Business
FG Clarifies Management Of External Reserve
The Federal Ministry of Finance has said President Jonathan’s administration did not in anyway squander the national reserve.
This is contained in a statement issued by the ministry in Abuja, on Wednesday.
“ it is absolutely not true that the administration of President Goodluck Jonathan has squandered the nation’s reserves.
“The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at 43.13 billion dollars, comprising the CBN’s external reserves of 31.5 billion dollars, 9.43 billion dollars in the Excess Crude Account (ECA) and 2.18 billion dollars in Federal Government’s savings.
“These figures can be independently verified from the CBN’s records,” it said.
According to the statement, the figure of 67 billion dollars cited in some recent commentary is factually incorrect.
It added that it was a misconception to think that reserves are immutable or cast in stone.
It added that since May 2007, the reserves had fluctuated in line with developments in the international oil market, rising from 43.13 billion dollars at that time, peaking at 62 billion dollars in September 2008 during the Yar’adua and Jonathan’s administration.
It said that then, the oil prices reached a peak of 147 dollars per barrel, and falling subsequently to as low of 31.7 billion dollars in September 2011.
“This fall in reserves was largely a result of the vicissitudes of the global economy and oil market which caused the CBN to intervene, using some of the reserves, to defend the value of the naira.
“ The Excess Crude savings, which it should be noted is a component of the reserves, was largely used to cushion the economy at the height of the global financial crisis in 2008-2009.
“ As a result, Nigeria was one of the few countries in the world that did not seek assistance from international financial institutions at that time.
“ The fiscal stimulus used to shore up the economy during that period was shared by all three-tiers of government.
“Similarly, savings in the ECA were also used to pay for fuel subsidies for the entire nation and that sharing continued after the crisis ended,” he said.
It noted that from 2012, such payments had been published each time they were made.
It blamed the quest by the governors to the depletion of ECA, adding that most of them kicked against continuous building up of the account.
The statement noted that it was on record that states even took the Federal Government to court on this matter, and the case was still pending at the Supreme Court.
It added that the present administration had established the first ever Sovereign Wealth Fund for the nation in which savings were being made for future generations of Nigerians and important infrastructure investments were being supported.
“ It is also a matter of public knowledge that the fund would have generated more savings and investments if the same sort of opposition that blocked savings in the ECA had also not been at work,” it said.
It further explained that the Federal Government and states, had in 2009 in common agreement, took 5.5 billion dollars from the ECA to invest in Independent Power project.
Today, various state governments are shareholders in the projects and hold share certificates confirming their stake in the projects.
It stated that it was not correct to say that the nation’s external reserves were dipped into or misapplied by the administration.
“ Anyone familiar with foreign reserves management will be aware that the Federal Government cannot dip its hands into the external reserves.
“ Like in other countries, the management of external reserves is one of the statutory mandates of the Central Bank of Nigeria (CBN).
Section 2 sub-section (c) of the CBN Act (2007) states that the Bank shall “maintain external reserves to safeguard the international value of the legal tender.
“No President since the democratic dispensation has contravened this Act.
Rivers State Commissioner for Commerce and Industry, Hon. Chuma C. Chinye (right) in handshake with Administrative Director MCC, Mr. Nelson Jaja (left) in the public presentation of the Yellow Pages Directory, orgnaised by Ministry of Commerce and Industry in Port Harcourt recently. Photo: Egberi A. Sampson
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos