Featured
CBN Targets $200bn Non-Oil Export Revenue …As Nigeria Loses N60bn Yearly To Lack Of LID
Determined to frontally address inadequate foreign exchange in the economy, the Central Bank of Nigeria (CBN) has announced an initiative named, RT200 Programme, to stimulate non-oil exports, with a $200billion FX income target in the next three to five years.
The CBN Governor, Mr. Godwin Emefiele, announced the initiative at the end of the Bankers’ Committee meeting, in Abuja, yesterday.
Under the programme, the CBN, working with the Money Deposit Banks, is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters.
It would also provide loans to companies for value-addition and production of finished goods for export at 5percent for a 10-year period, with two years of moratorium.
Other key features of the programme, according to the CBN boss, included Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; and Biannual Non-Oil Export Summit.
Rather than exporting raw cocoa, with minimal export proceeds, Emefiele said that his team would fund companies to produce chocolate in-country.
He said that cashew processing, currently at a mere 5per cent of the nation’s production, as well as, sesame seeds processing would be prioritised.
Meanwhile, the Cocoa Farmers Association of Nigeria (CFAN), yesterday, said Nigeria loses N60billion annually to the non-existence of Living Income Differential (LID) for producers of the cash crop in the country.
According to the organisation, Nigeria has the potential to reclaim its position as the second largest producer of cocoa in the world and solve its foreign exchange woes through a mechanism that encourages help producers earn a living wage.
CFAN’s President, Mr. Adeola Adegoke, stated these during a workshop jointly organised in Abuja by the University of Ibadan and the Agricultural Policy Research in Africa (APRA) with the theme: ‘Cocoa Commercialisation in Nigeria: Issues, Prospects and Policy Requirements’.
He lamented that because of the global oversupply of cocoa many producers in the country receive a woefully low share of cocoa revenues; hence, live in extreme poverty.
Adegoke noted that the cocoa sectors in Ghana and Côte d’Ivoire establish fixed ‘floor’ price of cocoa annually and applies a ‘differential’ of US$400/tonne above the floor price to increase income for cocoa producers to help them achieve a living income.
He said, “In the 1960s, we were the number two highest producers of cocoa in the world. We were producing 590,000 metric tonnes and with this potential, the Western Regional Government was being run with this money.
“As of today, Ivory Coast is producing about 2.5million metric tonnes of cocoa. Ghana is producing about 800,000 – 1million tonnes of cocoa; but when you look at what Nigeria is producing side-by-side with our land resources and number of cocoa farmers that we have, it is clear, we can surpass what these two countries are producing combined. That is why, as smallholder farmers, we have been able to analyse the challenges responsible for our low productivity.
“In Ivory Coast, they produce nothing less than 800-1000kg of cocoa per hectare, but in Nigeria, it is an average of 350-400kg per hectare. This is unacceptable, because it made Nigerian cocoa farmers poorer.
“In Ghana today, each farmer collects $400 on each tonne of cocoa after the fall price. Same in Ivory Coast, and that’s why we believe that Nigeria must begin to collect Living Income Differentia (LID). The refusal to collect it makes us lose N60billion annually,” he said.
Adegoke stressed the need for the government and stakeholders to strengthen mechanisms that would increase Nigeria’s guaranteed cocoa farm gate price to encourage production.
“The indices today, especially in the last two months, show that cocoa is next to oil in terms of foreign exchange revenue in Nigeria. It means that the foreign exchange deficit we are having could be solved through the cocoa economy,” he stressed.
The Chairman, House of Representatives Committee on Agriculture Colleges, Universities and Institutions, Hon. Munir Agundi, lamented the non-implementation of the country’s cocoa policies.
“We are not going to leave policies at the ministry level anymore without being backed by the law,” he stated.
The Country Lead and Principal Investigator of APRA (Nigeria), Dr. Adeola Olajide, called for the formulation of Nigeria’s cocoa utilisation and consumption policy, adding that we must consume our own cocoa.
Featured
Fubara Reads Riot Act To New SSG, CoS …Warns Against Unauthorized Meetings
Rivers State Governor, Sir Siminalayi Fubara, has charged the newly appointed Secretary to the State Government (SSG) and Chief of Staff (CoS) to carry out their duties with discipline, loyalty and a firm commitment to the success of the administration and the wellbeing of the people of Rivers State.
The governor warned that any involvement in unauthorised nocturnal meetings or any conduct capable of embarrassing the government will attract immediate dismissal.
Fubara gave the warning yesterday shortly after the newly appointed Secretary to the State Government (SSG), Dr Dagogo S.A. Wokoma and the new Chief of Staff (CoS), Barrister Sunny Ewule, were sworn in at the Executive Council Chambers of Government House, Port Harcourt.
As part of the ceremony, the Chief Registrar of the State High Court, David Ihua-Maduenyi administered the Oath of Allegiance and Oath of Office on the duo before the governor gave his charge.
Addressing the appointees, Fubara reminded them that their elevation to the new positions was a call to service and not a platform for political grandstanding or the pursuit of personal ambition.
He stressed that their foremost responsibility should be to themselves and to the people of Rivers State, stressing that their conduct must always reflect integrity, restraint and dedication to public good.
Speaking directly to Dr. Wokoma, whom he described as an accomplished academic and mathematician, the governor expressed confidence in his intellectual depth and capacity to deliver on the new assignment.
The office of the Secretary to the State Government, Fubara stressed, demands thoroughness, discipline and a deep sense of responsibility. He charged the SSG to represent the State with honour at all times.
“Your duty includes representing the state government. You need to represent us in a way and manner that will bring honour to us.
“What is important to this administration is to see that the good works that we started and the ones that we met, are concluded in a way that will bring progress and development to our dear state,” he stated.
Turning to the new Chief of Staff, the governor explained that he is expected to ensure smooth administrative coordination, managing official engagements effectively and safeguarding the image of the Government House.
He underscored the sensitive and personal nature of the role and emphasised that the position operates strictly under the authority of the governor.
Fubara stressed that the role does not permit independent political engagements or private strategy meetings without his knowledge and consent.
“Let me sound it here very clearly. Your duty is to make sure that you handle the administrative duties and image making roles perfectly well, liaising with whoever is coming for any official assignment here.
“If you involve yourself in nocturnal meetings and all those things, I will sack you. I’m very serious. What is important to me today is peace, progress and prosperity of this state. I’m not going to compromise anything for it,” he said.
The governor cautioned that involvement of the new appointees in any action capable of bringing the government or his office to disrepute would attract appropriate sanctions.
While congratulating the new appointees, Fubara expressed optimism that they would justify the confidence reposed in them.
He called on all public officials to work together in unity, observing that collective success is stronger and more enduring than individual achievement.
The governor who also addressed the Permanent Secretaries present at the ceremony, directed those of them who have reached retirement age to start preparing their handover notes without delay.
The notice, he said, was not intended to scare anybody but to prepare their minds towards the inevitability of exiting the service one day and to pave way for an orderly transition.
He warned against any attempt to engage in financial misconduct or last-minute irregularities, stressing that he was closely monitoring the system to ensure strict enforcement of accountability rules.
Featured
Fubara Dissolves Rivers Executive Council
Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.
The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.
Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.
The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.
“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”
Featured
INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.
-
News2 days agoNavy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River
-
News2 days agoYou’re The Backbone Of Our Society, Fubara Salutes Mothers On Mothering Sunday
-
Rivers2 days agoCounty Grammar School Old Boys Elect New Executive
-
Environment2 days agoIllegal Buildings On Embassies’ Land Will Be Demolished – Wike
-
Politics2 days agoHUNDREDS OF LATE BAYELSA DEP GOV’S KINSMEN DUMP PDP FOR APC
-
Politics2 days agoA’Court Voids Rep’s Sack Over Defection To APC
-
Rivers2 days agoElele Alimini Monarch Seeks Government Support … As NGO Trains Leadership Organs In Peace Building, Others
-
News2 days agoODU PLEDGES PARTNERSHIP WITH WACCIMA TO ADVANCE WOMEN’S ECONOMIC EMPOWERMENT
