Business
FG Focuses More On Tax Revenue
The Federal Government says it will henceforth focus more on domestic resources mobilisation with a focus on a more efficient collection of taxes, fees and payments that are due to the government.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure on Tuesday, on the sidelines of the ongoing World Bank Group/International Monetary Fund Annual Meetings holding in Marrakech, Morocco.
Speaking shortly after G-24 meeting involving Nigeria, Edun said the meeting focused on how the World Bank Group/IMF could be reformed to offer more support to developing economies.
He said global interest rates have been rising and there is a need for countries, including Nigeria, to focus more on mobilising resources locally, something which he said Nigeria has already commenced.
“It (the meeting) was basically looking at transforming the multilateral financial institutions for the 21st century. A special adviser spoke on a report that has been done, World Bank Vice President and IMF Managing Director also made their contributions.
“Essentially, the conversation was that the global financial architecture needs to be reformed for the 21st.
“Basically, what (World Bank Group/IMF) we have at the moment is not meeting the expectations and requirements of developing countries such as Nigeria.
“There is not enough concessionary financing; interest rates are going up even within the multilateral institutions, such that interest rates are so high around the world that the issue of debt is one that is very high on the agenda.
“Of course, there is a financing gap, there is not enough funding to fund the developing requirements of the poorer countries, and that is what the conversation is all about-the need for reforms, change and improvements. They talked about a bigger, a better and bolder World Bank Group that will perhaps mobilise private sector funding”, Edun explained.
He said the Tinubu-led government would unveil a major tax policy reform very soon.
“For Nigeria, something that the government of President Bola Tinubu has been emphasising also came to the fore here, and that is domestic resource mobilisation.
“The fact that we have depended on our savings, resources to a larger extent, we must be efficient in collecting taxes, fees and payments that are due, we must be efficient and cost effective with our expenditure.
“We must create a bigger base of financing from our own resources, we must rely on ourselves, we must pull ourselves up much more than relying on others. That was an important message that came out”, the Minister said.
On inclusiveness in making decisions, Edun said, “On one hand, as far as the international, multilateral development banks and institutions are concerned, we along with other Africans are calling for a bigger voice, a third seat in the governance of the World Bank and IMF, and for Sub-Saharan Africa, and at the end of the day for Nigeria”.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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