Featured

Giving More Attention To Rural Economy

Published

5 years ago

January 13, 2020

A foreigner who spent the last Christmas holiday visiting rural communities in southern parts of Nigeria expressed delightful surprises at the enormous potentials in rural Nigeria. From wide expanse of land, human resources, to diversity of culture, the visiting Professor could not hide his joy that “Nigeria is richly blessed.” Before leaving for Australia, he made suggestion that Nigeria’s intellectual elite should draw attention of the nation’s leaders and lawmaakers to focus on rural economy. Obudu cattle Ranch and other tourist facilities in Cross River State gave him great joy.
It hardly makes any news to say that the Nigerian polity is urban-based; with little attention given to developing rural communities. It is needful that definite policies and programmes should be designed for purposes of ensuring that development is balanced rather than urban-base. In a broad sense, rural economy goes far beyond agricultural and other traditional activities for survival of the rural people. Neither should people living and working in rural communities be seen as inferior citizens.
It is true that the phenomenon of rural-urban migration has been with us in the past 60 years, arising from prospects of a “better life in the city.” This also arose from the phenomenon of concentrating development project largely in urban centre.
Obviously, people like to move where the grass is greener.
A sociological study done some decades ago came up with some findings that “village mindset means attitudes and boredom” were contributing factors which drove youths to urban towns. People definitely long for opportunities to widen their scope of experiencing which wider rather than restricted environments can often provide. Therefore, there should be no blames for people waiting to explore wider human environments, away from villages.
Planned development programmes are meant to be comprehensive in nature even through the process would be taken in phases, according to available resources. Thus, there are long-scale infrastructural and other long-term development projects, as well as short-term micro-projects and emergency intervention programmes meant to address some immediate needs. But as the whole, since development is meant for the wellbeings of humans and their environments, attention should be given to urban as well as rural areas.
Similarly, attention cannot be focused solely on physical aspects of development, without taking along the total ennoblement of the human being. From formal education involving and including the acquisition of relevant skills, to the inculcation of moral and ethical values, development remains a vehicle for human wellbeing. For rural dwellers, economic needs for survival purposes, must also be balanced by recreational needs for health and emotional wellbeing, involving various diversions.
One of the issues which excited a visiting Professor of Rural Sociology was a traditional dance having to do with Nchaka Festival of Ogba people. The foreigner was so fascinated that he requested to have a video coverage of the whole proceedings.
It was natural that he emphasised the issue of giving more attention to recreational and traditional music, dances, festivals and other diversions of rural communities in Nigeria. Why would Nigerian politicians and successful businessmen not become sponsors and patrons of various rural activities which can be developed and showcase at international fora?
There are various traditional music, dances, clubs and masquerades-societies whose cultural and aesthetic values call for documentation and preservation. Some individuals and authorities should take interest in raising some cultural activities to high level of global recognition. Even though some cultural displays may be shrouded in secrecy and mystery; there is a need that they should feature in the development of rural economy.
If economy is understood as including careful use of money, time, good and cultural resources so that nothing is wasted, then, rural communities deserve close attention. Does a responsible government not have a duty towards rural dwellers with regards to how they get on and to ensure that no asset is wasted? There are human talents and abilities that can be identified and encouraged in humble rural communities. Development includes talent-hunt.
While we may not force people to stay and work in rural communities, a number of conditions can be put in place to encourage people to live and work in villages. With stable electricity supply and availability of water in villages, rural communities can be made conducive and attractive for young men and women to live in. The problem of road and transportation would be less stressful if electricity and water are available in villages.
Security was one problem which drove some people away from villages, particularly when some cult groups and kidnappers terrorized some villages.
State agencies and multi-national oil and gas companies which make their wealth from rural communities can help in various ways to make life in villages safer and comfortable. One way to do so is the siting or shifting of the venue of some conferences and short-term activities to rural communities. Arrangements for security and accommodation can be made for the period that such activities would last.
Sporting activities and other state functions can also be held in each of the local government headquarters, on rotational basis. These can be some interim ways of boosting rural economy and giving recognition to various rural communities. When some activities take place in local rather than state headquarters, learning and economic opportunities would expand. Local tourism can be encouraged.

Bright Amirize

Featured

Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business

Published

2 days ago

June 27, 2025

The Tide

President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.

The ceremony took place at the Presidential Villa, yesterday.

The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.

The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.

Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.

Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”

Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”

He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.

According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”

He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.

The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.

However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.

At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.

They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.

After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.

By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.

In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.

“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.

“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.

He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.

The President added, “We are not just signing tax bills but rewriting the social contract.

“We are not there yet, but we are firmly on the road.”

Featured

Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing

Published

2 days ago

June 27, 2025

The Tide

The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.

Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.

However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.

Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.

“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But lawmakers rejected the request.

The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.

“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.

Featured

17 Million Nigerians Travelled Abroad In One Year -NANTA

Published

1 week ago

June 20, 2025

The Tide

The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.

This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.

Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.

Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.

He stated that the 17 million number marks a significant increase in overseas travel and tours.

According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.

Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.

“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.

“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.

While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.

The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”

He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.

Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.

He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”

Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.

Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.

“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”