Connect with us

News

Oil revenue grew by 30% in first half 2024 – FG

Published

on

The Federal Government says Nigeria’s oil revenue grew from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.

This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Friday, in Abuja.

According to the minister, the growth in government revenue is due to the reconfiguration and improvement in government finances.

“The government’s determination to mobilise non-oil revenue has consistently delivered impressive results.

“For the half-year 2024, non-oil revenue surpassed the revenue in the first half of 2023 by 30 per cent above the 2024 budget target without any increases in taxes,” he said.

On debt, Edun said that President Bola Tinubu’s administration has been working to manage and reduce the national debt to create better fiscal headroom for economic management.

“In dollar term, Nigeria’s debt burden has reduced and the government’s fiscal deficit has improved. Our debt has fallen in dollar terms from 108 billion to 91 billion dollars.

“Additionally, the government has diligently serviced all its loans and obligations with no recourse to ways and means of financing, ‘’ Edun said.

Edun said in 2023, the administration exited the Ways and Means debt trap due to better management of the fiscal space.

He said the federal government did not rely on borrowing from the CBN Ways and Means to fund its obligations.

According to Edun, part of the inflationary pressure the country is currently experiencing is as a result of the past abuse of Ways and Means.

He said the federal government paid back the previous N7.3 trillion obligations within a year of Tinubu’s administration.

On Debt Service to Revenue, the minister said the Federal Government for decades, had been spending more than half of its revenue on debt servicing.

He said this was done to enable it meet its debt obligations to avert any form of default.

“By the end of June 2023, the federal government spent 97 per cent of total revenue to service debt, but has recorded a positive trend in the debt service-to-revenue ratio.

“Currently, the debt service-to-revenue ratio has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024.

“Indicating the government’s strong position in managing its debt obligations,” the minister said.

On Budget Deficit, he said it had been a major priority for the economic managers to reduce the budget deficit.

“To achieve this, the federal government, in the last year of the Tinubu administration, improved government revenue collection and blocked a lot of leakages.

“The 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of Gross Domestic Product (GDP), an improvement from the 6.1 per cent deficit recorded in 2023.

“On an annualised basis, we are at 4.4 per cent, so you can see we are effectively close to the budgetary target,” Edun said.

The minister said the government’s efforts to attract more foreign inflows into the economy had continued to yield good outcomes.

He expresses the government’s commitment to continue the reforms and improve business environment to engender further confidence.

Edun underscored government’s efforts to attract foreign inflows; including implementing the national single window project, which he said would generate 2.7 billion dollars annually in economic benefits.

He said:” the government’s accelerated stabilisation and advancement plan has already attracted 500 million dollars in investment in the gas sector.

The minister said the government had implemented several initiatives and interventions to address the current high cost of living and bring relief to the masses.

Edun said this included a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles.

He said the government was also providing lower-cost financing for the manufacturing industry and production.

The minister sympathised with Nigerians for the current hardship, which he also noted would soon blow away.

He expressed optimism that inflation, in spite being “quite sticky at the moment,” would decelerate and come down due to the government’s commitments and actions.

“Clearly, as part of the reform programme, on the monetary side, monetary policy has been tightened.

“The CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate,” he said.

Continue Reading

News

I’m Committed To Community Dev – Ajinwo

Published

on

The Sole Administrator of Emohua Local Government Area, Barr. Franklin Ajinwo, has reaffirmed his unwavering commitment to supporting community development, peace, and progress, describing it as his life’s calling.
Ajinwo made this known on when Okporowo Vanguard—a foremost association dedicated to driving sustainable development in Okporowo community—paid him a courtesy visit at the Council Secretariat, Emohua.

Speaking during the visit, the Emolga  Council boss advised the group to shun internal wranglings and leadership tussles, cautioning that such impediments could undermine their collective goals. He emphasized that unity is strength, and true power comes only from God.

Highlighting his ongoing efforts in repositioning standards within Emohua Local Government, Barr. Ajinwo commended Okporowo Vanguard for initiating plans to conduct large-scale skills acquisition training for young people in Okporowo. He assured them of his steadfast support towards such developmental initiative.

The former Chairman of the National Union of Local Government Employees (NULGE) in Rivers State stressed the need for selfless service, saying it is essential for achieving peace, unity, and development in any community.

He applauded the group’s vision of empowering youths through skills acquisition, aligning it with global best practices aimed at reducing dependency on white-collar jobs.

Earlier, the President of Okporowo Vanguard, Hon. Israel Emeji, outlined Barr. Ajinwo’s numerous and impactful contributions to the development of Okporowo community.

According to him, every family in the community has benefited from Barr. Ajinwo’s dedicated employment initiatives.

Hon. Emeji disclosed that during his tenure as Head of Local Government Administration (HLGA) and as NULGE Chairman, Barr. Ajinwo facilitated the employment of over five hundred (500) individuals from Okporowo community—a record that informed the association’s decision to honour him with the Excellent Leadership Award.

In a vote of thanks, the Secretary of the group, Dr. Okechukwu Godwin Amadi, praised Barr. Ajinwo’s outstanding leadership and unwavering support, both before and after his appointment as Sole Administrator.

He thanked him for the warm reception and appreciated members of Okporowo Vanguard for their strong turnout and continuous support for the present administration.

In their separate remarks, Barr. Kelvin Ajinwo, Chief Polycarp Ndala, and other dignitaries present prayed for God’s continued guidance and protection over Barr. Ajinwo, describing him as a divine gift to the Okporowo community.

They expressed hope that he would be granted even more leadership opportunities to further uplift the living standards of the people.

Continue Reading

News

RSG Tasks Rural Dwellers On RAAMP  …As Sensitization Team Visits Akulga, Degema, Three Others

Published

on

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their  living conditions.

This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.

Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s

She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.

According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.

The Head of Service also said the programme would support the youths to be gainfully employed while  bridges and roads will be built to link farms and fishing settlements.

Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.

Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.

According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.

He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.

Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may  lead to the cancellation of the project by the World Bank.

During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.

The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.

He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.

Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.

They, however, complained over the incessant attacks by pirates on their waterways.

At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.

King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.

Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.

Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.

At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.

He also expressed fears over the possibility of the project being hijacked by politicians.

Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.

 

John Bibor

 

Continue Reading

News

Senate Replaces Natasha As Committee Chairman 

Published

on

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.

Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.

Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.

Bassey is the senator representing Akwa Ibom North-East Senatorial District.

Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.

In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.

However, the Senate has insisted it has not received a certified true copy of the court judgment.

Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.

In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.

Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.

Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.

“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.

 

 

Continue Reading

Trending