Business
Minister Blames Ukraine War For Nigeria’s Deficit

Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday, blamed the country’s rising fiscal deficit partly on the ongoing Russia/Ukraine war.
According to a report from The Tide’s source, Ahmed, who spoke at the ongoing Spring Meetings of the International Monetary Fund (IMF), said the rise in prices of oil has pushed the country’s subsidy budget.
This, she argued, has increased the budget deficit to Gross Domestic Product (GDP) ratio from the planned 3.5 per cent to 4.5 per cent.
The National Assembly has recently jacked up N3.56 trillion earlier budgeted for subsidy payments over 12 per cent to N4 trillion, causing an outrage across the country. The adjustment was caused by the subsidy bills.
Zainab’s argument caused a stir on social media, especially Twitter, as Nigerians and other nationals knocked the administration for lacking prudence and creativity in the management of the national economy.
Founder of Proshare, Olufemi Awoyemi and others who reacted to the argument said it was sad that the government has turned to the war in Europe for the blame game.
Meanwhile, the International Monetary Fund (IMF) and the World Bank have raised concern about rising prices of essentials, saying rising inflation and mounting debt could significantly expand the poverty population.
Speaking on Wednesday at the ongoing Springs Meetings the Managing Director of IMF, Kristalina Georgieva, said the accelerating inflation, which has become a clear and present danger for many countries, rising food and fuel prices leave the budget of ordinary households with enormous strains.
She identified financial tightening, high debt and frequent, wide-ranging lockdowns in China as additional dark clouds weighing on the global economy.
The IMF boss highlighted that the global agenda, which analyses the repercussions of the crises the world is facing also offers a way forward in terms of an immediate response and longer-term efforts to boost resilience.
She hoped the war in Europe ends soon but said help must be mobilised for Ukraine and other countries negatively affected by geopolitical tensions.
Georgieva pointed out inflation as a major pressure on families and called for “decisive actions by central banks” to mitigate it. She charged them to keep their fingers on the pulse of the economy and adjust policy as necessary.
President of the World Bank Group (WBG), David Malpass, had at a press conference said the Russian-Ukraine war is adding to the debt burden and the fragility of many countries.
Malpass noted that food prices have already increased by 37 per cent year-on-year (YoY) while calling for urgent actions to stem the challenge to prevent a major disaster.
He expressed worry that the current food crisis could extend for months and even into next year.
Business
Agency Boss Seeks Improvement In Revenue Collection, Accountability

The Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, has called on the management and staff of the brown water regulatory agency to show renewed commitment to boosting revenue generation, enforcing accountability, and improving operational efficiency of the organisation.
Oyebamiji, who made the call recently while declaring open a retreat for NIWA’s top executives and stakeholders in the industry in Lokoja, Kogi State, stressed the need for improved performance across all NIWA offices, particularly in revenue generation.
He expressed concern over the under performance of some area offices, citing cases where annual revenue figures were as low as one or two million Naira.
“This situation is simply unacceptable. Despite management’s provision of resources, incentives, and training opportunities, the expected results were not achieved.
“Moving forward, stricter measures will be enforced to ensure accountability and drive performance”, Oyebamiji stated.
He further addressed the challenges in debt recovery, revealing that many Area Managers failed to cooperate with the debt recovery consultant appointed in 2024.
He said in some instances, debtors were either untraceable or provided inconsistent financial records, making recovery efforts difficult.
“This negative attitude towards financial accountability will no longer be tolerated”, he warned.
The retreat, which brought together key stakeholders including the honourable Minister of Marine and Blue Economy, the Chairman of the House Committee on Inland Waterways, the NIWA Board, Management staff, and security personnels, aims at providing a comprehensive review of the authority’s 2024 performance and establish strategic targets for 2025.
Oyebamiji emphasized that beyond reviewing past performance, the retreat would also focus on capacity building and teamwork to ensure that every officer is well-equipped to meet the set goals.
“This retreat is not just about evaluating past performance, it is about strategizing for the future. I encourage all participants to engage actively, exchange ideas, and work collectively towards making NIWA a leading agency in the marine and blue economy sector”, he concluded.
The two-day retreat featured panel discussions, training sessions, and interactive engagements aimed at strengthening NIWA’s operational framework and fostering a culture of efficiency, accountability, and innovation.
Nkpemenyie Mcdominic, Lagos
Business
NCDMB Scribe Sues For African Collaboration Strategy On Local Content …… Decries Fragmented Implementation
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has charged sub-Saharan African nations to keep pace with unfolding trends in the global oil and gas industry.
He also charged them to adopt a unified approach in strengthening local content development, advancing industrialisation and fostering sustainable continent-wide economic growth.
Ogbe stated this in a keynote address he gave at the 9th Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC), in Lagos, last Tuesday.
According to him, nations such as Nigeria, Angola, and Ghana have made notable strides in local content development by boosting indigenous participation in the oil and gas sector.
He, however, expressed regret that fragmented implementation continues to hinder collective progress.
The NCDMB scribe called for a collaborative strategy among petroleum-producing nations in sub-Saharan Africa that would foster the sharing of best practices and enhance cross-border partnerships that could drive the competitiveness of indigenous players.
In his paper entitled “Sub-Saharan Africa Local Content Collaboration Strategy”, Engr. Ogbe identified harmonisation of local content policies, human capital development, investment in infrastructure, funding for local companies and technology transfer, as key pillars to Africa’s collaboration strategy.
He noted that “there is a need to develop a robust local content framework that positions the region for long-term economic prosperity”, and that this could be fostered “through the collaborative efforts of the African Petroleum Producers Organisation (APPO), and the United Nations Economic Commission for Africa and the African Union”.
The NCDMB boss also highlighted the importance of the African Continental Free Trade Agreement (AfCFTA) as a critical legal framework that could be leveraged to achieve collaborative local content strategy in Africa, given the free trade area it has created by integrating 1.3 billion people across 54 African countries with a combined gross domestic product of over $3 trillion.
On human capital development, which he described as “pivotal to the successful implementation of local content”, he observed that approximately 60% of Africa’s population is currently under the age of 25, and that this teeming population provides a unique opportunity to fast-track development.
Ariwera Ibibo-Howells, Yenagoa
Business
ICTN Not Threat To Trade Efficiency – SEREC … Blames Unregulated Charges, Others
The Sea Empowerment and Research Centre (SEREC) has in strong terms countered claims that the proposed International Cargo Tracking Note (ICTN) is detrimental to Nigeria’s economy.
Contrarily, SEREC said rather, it’s unregulated charges, informal levies, and multiple taxation that pose a far greater threat to trade efficiency and port competitiveness.
In a recent publication, SEREC expressed concern over the misrepresentation of ICTN’s role, particularly in media reports suggesting it would “kill the economy”.
The research center emphasised that ICTN, if properly implemented, would add real value to the port system by enhancing trade transparency, streamlining import statistics, and improving regulatory oversight.
“If we are sincerely concerned about charges that are ‘killing the economy,’ then our focus should be on the various hidden and unregulated costs currently imposed on shippers”, SEREC’s Head of Research, Eugene Nweke, siad.
SEREC provided a detailed breakdown of excessive charges affecting shippers.
These charges, according to the Centre, significantly contribute to inefficiencies in Nigeria’s port system, increasing the cost of trade and making logistics unpredictable.
One of the major concerns raised in the publication is the “Seven per cent Port Development Levy”, which continues to be collected despite the port concession regime.
In addition, “various unregulated terminal handling charges, positioning fees, scanning fees, and labour costs” have further added to the financial strain on shippers.
The “ETO Trucking Fee”, set at N100,000 per truck for entry and exit at terminals, is another significant burden, the Centre noted. Meanwhile, “arbitrary trucking costs” which are unilaterally determined by service providers create further unpredictability in the logistics chain.
SEREC also highlighted the issue of “informal payments and settlements”, which it said involved “unreceipted fees” at different cargo clearance points.
These hidden costs, coupled with “security agency tolls” allegedly imposed by government security operatives along cargo routes make cargo movement more expensive. Additionally, the Centre criticised the “state-favourably on the global stage.”
Given these arguments, SEREC is calling for the “immediate implementation of ICTN” to restore order and efficiency in Nigeria’s port system.
The research Centre argues that ICTN should not be grouped with arbitrary charges but should be seen as a “structured, value-adding fee with a clear function”.
Nweke assured that “by the time the implementation fully runs through a period, the effects and contributions to the port system and its impact is felt by all, then, those who are initially in doubt of the effectiveness of the ICTN would have no option but to embrace and appreciate the enabling device (ICTN)”.
-
News1 day ago
Odu Consoles Justice Okirie On Mother’s Demise
-
Politics1 day ago
No Delta Assembly PDP Lawmaker Defecting To APC – Majority Leader
-
Nation1 day ago
Nigerian Police Debunk Reports Of Missing 3, 907 Firearms
-
Business1 day ago
Human Capital Deficit Cost Nigeria USD380bn Capital Flight, Others – NCDMB
-
Rivers2 days ago
NGO Targets AI Use To Empower N’Delta Women … Graduates 156 In Tech Business
-
Entertainment1 day ago
Tems Becomes Co-owner Of MLS Club
-
News1 day ago
RSG Promises Continued Investment In Healthcare Infrastucture
-
Politics1 day ago
Nwodo, Secondus Hail New PDP National Secretary, NWC