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Nigeria, A Non-Oil Country – Minister …FG Expands Tax Revenue Base
Coordinating Minister of the Economy, Ngozi Okonjo-Iweala said Nigerians view the country as a non- oil producing nation, and declared that efforts are on to explore other sources of revenue. The minister said in a radio programme, Political platform, on Ray Power FM yesterday, said oil accounts for only 14 percent of the country’s natural resources.
She also said that the Federal Government hinted that Nigeria has the capacity to generate over N10 billion in revenue from liquefied petroleum gas (LPG) by 2018 if half of Nigerians using kerosene for their domestic needs switch over to gas.
The Minister of National Planning, Abubakar Sulieman, who made this known yesterday in Abuja at the inauguration of the inter-ministerial committee on Kerosene to gas initiative in Nigeria: The Indonesian Model, said “If 50% of the current kerosene users in Nigeria switch over to Liquefied Petroleum Gas (LPG), Nigeria will generate about US$10.38b by 2018.”
Addressing newsmen moments after laying the 2015 budget proposals before the House of Representatives yesterday, the minister said the country was working to also broaden the tax base, even as revenue leakages were being blocked.
She explained that the Subsidy Reinvestment and Empowerment Programme (SURE-P) budget for next year is about N102 billion, adding that “SURE-P was facilitating an excellent job of making sure that critical infrastructure is finished and the country’s social safety net is kept to protect the vulnerable.
She explained that the 2015 budget was based on a few key indicators on $65 per barrel benchmark, adding “we are going to stick to it for now despite the declining prices because we feel the average price next year [should be] around $65-70. The production level is 2.27 million barrels per day. We have revised the growth rate based on the new parameters of the country, down from 6.35 to 5.5 per cent next year. But that is still one of the fastest growth rates we are experiencing in the world today.”
The situation in the manufacturing sector which assumed ascendancy in the last six-weeks, has been traced, amongst other factors, to the continuous fall in oil prices in the international market, and the slide in the foreign exchange rate of the naira, when compared against the dollar and other hard currencies.
Fear is being expressed by stakeholders in the Organised Private Sector (OPS), some of whom said it is a matter of time before the unfolding development snowballs into a major economic crisis, if no urgent steps are taken to stem the tide.
Besides the falling oil prices on which the nation relies for over 85 per cent of its federally collectable revenue, the devaluation of the naira and the non-inclusion of raw material inputs in sourcing foreign exchange from the bi-weekly Royal Dutch Auction System (RDAS), according to a source in one key player in the OPS, have grave implications for those in manufacturing, who depend on essential inputs from overseas.
The official said what is playing out now is reminiscent of the events of 1986 when the naira was devalued by the then military government, which resulted in the steep rise in prices and caused collateral damage to manufacturers of consumer products, the effects of which the nation has not recovered from.
He said what is happening currently will lead to the lowering of the purchasing power of the local currency, increase in cost of inputs, pointing out that the resultant effect would be that goods emanating from Nigeria will command higher prices, as against imported ones. This, he added, “will sound a death knell to the indigenous manufacturers, or whatever is left of that sector .”
While acknowledging the fact that the unfolding scenario was unanticipated, the official, nevertheless called for a shock therapy, saying the response to the challenge, especially by manufacturers and other segments of the OPS, might result in production cuts and price adjustments, with its attendant consequences. He said one of the most painful unintended outcomes of the measures manufacturers might adopt to keep afloat, would be to lay off some of their workers.
“This will be at variance with government’s often trumpeted agenda, which is that of creating jobs,” he said.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.