Economy
Gbajabiamila engages development partners, wants foreign debt cancelled
In light of the grinding economic impacts of Covid-19, Nigeria’s Speaker, Rep. Femi Gbajabiamila, has engaged some international development partners on the Debt Cancellation Campaign Initiative (DCCI) under the umbrella of Conference of Speakers and Heads of African Parliaments (CoSAP).
During a roundtable at the National Assembly organised by the Office of the Speaker, the international partners expressed readiness to support the CoSAP debt cancellation drive for African countries.
Present at the roundtable was the World Bank’s Country Director in Nigeria, Shubham Chaudhuri, as well as delegations of other international development agencies operating in Nigeria, including the European Union; ECOWAS; the United Nations Development Programmes (UNDP); the FCDO Partnership to Engage, Reform and Learn (PERL), and the FCDO Engage Citizens Pillar (ECP).
Also in attendance were the Japan International Cooperation Agency (JICA); Canadian International Development Agency (CIDA); the United Nations Office for Drugs and Crime (UNODC); Mercy Corps; GIZ Nigeria, and the National Democratic Institute (NDI).
While introducing CoSAP to his guests, Gbajabiamila noted that foreign debt cancellation for African countries was topmost on the group’s agenda and solicited their support to make it a reality.
Gbajabiamila specifically sought the views of the World Bank Country Director, Chaudhuri, on debt cancellation, considering the impact of the coronavirus pandemic on African economies.
The speaker, who stressed that foreign debt was strangling African countries individually and collectively, noted that “we can all sit here and talk about revamping the economy, develop the infrastructure in terms of health, education and all of those things, which are great and wonderful
“But, we may be doing it, and it would be, hopefully not be an exercise in futility because these things require money and if all your money is going toward servicing debt, then how are we serious about this (Legislative) agenda?
“So, one of the main issues we are dealing with in that association is debt forgiveness in the form of debt cancellation. In other words, pressing the reset button; we made commitments, we’ve done a lot, so, we are here to take responsibility in terms of transparency and accountability. We even signed an Accountability Pledge in ensuring all freed up resources will be spent wholly on addressing the social and economic pains our people bear.
“We consider this debt forgiveness if we do get it, as money in hand and we have to channel these towards the development of the continent.
“So, my question is when I said I want to tap your brains, how feasible is this, what role can you play in terms of helping us advocate for debt forgiveness? Not debt relief because debt relief, as far as I’m concerned, is just basically kicking the can further down the road; you are still going to go and pick it up later.”
Responding, Chaudhuri expressed that the issue was being pushed by the World Bank President, David Malpass, before the Group of Twenty (G20).
He said transparency and accountability had been an issue dating back to the previous debt cancellation initiative between 1995 and 2005 for highly indebted countries globally.
As such, he said, CoSAP had a major task of convincing the creditors, especially the bilateral official debt to the Organisation for Economic Cooperation and Development (OECD) economies or the Paris Club, on the commitment to transparency and accountability to the terms of the agreement.
According to him, Africa has been piling up commercial debt, adding, “What has happened over the last 20 years is that the debt levels have built up.
“For Nigeria, as you may have known over the issue of financing, does not have debt problem but for other sub-Saharan African countries, the debt level has actually gone up again to a very high level. But this time, a lot of them are commercial debts and official bilateral debts or a kind of semi-official bilateral debt.
“So, the G-20 and the World Bank President have put up on the agenda that that also needs to be approached, especially given the global crisis.
“The problem is, there is a very different set of creditors that we are talking about and it will take a lot more work. That’s one thing that has changed.”
While commending the frank response of the World Bank’s Country Director on the issue, the Speaker said all hands have to be on deck to make debt cancellation a reality.
Gbajabiamila disclosed that some members of CoSAP have signed an Accountability Pledge on the issue that would be shared with them for a better understanding of the position of the continental legislative body.
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
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