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Experts seek proper implementation of FG’s N500bn fiscal stimulus package

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Financial experts on Tuesday said the N500 billion fiscal stimulus package of the federal government would mitigate heightened risks posed by COVID-19 to the economy if properly implemented.

The experts spoke with Our Correspondent in Lagos on the N500 billion fiscal stimulus package announced by the Federal Government in response to the COVID-19 pandemic.

Uche Uwaleke, Professor of Finance and Capital Market at the Nasarawa State University Keffi, commended the federal government for introducing the N500 billion fiscal stimulus package announced by the Minister of Finance, Budget and National Planning in response to the COVID-19 pandemic.

Uwaleke said, if well implemented, the fiscal stimulus package, together with the palliatives already announced by the Central Bank of Nigeria (CBN), would subtantially mitigate heightened risk posed by the pandemic to public health and the economy.

“This package which includes about N102 billion direct intervention to State governments as well as for the improvement of health facilities nationwide, will go a long way in the provision of critical health infrastructure required to fight the disease including intensive care units, personal protective equipment, ventilators and so on.

“It is cheering news that the government has also made provision for the enhancement of hazard allowance including insurance of health workers especially those on the frontline,” he stated.

He added that the activation of the Finance Act 2020, which granted tax concessions and waivers to Small and Medium Enterprises was a welcome development.

“However, granted that the Finance Act has widened exemptions with respect to VAT, the federal government should consider postponing the implementation of the VAT increase till the crisis is over just as was done in the case of new electricity tariffs.

“The government needs every kobo it can raise in order to provide these palliatives.

“This is why the government’s effort to take advantage of a COVID-19 concessional rapid credit facility, at zero interest rate, from the International Monetary Fund should be supported as other countries like Rwanda and Mozambique have done so,” Uwaleke said.

Also speaking, Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, commended the N500 billion fiscal stimulus package, saying that it was directed largely at health sector expenditure.

Tella stated the fiscal stimulus would complement the donations made by wealthy Nigerians, corporate bodies and financial institutions to tackle the effect of the pandemic.

“One aspect I have not heard from allocations from all these sources is how much is voted for research; for a medical research institution like the one in Oshodi, Lagos,  towards contributions to finding global solutions to the COVID-19. There is the need to be explicit on this.

“Also, intervention to firms producing hand gloves, facial masks and other medical attires, specifically for the pandemic have to be clearly stated so that the public can appreciate efforts at providing for and protecting medical personnel,” Tella said.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said economic crisis was at hand with the coronavirus outbreak since December 2019.

“Our delay as a nation in putting preventive measures earlier will cost us a lot to curtail the spread and manage the effects on the economy.

“The ongoing economic palliative of food sharing, transfer of money to the poor will not have impact on economic recovery or growth.

“The N500 billion intervention fund is a welcome development for managing the spread of virus and post coronavirus economic recovery if effectively utilised,” Omordion stated.

He noted that the intervention funds and palliatives should be targeted at critical sectors of the economy such as agriculture, manufacturing and healthcare, among others to ensure quick recovery.

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Dogara Celebrates Baba Jang at 82, Hails Him as a Visionary Statesman

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Former Speaker of the House of Representatives and Chairman, Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, has joined Nigerians in celebrating Former Governor Jonah Jang, fondly called Baba Jang, as he clocks 82 years.

In a glowing tribute, Dogara described Baba Jang as a visionary leader whose life and service remain a beacon of hope for generations. He noted that Jang’s tenure as Governor of Plateau State was marked by courage, foresight, and an unwavering commitment to peace, unity, and development.

“Baba Jang’s life is a testimony of service and sacrifice. He invested in infrastructure, strengthened institutions, and worked tirelessly to foster unity in Plateau State. His leadership was never about personal gain but about building lasting foundations for progress,” Dogara said.

He further emphasized that Jang’s integrity, resilience, and mentorship have shaped leaders across Nigeria, adding that his legacy continues to inspire beyond the boundaries of Plateau State.

“As he celebrates 82 years, we honor him not just for the offices he has held, but for the enduring impact he has made on countless lives. Baba Jang remains a statesman, a father figure, and a model of quality leadership,” Dogara added.

The tribute underscores Baba Jang’s enduring influence in Nigerian politics and governance, highlighting his role as a leader whose footprints on the sands of time cannot be erased.

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Civil Society Coalition Raises Alarm Over Nigeria’s Maritime Boundaries, Oil Wells Allocation

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A coalition of Civil Society Organizations (CSOs), maritime experts and policy advocates has raised serious concerns over Nigeria’s maritime boundary management and the allocation of offshore oil wells, calling for urgent intervention by the Federal Government.

The concerns were presented on Thursday in Abuja during a civil society roundtable where the coalition leader, Dr. Gabriel Nwambu, addressed stakeholders and unveiled the communiqué issued after a recent verification mission to Nigeria’s offshore maritime corridor bordering Cameroon and Equatorial Guinea.

The communiqué followed a technical fact-finding and verification exercise conducted at sea on February 28, 2026, focusing on Nigeria’s offshore hydrocarbon blocks OML 114, OML 115 and OML 123 as well as the maritime boundary areas involving Nigeria, Cameroon and Equatorial Guinea.

Dr. Nwambu explained that the mission involved maritime governance stakeholders, mapping professionals and public policy experts who undertook physical observation of the maritime corridor, technical mapping verification and consultations with relevant authorities.

According to the coalition, the mission sought to independently verify the status of Nigeria’s maritime boundaries, offshore hydrocarbon entitlements and the implications of administrative and regulatory decisions affecting the Cross River maritime corridor.

ICJ Judgment Clarified
Presenting the findings, the coalition noted that the 2002 judgment of the International Court of Justice (ICJ) between Nigeria and Cameroon ceded only specific settlements in the southern Bakassi Peninsula — Atabong, Akwabana and Archibong Town — to Cameroon.

The coalition stressed that several areas often assumed to have been ceded were not included in the ruling.

“The Cross River Estuary and the western Bakassi peninsular islands of Dayspring I and II, Abana and Kwa Island were not ceded under the ICJ judgment,” the communiqué stated.

The group further emphasized that Nigeria still maintains maritime boundary continuity between the Cross River Estuary and the Akwayefe River Estuary based on the ICJ cartographic evidence and the physical geography of the region.

Dr. Nwambu also clarified that the Cross River Estuary remains Nigeria’s natural maritime gateway to the Atlantic Ocean and provides Cross River State with direct offshore access.

Questions Over Boundary Management

A major concern raised by the coalition relates to the actions of the National Boundary Commission (NBC) in implementing the Offshore/Onshore Dichotomy Abrogation Act using what it described as a temporary implementation map.

According to the communiqué, the baseline drawn from Tom Shot into the Cross River Estuary effectively closed the estuary’s mouth to the sea, thereby rendering Cross River State non-littoral.

The coalition warned that this development raises serious constitutional, economic and national security concerns.

It further criticized the NBC for failing to demarcate the Nigeria–Cameroon maritime boundary more than two decades after the ICJ ruling, stating that continued reliance on the temporary map could jeopardize Nigeria’s territorial integrity.

The report also alleged that the situation has effectively resulted in the ceding of about 780 hectares of maritime waters within the Cross River Estuary toward the Akwayefe River Estuary to Cameroon.

Oil Wells and Revenue Concerns

Beyond boundary issues, the civil society coalition raised alarm over oil revenue allocation and the management of transboundary oil fields.

According to the findings, the failure of relevant institutions to brief the President on key inter-agency reports could prevent Nigeria from exploiting 49 identified transboundary oil wells located within OML 114 in the Cross River Estuary.

The coalition also raised concerns over alleged financial irregularities relating to the Ekanga and Zafiro transboundary oil fields jointly developed by Nigeria and Equatorial Guinea.

It alleged that more than ₦33 billion may have been approved from the Federation Account in favour of Akwa Ibom State without clear presidential authorization.

The group further questioned whether revenues from the Ekanga and Zafiro fields — estimated at over $8 billion — had been properly remitted into the Federation Account.

Call for Presidential Intervention

To address the concerns, the coalition recommended several urgent measures, including a presidential review of the 2024 and 2025 inter-agency oil verification reports affecting Cross River and Akwa Ibom states.

It also called for the proper demarcation of the Nigeria–Cameroon maritime boundary in line with the ICJ judgment and the establishment of a Presidential Special Investigation Panel to probe the alleged loss of Nigerian maritime waters.

Other recommendations include a forensic audit of revenues from the Ekanga and Zafiro oil fields, investigation into the alleged ₦33 billion payment approvals, and diplomatic engagement with Cameroon to develop transboundary reservoir agreements.

The coalition also urged the Federal Government to restore and recognize Cross River State’s littoral status based on the geographic and legal status of the Cross River Estuary.

National Security Implications

In its concluding remarks, the coalition warned that the issues uncovered during the verification mission have far-reaching implications for Nigeria’s territorial integrity, maritime sovereignty, national security and oil revenue accountability.

Dr. Nwambu called on the President to treat the matter with urgency, stressing that transparent management of maritime boundaries and offshore resources remains critical to Nigeria’s economic stability and geopolitical standing.

The communiqué was jointly signed by representatives of the coalition of civil society organizations, maritime policy experts, technical observers and economic governance accountability groups.

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Nigerian Youth Storm National Assembly Demands Access to Present Dishonourable Award to Senator

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Nigerian Youth under the leadership of Empowerment for Unemployed Youth Initiative (EUYI) on Tuesday stormed the National Assembly to present Senator Olajide Ipinsagba with the Most Dishonourable Senator of the year award.

EUYI previously threatened to present the Senator with the award, citing a plethora infractions and unwholesome dealings especially with his legislative aids and associates.

The group urged the Senate President to grant them access to the hallowed chambers to make the presentation as wake up call to other public servants.

Addressing the press at the National Assembly complex, Comrade Danesi Momoh Prince disclosed that they had gathered as early as 7 am at the National Assembly gate only to discover that the Senate is not sitting and that the embattled Senator was absent despite prior information.

“We’re angry that Senator Olajide Ipinsagba has refused to show up and collect his award for his dishonourable conduct especially as it pertains the exploitation and underemployment of Nigeria youth under his office

“How can a Senator be paying his legislative aid 30,000 naira when the national minimum wage is 70,000 Naira? Is he the only one that needs money? Is it not wickedness to treat unemployed Nigerian youth like that?”, he queried.

The group vowed to go ahead and present the award to the Senator in person, be it in the Senate Chambers or his house. We shall however not give the award to anybody but the senator due to the “seriousness of his offense”

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