Business

Fuel Subsidy To Gulp N450bn In 2020 – Minister

Published

6 years ago

October 16, 2019

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says under-recovery of Premium Motor Spirit (PMS), popularly referred to as fuel subsidy will gulp N450 billion in 2020.
She said this on Monday in Abuja, at the public presentation of the 2020 budget proposals.
Ahmed said it was called ‘under-recovery’ because it was the cost of operation of the Nigerian National Petroleum Corporation (NNPC).
“We have a provision for under-recovery of PMS in the sum of N450 billion. If you look at the Budget office website, it is in the fiscal framework, which is an annexure to the budget,” she stated.
President Muhammadu Buhari had last Tuesday, presented a budget proposal of N10.33 trillion to a joint session of the National Assembly.
He put the Federal Government’s estimated revenue in 2020 at N8.155 trillion, comprising oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenue of N3.7 trillion.
Other estimates are N556.7 billion for statutory transfers, N2.45 trillion for debt servicing and provision of N296 billion as sinking fund.
The 2020 budget is based on an oil production estimate of 2.18 million barrels per day, oil price benchmark of 57 dollars per barrel and an exchange rate of N305 to a dollar.
Ahmed said that recurrent (non-debt) spending was expected to rise by 11.28 per cent, from N4.39 trillion in 2019 to N4.88 trillion in 2020.
This, she said, would reflect in salaries and pensions, including provisions for implementation of the new minimum wage.
Ahmed said that the overall budget deficit of N2.17 trillion represents 1.52 per cent of the Gross Domestic Product (GDP) and N1.64 trillion of it would be funded by both domestic and external borrowing.
According to her, the external sources will provide N850 billion, while domestic sources will provide N744.99 billion.
Citing the top 12 Ministries, Departments and Agencies (MDAs) capital allocations, she said the Ministry of Works and Housing was allocated N259.2 billion, Ministry of Power N127.67 billion, Ministry of Transportation N123.07 billion, Ministry of Education (including Universal Basic Education Commission) N162.74 billion.
Others are Ministry of Defence N99.87 billion, Ministry of Health N90.98 billion, Ministry of Agriculture and Rural Development N79.79 billion and Ministry of Water Resources N78.34 billion.
Some others are: Ministry of Humanitarian Affairs, Disaster Management and Social Development N45.45 billion, Ministry of Aviation N53.85 billion, Ministry of Industry, Trade and Investment N41.34 billion and Ministry of Science and Technology N37.55 billion.
She, however, said that there were key expenditures captured in the Medium Term Expenditure Framework (MTEF), but were not in the 2020 budget.
“They are N61 billion for the Presidential Power Initiative, N1.22 trillion for federally funded projects in the oil and gas sector to be undertaken by NNPC on behalf of the federation.
“Others are: N272 billion as transfers to Tertiary Education Trust Fund (TETFUND) for infrastructure projects in tertiary institutions and N82.35 billion as transfer to Nigeria Sovereign Wealth Investment (NSIA) for Public Private Partnership/Presidential Infrastructure Development Fund (PIDF),” she said.
For revenue, Ahmed said there were Strategic Revenue Growth Initiatives (SRGI) aimed at boosting revenue generation to meet targeted revenue to GDP ratio of 15 per cent.
She said further that the SRGI would be implemented with increased vigour to improve revenue collection and expenditure management.

Business

NCDMB, Jake Riley Empower 250 Youths On Vocational Skills

Published

12 hours ago

February 2, 2026

The Tide

As parts of efforts to promote self-reliance and job creation, the Nigerian Content Development and Monitoring Board, in collaboration with Jake Riley Academy, has trained 250 Lagos youths in different vocational skills.

The month-long intensive training programme aimed at equipping them with full range of skills was also designed to enable them become self-reliant and contribute meaningfully to the industrial development of the country.

The programme was conceived and conducted under the FAST Selling Skills Training Programme, to sharpen the skills of Nigerian youths and equip them with business starter packs that enable them launch out into commercial services.

Speaking at the event, the Director, Capacity Building, Directorate of the Board, Abayomi Bamidele, challenged Nigerian youths to embrace skills acquisition as a viable pathway to self-reliance and national development.

Bamidele, who was represented by the Supervisor, Marine Vessel Categorization and Technical Assistant to the Director, John Barigha, urged the graduands to take full advantage of the opportunity, stressing that their success would largely depend on how effectively they apply the skills acquired.

He cautioned the beneficiaries against trivialising the programme, noting that discipline, dedication and commitment would determine how far they progress in their chosen fields.

He also disclosed that the Board is concluding plans to introduce a new training programme targeted at youths aged 35 years and below, particularly those with engineering backgrounds, to enhance participation and create more opportunities within the oil and gas sector.

He urged beneficiaries to utilise their starter packs effectively, cautioning against selling the equipment provided.

“We are not giving you fish; we are teaching you how to fish.“What we have given you today is the net. It is now left for you to make meaningful use of it,” Bamidele said.

He stressed that the Board invested heavily to ensure the programme delivered lasting impact.

Also speaking, the Chief Executive Officer, Jake Riley Ltd, Mrs Funmi Ogbue, described the graduation as a defining moment for 250 young Nigerians.

Ogbue said the programme reflected NCDMB’s expanding role in local content development, with youth empowerment central to economic transformation.

She described the programme as a strategic investment in Nigeria’s future, noting that NCDMB continues to demonstrate that human capital development is central to national growth.

“Today celebrates not just achievement, but a national vision positioning young people as drivers of Nigeria’s economic future,” Ogbue said.

Ogbue described the initiative as a strategic human capital investment aligned with President Bola Tinubu’s inclusive growth agenda adding that the training prioritised market-ready skills capable of generating immediate income across growth sectors.

“What these graduands have received is not charity, but capability,” she said.

Ogbue noted that beneficiaries underwent transparent selection and intensive foundation training before advancing into seven specialised skill tracks of solar installation, fashion design, catering, digital freelancing, textile and Adire making, electrical installation and GSM phone repair.

“These skills were chosen to meet market demand and expand employment opportunities nationwide,” Ogbue added.

She commended NCDMB leadership, especially Director of Capacity Building, Bamidele Abayomi, for championing demand-driven training.

Ogbue also praised trainers, facilitators and Jake Riley Academy for blending technical excellence with entrepreneurship.

A beneficiary, Anuba Chidera, a solar installation trainee, described the training as life-changing with strong real-world focus.

Business

NUJ Partners RSIRS On New Tax Law Education

Published

6 days ago

January 28, 2026

The Tide

The Nigeria Union of Journalists NUJ,Rivers State Council has reiterated its commitment to interpreting new Policies to empower citizens, not just report them.

The Chairman of Council Comrade Paul Bazia -Nsaneh made the commitment while responding to the Executive Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu when his team paid a courtesy visit to the Council.

Comrade Paul Bazia -Nsaneh emphasized the media’s role in interpreting policies for citizens in crucial economic changes like the new tax reforms .

He stressed that educating journalists about the New 2025 Nigerian Tax Laws by conducting trainings and workshops is paramount, focusing on how these reforms affect Journalists and the public.

According to the NUJ Chairman ” journalists are trained to look at the facts, if we must look at the facts , it will come from authorities like yours, hence it is very important that we are trained so we can properly inform members of the public”

” If journalists are properly equipped, they will in turn ensure that the people are educated” he added.

The Chairman who asked them to send their personnel to the upcoming Congress to speak to members assured them that the NUJ will play it’s role to ensure that the people are educated on the new tax law .

Earlier , the Executive Chairman of Rivers State Internal Revenue Service who was represented by his Special Adviser on Special Duties, Dr Emmanuel Legbosi said the Agency is poised to educate the citizens on the operations of the tax laws.

Dr Emmanuel Legbosi who stated that the visit to the Council is necessitated by Agency’s ongoing advocacy, said they are willing to partner with NUJ to ensure that the people are educated on the New Tax Regime, to ensure they get the information to the common man.

He noted that the new tax law signed into law by President Bola Tinubu in 2025 came with worries in the mind of the citizens, stating that their mission is to douse tension.

According to him, part of their mandate and with law that established the body is to ensure that the people are not duped by people who will pretend to be tax collectors ” we notice that people come from neighbouring states to harass citizens in the name of tax collectors”

” Our people need to identify what the law is and what the law is not, identify what is tax clearance and what is not a tax clearance”

” We want to work with you to see that all these are forestall, with NUJ being the forth estate of the realm , the news will be closer to the people” he added.

Dr Legbosi however, used the opportunity to commend the Executive Governor of Rivers State, Sir Siminalayi Fubara for tying projects such as the Port Harcourt ring road and the trans kakabari road to internally generated revenue.

[1/22, 5:01 PM] King Onunwor: Council Chairman Bars Street Trading At Oil, Its Environs

The Chairman of ObioAkpor Local Government Area had banned all forms of market and street trading within and the Rumuokwurusi Market popularly known as Oil Mill Market.

This was contained in a statement signed by the Council Chairman, Dr. Gift Worlu and made available to the public in Obio /Akpor Local Government Area within the week.

The statement stressed that the ban was total and applied at all times, being enforced 24 hours, day and night, Monday through Sunday, including weekends and public holidays.

” There will be no exceptions, waivers, or designated trading periods within the affected areas. No one is allowed to trade in the affected areas at any time”, it said.

This decisive action, according to the statement, became necessary following persistent disregard for Council directives by some individuals who have continued to engage in illegal trading activities within this corridor.

Their actions have rendered the area unconducive, obstructed free vehicular and pedestrian movement, posed safety and security risks, and caused undue inconvenience to residents and commuters who make daily use of this important roadway.

Consequently, all traders, hawkers, and roadside vendors operating within the affected areas are directed to vacate immediately.

It also warned that any defaulter will be arrested and prosecuted in accordance with the law, without exception.

“All security agencies within Obio/Akpor Local Government Area are hereby mandated to enforce this ban strictly, in collaboration with the Council Task Force, to ensure full compliance and restore order to the area. No individual or group is exempt from this directive”, it said.

The Chairman through the statement, called on members of the public to cooperate with the Council in maintaining a clean, safe, and orderly environment that reflects the dignity of the LGA and promotes the collective well-being of all residents.

The statement further revealed that the ban takes immediate effect and should be treated as bithyfinal notice and warning.

By: King Onunwor

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

6 days ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle