News
Oil revenue grew by 30% in first half 2024 – FG
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.
News
NDLEA Arrests Four Notorious Female Drug Dealers In Four States
The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.
The Director of Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.
Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.
“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.
“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.
“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.
“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.
In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.
“The suspect was caught with 15,000 capsules of tramadol,” he said.
He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.
Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.
Marwa also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.
He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.
News
Navy Intercepts Over 135,000 Litres Of Stolen AGO In Rivers
The Nigerian Navy says its operatives under Operation Delta Sentinel have intercepted over 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) during separate operations in Rivers State waterways.
Director of Information, Navy Captain Abiodun Folorunsho, said the operations were carried out by personnel of the Nigerian Navy Ship (NNS) Pathfinder around the Onne and Abonema axis.
He said the seizures were made during routine patrols aimed at curbing crude oil theft and illegal fuel transportation across creeks in the state.
In one of the operations, naval personnel intercepted a fibre boat at the entrance of Owogono Creek in Ogu-Bolo Local Government Area carrying drums and jerrycans filled with suspected stolen AGO.
According to him, the occupants abandoned the boat and fled into nearby creeks, while the vessel and about 63,000 litres of product were recovered.
In another operation around Abonema in Akuku-Toru Local Government Area, patrol teams intercepted a wooden boat conveying about 72,000 litres of suspected illegally refined AGO concealed in sacks.
The Navy said the products were being transported through waterways for onward distribution before the operation disrupted the movement.
Folorunsho said the recoveries highlight the continued exploitation of creek networks by criminal elements for illegal petroleum product transportation.
He added that all recovered items were handled in line with established procedures on anti-crude oil theft operations.
The Navy reaffirmed its commitment to intelligence-driven operations aimed at dismantling illegal oil networks and protecting Nigeria’s maritime economic assets.
News
PERM SEC Tasks PUBLIC SERVANTS TO EMBRACE ACCOUNTABILITY
The Permanent Secretary of Rivers State Ministry of Information and Communications, Dr Honour Sirawoo mni, has charged public servants to embrace accountability and prudent management of public resources, stressing that government funds must be utilised responsibly.
Dr. Sirawoo made the assertion during the 41st anniversary of The Rivers State Television (RSTV), in Elelenwo.
He noted that public service demands commitment and sacrifice, urging workers to justify the opportunities entrusted to them through diligengence and productivity.
“All I try to do is to see that we have value for every kobo that we spend and value for our time.
“Government has a social responsibility to provide opportunities, but when you have one, you must guard it through hard work and ensure your presence is justified,” he stated.
The Permanent Secretary further appealed to workers to see themselves as ambassadors of their respective institutions, adding that government remains committed to creating employment opportunities and improving public service delivery.
Also speaking, former Acting Managing Director of the Niger Delta Development Commission (NDDC), Dr (Mrs.) Christiana Atako, praised the station’s professionalism and consistency despite operational challenges.
“We have never been disappointed. In spite of all the challenges RSTV had at that time, they never failed us. They carried our stories very well,” she said.
Dr Atako encouraged staff members to continually improve themselves through training, education and professional development in order to remain competitive in the evolving media industry.
Earlier, Acting General Manager of RSTV, Ambassador Paul Damgbor, described the anniversary celebration as an opportunity to reflect on the station’s journey of over four decades and appreciate those who have contributed to its development.
Pastor Damgbor said that the station had recorded remarkable improvements in recent months through the acquisition of digital cameras, computers as well as upgrades in audio and visual production facilities.
“We have seen great change. We were able to get new brand digital cameras and improve on our audio. We have also provided new computers for key departments, including News, Programmes and the Library,” Damgbor remarked.
He also unveiled a commemorative magazine chronicling the history and achievements of the station, describing it as a valuable reference material for preserving RSTV’s heritage.
The Acting General Manager, however, expressed concern over the theft of critical equipment from the station’s transformer, a development he said had forced the organisation to rely heavily on generator power supply.
The Senior Pastor of Gateway International Church, Pastor George Izunma, who gave a short charge during the event, urged media practitioners to uphold the ethics of journalism and remain committed to accuracy in reporting.
“You are pressmen. You are okay to doubt, but verify,” he advised, stressing the importance of credibility and responsibility in the profession.
He equally highlighted the need to “ask the help of God, sow a seed of help, and step into something as if you have help” stressing the need to move by faith for growth.
Some participants at the event also raised concerns about employment opportunities while commending RSTV’s growth and contributions to public enlightenment in Rivers State.
A major highlight of the celebration was the presentation of an award to the Rivers State Ministry of Information and Communications in recognition of its diligence and service to the people of the state. Dr Honour Sirawoo also received a special award for his contributions to the growth and development of RSTV.
Awards were equally presented to outstanding members of staff of RSTV for exemplary performance and their dedication to duty.
The event also featured the unveiling and launch of the RSTV commemorative magazine as well as a tour of the station’s newly built cafeteria and other facilities.
The celebration marked another milestone in the station’s 41-year history and reaffirmed its commitment to excellence in public broadcasting.
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