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ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA

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ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA

…As NEC appeals to organized labour to shelve planned strike

By: Michael Mike

The Vice President, Senator Kashim Shettima, has identified stability as one of the primes in the economic agenda of the Tinubu administration for the year 2024.

This is just as the National Economic Council (NEC) has appealed to the Organised Labour to shelve its planned strike, saying President Bola Tinubu remains committed to the welfare of Nigerian workers.

The Vice President stated that government at the federal, state and local government levels must remain committed to reevaluating their priorities, streamlining processes, and making bold decisions that would reflect key social issues, including social protection, social investment and nutrition.

Senator Shettima stated this on Thursday at the 136th meeting of the National Economic Council (NEC) held in the Council Chamber of the Presidential Villa, Abuja.

NEC, a statutory body that has the mandate to advise the President on the nation’s economic affairs, is chaired by the Vice President, with the Governors of the 36 states of the federation, the Governor of the Central Bank of Nigeria (CBN), Minister of Finance and other stakeholders as members.

In his opening address at the NEC meeting titled, ‘Planning for Stability: Our Agenda for Economic Growth in 2024’, Vice President Shetimma reminded the governors and other members of NEC that the weight of the tough decisions to rescue Nigeria’s economy depends on their cooperation and goodwill.

He noted that what has set President Bola Ahmed Tinubu apart as a Nigerian leader is the courage to embark on fixing the country’s economy through bold reforms.

Identifying stability as a major priority in next year’s economic agenda, the VP said, “It took courage to embark on fixing an economy hindered by decades of political lip service. But that’s what has set President Bola Ahmed Tinubu apart: his bold reforms to reposition the economy and save it from further erosion.

Other highlights of the meeting are as follows;

ACCOUNTS BALANCES:

Excess Crude Account: – $473,754.57

Stabilization Account – N34,936,868,803.58

Development of Natural Resources – N128,330,636,441.14

The Governor of Kogi State and chairman of the Committee on impact of Flood and Disaster Across the States in Nigeria, Yahaya Bello, categorized states based on degrees of damage.

He classified the states as:

Group A
States with over 15 points (most affected)
Anambra, Bauchi, Bayelsa, Benue, Borno, Kogi, Nasarawa, Niger, Rivers, Enugu, Kano, Oyo, Yobe, Zamfara
Group B
States with 10-15 points
Cross River, Delta, Jigawa, Kwara, Ondo
Group C
States with less than 10 points
Katsina, Abia, Adamawa, Akwa Ibom, Bauchi, Ebonyi, Edo, Ekiti, Gombe, Imo, Kaduna, Katsina, Kebbi, Lagos, Ogun, Osun, Plateau, Sokoto, Taraba, FCT.

COUNCIL RESOLUTION:

NEC resolved to develop a roadmap for intervention and directed NEMA to provide immediate intervention on relief to affected states. Roadmap to be developed and articulated by NEC with the Chairman of the Nigeria Governors Forum.

Presentation on the Joint Planning Board (JPB) And National Council on Development Planning (NCDP)

The presentation on the National Council on Development Planning (NCDP) and the Joint Planning Board (JPB) meetings serve as a platform for bringing together Senior Officials from Federal and State ministries, as well as other related Agencies responsible for Budget and Economic Planning, Representatives of the Organized Private Sector, the Academia, Development Partners and Civil Society Organizations to engage in in-depth discussions on economic policy issues, with a view to propose an optimal approach for enhancing economic management processes at both National and Sub-national levels.

B. Status Report on the Implementation of Key Resolutions of the 21st Edition of the JPB/NCDP Meetings

i. The FMBEP should collaborate with the States in the process of designing a template for harvesting the status of implementation of the JPB/NCDP resolutions, factoring the peculiarities of each State. i. The FMBEP should collaborate with the States in the process of designing a template for harvesting the status of implementation of the JPB/NCDP resolutions, factoring the peculiarities of each State.

C. Energy Sufficiency for Sustainable Economic Development: Options for Nigeria

i. Government at all levels should promote the migration of Heavy-Duty Industries/Transport systems from fossil fuel to Gas Infrastructure;

ii. Given the new Electricity Act that empowers States and individuals to participate in all components of the energy sector, State Governments should carry out energy audit to determine Energy needs and explore areas for collaboration with the private sector based on their comparative advantage; iii. States should develop small hydropower plants, on or off-grid, and solar, for communities and MSMEs; iv. The three tiers of Government should institute initiatives for the promotion of attitudinal change regarding energy use, wastage, and theft; and v. The government should promote Research and development, Local Content, New Energy (Hydrogen, Biofuels) Prototype Investments for energy sufficiency.

COUNCIL RESOLUTION:

Council noted that the meeting was successful and approved regular interaction and synergy among commissioners of Economic Planning across the federation.

PRESENTATION ON THE PRESIDENTIAL COMMITTEE ON FISCAL POLICY AND TAX REFORMS

The chairman of the Committee Mr. Taiwo Oyedele made presentation to the NEC on the fiscal policy and Tax Reforms, disclosing that the Committee was set up by His Excellency, President Bola Ahmed Tinubu, GCFR, to review and redesign Nigeria fiscal system with respect to:

(1) Revenue mobilisation, both tax and non-tax

(2) Quality of government spending and

(3) Sustainable debt management in addition, the committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth.

Deliverables and outcomes

The expected outcomes from the work of the committee will include, but not limited to the following:

  1. Repeal of existing taxes and levies especially those that are suboptimal, obsolete or unduly burdensome and enactment of new harmonised tax laws;
  2. Preparation of a harmonised list of taxes and levies, not exceeding a single digit in number and covering all levels of government;
  3. Review of the 2017 National Tax Policy to produce a new National Policy on Tax and Fiscal Policy for ratification by the federal and state governments;
  4. A national fiscal risk framework for efficient fiscal governance, fiscal consolidation and stability;
  5. Draft bills for constitutional amendments on fiscal matters to promote fiscal federalism;
  6. Enhancements to the revenue administration system to improve revenue mobilization and a robust framework for tax revenue accounting and reporting to improve taxpayer trust;
  7. Establishment of National Office of Tax Ombudsman, Fiscal Policy and Tax Simplification.

COUNCIL RESOLUTION

Council noted the presentation

UPDATES ON PALLIATIVE DISTRIBUTION ACROSS THE STATES

The Governor of Kwara State, Abdulraman Abdulrazaq gave an update on the distribution of palliatives across the States. He told Council that members are making progress and urged them to re-double efforts as states looked forward for more interventions.

ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA

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Nigeria Reaffirms One-China Policy, Seeks Deeper Economic Partnership With Beijing

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Nigeria Reaffirms One-China Policy, Seeks Deeper Economic Partnership With Beijing

By: Michael Mike

The Nigeria-China Strategic Partnership (NCSP) has reaffirmed Nigeria’s unwavering commitment to the One-China Principle, describing the country’s position on Taiwan as settled, consistent and non-negotiable.

The reaffirmation comes amid renewed global attention on China’s insistence that the People’s Republic of China remains the sole legitimate government representing China, with Taiwan regarded by Beijing as an inseparable part of its territory.

According to the NCSP, Nigeria’s adherence to the One-China policy dates back more than five decades to the establishment of diplomatic relations with China in 1971, and has remained a cornerstone of bilateral relations between both countries.

The agency noted that Nigeria again demonstrated its commitment during President Bola Ahmed Tinubu’s meeting with President Xi Jinping in Beijing in 2024, where both nations issued a joint statement reaffirming Nigeria’s recognition of the People’s Republic of China as the only legal government representing the whole of China.

The NCSP said Nigeria also expressed support for China’s pursuit of national reunification during the high-level engagement.

The statement followed heightened diplomatic conversations surrounding the Taiwan issue after a recent visit to Beijing by a United States delegation reportedly led by President Donald Trump alongside leading American business executives.

Director-General of the NCSP, Joseph Tegbe, said Nigeria intends to build on its longstanding diplomatic ties with China to unlock broader economic opportunities in manufacturing, technology transfer, industrialisation and export-driven production.

Tegbe observed that China has played a major role in supporting Nigeria’s infrastructure development through investments in railway projects, ports, energy facilities, telecommunications and industrial expansion.

He stressed that the partnership should now evolve into deeper collaboration in Nigeria’s digital economy, solid minerals development, agro-processing and consumer markets in order to create a more balanced and productive economic relationship.

The NCSP reiterated its commitment to expanding bilateral cooperation between Nigeria and China across trade, infrastructure, investment, technology transfer and capacity building, with the ultimate objective of delivering measurable economic benefits to Nigerians.

Nigeria Reaffirms One-China Policy, Seeks Deeper Economic Partnership With Beijing

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NDLEA Busts Mega Nigerian-Mexican Meth Syndicate, Seizes N480bn Drugs in Largest Lab Raid Ever

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NDLEA Busts Mega Nigerian-Mexican Meth Syndicate, Seizes N480bn Drugs in Largest Lab Raid Ever

By: Michael Mike

The National Drug Law Enforcement Agency has dismantled what officials described as one of the most sophisticated transnational drug syndicates ever uncovered in Nigeria, arresting a notorious drug baron, three Mexican methamphetamine experts, and six Nigerian collaborators in a sweeping operation spanning Ogun and Lagos states.

The operation also led to the discovery and destruction of what the agency called the largest clandestine methamphetamine laboratory ever found in the country, hidden deep inside a forest in Ijebu area of Ogun State.

Chairman and Chief Executive Officer of the NDLEA, Mohamed Buba Marwa, disclosed the details on Wednesday during a media briefing at the agency’s headquarters in Abuja, describing the raid as a major blow against transnational organised crime and illicit drug manufacturing networks operating in Nigeria.

According to Marwa, elite operatives from the agency’s Special Operations Unit executed coordinated strikes across Ogun and Lagos within 48 hours after months of intelligence gathering and surveillance.

He said the primary target was a remote property located inside Abidagba forest in Ijebu East Local Government Area of Ogun State, allegedly operated by a drug trafficking organisation headed by suspected kingpin, Anochili Innocent.

Marwa revealed that operatives stormed the forest laboratory on May 16, catching members of the cartel while processing illicit substances.

Among those arrested were three Mexican nationals identified as methamphetamine production specialists allegedly brought into Nigeria to run the operation. They were named as Martinez Felix Nemecto, Jesus López Valles, and Torrero Juan Carlos.

Four Nigerian collaborators arrested at the laboratory were identified as Nwankwo Sunday Christian, Igwe Abuchi Remijus, Ifeanyichukwu Chibuike Joshua, and Egwuonwu Uchenna Victor.

Simultaneously, another tactical team raided the Lekki residence of the alleged cartel leader at Golf Estate, Lakowe, Lagos, where Anochili was arrested.

Marwa said a search of the property uncovered the passports and mobile phones of the three Mexican suspects, linking the alleged drug baron directly to the importation and coordination of foreign methamphetamine specialists.

The NDLEA boss disclosed that follow-up operations on May 18 led operatives to another property linked to the suspect at Mayfair Estate, Lakowe, where another alleged syndicate member, Kingsley Orike Omonughwa, was arrested.

Investigators also stormed the residence of another suspected collaborator, Emeka Nwobum, said to have operated a strategic stash house for the cartel.

The arrests brought the total number of suspects in custody to 10, including the kingpin, the Mexican specialists, and six Nigerian collaborators.

Marwa said the operation yielded an unprecedented 2,419.48 kilograms of chemical substances, including crystallised and liquid methamphetamine as well as dangerous precursor chemicals and industrial solvents.

He estimated the international street value of the seized narcotics at 362.9 million dollars, equivalent to over N480 billion.

According to him, the volume of drugs recovered represented millions of potential street doses capable of fueling addiction, violence, and organised crime across local and international markets.

The agency also recovered operational vehicles including a Toyota Tacoma allegedly used at the forest laboratory and a Toyota Highlander seized from the cartel leader’s residence.

Marwa warned that Nigeria would remain hostile territory for drug cartels and foreign criminal networks attempting to establish manufacturing bases in the country.

“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.

“No matter how deep into the bush you hide, no matter how secure your gated estate is, the NDLEA will hunt you down, dismantle your network, and seize your illicit wealth.”

The NDLEA chairman also linked the latest operation to the recent takedown of another international drug trafficking network allegedly headed by Simon Amadi, saying the agency was intensifying cooperation with global law enforcement partners to combat organised narcotics operations.

He commended operatives of the Special Operations Unit and the agency’s chemical and forensic teams for what he described as exceptional professionalism and bravery during the operation.

Marwa also urged Nigerians to remain vigilant and report suspicious activities, warning that the Ogun forest laboratory had operated under the guise of a legitimate farm.

NDLEA Busts Mega Nigerian-Mexican Meth Syndicate, Seizes N480bn Drugs in Largest Lab Raid Ever

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U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria

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U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria

By: Michael Mike

The U.S. Trade and Development Agency has announced plans to deepen the deployment of American wireless technology in West Africa, targeting underserved rural communities in Benin, Côte d’Ivoire, Ghana and Nigeria.

The agency said it is funding a feasibility study for the installation of about 1,500 turnkey mobile communications base stations using technology developed by Vanu Inc. as part of efforts to bridge the region’s digital connectivity gap and provide an alternative to Chinese-made telecommunications infrastructure that currently dominates the market.

According to the U.S. agency, the project is aimed at expanding trusted and secure broadband access to millions of people in off-grid and rural communities that still rely on outdated 2G and 3G networks or have no access at all.

Deputy Director of the U.S. Trade and Development Agency, Thomas R. Hardy, said the initiative would unlock affordable internet access while also creating export opportunities for American firms.

“USTDA is bringing private sector solutions to unlock widespread, affordable, trusted internet access in off-grid communities across West Africa,” Hardy said.

“By helping American companies compete in these critical markets, we are offering an alternative to insecure infrastructure while creating export opportunities that make America more prosperous.”

The study will be undertaken for Vanu Côte d’Ivoire, with Vernonburg Group LLC providing technical expertise to assess the commercial viability of the large-scale rollout and mobilise financing for implementation.

Officials said the assessment would examine existing telecommunications infrastructure, market conditions, regulatory frameworks and financing options across the four countries.

The proposed deployment is expected to create opportunities for the expansion of U.S.-made wireless solutions, digital infrastructure systems and network management technologies across West Africa.

Chief Executive Officer of Vanu Inc., Andrew Beard, said the initiative would demonstrate that broadband connectivity in difficult and underserved markets could be profitable and sustainable.

He noted that the company’s systems were designed to help mobile network operators provide broadband internet and voice services in economically challenging locations using cost-effective technology built on open interfaces and architectures.

Beard added that the study would help stimulate investment, boost U.S. exports and accelerate the rollout of secure digital infrastructure globally.

The project comes amid growing competition between the United States and China over digital infrastructure development in Africa, where Chinese firms have played a dominant role in telecommunications expansion over the past decade.

The U.S. Trade and Development Agency said the initiative aligns with its mandate of supporting critical infrastructure projects in emerging markets while promoting the deployment of trusted U.S. technologies and services.

U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria

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