tracking System integrates automation and centralised digital recordkeeping to improve accuracy, enable real-time case monitoring, and streamline workflows. It also introduces data-driven decision-making tools to enhance institutional performance.

The project was implemented with financial assistance from the Government of Japan and technical support from the UNDP. Addressing CIABOC staff, Justice Iddawala encouraged officers to embrace the new system, noting that it empowers them to work with greater precision and professionalism. ‘Each keystroke is a contribution to CIABOC’s mission-to build a cleaner, fairer, and more transparent society,’ he said.

The launch aligns CIABOC’s operations with international best practices and Sri Lanka’s commitments under the United Nations Convention Against Corruption (UNCAC).

Paradigm shift needed in economic thinking, policies and strategy

Sri Lanka GDP growth rate needs to rise above 8% over 10 years to achieve a GDP of $ 200 million and a GDP per capita of $ 9,000 to qualify as an upper middle-class status. A high-income status requires a per capita of $ 13,846 or more. Can Sri Lanka achieve these targets? It is noteworthy that Singapore GDP in 2024 was $ 547.4 billion and per capita $ 90,674.07 while Sri Lanka’s GDP was $ 98.96 billion with a per capita of $ 4,515.57. Singapore’s projected GDP will be $ 900 billion in 10 years with a per capita of $ 130,000. Sri Lanka must decide where it wishes to be in 10 years

Despite some economic progress in Sri Lanka over the years, the fact that the country was declared bankrupt in 2022 negates such achievements from the point of view of sustainability of the country’s economy and shows a structural weakness in economic fundamentals. Excessive borrowings for projects without a proper return on investment assessments, spending far in excess of actual costs for infrastructure projects, operational expenditure in excess of income, accumulating large foreign debts and using some such borrowings especially International Sovereign Bonds for consumption rather than for specific projects with a return on the borrowings in excess of the cost of borrowing, are but some of these structural shortcomings.

Thanks to the often-criticised entry of the IMF, Sri Lanka has been able to instil some financial discipline in economic management and virtually compel the Governments since 2022 to adhere to an economic framework in return for the $ 2.9 billion bailout package negotiated with them. It is well for those who were and still are critical of the IMF to remember that their entry was a result of successive Government’s financial indiscipline and politically influenced monetary policies, and had economic fundamentals been strategic and sustainable, there would not have been a necessity to seek IMF assistance to save the country and assist it to overcome its bankruptcy.

Foreign reserves

Trading Economics (https://tradingeconomics.com/sri-lanka/foreign-exchange-reserves) states that foreign exchange reserves in Sri Lanka were $ 6.107 billion in August 2025 and Singapore’s foreign exchange reserves were SGD 502.02 billion (approximately $ 390 billion) in August 2025 (https://tradingeconomics. com/singapore/foreign-exchange-reserves). The total reserves of Singapore based on publicly available data from Government of Singapore Investment Corporation (GIC), the Government of Singapore owned multinational investment firm Temasek Holdings (Private) Limited, the Monetary Authority of Singapore (MAS), and government’s Central Provident Fund (CPF), are conservatively estimated at S$ 2.5 trillion (2024) (US$ 1.87 trillion). Many analysts believe that the reserves are substantially larger than publicly acknowledged. The Ministry of Finance keeps the full details of the reserves private so as to prevent currency speculation attacks on the Singapore dollar.

Individually, besides the government foreign reserves of $ 390 billion, GIC’s portfolio value was estimated at approximately $ 800 billion as of May 2025 according to the Sovereign Wealth Fund Institute (SWFI), Temasek Holding portfolio S$ 434 billion (US$ 287 billion) as of 31 March 2025. (https://www.temasek.com.sg/en/news-and-resources/news-room/news/2025/temasek-net-portfolio-value-grows-to-record-high-of-434-billion), and as per Wikipedia, CPF managed a portfolio of US$ 463 billion (S$ 594 billion) for 4.2 million account holders.

Sri Lanka’s foreign reserves are woefully inadequate as it can only fund about 2 months of imports to the country. This period will be less when the debt capital and interest payments are considered. Singapore too has a substantial gross external debt, reportedly over S$ 2.4 trillion, but possesses zero net debt because its substantial financial assets-like foreign currency reserves far exceeds its liabilities. Unlike in Sri Lanka, the high gross external debt reflects Singapore’s status as a major global financial hub, attracting large amounts of international deposits and investments, primarily held by private corporations rather than the Government.

If Sri Lanka is to move to a different and higher economic platform, its thinking, meaning people’s thinking, their attitudes, as well as those of politicians and officials, has to change and none should harbour a view that doing the same thing expecting different results, simply will work. While economic data is not easy to find in 1948 when Sri Lanka became independent, Wikipedia reports that in 1960 Sri Lanka’s (then Ceylon) per capita GDP was 152 dollars, Korea 153, Malaysia 280, Thailand 95, Indonesia 62, Philippines 254, Taiwan 149. Singapore’s GDP per capita in 1960 was approximately $ 395 to $ 428 USD. The Monetary Authority of Singapore says that in 1965, when Singapore became an independent nation, its nominal GDP per capita was around US$ 500.

No doubt in 77 years since independence, Sri Lanka has moved along progressively to reach a per capita of $ 4,515.57 by 2024. However, Singapore since its independence in 1965 has moved from $ 500 to $ 90,674.07 in 60 years.

The history, culture, politics, demographics, the geography, the country size, its agriculture and crop diversification and many other factors are vastly different in Sri Lanka and Singapore, and it is perhaps not a fair comparison to make when it comes to the economic status quo of the two countries. However, some fundamental comparisons can and should be made about the basic, logical economic management policies and outcomes irrespective of the differences mentioned earlier. In fact, some of these differences are advantages enjoyed by Sri Lanka over Singapore although the outcomes and returns from these advantages have been very much less than optimal. The population density of the two countries and the land areas illustrate a distinct advantage that Sri Lanka has, and not capitalised, and how Singapore has used less to make more within these two challenging realities.

Singapore’s population density is approximately 8,387 people per square kilometres (or 21,722 people per square mile) as of mid-2025, making it one of the most densely populated countries in the world. This high density is a result of careful long-term planning to manage land scarcity in the city-state of 700 square kilometres. Sri Lanka’s population density is approximately 370 people per square kilometres (959 people per square mile) as of 2025. This density is based on a total land area of 62,710 square kilometres.

Future economic trajectory for Sri Lanka

While GDP and GDP per capita are arguably not the best measures to judge a country’s economic health, they are the measures used globally to do so at present. Some argue that these measures represent the thinking of international institutions like the World Bank and IMF, and that they represent the viewpoint of Western economies led by the USA.

Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, former chief economist of the World Bank (1997-2000), former chair of the US President’s Council of Economic Advisers, former co-chair of the High-Level Commission on Carbon Prices, and lead author of the 1995 IPCC Climate Assessment and Co-Chair of the Independent Commission for the Reform of International Corporate Taxation and the author, most recently, of The Road to Freedom: Economics and the Good Society (W. W. Norton and Company, Allen Lane, 2024) says in an article published in the Scientific American ‘GDP measures everything,’ as Senator Robert Kennedy once said, ‘except that which makes life worthwhile.’

The number does not measure health, education, equality of opportunity, the state of the environment or many other indicators of the quality of life. It does not even measure crucial aspects of the economy such as its sustainability: whether it is headed for a crash’. (https://www.scientificamerican.com/article/gdp-is-the-wrong-tool-for-measuring-what-matters/). Readers are referred to an article written by this writer titled GDP and GDP growth: Are they measures that really matter? (https://www.ft.lk/opinion/GDP-and-GDP-growth-Are-they-measures-that-really-matter/14-774796), to get a brief idea about statistics on a range of underlying disparities, inequalities and inequities amongst its people despite ‘developments’ visible to the naked eye.

However, at the end of the day, there are some fundamentals to consider irrespective of arguments for or against the contention that GDP alone being a measure of the economic health of a country. Amongst some of them are affordability by the entire population of a quality, modern universal healthcare, a good education system, that widens and deepens knowledge and prepares the younger generation to be more self-reliant, technological advancements including Artificial Intelligence and access to them, efficient and affordable transportation, quality housing for all, food security, absence of poverty and malnutrition, and ability for all to live in a free and non-violent, equal and equitable society. Clearly achieving some of these ideals need substantial amounts of monetary investments and therefore strategic, out of the box, economic thinking, policies and effective and efficient economic management becomes paramount.

While Sri Lanka has achieved a high standard in many areas such in education and health in particular, its overall economic management has not been satisfactory and in fact, if the country and all its people are to achieve a higher, sustainable quality of life, the entire country, not just its politicians, need to move towards a substantial paradigm shift in economic thinking. Sri Lanka rising to a higher economic platform in effect means a rise in GDP, and in 10 years it will depend on its economic growth rate between 2025 and 2035.

The GDP growth forecast for 2025 is 3-4%, and for 2026 is around 5%. With a starting point of $ 99 billion GDP in 2024, and assuming a sustained growth rate of around 4%, Sri Lanka’s GDP would be approximately $ 147 billion in 2035 and a per capita of $ 6300.00.

The question has to be asked whether this is sufficient for people to enjoy a better-quality of life and whether it is sufficient to renew confidence in the country amongst its current and future generations.

If one were to consider the current per capita GDP of $ 97,604.00 in Singapore, and if Sri Lanka is to achieve at least half of it ($ 45,000), Sri Lanka’s GDP would need to be approximately $ 990 billion This would require a tenfold increase from the 2024 GDP of $ 99 billion to achieve the desired per capita figure. Achieving such a figure would seem an impossibility based on where the country is placed now. However, the policy makers and the people should at least target to achieve the World Banks’s classification of a higher income country, which is a per capita in excess of $ 13,846, which is a tripling the country’s current per capita of $ 4,515.00. This would require an increase in GDP to approximately $ 300 billion from the current $ 99 billion.

The current trajectory of predicted GDP growth around 4-5% is not sufficient to give the people in the country anywhere near what is required to provide the economic and social ideals mentioned earlier. Whilst the Government has outlined plans to increase exports, earnings from tourism, and foreign investments, all of which are very commendable, this article wishes to suggest that a more dramatic paradigm shift is needed in economic thinking, strategy and management if the country is to move towards a high-income country. A few key areas are mentioned for purpose of discussion

Industrialisation and agriculture – Focussed on food security and exports

Value adding industrialisation for local consumption but more importantly for exports.

Further development of the fisheries industry, for local consumption and exports

Moving from traditional approaches relating to the tea, coconut and rubber industry and venturing into research based higher yields using less land, maximisation of water resources and replacing unproductive plantations with alternate crops,

Intercropping where two or more crops simultaneously in the same field to improve land use, increase yields, reduce risk, and enhance biodiversity. Coconut plantations are a good example where intercropping could be done with coffee, cocoa and other suitable crops between coconut trees.

Finance – Increased investments and foreign reserves

Increase foreign reserves by providing incentives to exporters and those remitting foreign exchange by buying the foreign exchange from them at a higher premium over normal bank interest rates.

Creating a government owned foreign reserve management entity (for a component of the government foreign reserves) on the lines of entities in Singapore, enabling it to invest in select fund management entities.

Creating a National Investment Bank with private sector equity participation and dedicated exclusively to engage in investments both locally and overseas

Private sector – Greater role for the private sector as the engine of growth

Consideration given to creating an exclusive ministry headed by a high-level cabinet minister to plan and promote growth of a sustainable private enterprise in the country.

Community Service Responsibility activity – providing tax benefits to companies engaging in priority projects of the government with a view to achieving long term sustainability of such projects.

Transforming diplomatic services to be commercially oriented to attract investments and promote exports

Appoint commercially astute diplomats (High Commissioners, Ambassadors) to key overseas postings to coordinate investment interests amongst potential investors, both citizens of the respective countries as well as amongst Sri Lankan expatriates in such countries.

Conclusion

Sri Lanka has to develop its economy in order to provide a fair, equitable, healthy, knowledgeable and dignified lifestyle for its citizens and its future generations. It needs to provide enough opportunities to them and foster their confidence in the country. While the country’s long history and its rich colourful culture are important in shaping the identity of the country, it also needs to think of the future and how it will provide a safe, secure and healthy environment for its people in a sustainable manner. Sri Lanka does not have to emulate any other country as the uniqueness of Sri Lanka in terms of its natural beauty, history and culture provides an enviable environment for it to grow its economy to provide a more quality future for its people. However, it needs resources, both financial and capable human resources to provide a future for its emerging generations. The country has to earn more, save more and equip itself more to provide the outcomes that are desired. Its thinking therefore has to be futuristic and strategic and not confined to yesterday’s glory days. Economic policies have to look towards the future and not be focussed on the past.

UN panel flags impunity, weak progress on missing persons in Sri Lanka

The United Nations Committee on Enforced Disappearances (CED) yesterday raised serious concerns over Sri Lanka’s limited progress in addressing thousands of unresolved disappearance cases, weak accountability mechanisms, and inadequate forensic capacity in investigating mass graves.

In its latest findings released after reviewing Sri Lanka’s implementation of the International Convention for the Protection of All Persons from Enforced Disappearance, the Committee noted that the Office on Missing Persons (OMP) has traced only 23 individuals out of 16,966 registered cases. It said this reflects a ‘high level of impunity’ and a lack of progress in investigating and prosecuting alleged enforced disappearances, including those that occurred during the armed conflict.

The Committee urged the Government to create a comprehensive and updated register of disappeared persons and to strengthen the OMP’s mandate to investigate and ensure accountability in all registered cases. It also called for the inclusion of war crimes and crimes against humanity within domestic legislation and the expedited establishment of an independent Office of the Public Prosecutor.

Expressing concern over the discovery of at least 17 mass graves across the country, the Committee said Sri Lanka’s limited forensic capacity and absence of centralised ante-mortem and post-mortem databases hinder proper investigation. It recommended developing a national genetic database and building forensic capacity across competent authorities to locate, identify, and safeguard human remains, ensuring their dignified return to families.

The Committee’s observations follow its latest session in Geneva, where Sri Lanka’s progress under the Convention was reviewed alongside other State parties.