Business

ERGP Growth Target, Achievable In 2018 – Minister

Published

9 years ago

August 2, 2017

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says the 4.8 per cent Gross Domestic Product (GDP) growth targeted in Economic Recovery and Growth Plan (ERGP) for 2018 is achievable.
Udoma said this in a statement issued by his Media Adviser, Mr James Akpandem in Abuja, Sunday.
The minister gave the assurance at the Consultative Forum with Civil Society Organisations (CSOs), Private Sector Operators (PSO) and other members of the public in Lagos.
The aim of the forum was to present draft proposals for the Medium Term Fiscal Framework/Fiscal Strategy Paper (MTFF/FSP) 2018-2020 to the stakeholders for suggestions and inputs.
The inputs from the stakeholders would be considered for inclusion in the final Medium Term Expenditure Framework (MTEF), which would serve as the basis for the 2018 Budget.
Udoma said it may be very challenging to achieve the target GDP growth rate of 4.8 per cent set out in the ERGP for 2018.
“It will be achieved if we are able to attract a high enough amount of private sector investment to drive economic growth.
“It is for this reason that government is putting a lot of effort and emphasis on making it easier for business to be transacted in the country.
“The good news is that there are presently many positive indicators in many sectors of the economy, which shows that we are moving in the right direction.
“They are indicators that we are moving in right direction and that the strategies set out in the ERGP are the right strategies,’’ he said.
The ERGP projects in Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.
The key areas are stable macro-economic environment, achieve agriculture and food security, ensure energy sufficiency in power and petroleum products, and drive industrialisation, focusing on Small and Medium Enterprises (SMEs) as well as improve transportation infrastructure.
Udoma said all budgets prepared within the Plan period must be drawn from, and align with the provisions of the ERGP.
Addressing concerns raised over the level of borrowing, the minister said that the issue was not so much of a debt problem, but more of a revenue problem.
According to him, even with our present levels of borrowings, the country’s fiscal deficit is still well within the three per cent (3%) limit prescribed by the Fiscal Responsibility Act.
Udoma said that government would continue to monitor the deficit level to ensure that it remains within the three per cent threshold.
“If we have enough revenue coming in, we can easily offset the debts.
“The problem is that we are not getting as much revenue as we require and therefore, have to borrow to make up the shortfall required to fund the necessary infrastructure that will help us make our economy grow.
“That is why we have had to borrow, but our debt level is sustainable,’’ he said.
The minister, however, told stakeholders that the government had been working hard to increase its non-oil revenues, adding that, it was not still sufficient.
For instance, he said the revenue from tax was very low considering the size of our economy and that it was about the lowest compared to other countries in Africa.
“Our tax to GDP ratio is 6 per cent, whereas the average in Africa is about 16 per cent.
“So we need to increase our revenues and government is working hard to increase revenues so as to be able to fund our expenditure without having to rely too heavily on borrowing,’’ the minister said.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

21 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

21 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.