Economy

Most Nigerians living below poverty line, says Catholic Bishop

Published

1 year ago

June 11, 2024

milcah

Stephen Olufemi Oni, Ilorin

The Bishop, Catholic Diocese of Ilorin, Most Reverend Anselm Pendo Lawani, has decried the pain and groaning many Nigerians are currently going through due to high inflation and high cost of living, lamenting that the greater percentage of the populace is living below the poverty line amid super abundance of human and natural resources the nation is blessed with.

The Catholic Bishop spoke on Tuesday in Ilorin, the Kwara State capital, during a press conference to mark the 2024 Democracy Day.

He added: “Many are living in
squalor and slums, unable to have three square meal a day. Incessant increase in the pump price
of petrol, occasioned by the subsidy removal from petroleum products last year, has continued to
impact other sectors adversely.

“Prices of services and goods in the markets, including agricultural
commodities, keep soaring in geometric progression. The situation is indeed gruesome and painful even as government at different levels continue to grapple with some recovery initiatives for the nation’s economy.

“It is unfortunate that the palliative measures being distributed by government have not significantly mitigated the effect of the subsidy removal policy. We appeal therefore that government should
do more to bring succour to the impoverished citizens.”

On the ongoing minimum wage talk between the government and the Organised Labour, Most Rev’d Lawani said the position of the Church is that living wage should be paid the workers, adding that it should be a wage that they can take to the market and return home smiling, not one that they would come back groaning.

While urging citizens to pay their taxes promptly to enable government to deliver dividends of democracy to them, the cleric appealed to the government
not to impose unnecessary taxes that would be burdensome and overbearing for individuals and corporate organisations.

He said: “At the moment, it appears that those engaged in businesses and production ventures are
reported to be heavily burdened with taxes of all kinds. The small businesses are highly troubled
by it because it can lead to their insolvency. They need be allowed to grow without tax burden as there were reported cases of double taxation in certain areas. This needs to be checked.

“Government can equally introduce tax holiday, tax moratoria and zero-tariff regimes or provide
financial support for this category of entrepreneurs, so that they can grow sustainably productive.”

Noting that the country is bedeviled
with various security challenges, including terrorism, insurgency, kidnapping, inter communal clashes, farmers/herders’ clashes, armed robbery, and banditry, Most Rev’d Lawani lauded the
Kwara State Government for the various measures taken to address security problems facing the
state, sayimg they are yielding positive results.

To stem the tide of insecurity in the country, the Bishop stressed the need for more to be done in the areas of intelligence gathering and surveillance, saying intelligence gathering is very significant in national security.

He said: “Citizens too must support security operatives by volunteering
valuable information that are useful for preventive, rescuing and restorative purposes. It is our
belief that workable approach that can better enhance security requires collaboration among
government agencies, traditional and community leaders as well as other stakeholders including
the Church.

“Collaborative efforts on this will facilitate and promote sharing of information and experience towards suppressing potential security threats.”

He commended the Kwara State government for maintaining harmonious and peaceful coexistence in the State, while urging both the government and the governed to continue to uphold the virtues of honesty, integrity, truth, fairness and justice in the affairs of the State and the community where everyone lives.

He said: “We appeal to the government to continually set up
structures for the promotion of peaceful coexistence among all peoples. As the Church makes effort to promote moral teaching to the children through to adulthood, the State should work assiduously to guarantee the inalienable rights of the citizens. According to the
Constitution of the Federal Republic of Nigeria, the Right to Freedom of Thought, Conscience and Religion is assured. This means the Right to Assemble and Worship is guaranteed.”

The cleric lauded the giant strides of the state government in the area of infrastructure, saying this is an
area that the State government is making positive impact.

He said: “The present administration efforts need to be highly commended. However, it has
been observed that the infrastructural facilities, especially the constructed roads, are unevenly
spread. On this note therefore, we appeal to the Kwara State government to ensure that all nooks and crannies of the State enjoy fair distribution of the social amenities.”

End

Economy

JUST IN: FG Halts Planned 15% Import Duty on Petrol, Diesel

Published

3 weeks ago

November 13, 2025

Our Reporter

By: Fabian Apechihin

The Federal Government has suspended the planned implementation of a 15 percent import duty on petrol and diesel.

This was disclosed on Thursday by George Ene-Ita, Director of Public Affairs at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who urged Nigerians to avoid panic buying.

President Bola Tinubu had earlier, on October 29, approved the imposition of the tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji. The approval, conveyed in a letter signed by the President’s Private Secretary, Damilotun Aderemi, was intended to take effect from November 21, 2025.

The proposed policy sought to impose a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel. It was aimed at supporting domestic refineries — such as the Dangote Refinery and modular plants — by making imported fuel less competitive. However, experts cautioned that the move could lead to an increase of up to ₦150 per litre in pump prices and further fuel inflation and transportation costs.

In its latest update, the NMDPRA confirmed that the import duty is no longer under consideration.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the Authority stated.

The agency further assured the public of adequate fuel availability across the country, noting that national stock levels remain within the required sufficiency threshold.

“There is a robust domestic supply of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports, ensuring timely replenishment of depots and retail stations,” the statement added.

NMDPRA cautioned marketers against hoarding, panic buying, or arbitrary price increases, emphasizing that it will continue to monitor the market to prevent any disruption in supply.

“While appreciating the efforts of stakeholders in maintaining smooth and uninterrupted supply, the public is assured of NMDPRA’s commitment to safeguarding national energy security,” the statement concluded.

Economy

FGN, Sign $400m Deal To Boost Local Steel Production

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

The Federal Government of Nigeria, FGN, through the Ministry of Steel Development, has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited.

Stellar Steel Company Limited is a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China.

The company has committed approximately US$450 million for a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.

This landmark partnership is aimed at revitalising Nigeria’s steel industry and reducing the nation’s dependence on imported steel products, according to a statement signed by the the Principal Information Officer, PIO, Ijomah Opia, for the director, Information and Public Relations in the ministry.

The agreement, signed in Abuja, on Tuesday 28th October, 2025 will see Stellar Steel invest $400 million in the construction of a modern Steel Plant in Ewekoro, Ogun State. The project will be developed in three phases, with the first phase expected to begin production by 2026.

The Minister of Steel Development Prince Shuaibu Abubakar Audu signed the agreement when he hosted Mr Li, President of Inner Galaxy Group and other members of the Stellar Steel Company Limited in the Ministry’s Headquarters in Abuja.

According to Prince Audu, the collaboration aligns with the federal government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, a major step toward industrial self-reliance and economic diversification.

The minister further stated that the Federal Ministry of Steel Development would facilitate policy and infrastructure support, including inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to available fiscal incentives.

Highlights of the cooperation includes the followings:

1.Development of a localised iron ore supply chain to reduce import dependence and save over $1 billion in foreign exchange annually.

Creation of more than 2,000 direct and 20,000 indirect jobs across the steel value chain.
Promotion of green steel production using clean and energy-efficient technologies.
Strengthening of Nigeria’s position as a regional steel manufacturing hub in West Africa.

Audi also said that in return, Stellar Steel would prioritise local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production.

Prince Shuaibu emphasised that this strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation.

In his remarks the leader of the delegation, Mr Li assured the minister that Stellar Steel would respect all agreements reached and would ensure the completion of the project in record time and assured that all safety standards will be observed.

Mr Li was accompanied during the visit by Mr You Xiastian, Vice Chairman of RSIN Group, Mr Jackie Den, Vice President of Inner Galaxy Group and Mr Yin, Director of RSIN Group.

He recalled that the Minister of Steel Development, Prince Audu, performed the groundbreaking ceremony of the Steel Plant in Ogun State sometime in April, 2025.

Speaking at the signing, representatives of both parties emphasised that the partnership would strengthen Nigeria’s industrial base, create jobs, and foster technology transfer in the sector.

Economy

EU Delegation Strengthens Ties with Nigerian Senate

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

A high-level delegation from the European Union (EU) Parliament’s Foreign Affairs Committee, led by Mr. David McAllister, paid a courtesy visit to the Nigerian Senate today October 28, 2025.

“We are here to deepen our understanding of the situation in West Africa and strengthen our partnership with Nigeria,” McAllister said.

Senate President Godswill Akpabio welcomed the delegation, emphasizing Nigeria’s strategic partnership with the EU. “Nigeria is committed to strengthening ties with the EU, highlighting areas of mutual interest, including security, trade, and governance,” Akpabio said.

The delegation, comprising Ambassador Greta Mylott, EU Ambassador to Nigeria and ECOWAS, Miss Zelaya Zorko, Miss Mata Tamido, Sebastian Tankman, General Christophe Gomart, and Sebastian Buharo, is undertaking a comprehensive tour of West Africa, with stops in Nigeria and Ghana.

During the visit, Akpabio shed light on the challenges facing female representation in Nigeria’s parliament. “Women often vote for male candidates, making it difficult for female candidates to win elections,” he noted.

“The Senate is exploring innovative solutions, including constitutional amendments, to boost female participation in the legislative process, with support from organizations like the Black Women’s Forum.”

The EU delegation’s visit aims to foster greater understanding and cooperation between the EU and Nigeria, addressing shared concerns, such as terrorism, climate change, and economic development.

“The EU is committed to supporting Nigeria’s development efforts,” McAllister assured the Senate, emphasizing the bloc’s interest in seeing a stable, prosperous, and democratic Nigeria.

Their visit also includes participation in the forthcoming International Islamic Conference on Security and Governance in West Africa and the Sahel, scheduled for November 4-6, 2025 at ECOWAS Commission.

Akpabio expressed optimism about the potential for enhanced cooperation, highlighting Nigeria’s readiness to work with the EU to address common challenges.