Connect with us

News

FG suspends plans to borrow $22.7bn

Published

on

…Commodities market to be used to diversify economy — Osinbajo
The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape.
Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, Ahmed stated that the government would not go ahead with the borrowing programme even if it secures the approval of the National Assembly.
The finance minister explained that the decision of the government to suspend the borrowing was due to the fact that market indices do not support external borrowings at the moment. She said, “The parliament is still doing its work on the borrowing plan.
One arm of the parliament has completed theirs and the other arm is still working and it is a process that is controlled by the parliament itself, so we are waiting.
“However, we are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get approvals we will defer it and watch the market and go out only when the timing is right.”
She explained that the Federal Government was not relenting on its plans to diversify the country’s economy, noting that unfolding events of the past few months, the coronavirus pandemic and the oil price war, had further reinforced the resolve to diversify the national economy.
She disclosed that the current challenges in the global economy had brought to the fore the need for the country to develop a non-oil attitude to everything.
According to her, the Federal Government planned to prioritize expenditure in favour of major capital expenditures that would have greater impact, and which would create job and visibility and also enhance the ease of doing business in the country.
She noted that expenditures that are not critical must be deferred to a later date when things become more normal.
 She said, “Several national plans, programmes and projects have been directed at diversifying the production and revenue structures of our economy. “While some levels of achievements have been recorded in this area, more still needs to be done to ensure that our production and exports base become more robust, less vulnerable to external shocks and provide more opportunities to our teeming population.”
Commodities market to be used to diversify economy — Osinbajo
Also speaking, Vice President Yemi Osinbajo, stated that the government was taking steps towards developing the Nigerian commodities market, using it as a major driver for its economic diversification efforts. He said, “As we are all aware, Nigeria is working on diversifying its economy as well as its revenue sources.
The need to develop other channels of generating revenue and foreign exchange is critical. “This need is further underscored by the recent drop in the global price of crude oil, which also constitutes a major threat to achieving planned government expenditure.
“There are various other initiatives towards mapping, quantifying and efficiently exploring the nation’s solid minerals deposits.
Such efforts are equally necessary to diversify the country’s revenue sources from oil and create more opportunities in the regions where such solid minerals are deposited. “No doubt, some of these developments in Nigeria’s agriculture and solid minerals sectors present emerging opportunities to be further enhanced and fully explored, all to the benefit of everyone in the country, as well as our foreign partners.”
Nigeria’s commodities’ potential still unrealized — SEC Speaking in the same vein, Acting Director-General of SEC, Ms. Mary Uduk, reiterated that Nigeria was well endowed with agricultural, metals and energy commodities, noting that the country’s potentials in these areas are unrealised. She said, “The good news, however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.
“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization, as well as low foreign exchange earnings affecting our agriculture and other commodities sub-sectors.”

News

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

Published

on

By

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.

Continue Reading

News

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

Published

on

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.

Continue Reading

News

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

Published

on

By

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”

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.