Business

Senate Pledges Quick Passage Of Petroleum Industry Bill

Published

14 years ago

July 23, 2012

The Chairman of the Senate Committee on Rules and Business, Sen. Ita Enang, said on Thursday the Senate would expedite action on the passage of the new Petroleum Industry Bill (PIB).

Enang gave the assurance while speaking to journalists in Abuja after President Goodluck Jonathan presented the bill to the Senate.

The Senate President, Sen. David Mark on Thursday read the President’s letter requesting for the passage of the bill.

Enang called on Nigerians to exercise patience as the Senate was committed to passing the bill with utmost urgency.

He observed that the Senate could not attend to the bill because it was received on the eve of its annual recess which starts from July 20 to September 17.

“We will be very reasonable in our timing and consideration of the PIB, knowing the importance it has in investments in the petroleum sector in particular, and the economy in general.

“But please, let there be reasonable reaction and comments. Nigerians should be patient with us as we are determined to live up to their expectations.

“The gazette version would be made available to the media to ensure that what PIB being debated is the same as the original copy forwarded by the President,” Enang added.

Jonathan also forwarded for the Senate’s approval the 2012 budget proposal of N250.858 billion for the NDDC.

He stated that the budget “will concentrate on the timely completion of on-going projects, hence there are no new projects planned for this year.”

The breakdown of the budget shows that N232.06 billion is for development interventions, N17.78 billion for personnel and overhead expenditures and N1.018 billion for internal capital requirements.

Commenting, the Senate President decried the late submission of budget proposals by government agencies.

“We have consistently complained about the late presentation of budget proposals and this is one of them.

“We are not going to do anything about it until we return from our recess and nobody should begin to put pressure on us,” he said.

The Senate also on Thursday confirmed the nomination of Justices Kumai Akaahs and Stanley Alagoe as Justices of the Supreme Court.

Their confirmation followed Senate’s approval of the report of its Committee on Judiciary, Human Rights and Legal Matters which earlier screened the nominees.

Meanwhile, the Senate has referred the motion on the sale of oil bloc “OPL245” to Malabu Oil and Gas Limited to its Selection Committee.

The committee was mandated to determine whether the motion should be investigated by an ad-hoc committee or by a Standing Committee of the Senate.

Sen. Abdul Ningi (PDP- Bauchi) and 17 other senators had brought a motion that “media reports had raised legal and ethical issues surrounding the transaction and pattern of the distribution of the proceeds to beneficiaries.”

He argued that the investigations should be conducted by an ad-hoc committee because it involved oil resources and bank transactions.

He stressed the need for investigation, otherwise “Nigeria may be sanctioned by the Extractive Industries Transparency Initiative (EITI) for violating a global initiative.”

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

15 hours ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

16 hours ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

17 hours ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.