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

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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.

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Group Doles out N13m To Market Women In Isiama 

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The peaceful Town of Isiama in Andoni Local Government Area of Rivers State was at the weekend agog with activities following the donation of over N13million to market women by Engr. Justus Ngerebara in partnership with Fast Track Development Initiatives, a non-governmental organization, as part of its first phase empowerment programme.
According to Justus Ngerebara, who is also the Executive Director of the organization, the women, numbering 108, will receive various sums based on their business proposal.
He stated that the organization will carry out an annual review of the performances of the beneficiaries, with a view to rewarding those who put the money into good use.
According to him, the initiative was a collaborative effort between himself and his wife, Dr. Unyime Ngerebara, in partnership with Fast Track Development Initiative (FDI), an organization committed to youth capacity building and community development.
He said the family believe deeply in the transformative power of women’s empowerment as a catalyst for economic growth, especially in rural communities.
“As the saying goes, when you empower a woman, you empower a community. This truth resonate strongly with us, knowing that empowered women uplift households and inspire generational change”, he stated.
Ngerebara described the programme as the beginning of more things to come and urged the beneficiaries to view the gesture “as a reflection of our deep love for the community and our commitment to easing the burdens of economic hardship.
“We encourage you to invest wisely, channel these resources into your business not frivolities.
“We will continue to follow up with each participant to monitor progress and Offer guidance.
“It is our goal to see thriving business, creative solutions to households hunger and a ripple effect of prosperity through Isiama.
“We also call on the men to stand beside their spouses, offering support and encouragement to ensure these resources are maximized for growth”, he said.
In an interview, Ngerebara said the second phase of the empowerment programme will start very soon, stressing that since inception the organization has done so much for the community.
He listed some of the programmes carried out by the group in the community to include the installation of solar powered lights, and solar powered water.
While declaring the event open, a former coymmissioner for Works in Rivers State, Engr. Sampson Ngerebara, described the event as the first of its kind in the community.
Engr. Ngerebara said the programme will go a long way to improve the conditions of not only the beneficiaries, but also the entire Isiama Community.
He also charged them against wasting the resources on frivolities, adding that their success will attract more of such empowerment programme to Isiama community
Giving a brief talk on women empowerment, a lecturer at the Ignatius Ajuru University of Education, Dr. Awajimogobo Felix MacLean, warned the beneficiaries to justify the effort of the donor by avoiding wastages.
Dr. MacLean also urged them to be consistent in their line of business as well as avoid unnecessary competition.
She also stressed the need for them to network among themselves, while working out ways of helping the community to develop.
Guest of Honour at the occasion, Professor Uriah Oboada Alafonye, said Engr Justus Ngerebara, the initiator of the programme, has set a standard for present and future generations of leaders both in the community and the rest of Andoni to follow.
Prof Alafonye who is of the department of Arts Education, Ignatius Ajuru University of Education, also appealed to the beneficiaries to seize the opportunity provided by the programme to reduce poverty in the community.
Speaking, one of the beneficiaries, Mrs. Hebron Mercy Fyneface, a crayfish seller and an interior designer, said it was the first time she was receiving such gesture from any organization or government.
She thanked Engr Justus Ngerebara for remembering the women of Isiama and urged others to emulate him.
By: John Bibor
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Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants 

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The umbrella body of civil servants in Rivers State, the Nigeria Civil Service Union(NCSU) has expressed delight over the lifting of emergency rule in the State and the return to office of Governor Siminalayi Fubara, his deputy, Prof Ngozi Nma Odu and members of the State House of Assembly, saying, the development portends good omen for workers, the people and the State.
The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who gave the indication in an interview in Port Harcourt, said the return of the Governor to office portends good omen and better days for civil servants in particular, stressing that the union heartily welcomes the Governor back to office, to resume his good works in the State, after six months of the emergency rule, as well as his deputy and members of the House of Assembly.
He noted that civil servants in the State are not only elated over the development but are also full of hope that the Governor would start from where he stopped in attending to their welfare needs.
He contended that the political crisis that recently engulfed the State and the six-month emergency rule had for over one year pulled the State backwards, but expressed delight that a permanent solution has been found to stem further political upheavals in the State, and thanked President Bola Ahmed Tinubu for making this possible; the Minister of the Federal Capital Territory and leader of the State, Chief Nyesom Wike; Governor Fubara; Speaker of the State House of Assembly, Rt Hon Martin Amaewhule; members of the House; and other stakeholders for agreeing to amicably resolve all contending issues.
The labour leader said this is the right time for all political gladiators in the State to bury the hatchet, work together and embrace peace and genuine reconciliation in the overall interest of the State.
He described as too hasty the resolution of the House, mandating the Governor to present a supplementary budget to it, and pleaded with members of the House to be calm, to tread with caution, and harmoniously work with the Governor.
He said the return of democratic governance in the State would fast-track progress and development in the State, and enjoined the people of the State, particularly civil servants to continue to give their support and cooperation to the Fubara administration.
Osumah expressed optimism that Governor Fubara would give prompt attention to challenges facing civil servants in the State, being a former civil servant himself, stressing that the workers truly have hope, now that the Governor has returned to office, and knowing the kind of Governor he is.
According to him, he is going to look into the controversial and contentious contributory pension scheme; rehabilitation of the State Secretariat Complex; recruitment into the state civil service; extension of service and retirement years for civil servants; provision of vehicles to industrial unions; as well as provision of befitting staff quarters for civil servants; among others.
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NDDC Organizes ADR Capacity Building for Staff

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The Niger Delta Development Commission (NDDC) has organized a one-day sensitization program for its personnel on Alternative Dispute Resolution (ADR) approaches to promote workplace compliance on transparency and due process.
The workshop, themed “Promoting Transparency and Due Process in the Workplace using ADR Approaches in Building a Culture of Accountability and Integrity,” aimed to equip staff with the skills to resolve disputes effectively.
Declaring the event open on thursday in port Harcourt,The NDDC Managing Director/Chief Executive Officer, Dr. Samuel Ogbuku, emphasized the importance of using ADR mechanisms to resolve conflicts in the workplace.
Dr. Ogbuku  represented by his chief of staff,Rev Omeya Oworibo,noted that ADR approaches can encourage a culture of honesty, fairness, transparency, trust, and reduce conflicts among staff, ultimately promoting efficiency and productivity.
He averred that those disputes and quarrels if not proper resolved can derail the vision and objectives of the commission to the people, noting that the commission must as a team and unity as service provider in order to render a profitable service delivery to the people.
 “ADR approach will encourage culture of honesty,fairness, transparency ,trust  and reduce back bitting and the workforce, noting that such tendency would in turns promote efficiency and increase results in workplace.
 when integrity and honesty becomes the operandi of an organisation and employees begins to trust that their matters will be handled with fairness it will breed team work and increase in productivity.”he stated
He commended the department of DCR for organising the workshop and urged the participants to make good use of the opportunity and imbibe the culture of tolerance, integrity and teamwork in workplace.
Also speaking,the NDDC acting director of DCR ,Mr Godwin Ayewumi Ogedegbe noted that the theme of the captures the core of what the commission seeks to achieve a workplace where every action is expected to be guided by openness, fairness, and a steadfastness commitment to due process, where conflicts are not merely resolved, but prevented through structured,principled processes , and where accountability and integrity are not aspirational ideals but every day practice.
In his  keynote presentation on the theme “workplace Ethics and alternative Dispute Resolution Correlation,
Prof. Sylvester Odion Akhaine of the Department of Political Science, University of Lagos, delivered a keynote presentation on “Workplace Ethics and Alternative Dispute Resolution Correlation.” He stressed the importance of due process, transparency, integrity, and accountability in the workplace, noting that these values are essential for productivity and organizational goals.
The workshop aimed to promote a culture of accountability and integrity in the NDDC workplace. By equipping staff with ADR skills and promoting transparency and due process, the commission can build a more efficient and productive work environment.
By: Akujobi Amadi
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