Economy

By Oluwatoyin Adegoke

Governor Dapo Abiodun says his administration will continue to prioritize rural communities and leverage technology while addressing water challenges in the state to ensure water sustainable. 

The Governor stated this through the Commissioner for Finance, Mr. Dapo Okubadejo at an inter-ministerial forum in Abeokuta to mark this year’s World Water Day, with the theme”. Glacier Preservation: Synergy for a Resilient Water Future. 

The program featured discussions by representatives of different ministries and agencies of the government as well as water experts on the need for effective collaborations and community involvement with stakeholders to optimize water supply management and ensure sustainable use of available water resources. 

Addressing the gathering, the Commissioner for Environment, Mr Ola Oresanya noted that efforts were being made to consolidate on the state’s achievements in the implementation of the United Nations Sustainable Development Goal of water and sanitation for all by the year 2030. 

Also, the Commissioner for Special Duties, Mrs Funmi Efuwape and that of Inter – governmental Affairs and Rural Development, Mrs Olufemi Ilori – Oduntan emphasized the importance of collective action in addressing the challenges posed by climate change to sustainable water management. 

Earlier, the Special Adviser to Ogun State Governor on SDGs and Water Resources, Engineer Damilola Otubanjo had announced ongoing maintenance of water facilities to provide affordable and accessible water supply to all residents.

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Economy

By Olusegun Folarin 

Nigeria and Benin Republic are working together to strengthen economic connections between both countries and ensure the free movement of commodities in accordance with the Africa Continental Free Trade Agreement, AfCTa. 

The collaboration also includes the renewed commitment by the Nigerian Customs Service and the Benin Republic Customs towards lowering administrative barriers, expediting trade procedures, and improving the effectiveness of customs clearance operations. 

The plans were discussed during the visit of the Customs Area Controller, Ogun 1 Area Command, Mr Muhammad Shuaibu to the Regional Director of Plateau Customs, Mr Gado Ibrahim in Porto-Novo, Benin Republic. 

Mr Shuaibu said the move to strengthen collaborations was in line with the policy thrust of the organization through the Comptroller General of Customs, Mr Bashir Adeniyi to enhance cross-border commerce for national economic growth. 

Responding, Mr Ibrahim said the authorities of Benin Republic were determined to meet the criteria for resuming full-scale trans – border trade through Igolo border with Nigeria.

He promised continued efforts to eliminate the identified bottlenecks preventing the growth of cross – border commerce, urging both Countries to keep working together on promoting fresh chances for development and partnership.

The Ogun Customs Area Controller had earlier met with Benin Republic’s Customs Controller for Igolo – Idiroko Border and engaged clearing agents, traders and other stakeholders.

Economy

By Fasilat Lawal/Rotimi Famakin

Following the  directive given by the Central Bank of Nigeria, CBN to commercial banks  on the commencement of  new transaction charges for the use of Automated Teller Machines, ATMs, some residents of Ibadan have expressed mixed reactions over the new policy.

The new charges took effect on the 1st of March this year. 

Two residents, Tomisin Toriola and Ahmed Babatunde, who spoke with Radio Nigeria in Ibadan, condemned the policy, saying it would inflict more hardship on them. 

Another resident, Mr Habeeb Aduroja noted that  with the new policy, bank customers would have no choice but to visit their banks for transactions which he said could be hectic

However, Mr Steven Odumola expressed contrary opinion saying the money generated from the charges could be used to improve infrastructures that would ease bank transaction and be beneficial to the masses. 

The Central Bank of Nigeria, CBN had in a circular signed by the apex bank’s Acting Director of financial policy and regulation department, John Onojah that customers withdrawing from their bank ATMs  will continue to enjoy free withdrawals.

Mr Onojah also stated that One hundred naira fee will apply per twenty thousand naira withdrawal at ATMs located at bank branches.

He noted that For withdrawals at ATMs of other banks, one hundred naira fee plus a surcharge of up to four hundred and fifty naira per twenty thousand naira withdrawal will be charged.

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Economy

By Abisola Oluremi

The Oyo/Osun Area Command of the Nigeria Customs Service, NCS, says it generated over Two Billion Naira between February 1st and 27th, 2025.

The Comptroller, Mr Joseph Adelaja stated this at a news conference held at the Command Headquarters, Ikolaba, Ibadan.

Mr Adelaja explained that the impressive feat was a result of diligence and efficiency of officers in reducing tax evasion, and the use of advanced technology for data analytics, which enhanced monitoring of trade flows and identification of discrepancies

He noted that the Command seized some contraband goods including Foreign Parboiled Rice, Used tyres, Petroleum Motor Spirit, Used Clothes worth over One Hundred and Fifty Million Naira, duty paid value within two weeks.

Speaking further, the Comptroller, NSC Oyo/ Osun Command said there was strengthened collaboration with other security agencies to dismantle smuggling networks operating in the region.

My Adelaja resumed at the command on 7th February , 2025 after Dr Ben Oramalugo was transferred to another command

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Economy

President Bola Tinubu has signed into law the 54.99 trillion naira 2025 Appropriation Bill.

The signing ceremony took place on Friday in the President’s office at the State House, Abuja, in the presence of principal officers of the National Assembly and other top government officials.

The bill was passed by the two Chambers of the National Assembly on Thursday, February 13, after President Tinubu requested an increase from the initially proposed 49.7 trillion naira.

The approved budget of 54.99 trillion naira exceeds the President’s initial proposal of 54.2 trillion naira.

The budget is based on key economic assumptions, including a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel.

The increase in the budget reflects additional anticipated revenues from agencies such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).

The 2025 budget aims to address critical areas, including security, infrastructure, education, and health.

Notably, $200 million has been allocated to mitigate the impact of recent reductions in U.S. health aid.

The Punch/Maxwell Oyekunle

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Economy

By Abimbola Bamgbose

Ogun State and a foreign investor known as Jose Batista Sobrinho, JBS, are partnering to improve Nigeria’s livestock sector with the state in line to reap substantially from a $2.5 billion investment.

While receiving the controlling shareholder of Jose Batista Sobrinho, JBS, Mr Wesley Batista who led his team to the governor’s office in Oke-Mosan, Abeokuta, Governor Dapo Abiodun highlighted Nigeria’s strategic position as Africa’s most populous nation.

Governor Abiodun emphasized the state’s commitment to infrastructure development, including power generation and distribution, assuring the investors that industries operating within the state would benefit from Nigeria’s most cost-effective power supply.

The governor reaffirmed his administration’s significant investments in security to safeguard lives and property and pledged to collaborate with President Bola Tinubu’s administration to enhance food security and mitigate food scarcity and inflation in Ogun State and Nigeria at large.

The controlling shareholder of JBS, Mr Wesley Batista, emphasized the country’s vast potential in human and natural resources and expressed his company’s readiness to leverage its expertise in livestock production to contribute to Nigeria’s economic development.

Also speaking, Chairman of Flour Mills of Nigeria, FMN, Mr John Coumantaros lauded Governor Abiodun’s efforts in expanding infrastructure, which he said has driven increased investment and economic development.

Mr Coumantaros also noted that President Tinubu’s administration is focused on improving Nigeria’s macroeconomic conditions through major infrastructure projects spanning the country.

In her remarks, Chief Executive Officer of the Nigeria Investment Promotion Commission, NIPC, Aisha Rimi, stated that the meeting followed a technical assessment conducted by JBS to evaluate Ogun State’s investment potential.

She confirmed that the company plans to invest $2.5 billion over the next five years, with Ogun State set to be a key beneficiary of this initiative.

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Economy

By Oluwatoyin Adegoke 

Nigeria is collaborating with the Republic of Benin to enhance the potential of cross-border trade in fostering economic growth, cultural exchange, and regional cooperation.

Representatives of both countries reaffirmed their commitment to strengthening the partnerships for economic integration at the annual Festival of Art for Economic Development, held at Idiroko border town with the theme “Cross-Border Trade: What It Is and Why It Matters”. 

Addressing the participants, the Customs Area Controller, Ogun 1 Area Command, Mr Mohammed Shuaibu said the transformative power of cross-border trade would promote sustainable economic activities through trade and cultural diplomacy while fostering peace and mutual understanding among the people. 

Mr Shuaibu said the Nigeria Customs Service would not relent in sustaining the efforts at enhancing trade facilitation and economic development in collaboration with the relevant stakeholders.

In a keynote address, the Executive Producer of the Festival, Dr. Bonny Botoku described cross-border trade as the lifeblood of regional economies, aimed at generating employment, increasing revenue, and enhancing market access for businesses. 

The Arts Festival featured presentations by the Nigeria Customs Service on the history, benefits and challenges of cross-border trade as well as calls for policy harmonization, technological integration, and improved border security to address the persistent challenges of informal trade, revenue loss, and illegal migration.

Participants also showcased an array of artistic expressions, reflecting the vibrant cultural and economic ties between Nigeria and the Benin Republic, while reaffirming their commitment to strengthening economic integration, promoting legal trade practices, and leveraging art as a vehicle for sustainable development.

The event attracted traditional rulers, border community leaders local government authorities, students and representatives of various interest groups from both countries.

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Economy

By Mosope Kehinde

The Oyo State House of Assembly has called on the State Government to conduct a comprehensive audit on the Integrated Agricultural Silo Complex Project at Awe in Oyo East Local Government.

In a motion presented to the house by Mr Olorunpoto Rahman, the call became necessary to assess the current status of the project, the total amount expended, and to take appropriate action based on the findings that emanated its abandonment.

Mr. Olorunpoto noted that the purpose and critical roles of the Integrated Agricultural Silo in curbing the menace of food scarcity in Oyo State and Nation at large call for urgent attention that will yield positive influence to ensure its aim of food surplus.

“This infrastructure was intended to reduce post – harvest losses, stabilize food prices, and support farmers by ensuring that surplus produce could be stored and made available during periods of scarcity”

“Given the current skyrocketed prices of food in Nigeria, completion of this project would go a long way to boost food supply and guarantee food security in the State and the Country at large.” The motion stated

He lamented that the Project, with a planned capacity of 10,000 metric tonnes was envisioned to be the largest and first of its kind in Nigeria.

The lawmaker added that the project has been abandoned despite the expenditure of over #1.5 billion and over 11 years of work on – going.

 House however directed its Standing Committee on Agriculture and Rural Development to engage all stakeholders on the way forward and report back their findings to the House.

Economy

By Iyabo Adebisi

Oyo State governor, Engineer ‘Seyi Makinde says that for Nigeria to beat the poverty trap and become a prosperous country, its economy must be built to weather all storms. 

He said the country must also raise entrepreneurs and improve the education standard, stating that despite Nigeria’s natural resources, its people might remain poor until its leadership put the right things in place. 

Governor Makinde, who was responding to a sermon delivered by Bishop Williams Aladekungbe of Ibadan North Anglican Diocese at the funeral service of his (Makinde’s) elder brother,  Sunday Makinde, held at the Bishop Akinyele Memorial Anglican Church, Ibadan, said mineral resources are not enough to liberate a nation from poverty. 

According to the governor, the experience of a country like Venezuela, which despite its huge oil reserves cannot hold a candle to Finland, which has based its growth on developing its human capital, is enough to teach Nigerian leaders to, apart from managing the country’s natural resources well, invest more in educating its younger generation and building more entrepreneurs. 

He said: “While preaching, the Bishop raised some issues. He said Nigeria does not have any reason to be poor because we do have natural resources. But natural resources alone do not lead to prosperity and that is just the reality. 

“The country with the highest reserve of oil in this entire world is Venezuela and it is poor. So, to have prosperity, we must raise entrepreneurs and raise the standard of education. 

“I was in Finland with my Team and I tried to make enquiries on why the country got so developed. I asked if they had oil, and they said no. I asked if they had gold and silver and they said no. I asked what they had and they said it was education. 

“So, in Oyo State, since we came in six years ago, we resolved to meet and exceed the UNESCO recommendation on education by allocating over 20 per cent of our budget to the sector, it is because we know that some people will need to be entrepreneurs to turn the natural resources into something that can take us out of poverty. 

“Yes, God has blessed us and we should be thankful to Him for that. The first Industrial Revolution was coal. Nigeria was rich then because we had coal but nobody is using it again because the world has moved to oil. Very soon, they will move away from oil to something else. So, we must be prepared. We must go beyond depending on natural resources to having an economy that can weather all storms.”

The governor, who eulogised his late brother, fondly called Sundo, as a good man, a good brother, a good husband and a good father, recounted how he sacrificed his university education to join the Navy so that his siblings could have a better life.

He announced the donation of a sum of N25 million to the church towards immortalising his brother, saying: “To start the process of immortalization, on behalf of the entire Makinde family, we will donate N25m to the church.

Earlier, Bishop Aladekungbe pointed out the inevitability of death, stating that late Sunday Makinde had done his bit and that it was now left for those alive to do their best to serve God and fulfil their purposes on earth. 

He equally tasked the leadership of the country with the need for the effective management of the country’s natural resources, stating that it was the only way the country could get out of the doldrums. 

Dignitaries in attendance at the funeral service included the chairman of the PDP Governors’ Forum and Bauchi State Governor, Senator Bala Mohammed; Osun State Governor, Senator Nurudeen Ademola Adeleke; Plateau State Governor, Caleb Mutfwang; the Governor of Delta State, who was represented by the Deputy Governor, Mr Monday Onyeme; former Governor of Osun State, Prince Olagunsoye Oyinlola; wife of Oyo State Governor, Engr. (Mrs) Tamunominini Olufunke Makinde; and Alhaja Mutiat Ladoja, wife of a former Governor of Oyo State. 

Others included the Acting Chairman of the Peoples Democratic Party (PDP), Ambassador Umar IIiya Damagum; and former Deputy Governor of Oyo State, Ambassador Taofeek Arapaja. 

Also in attendance were Minister of Power, Chief Adebayo Adelabu; Senator Sharafadeen Ali, Senator Yunus Akintunde, Abass Adigun and the Speaker of Oyo State House of Assembly, Rt Honourable Adebo Ogundoyin.

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Economy

By Funmi Ojo

The Osun State Governor Senator Ademola Adeleke has charged the Imole Youth Corps to demonstrate strong commitment in whatever sector they are assigned to.

Governor  Adeleke gave the charge at the inauguration of Imole Youth Corps and said the recruitment of the Imole Youth Corps is a transitional arrangement designed to provide opportunities for our youth from all walks of life.

The Governor who noted the widespread joblessness among the youth, said his administration is focused on tackling the unemployment crisis.

“Our first decision is to create an enabling environment for job creation by both the government and the private sector. Part of the actions taken so far by the administration is to provide financial support to small businesses through cooperative movement, statewide infrastructure upgrade and the recent launching of the agropreneur programme.”

He maintained that his government is also enforcing local content in the implementation of the state’s infrastructure projects by engaging local contractors who in turn employ local technicians, thereby imparting new skills as well as patronizing local suppliers to ensure Osun money revolves within Osun state.

The newly enrolled Imole Youth Corps members are to be trained to deliver support services across the grassroots economy and sectors.

“As you are aware, your selection was made through a rigorous process. You must justify the confidence reposed in you by working diligently in your posted areas”.

Governor Adeleke emphasised that the activities of the Imole Youth Corps would be subjected to regular performance evaluation. In this vein, I direct the Ministry of Youth Development to enforce the performance evaluation system to ensure that the goals of the programme are realized.

Earlier in a welcome address, the commissioner for youths in the state Mr. Moshood Olagunju had explained that ten thousand youth spread across the 332 political wards are engaged to provide services in the area of health, security, environment and education.

Mr. Olagunju described Governor Ademola Adeleke as a visionary leader who demonstrates his love for the development of youths by engaging them to become active contributors of the growth of the state.

He, therefore, urged the beneficiaries of Imole Youths Corps to remain dedicated to the virtue of excellence and teamwork to build a better state.

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Economy

By Iyabo Adebisi

The Minister of the Federal Capital Territory, Nysom Wike has called on Nigerians to be patient in view of current economic difficulties facing the country.  

Speaking in Ibadan during a condolence visit to the governor of Oyo State, Engineer Seyi Makinde, over the death of his elder brother, Sunday Makinde, Mr Wike emphasised that the policies being implemented by President Bola Tinubu are for the betterment of nigerians.

The minister who led former governor of Benue State, Samuel Ortom and other dignitaries, urged the people to understand that while the transition may be painful, it is necessary for long-term benefits.

He said, “I have always told people to be patient with this government. This country has faced significant challenges in the past, and it’s essential to recognise the progress we’ve made. Nigerians often forget where we were and the efforts being put in place to improve our situation.”

“Although we may have to endure some hardships now, we should not panic. Mr. President genuinely cares for our country, and I assure you that better days are ahead.”

“There is no such thing as a miracle solution. The policies Mr. President is enacting are designed to benefit all Nigerians.”

Mr. Wike said the visit was to identify with Governor Makinde and prayed God to give him strength to bear the irreparable loss of his mentor. 

In a related development, PDP elder statesman, Chief Bode George also led some PDP chieftains on a condolence visit to Governor Makinde. 

Economy

By Olaolu Fawole

In times of financial hardship, many individuals turn to quick solutions to meet urgent needs. However, for those unable to access formal financial institutions, loan sharks, individuals or unregulated lenders offering high-interest loans, often become the only option.

Beneath their superficial appearance, lies a sinister reality that plunges victims into deeper financial and emotional distress.

Loan sharks target individuals who lack financial literacy and are in immediate need of money.

Unlike regulated financial institutions, loan sharks often bypass legal and procedural requirements, offering loans without collateral or credit checks.

While this may sound attractive to borrowers in dire situations, these loans come at exorbitant interest rates and with severe consequences for non-repayment.

A Shocking Debt Trap

A man was erroneously credited with ₦2.9 million by an online loan company. The borrower never requested for up to that amount, but when he lodged complaints to clarify the error, the company refused to provide any means to refund the money.

Instead, they insisted he repay ₦8 million within two years, a staggering 275% increase over the original amount.

Without an avenue to return the unrequested funds, the borrower was left at the mercy of the lender.

As the repayment date approached, he faced relentless harassment, including public shaming and threats of legal action.

His case highlights the exploitative and unethical tactics loan sharks use to entrap unsuspecting individuals.

This predatory practice is alarmingly common, particularly among digital loan sharks, who often operate in legal grey areas and use technological tools to intimidate borrowers.

Loan sharks employ several manipulative strategies to entrap their victims such as erroneously depositing money into accounts without borrowers’ consent and later demanding repayment with exorbitant interest.

Their loans often come with rates that can exceed 100% per month, trapping borrowers in a cycle of debt, while non-payment is met with threats, public shaming by sending defamatory messages to their contacts, and in extreme cases, violence.

These tactics are not only exploitative but also violate data protection and privacy laws.

Unfortunately, many victims are unaware of their rights or how to seek legal redress.

The financial and emotional toll of loan sharks is devastating. Victims often find themselves trapped in a cycle of escalating debt, where repayments barely cover the interest.

In some cases, psychological distress, whereby constant harassment leads to anxiety, depression, and even suicide in extreme cases.

The case of the man erroneously credited with ₦2.9 million demonstrates how loan sharks exploit financial desperation and technical loopholes to trap individuals in predatory schemes.

Beyond individuals, the broader community suffers, as loan sharks perpetuate poverty and erode trust in financial systems.

Proactive steps to avoid falling victim People should borrow from licensed and regulated financial institutions. Also, they should read the and ensure they understand repayment obligations before borrowing.

People should never accept or spend money deposited into their accounts without their consent and such moves need to be report to relevant authorities immediately.

Loan sharks thrive in the shadows, preying on the most vulnerable members of society.

As individuals, communities, and governments, there must be collective efforts to expose their operations and provide better financial alternatives for those in need.

By raising awareness, enforcing regulations, and promoting financial inclusion, the society can break the cycle of exploitation and empower individuals to achieve financial stability.

The fight against loan sharks is far from over, but with collective efforts, a future free from their grip is within reach.

Economy

By Mojisola Oladele

Osun State Government said N11,371,504,490 would be carved out from the N427,746,925,170.00 budget of 2025 to cater for the Agriculture, Commerce and Industry sectors.

The state Commissioner for Economic Planning, Budget and Development, Professor Moruf Adeleke made this known to newsmen in Osogbo.

Professor Adeleke said that the Budget of Sustainable Growth and Transformation was crafted to fast-track the revitalization process of the sectors, to boost the economy of the state. 

According to Professor Adeleke, “The 2025 budget was predicated on Government policies and influenced by macro-economic variables such as inflation rate, GDP growth rate, exchange rate, oil price, as well as the citizens’ needs, leading to a significant upsurge of 56% as against the 2024 budget.”

He maintained that the present administration led by Senator Ademola Adeleke, is focusing on agriculture, creative industry, digital economy, education, health, sports, roads, and general infrastructure alongside women and youth programmes and policies.

Professor Adeleke said that the budget process was carefully and meticulously done with stakeholders, among Civil Society Organizations, CSOs, Members of Traditional Council, Market Women and Men Associations.

The Osun State Government initially presented a proposed budget of N390,028,277,740.00 which was later increased by N37,718,647,430.00) bringing the total budget to a sum of N427,746,925,170.00 to accommodate the increasing citizens’ needs.” Professor Adeleke explained further

Professor Adeleke added “The 2025 approved budget has a total size of N427,746,925,170.00. N251,670,167,990.00 is expected to come from the Federation Accounts Allocation Committee (FAAC) consisting of Statutory allocation, Value Added Tax, Exchange Rate Gain, Ecological Fund, Electronic Money Transfer Levy and other revenue from FAAC”

Recalled that Governor Ademola Adeleke signed the 2025 budget tagged ” Budget of Sustainable Growth Development and Transformation” into law after Osun State House Assembly added N37,718,647,430 to accommodate citizen’s needs.

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Economy

By Iyabo Adebisi

Oyo State government has distributed cheques of twenty million naira to the victims of fire incidences in four markets in Ibadan, the Oyo state capital to bring succour to the affected traders and as part of its poverty alleviation programme

The markets are Gbaremu, Sango, Oke-Itunu and Oranyan markets. 

Presenting the symbolic cheques to the leadership of the markets, at the Conference Room of the Ministry of Women Affairs and Social Inclusion, the Commissioner for Women Affairs, Mrs Toyin Balogun said as a responsible government, the step became necessary to support the traders having lost their means of livelihood to fire outbreak. 

Mrs Balogun urged the market executives to be transparent in handling the grant by giving it to the real victims of the fire incidences so as not to defeat the objectives of the grant. 

Mrs Balogun explained that Governor Seyi Makinde’s government would extend the gesture to other affected victims of fire outbreaks across other markets in the state.

The commissioner equally gave an assurance that the state government would organize training for market stakeholders on fire prevention measures across the state to halt future recurrence of fire outbreaks in markets. 

In their remarks, former speaker, Oyo State House of Assembly, Senator Monsura Sumonu, Women Leader of People’s Democratic Party in South-West, Chief Bosede Adedibu enjoined market men and women to utilize the grants judiciously. 

Two of the market executives, Adetayo Oluwole and Basirat Ahmed expressed gratitude to Governor Seyi Makinde for the kind gesture. 

A highlight of the event was the symbolic presentation of dummy cheques to the beneficiaries

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Economy

The President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, has accepted an invitation from President Bola Tinubu to visit Nigeria in 2025.

President Tinubu, who arrived in Abu Dhabi on Sunday as a guest of the UAE President to participate in the Sustainability Week, urged his counterpart to collaborate with Nigeria to strengthen its economy.

This was disclosed in a State House release on Thursday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

President Tinubu extended the invitation to Al Nahyan on Wednesday night during their bilateral talks at the Emirates Palace Mandarin Oriental, Abu Dhabi.

The Sustainability Week is a forum for exchanging ideas to support sustainable development globally and encourage collective action to address challenges such as climate change, water scarcity, and energy crises.

Earlier on Wednesday, President Tinubu delivered Nigeria’s position on climate issues and other global challenges and congratulated the UAE leader on the successful hosting of the event.

During their discussions, Al Nahyan thanked the Nigerian leader for accepting his invitation and expressed the UAE’s determination to strengthen economic cooperation with Nigeria.

The two leaders also explored strategies to attract investment into Nigeria.

“President Tinubu said his government’s economic reforms are yielding results and called on the UAE to partner with Nigeria to further develop its economy,” the statement partly read.

He noted that Nigeria’s economic reforms have boosted foreign investor confidence, with international oil companies and other investors announcing billion-dollar investments, signifying renewed interest in doing business with Africa’s most populous nation.

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar; Minister of Finance, Wale Edun; and National Security Adviser, Nuhu Ribadu, accompanied President Tinubu to the meeting.

Those who joined the UAE President included the Deputy Prime Minister and Minister of Foreign Affairs, Abdullah bin Zayed Al Nahyan, and the Deputy Chairman of the Presidential Court for Special Affairs, Hamdan bin Mohamed bin Zayed Al Nahyan, among others.

Punch/Adebukola Aluko

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Economy

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

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

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

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

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

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

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

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

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

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.

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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