Business
2013 Budget: Zero Tarrif Excites Stakeholders
Stakeholders in the aviation sector have in Lagos lauded
President Goodluck Jonathan for announcing that there would be zero tariff on
newly imported aircraft and spare parts.
Jonathan said this during his 2013 budget presentation to
the National Assembly on Wednesday.
The stakeholders, in interviews with our correspondent
described the announcement as a welcome leap for the growth and development of
the sector, the good of the country and the West African sub-region.
The Secretary General, Airlines Operators of Nigeria (AON),
Alhaji Mohammed Tukur, said, “this is what the AON has been fighting to achieve
for the industry for several years.
.“This shows that the present administration is a listening
one , concerned about the safety and security of its citizens and is thus doing
the right thing.
“Granting zero tariff for the importation of new aircraft
and spare parts is what is obtainable all over the world”.
He recalled that the retired Air Chief Marshal, Paul Dike
Committee set up by the former President Olusegun Obasanjo’s administration
after Bellview, Sosoliso and ADC Airlines aircraft crashed, also made similar
recommendations.
“That was what other committees set up after it had also
been recommending as the way forward for the aviation sector”, Tukur said.
.He also commended the Minister of Aviation , Princess
Stella Oduah, for believing and supporting the cause that the AON has been
fighting for and seeing it to reality.
Also, retired Capt. Dele Ore of the Aviation Round Table
(ART), a non-governmental organisation (NGO in the aviation sector, commended
the announcement as part of the successes of ART to national development.
He recalled that ART had over the last 10 years been in the
fore front of the struggle for the actualisation of zero tariff for imported
new aircraft and spare parts.
“We at ART congratulate the president on this noble gesture
because in the 52 years of the existence of the aviation sector in Nigeria,
this is the greatest and most vibrant decision to be taken by any administration,”
Ore said.
He advised the FG to set up a monitoring team that would
ensure that operators do not import fake or substandard aircraft and spare
parts into the country.
“With that, operators would not abuse the policy which I
consider as the first major relief and waiver to be granted by the FG to
improve the growth and development of the sector.
.“ I think that the FG would think of coming up with other
relief measures that would include the establishment of aircraft maintenance
hangars in the country, if this one is not abused,” he said.
Ore, also suggested that the Nigeria Customs Service and the
Nigeria Immigration Services (NIS) should be saddled with the responsibility of
ensuring that only genuine aircraft and spare parts were imported into the
country.
.“Through that, both the aircraft operators and passengers
would enjoy the benefits that would accrue from it, such as reduction in
passengers air fares, ” Ore said.
Also, President, Air
Transport Service Senior Staff Association of Nigeria (ATSSSAN), Mr Benjamin
Okewu, said that the policy, if well implemented, would bring a new lease of
life to the aviation sector.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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