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Nigeria Records Decline In Fiscal Deficit – Commission

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The Acting Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako, says there is considerable decline in fiscal deficit since the commencement and monitoring of the Fiscal Responsibility Act (FRA), 2007.
He said this last Wednesday in Abuja during a consultative visit by the Yobe State Fiscal Responsibility Board.
He added that the decline was a welcome development because growing deficit diverts capital from economically productive investments.
He said that due to the FRC’s strict enforcement and monitoring, Nigeria no longer adopted budgets based on over estimates of growth.
“Gone also are the days of unrealistic revenue targets which allows large deficits to be blamed on unanticipated macro-economic developments.
“The Federal Government now operates with a modicum of fiscal policy credibility and is now more committed to fiscal transparency.’’
He commended the Federal Government for managing prudently the fiscal risks facing the nation through the establishment of stabilisation funds such as the Excess Crude Account (ECA) and the Sovereign Wealth Fund.
The chairman, however, said that the Federal Government had been pursuing policies that were consistent with a reasonable degree of predictability about the level and stability of revenue and tax rates for future years.
Muruako said that considering that states and local governments receive at least 50 per cent of the federation allocation, the adoption of Fiscal Responsibility Legislation was imperative to ensure macro-economic stability of the nation.
“The implementation of the expenditure framework by the three tiers of government will enable the country to better manage volatile oil revenue, unemployment poverty, rising budget deficits and the insidious worm of corruption.’’
He commended the Yobe Government for enacting the law and establishing the board, adding that about 14 states had enacted their Fiscal Responsibility Laws.
He urged the board to be courageous in administering its duties, adding that there would be antagonism from various quarters in the state.
He also said that the board should bring about the needed change in the state and also raise funds for the government.
He pledged the commission’s support to the board, adding that it would give it the technical wherewithal to succeed.
The Yobe board’s acting Executive Chairman, Mr Musa Amshi, said that the two-day visit would help members familiarise themselves with the operations of the FRC.
He added that the state would, within one year, experience changes as a result of the establishment of the board.
“The impact of this commission is supposed to be felt before the end of this budget year.
“For the first time the state government is passing its Medium Term Expenditure Framework (MTEF) to the State House of Assembly.
“It is the first time that the state House of Assembly is requesting for seven documents to be submitted by the Ministry of Budget and National Planning.
“Also, the preparation of the budget involved everybody, including the Civil Society Organisations with their inputs.
“So the impact has started and I believe we will improve the resources of our state.’’
The Act was enacted to promote prudent management of the nation’s resources, ensure long term macro-economic stability and transparency in fiscal operations of the national economy.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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