Economy

To Stay or to JAPA?

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By Olaitan Oye-Adeitan

In recent years, the quest for an improved standard of living has increasingly seen many people, especially the  youths, leave  their fatherland for other countries of the world where they believe things work better. 

It is  therefore not surprising to discover  that a friend, family member, relative or colleague you  saw and communicated with today, would by tomorrow or in no distant time have landed abroad.

In fact, people now easily assume that anyone they haven’t seen in a little while must have JAPA, a yoruba word coined for run, flee or escape and which interestingly has now been registered into the dictionary.

 It is worth noting that, in the quest for green pasture,  those taking their flight from the shores of Nigeria,  hardly give a second thought to what might  lie  ahead.

Many of them have even gone to the extent of burning the bridge behind them by selling their properties to raise for their exodus.

Statistics from the Nigerian Immigration Service Information Data Analysis System, MIDAS, reveals that over 3.6million Nigerians migrated from the country in the last two years, while the number is still counting.

Currently, Italy is experiencing a significant influx of African refugees, including many Nigerians, who are among the West Africans arriving by sea.

Ironically,  the fervency for migration at all cost good oes on at a time when some Blacks in the diaspora are yearning to return to their ancestral homeland, embracing the maxim  that ‘there’s no place like home,’  

This paradox is particularly evident in Nigeria, where the younger generation is fast losing hope in the country’s future. 

They feel disillusioned with the attitude of leaders who seem to prioritize short-term gains at the expense of masse’s welfare and long-term development. 

Infact, for many youths in the country, the hope of becoming future leaders looks bleak as they believe the nation’s leaders are not only controlling the rave of the moment but also strategically setting the tone for the future,  positioning their children to take over from them, without the interest of the vast majority at heart.

They feel entrapped in a corrupt system, ensnared in a vicious cycle with no apparent exit strategy or clear escape route.

The harsh socio – economic reality  marked by  soaring unemployment rates, Inflation, insecurity, and incessant strikes in tertiary institutions,  which prolong their studies beyond the normal duration,  have also created a sense of desperation among the youths to leave the country 

Today, The JAPA syndrome is currently exacting a devastating toll on the health sector, among other critical sectors of the economy, with innocent lives bearing the brunt of the consequences.

 Brain drain has thus comes at a huge! cost, undermining Nigeria’s prospects for growth and prosperity.”

Undoubtedly, human capital remains Nigeria’s most valuable  asset as the nation’s future relies heavily on the creative potential, innovative ideas, and capabilities of its youth to drive progress and development. 

Sadly, the exodus of young people fleeing Nigeria in desperation due to inefficient systems, corrupt institutions, and poor planning is a devastating loss, as each departing individual takes with him or her  a vital piece of the country’s future potential.

While some individuals are slowly finding stability abroad, others are secretly grappling with tales of hardship, but bearing it for fear of being ridiculed or mocked by their friends back home in Nigeria, having realized the pasture is not as green as they thought.

Though migration is not an unusual occurrence in human existence, it is very  vital to approach such junction of life with careful consideration and guidance, as any decision taken can either make or mar a person’s destiny.

While there is absolutely nothing wrong in anyone migrating to other countries of the world for advancement in life, individuals embarking on such moves must ask themselves these among other critical questions;

Why I’m i migrating?

What are the laws of the land I’m migrating to?

Do i possess the necessary and lawful documents to travel?

Do i possess the needed skill to secure jobs?

The ability to respond to this questions should also be accompanied by seeking wise counsel from experienced and knowledgeable people,  for knowledge is power.

A wiseman does not just launch into the river, he must know the depth and danger zones before throwing his body into the river to swim.

It is also not out of place to seek divine guidance through prayers and personal meditation as only God sees the end from the beginning,! because He created and controls time and seasons.

To stem the increasing scourge of brain drain being witnessed in the country, governments should prioritize establishing industries and improving living standards, making home a comfortable and attractive option for citizens.”

Let this however be a note of caution that youths should never allow any situation  push them into frustration and  hasty decisions  as  such can lead to serious regrets and setback.

If only one can reflect deeply, with the inner eyes wide open, the greener pastures may just be very close and not as far as you imagine !

Economy

Senator Salisu Calls for Reform of Pension Management

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The senator representing Ogun Central senatorial district of Ogun in the Upper Chamber of the National Assembly, Senator Shuaib Afolabi Salisu, has called for total reform of pension administration and management in Nigeria to give people confidence and trust in the system.

Salisu, who is the chairman, of the Senate Committee on ICT and Cyber Security, made the call in Abuja today in his keynote address at the launch of a book, “Understanding Pension Administration and Management in the Contemporary World”, authored by Head, Internal Audit Unit of Pension Transition Arrangement Directorate, PTAD, Dr Imran Saheed Adekunle.

The Senator said the current administration of President Bola Tinubu was embarking on various reforms, government and stakeholders must also take a keen look at pension administration and management to take it to a notch higher than it is now.

According to him, Nigerians would have confidence and trust in the administration when they were sure that they had their pensions and social security system in place.

He submitted that all relevant and critical stakeholders in the Nigerian pension administration and management sector needed to get copies of the book in order to “begin to see what we need to do and ensure that pension administration in the country takes a notch higher than it is now”.

The Senator lamented the trend among Nigerian youths to resort to cybercrimes, saying that he is sometimes depressed knowing that the youth are using social media to commit crimes.

He, however, called on Nigerians not to leave the task of nation-building for politicians alone, saying that, “all of us have sphere of influence and we must not forget to do what we can do in our own sphere of influence.”

Meanwhile, the author of the book, Dr Imran said it was purposely written in order to address the issue of scanty materials on pension administration and management in Nigeria.

According to him, it was also written to ensure that active employees, retirees and other workforce across various sectors of the Nigerian economy are exposed to basic knowledge and skills on Defined Benefit and Contributory Pension Schemes in the country and several other jurisdictions in the world.

“The book will undoubtedly serve as a solid foundation for both students and non-pension professionals who would want to deepen their knowledge, skills and competence in pension administration and management,” Dr Imran said.

PR/Adewumi Faniran

Economy

We are committed to creating jobs – NDE DG

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By Grace Udoma

The National Directorate of Employment, NDE has warned all those undergoing various vocational skills in the directorate against engaging in disreputable conduct.

The NDE Coordinator, Akwa Ibom state, Mrs Uduak Essien stated this to Radio Nigeria while giving an overview of the state’s directorate activities last year.

Mrs Essien noted that the training of 93,731 unemployed and unskilled persons in the country for creating jobs, was still ongoing.

Describing the engagement of the 93,731 as a component of the Renewed Hope Employment Initiative of the President Tinubu-led administration, Mrs Essien, advised Akwa Ibom trainees to take the training seriously.

She hinted that the inspectorate department of the state NDE office and the Zonal office would from time to time pay unscheduled visits to the training centres to ensure compliance by the participants.

On staff enhanced productivity, Mrs Essien maintained that the enabling environment created by the governor of Akwa Ibom state, Pastor Umo Eno for both federal and state government parastatals have contributed greatly in encouraging the staffs of the Directorate.

The Akwa Ibom State NDE boss, however, reiterated that this year the directorate under the leadership of the Director General, Mr Silas Agara, would not relent in its mandate to create jobs.

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Economy

Osun Markets Survey Reveals Spike in Prices of Commodities

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By Mojisola Oladele

As residents of Osun State engaged in last-minute Christmas shopping, they have called on the government to help reduce the prices of food items and commodities.

At Atakumosa Market in Ilesa, Igbonna, Ota Efun, Oluode and Owode markets in Osogbo, there was an influx of people in and out of the markets.

A bag of foreign rice, which formally sold for #88, 000, now sells for #81,000; 25 litres of vegetable oil sells for #91,000; 25 litres of palm oil which formally sold for #48,000 now sells for #54,000.

A bag of yam flour sells for four hundred thousand, and five tubers of medium-sized yam now sell for #6500 against the former price of #4500

However, prices of items including, curry,maggi, thyme, salt, tomatoes, and bell pepper, amongst others remained constant.

An onion trader in Atakumosa Market Ilesa, Mallam Idris Muhammad, who explained that he could not remember the price of a bag of onion last year, said the current price is two hundred and eighty thousand naira.

A livestock trader in Igbonna Market, Mrs Oluwakemi Aworinde explained that the price of a foreign turkey ranges from one hundred thousand to one hundred and twenty thousand naira.

She stressed that broilers and culled-off layers according to sizes, sell between fifteen and twenty- five thousand naira.

Mrs. Aworinde, while appealing to the government to formulate policies aimed at reducing the cost of food items, called on Nigerians to embrace hard work as the new year sets in with a view to surmounting the economic situation experienced across the Nation.

Also speaking, a civil servant, Miss Korede Alao said that prices of Kiddies clothes and shoes were affordable.

Meanwhile, the Federal Government has declared Wednesday 25th and Thursday 26th as Public Holiday to celebrate Christmas.

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Economy

OSHA Passes 2025 Osun State Appropriation Bill

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By Mojisola Oladele

Osun State House of Assembly, OSHA, has passed the 2025 Appropriation Bill, with a shift from over three hundred and ninety billion naira, (390, 028, 277, 740) to over four hundred and twenty-seven billion naira (427,746, 925,170).

The Chairman, House Committee on Finance and Appropriation, Mr. Saheed Fatunmise made this known in his report on the recently concluded Budget Defense exercise for ministries, departments and agencies, MDAs during the plenary, held at the State Assembly Complex, Osogbo. 

In a remark, the Speaker of the House, Prince Adewale Egbedun commended the committee and other lawmakers for their diligent efforts in ensuring a thorough review and timely passage of the appropriation bill. 

Prince Egbedun emphasised that the budget prioritizes key sectors including; education, healthcare, infrastructure, tourism, and security, aimed to achieve meaningful outcomes that would enhance the lives of the people of Osun State.

Earlier in his report on the bill, the Chairman House Committee on Finance and Appropriation, Mr. Saheed Fatunmise said the budget would be strictly revenue-driven as proposed by the state government, hence the need to explore all available means to improve on its internally generated revenue, IGR.

In his reaction, the majority leader, Mr. Kofoworola Adewunmi explained that the changes became imperative given the ongoing projects embarked upon by the government, across the state.

Meanwhile, the speaker read before the House, a private member bill by the member representing Obokun State Constituency, Prince Adewumi Adeyemi titled, “Osun State Safety Commission Bill 2024” seeking to establish a safety commission to avoid stampedes as reported in some states in the country.

In another development, the Osun State House of Assembly, OSHA, has held its 2024 Christmas Carol and Hours of Praise with the theme: “The Saviour of the World Matthew 1: 21”.

In his short remark at the event, OSHA speaker, Prince Adewale Egbedun explained that Christmas is a period to celebrate the birth of Jesus Christ, therefore, Nigerians should show love to one another especially the downtrodden in society.

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Economy

2025 budget will play key role towards economic prosperity – Makinde

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By Iyabo Adebisi

Governor Seyi Makinde has signed the Oyo State 2025 Budget into law, with assurance that the budget would play a key role in the state’s economic prosperity. 

Speaking at the signing ceremony held at the Executive Chamber, Governor’s office, Ibadan, Governor Makinde reassured the people of the state that his administration would continue to push for reforms, policies and economic civilization. 

He expressed optimism that the signing of the 2025 Appropriation Bill of 684 billion naira would foster growth, enhance infrastructure, and improve the livelihoods of residents.

The governor said the new 80,000 naira minimum wage had been captured in the 2025 budget and its implementation would commence by January 2025.

Governor Makinde called for continued support for his administration, pledging that his government would continue to be transparent in its dealings. 

Earlier, the Speaker, Oyo State House of Assembly, OSHA, Mr Adebo Ogundoyin, said the upward review of the budget from 678 billion naira to 684 billion naira was a deliberate effort to accommodate emerging priorities and critical projects.

Mr Ogundoyin said the emerging priorities and critical projects would drive the state’s economic growth, improve infrastructure, and enhance the overall quality of life of citizens.

The speaker said the lawmakers were committed to working collaboratively with other arms of government to implement policies and programmes for economic growth.

The governor had on November 13 presented a 2025 budget proposal of 678 billion naira to the Oyo State House of Assembly for approval.

The state legislature after its legislative considerations jacked up the budget by an additional 6 billion naira, which raised the total budget to 684 billion naira.

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Economy

Affordable Alternatives to Onion as Price Hikes

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By Titilayo Kupoliyi

Onion is one of the essential vegetables used for cooking in homes.

Onion called Alubosa in Yoruba, Albasa in Hausa and known as Yabasi among the Igbos, is commonly used in every dish, while some eat it raw.

Whichever way this vegetable is consumed, it serves its purpose in the body.

In recent times, onion has been adopted for some cosmetics purposes.

For instance, it is used as a face mask, and hair steamer, among others.

As applicable to other crops, there are times when some commodities are scarce, become expensive and not within the reach of the reach of the common man.

In the last two months, the price of onions has gone up, ranging from 500 naira per one for a medium size.

At this festive period, it is essential to note that there are alternatives to onion which are more affordable.

These substitutes include shallots, leeks, garlic, chives, scallions, pearl onions, onion powder and garlic powder.

One or two of the above can be combined depending on the dish.

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Economy

Abiodun Announces Grants for Business-Oriented Youths

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By Abimbola Bamgbose

Ogun State Governor, Prince Dapo Abiodun, has emphasized his administration’s commitment to involving youths in governance to help them harness their talents and prepare for future leadership roles.

Speaking at the first Annual Youth Summit and Empowerment Programme organized by the Ogun State Chapter of the City Boy Movement, held at the Cultural Centre, Kuto, Abeokuta, the governor announced grants ranging from N500,000 to N1 million. Under the Ogun YES Empowerment and Entrepreneur Program, these grants aim to support business-oriented youths in the state.

Represented by his Deputy Chief of Staff, Dr. Oluwatoyin Taiwo, Governor Abiodun stated that youth engagement is crucial for societal progress. “We are committed to ensuring that the youth are not just participants but leaders in shaping decisions that affect their lives. Empowering our youth today guarantees a brighter tomorrow,” he said.

The governor also underscored the importance of the summit’s theme, “Renewed Hope Agenda: A Concrete Foundation for a Prosperous Nigeria,” describing it as a rallying cry for young innovators and leaders to build a better future. He praised the Abeokuta chapter of the City Boy Movement for its dedication to youth development and called on stakeholders to support initiatives that empower young people as future leaders.

Governor Abiodun reiterated that his administration’s “Building Our Future Together” mantra aligns with the federal government’s vision for a prosperous Nigeria.

In his opening remarks, the Senior Special Assistant to the President on Digital Communication and New Media, Mr. O’tega Ogra, highlighted the federal government’s initiatives to support young Nigerians. He noted that the National Student Loan Scheme, which has benefited over 300,000 students, reflects President Bola Ahmed Tinubu’s commitment to youth development. He also assured that the federal government is addressing the nation’s economic challenges and that small and medium-scale entrepreneurs would no longer pay taxes under the forthcoming Tax Reform Law.

Similarly, Mr. Kamorudeen Yusuf, Personal Assistant to the President on Special Duties, urged youths to embrace the ongoing national reforms and actively contribute to building a progressive Nigeria.

The Senior Special Assistant to the President on Citizenship and Leadership, Ms. Rinsola Abiola, commended Governor Abiodun’s youth-focused initiatives, noting that they align with President Tinubu’s goal of empowering young Nigerians to secure a brighter future.

The summit served as a platform to reinforce the vital role of youth in driving innovation, leadership, and sustainable development in Ogun State and across the nation.

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Economy

NCS Auctions off Seized PMS @630 naira per litre

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By Abisola Oluremi

The Nigeria Customs Service, NCS, has auctioned seized petroleum motor spirit, PMS, at ₦630 per litre, in Ibadan, the Oyo State capital.

The move is part of their efforts to crackdown on fuel smuggling and promote cooperation from the public to tackle illegal trade.

The auction, which took place at a private owned fuelling station in Mosfala, Muslim Area of Ibadan gave the residents the opportunity to benefit directly from the recovered products.

At the commencement of the sales of the PMS, the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, represented by the National Coordinator Operation Whirlwind, Hussein Ejibunu said the thirty kegs of petrol and a tanker filled with thirty thousand litres of PMS were seized at a border town between Oyo and Osun States.

Mr Adeniyi explained that the products which amounted to forty two million, seven hundred and fifty thousand naira duty paid value were seized during an attempt to smuggle it out of Nigeria.

Also speaking, the Oyo/Osun Area Controller, Dr Ben Oramalugo urged residents to report smuggling activities in their domain to the authority.

Some beneficiaries applauded the gesture, noting that they would be able to visit their loved ones during the yuletide season.

The people also admonished government to do the same with seized food items especially imported rice.

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Economy

NCS Oyo/Osun Command Intercepts Foreign Rice, Marcaroni Worth Over 150 Million Naira

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By Abisola Oluremi

As part of efforts to encourage local farmers, the Nigeria Customs Service, NCS, Oyo/Osun Command has intercepted foreign rice and macaroni worth duty paid value of over one hundred and fifty million naira.

The Area Controller of the command, Dr Ben Oramalugo stated this while briefing journalists on the achievements of the command in the outgoing year.

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Dr Oramalugo said the aim was to reduce the demand for foreign products and promote the consumption of locally produced alternatives. 

This he said was part of the federal government’s efforts to boost agricultural production, create jobs, and stimulate economic growth.

The interception according to him was also to prevent revenue loss through smuggling and other illicit activities.

“The customs service has been working tirelessly to enforce compliance with import regulations and prevent the influx of substandard or prohibited goods into the country.”

Speaking on the revenue generated into the federal government coffers, Comptroller Oramalugo said between January and November 2024, the Command has generated seventy-two billion, five hundred and sixty-eight million, four hundred and nine thousand, eight hundred and two naira, two kobo representing a significant increase of 13.17% compared to amount collected within the same period in 2023.

He attributed the success to the diligence and transparency of officers of the command.

Other items seized by the command, included premium motor spirit, PMS, second-hand clothing, used tyres, and banned unlicensed pharmaceuticals, among others.

A highlight of the programme was the handing over of seized pharmaceutical products to the National Agency for Food and Drug Administration and Control, NAFDAC, for further action.

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Economy

We will explore benefits of African Continental Free Trade Area – Oyo Govt.

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By Iyabo Adebisi

Oyo State Governor, Engineer ‘Seyi Makinde, has said that his administration would fully explore the benefits of the African Continental Free Trade Area (AfCFTA) to expand the state’s economy.

The governor stated this at the opening ceremony of the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State held at the International Conference Center, University of Ibadan.

He said the state would act as a significant player in AfCFTA with a view to unlocking more of its economic potential to provide job opportunities and uplift the people of the state from poverty to prosperity.

The governor added that the Oyo State Government would leverage its geographical location to maximize the benefits of AfCFTA by fostering cordial relationships with other African countries.

Governor Makinde identified seven areas in which the AfCFTA would be beneficial to Oyo State.

Expatiating on the areas, Makinde said: “Since 2019, agribusiness has been one of the key drivers of the Oyo State economy. With cash crops like cocoa, cassava, maize, yams, and cashew nuts, we have agricultural produce that we can export to other African countries. We still have work to do in improving farming methods and adopting technology for value addition. 

“This leads us to point number two: facilitating the establishment of agro-processing industries to convert these raw produce into high-value exports.  

“I must say that this is the route that we have chosen here in Oyo State. We have made it one of our key policies to create an enabling environment for the private sector to thrive. Presently, we are working on constructing agro-industrial hubs. One at Fasola, in Oyo West Local Government Area, which is about 90% complete and the other, which we just started at Eruwa in Ibarapa East Local Government Area.

“We are open to further private public and development agency partnerships.

“A third way that AfCFTA can benefit Oyo State is in trade and logistics.”

The governor added, “AfCFTA’s liberalisation of services trade can benefit Oyo State’s education, healthcare, and ICT sectors. Also, taking advantage of our international border, we can attract students, medical tourists, and tech-based businesses from neighbouring countries”.

“To do this, we have to position Oyo State as a hub for quality education and healthcare services. So, this is one area we should be paying attention to. As I always say, the best thing we can leave behind after our tenure is institutions for the future. Of course, policies drive institutions.”

According to the governor, “AfCFTA provides opportunities for Small and Medium-sized Enterprises (SMEs) to access larger African markets. And here in Oyo State, we have thousands of SMEs. Some are already trading internationally, but with AfCFTA a lot more can be done. The upside is that this will create more job opportunities for our dear state and contribute to growing our economy.”

In a remark, Chairperson of the technical working committee who also doubles as the Special Adviser, International Trade and African Continental Free Trade Area (AfCFTA), Ms Neo Theodore Tlhaselo, said the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State is mandatory as set by the AfCFTA. 

Secretariat in the crafting of a domesticated AfCFTA strategy to delve into a crucial conversation about future of trade. 

She added that the Oyo State Government has a unique comparative advantage that sets it apart from other states through agribusiness, manufacturing, investment, and market expansion which would add more value to the economy of the state.

In his goodwill message, the Osun State Commissioner for Commerce and Industry, Rev’d Bunmi Jenyo, while promising the Osun State Government’s support to the vision, lauded the developmental strides of Governor Makinde in transforming Oyo State and urged the South West states to prioritize and maximize opportunities to invest in manufacturing, harness opportunities in agriculture and tourism. 

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Economy

2025: Tinubu Presents ₦49.7trn Tagged Restoration Budget to NASS

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President Bola Tinubu, on Wednesday, presented a total budget of N49.7tn to the joint session of the National Assembly.

The budget tagged, “Restoration budget, securing peace and building prosperity.”

Tinubu noted that the budget seeks to restore macroeconomic growth and build the economy.

He commended the resilience of Nigerians amid growing economic indices

“In the year 2024, it was projected at 3.2%, and against predictions of our country, we have made significant progress. Our economic economy grew by 3.46%. The improvement we have witnessed in the year 2024 budget has led all of us into the 2025 budget.”

The president told the joint Assembly of the National Assembly that inflation will decline according to the budget projections.

He also pledged a reduction in Foreign Exchange.

He said, “The budget projects inflation will decline from the current rate of 34.6% to 15% next year. The exchange rate will improve from approximately N1700 per dollar to N1500 and the base crude oil production assumption of 2.06 barrels per day.

“The projections are based upon the following observations. Reduce the importation of petroleum products alongside increased exports of finish, petroleum products, and bumper harvest, driven by enhanced security, reducing reliance on food imports, and increasing foreign exchange influence through foreign portfolio investments.

“I have crude oil output an export coupled will substantial reduction and upstream oil and gas production costs.”

Giving the breakdown, Tinubu stated that Health “Defence and Security will gulp, N4.91tn; Housing, N4.06tn; Health, N2.48tn and Education, 3,58tn.”

He assured Nigerians that the time for lamentation is over and the time to act is now.

Laying the budget, he said, “I hereby lay down the 2025 budget before the National Assembly, titled, ‘Restoration budget, securing peace and building prosperity.”

Punch/Adetutu Adetule

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Economy

Osun, SMEDAN to Forge Partnership for Economic Growth

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By Funmi Ojo

Osun State Government has assured the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN of its partnership.

Governor Ademola Adeleke, who gave the assurance in Osogbo at the opening of the 2024 SMEDAN/MSME Opportunity Fair in the Southwest, said the government and SMEDAN are partners in the growth and development of the national economy.

Governor Adeleke explained that the government has a duty to strengthen the capacities of small businesses by implementing ease of doing business which involves harmonizing taxes, providing infrastructure, opening access to finance and ensuring security for business operations.

He noted that businesses must be strengthened regarding management capacity, branding, marketing and networking which SMEDAN had been acting on. 

The governor commended the management of SMEDAN for its passionate commitment to developing and strengthening small businesses.

He directed the Commissioner for Commerce and Industry to work on the signing of a new MOU between SMEDAN and the Osun State Government stressing that they must forge a very robust relationship to grow small businesses in the country.

Earlier, the Director General of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Dr Charles Odii had commended Governor Adeleke for his policies towards enhancing the economy of Osun State.

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Economy

Renewed Hope: 250 Oyo State Elders Get 200k Grant

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By Seyifunmi Olarinde

Nigeria’s First Lady, Senator Oluremi Tinubu has presented two hundred thousand naira cash each to 250 Elders in Oyo State under her Renewed Hope Initiative Elderly Support Scheme.

During the second edition of the programme held at the Oyo State Government’s House in Ibadan, Senator Tinubu noted that the welfare programme would support the elders and the vulnerable in Society.

Represented by the wife of the Oyo State governor, Mrs Tamunominini Makinde, she called on the elderly to maintain a healthy lifestyle and always ensure that they get adequate rest and commended the medical personnel who were attending to the elders.

The First Lady identified the lack of good research, documentation and a database as a bane of seeking qualitative health services.

Senator Tinubu explained that the grant had been increased from what was given last year which was 100,000 thousand naira, considering the economic situation and to support the elders during this festive period 

Oyo State Commissioner for Women Affairs and Social Inclusion, Mrs Toyin Balogun advised the beneficiaries to invest the money judiciously by considering investing in some medium-scale businesses.

Some of the elders, The newsletter Editor of the National Council for Women Society, Dr Lanre Sanya, and Mrs Alice Babatunde thanked the first lady for the gesture.

The highlight of the programme was the attending elders’ visit to the medical personnel on the ground at the event for various medical check-ups which included, blood sugar, high blood pressure, and malaria among others.

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Economy

Oyo Workers to Receive N80,000 Minimum Wage by January 2025

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By Iyabo Adebisi

Government workers in Oyo State will begin to enjoy the 80,000 naira as minimum wage from January 2025.

A statement from the Commissioner for Information and Orientation, Prince Dotun Oyelade, says the Oyo State Government has reached an agreement with organized labour on the implementation of the minimum wage and consequential adjustments.

The Secretary to the State Government, SSG, Professor Olanike Adeyemo and the Head of Service, HoS, Mrs Olubunmi Oni, led others in signing the agreement on behalf of the government while Comrade Kayode Martins of the Nigerian Labour Congress, NLC and Comrade Bosun Olabiyi of the Trade Union Congress, TUC, alongside other labour leaders signed for the organised labour.

The negotiating council agreed that the new minimum wage salary structure shall be effective nominally from July 1st, 2024 but financially from January 1st, 2025.

According to the commissioner, those who retire between July 1st and December 31st 2024 will have their retirement benefits calculated based on the new minimum wage.

The statement implores all ministries and extra-ministerial departments to be more aggressive in their revenue generation drive to significantly improve the internally generated revenue, IGR of the state.

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Economy

Shippers’ Council Applauds Abiodun for Industrial, Infrastructure Drive

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By Bimbola Bamgbose 

The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council, Mr Ukeyima Akutah, has commended Ogun State for its leadership in driving Nigeria’s industrial revolution.

Mr Akutah attributed the achievement to the state’s remarkable performance on the Ease of Doing Business Index.

Speaking during a visit to the Ogun State Governor’s Office in Oke-Mosan, Abeokuta, on Monday, Akutah emphasized that the state’s strides align with President Bola Ahmed Tinubu’s policy agenda to modernize production systems, boost industrialization, and foster economic prosperity and job creation.

He highlighted the Ogun State Government’s significant investment in infrastructure development as a critical enabler of industrial growth, which complements the Federal Government’s efforts toward sustainable transformation and industrialization.

During the visit, Akutah led a delegation of council directors and senior officials to present an Outlined Certificate of Compliance to the Governor for the newly commissioned Inland Dry Port in Papalanto.

The project, flagged off by the Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola, is expected to further enhance the state’s industrial capacity.

Akutah lauded Governor Dapo Abiodun for his unwavering commitment to fostering a business-friendly environment and for advancing critical infrastructure development to stimulate productive economic activities.

In response, Governor Abiodun expressed gratitude for the Nigerian Shippers’ Council’s support and the issuance of the Certificate of Compliance, noting its importance in the successful take-off of the Papalanto Inland Dry Port.

Describing the port as a pivotal project aimed at decongesting Lagos Ports and boosting industrial activities in Ogun State, the Governor highlighted its strategic role in enhancing the state’s status as Nigeria’s leading industrial hub.

He further explained that the adoption of a Multi-modal Transportation System by his administration would ensure the port’s efficiency and support the Federal Government’s industrialization agenda.

The Papalanto Inland Dry Port is set to reinforce Ogun State’s position as a critical player in Nigeria’s industrial growth and economic transformation.

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Economy

Ogun MDA’s Commence Budget Defence

By Web News 116 0

By Omolara Adasofunjo

Ogun State House of Assembly says the 2025 budget defence by Ministries, Departments and Agencies of government would provide an opportunity for thorough evaluation, transparency and accountability in the allocation and utilisation of public funds to create value for the government’s resources.

The Chairman of, the House Committee on Finance and Appropriation, Mr Musefiu Lamidi stated this in his opening remarks during the commencement of the 2025 budget defence held at the Assembly Complex,  Oke-Mosan,  Abeokuta.

Mr Lamidi, who noted that the exercise was a significant event in the governance process; emphasized that the focus of the exercise was not merely on figures but on the impact of the proposed program and projects of MDAs on the people of the State.

The Committee Chairman also stressed the need for all Commissioners and heads of Ministries, Departments and Agencies to be physically present at the budget defence of their Agencies for them to be in tune with the vision and mission of the appropriation bill.

Defending the ministry’s budget, Commissioner for Women Affairs and Social Development, Mrs Adijat Adeleye, said that N1.050bn had been earmarked for recurrent expenditure, while N468.4m was earmarked for capital expenditure.

She explained that the total expenditure for the next fiscal year stood at N1.5bn; assuring that the ministry would continue to invest in women, men, young and old in a gender-responsive manner through participatory approaches for sustainable development.

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Economy

Tax reforms meant to reduce burden  – NOA

By Web News 137 0

By Mojisola Oladele

The Director General, National Orientation Agency, NOA, Mallam Lanre Issa-Onilu has reiterated that the ongoing Tax Reforms Policies by President Bola Tinubu are aimed at making the tax payment system flexible and less burdensome for Nigerians.

Mallam Issa-Onilu stated this in an interview with Radio Nigeria, Gold FM, in Osogbo, on issues bothering the state of the Nation including the Tax Reform Bills, HIV/ AIDS, Security Awareness and Discouraging Get Rich Syndrome amongst the Youth.

Represented by the Director, Community Development, Mrs Olubukola Olorunfemi, the NOA DG explained that the existing Tax system was old, hence there was a need for a total overhauling, for the benefit of Nigerians.

Mallam Issa-Onilu noted that the four tax bills including the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill under consideration at the National Assembly aimed to stop double taxation, reduce the tax burden of low-income earners, make the process simple and transparent.

Speaking on reducing HIV/ AIDS in society and get-rich-quick syndrome amongst the youths, the NOA DG, cautioned Nigerians against unprotected sex and advised them to ensure they know their HIV/AIDS status to curtail the spread of the virus.

Mallam Issa-Onilu admonished youths not to shun the “get rich quick syndrome and to remain focused on their academic, vocational and career pursuits.

He urged parents and guardians to ensure the proper upbringing of their children as this would enhance their future and the well-being of society.

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Economy

OSHA Urges Members to Continually Update Public on Government Activities

By Web News 150 0

By Mojisola Oladele 

The Osun State House of Assembly wants the Ministry of Information and Public Enlightenment as well as the State Broadcasting Corporation, OSBC to keep the Public abreast of government activities and achievements in the state.

The Chairman House of the Assembly Committee on Finance and Appropriation, Mr Saheed Fatunmise and The Chairman, of the House Committee on Media and Public Affairs, Prince Adekunle Oladimeji, gave the advice during the ongoing 2025 budget defense exercise, held at the Assembly Complex, Osogbo.

They described the media as a platform for reliable information, hence, the need for the Ministry to ensure the dissemination of facts and truth to the public.

The Lawmakers emphasized the need for the Ministry to embrace Digital Billboards as another means of information dissemination and cautioned against leakages of government revenue, and also urged the State Ministry of Agriculture and Food Security to ensure proper use of the newly procured tractors and other farm implements to attain food sufficiency across the state.

Exchanging views with Parliamentary Reporters, the Special Adviser to the Governor on Asset Management, Mrs Fausat Bolanle Adebanjo advised people to desist from encroaching into government lands.

Other Ministries Departments and Agencies, MDAs who appeared before the Budget Defense Committee including; the Ministry of Transportation, 

Osun State Agricultural Development Corporation, OSSADEC, Osun State Agricultural Programme, OSSADEP,  Ministry of Lands and Physical Planning, Office of the Surveyor-General, Osun State Capital Territory Development Authority, Osun State Property Development Corporation and Osun Assets Management Agency.

Economy

Debt Profile: DMO Data Vindicates Us – Osun Govt

By Web News 115 0

By Funmi Ojo

The Spokesperson to Governor Ademola Adeleke of Osun State, Mallam Olawale Rasheed says the data released by Debt Management Office has vindicated Governor Adeleke-led administration on the debt profile of the state.

He said as against the falsehood published by an online news platforms and amplified by the All Progressives Congress (APC), State External Debt according to the DMO has reduced by 15% while Domestic Debt reduced by 42%.

In a statement, Mallam Rasheed noted that the Domestic debt of Osun was 148.37 billion naira as at December 2022 but reduced to 86.06 billion naira as at June 2024 while Foreign Debt as at December 2022 was 91.78 million dollars but reduced to 78.17 million dollars as at June 2024.

He said, the truth remains that Osun State Debt profile has actually reduced under the leadership of Governor Ademola Adeleke in the last two years as data doesn’t lie and cannot be hidden.

“What that means is that the Domestic debt of Osun reduced by 42% and also the External debt reduced by 15% within two years of our administration.

“What this also mean in terms of figures is that Governor Adeleke has paid back #62.31billion as domestic debt and paid off $13.61million in foreign debt, this is the burden the APC led past administration imposed on the people of the state. If this administration didn’t inherit those debt, these said amounts would have been better used for the good people of Osun state.

Mallam Rasheed pointed out that the online medium failed to do fact check adding that Governor Adeleke has not taken any loan.

“There is transparency and accountability in this government. We are concerned about the welfare of the people and we will keep doing that”.

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Economy

FG Rolls out National Construction and Household Support Programme

By Web News 137 0

President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja.

According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households.

Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country.

He added that a key component of the programme is the approval of the N50,000 uplift grant to be distributed to 100,000 families per state for three months.

He disclosed that the programme will also cater to infrastructure projects, including the Sokoto-Badagry Highway, which will traverse seven states and is considered key for agricultural sustainability. He added that the states along this axis form the food belt of the nation.

Other infrastructure initiatives include the ongoing Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. Tinubu also approved full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway.

In addition to the projects, Ngelale said the NEC approved the allocation of N10 billion to each state and the Federal Capital Territory for the procurement of buses and implementation of the Compressed Natural Gas uplift programme.

According to the presidential spokesman, provisions were also made for labour unions and civil society organizations.

During the NEC meeting, Tinubu urged state governors to collaborate in meeting the needs of citizens and boosting food production in the country.

He said, “Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.

“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.

“We are prepared to provide solar-powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.

“How much support do you need from me, and in what form? I am prepared to provide it. But we must achieve the result. We must deliver on our targets at all levels. Please report back following your consultations and submit to my office within seven days.”

Punch/ Oluwayemisi Owonikoko

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Economy

Dangote Refinery on Fire

By Web News 140 0

Report at our disposal indicates that a section of Dangote Refinery located in Ibeju-Lekki, Lagos State, was on Wednesday gutted by fire.

In a trending video, our correspondent saw a cloud of thick smoke billow into the sky from the facility.

A section of Dangote refinery in flames. Source: X

The sound of an explosion could also be heard in the video.

The cause of the fire is, however, yet unknown as of the time this report was filed.

According to Punch, the Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina, confirmed the fire incident.

A section of Dangote refinery in flame. Source: X

“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday 26th of June,” he said.

Economy

New Exco Takes Charge in Radio Nigeria Staff Unity Multi Purpose Coop. Society

By Web News 164 0

By Mosope Kehinde

A new executive for the 2024-2025 cooperative year for Radio Nigeria Ibadan Staff Unity Multipurpose society has been commissioned at its 4th annual general meeting.

The executive members are Mr. Adedayo Ajeleti as president, Mrs Anthonia Akanji as vice president, Mr. Ayodele Ojo, Treasurer; Mr Oladimeji Oyeniyi, Secretary.

Others are Mrs. Jacinta Odubanjo, Welfare; Mrs. Olutola Daramola, Ex Officio; Ms Aderonke Olajide, Ex Officio.

Responding, the new president, Mr Adedayo Ajeleti said his team counted on the support of members and appealed that the cooperation enjoyed by past executives would be extended to the new leadership.

The immediate past president of the society, Mrs Olutola Daramola noted with joy that the cooperative society was able to attend to all requests by members. She explained that the largest amount of loan was also disbursed to members in the year under review.
Mrs Daramola said the society embarked on investments which yielded profits, urging the newly commissioned executive to prioritize more investments that are viable and can improve the society.

Mrs Olutola Daramola

Earlier, representative of the Oyo state ministry of cooperatives and investment, Mrs Bunmi Oladewa tasked the new executive on accountability, prudency, fairness and building on the legacies of the immediate past leadership.


The society, with eighty-one members declared over two point one million naira as surplus against the two million naira declared in 2023.

Photos

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Economy

Ameliorate sufferings of masses, Ibadan Residents Appeal to Govt

By Web News 131 0

By Olawale Asake / Dayo Adu

Fun seekers who visited Agodi Gardens in Ibadan, Oyo State, have urged the Federal Government to find lasting solutions to the current economic hardship which they said is hitting hard on the finances of the poor Nigerians.

They made the appeal while speaking with Radio Nigeria who visited the Gardens and saw people celebrating Eid El Kabir 2024 with their family members.

One of them, Mr Kazeem Adepoju said, he brought his children to the Gardens not because he had enough, but to make them happier during the Sallah, saying, the celebration is once in a year.

On her part, a business woman, Mrs Kafayat Owolabi appealed to Leaders in Government to fulfil the electioneering promises they made and make life bearable for the people.

Mrs Owolabi who thanked God for the grace to witness the Eid El Kabir celebration, called on government to address the issue of economic dwindling.

At the Gardens, fun seekers including parents, youths and Children were seen drinking, eating and catching fun while music was playing for them to rock.

Similarly, fun seekers trooped out to the University of Ibadan Zoological Garden to expend the Eid El fitri holiday.

The fun seekers who are families, groups and individuals assumed relaxing positions to enjoy what the zoological garden facilities offered them.

Some of them who spoke to Radio Nigeria explained that the trip had afforded them the opportunity to ease out stress and meet new friends.

Although, they bemoaned the economic situation of the country which had forced them on low-key celebration, calling on government to tackle the indices inflating prices of goods and commodities in the country. 

They however, expressed the belief that the public holidays declared by the federal government would enable them carry out their personal administration and also bond with their families.

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Economy

We Are Determined To Alleviate Hardship among Osun Residents – Adeleke

By Web News 190 0

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke says his administration is focused on boosting local economy and alleviating hardship among the people by empowering market men and women as well as artisans.

Governor Adeleke stated this at the official issuance of cash backed cheques running into millions of Naira to cooperatives societies at Ife and Obokun/Oriade federal constituencies.

Addressing Cooperative societies members at Ile Ife City Hall and Ijebujesa town hall, Governor Adeleke said the funds being disbursed to the local cooperatives were designed to support grassroots businesses and to ensure financial inclusion for the vulnerable segments of the society. 

“We are here in pursuance of financial inclusion for artisans and local businesses. Our administration is determined to financially empower our grassroot traders” as “the Cooperative platform provides the best path to achieving our agenda on financial inclusion.

“You would all recall that the first Osun State Cooperative Summit was held in January, 2024. Part of the fall out of the summit was our government’s declaration that a sum of One Billion Naira would be released to the cooperative sector. My government is implementing that decision as can be attested to by stakeholders.

“The Cooperative sector in the state comprises the Federation of Osun State Cooperative Limited  ( FOSCOOP) and the newly established Ward Based Cooperative societies. In effect, there are now a minimum of about 332 Ward based cooperative societies in Osun State all of which have received about One Million Naira each. 

“To date, the amount of loans released to the Federation of Osun State Cooperative Limited (FOSCOOP) is about Seven Hundred Million Naira (N700.000,000) . The loan disbursement is being handled in batches.

Governor Adeleke maintained that his administration had released funds for the rehabilitation and upgrade of the Odeomu Cooperative College and as well directed the Ministry of Cooperative and Empowerment to ensure proper linkage between the College and the state universities to deepen the capacity of the College through academic exchanges in relevant fields.

The Governor urged beneficiaries of the first phase of the loan disbursement to invest it judiciously in their businesses.

“Our government will be following up. We promise to reward beneficiaries who grow their businesses from this exercise. We will not relent in our support to grow the local economy through financial inclusion”.

In a remark, the Ooni of Ife, Oba Enitan Ogunwusi, Ojaja II commended the initiative, describing it as a strong way to reach the grassroots of small businesses.

Ooni Ogunwusi added that the cooperative approach would boost the local economy and provide much needed funds for the small business operators to thrive and survive.

Earlier, the Commissioner for Cooperatives and Empowerment, Mr. Bayo Ogungbangbe noted that this was the first time cooperative movement would be so supported.

Governor Adeleke disclosed that the Federation of Osun State Cooperatives and the 332 Ward based Cooperatives were beneficiaries of the disbursement.

Meanwhile, the governor announced the commencement of distribution of federal and state rice to every segment of the society.

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