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Tag: Nigeria

  • Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

    Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.

    The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).

    Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.

    The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.

    Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

    According to Komolafe, the commission in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector.

    He assured enhancing the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.

    “Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows:

    “Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.

    “Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

    “The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

    “In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.

    “And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said.

  • Nigeria to tap into economic promise of space- minister

    Nigeria to tap into economic promise of space- minister

    Minister of Innovation, Science and Technology, Chief Uche Nnaji, has said Nigeria would tap into economic promise of space exploration.

    He said this at a stakeholders’ workshop on the implementation of the 2015 regulations on licensing and supervision of space activities in Nigeria, held at Obasanjo Space Centre, (NASRDA), Abuja.

    Nnaji said: “Space is no longer an exclusive domain of dreamers — it is a domain of serious business, innovation and national security. From satellite communications and remote sensing to navigation and data systems, space is now central to modern economies.

    “Federal Government is determined to tap into the economic promise of space by attracting local and international investment, generating revenue through efficient licensing and oversight, enhancing national security through better regulation of orbital assets, and supporting indigenous innovation in science and technology.

    “Nigeria must not only participate in the global space economy — we must compete and lead. A modern space economy needs modern regulation. Through these updated rules, we will streamline licensing and supervision for fairness and clarity, protect orbital and frequency resources for national benefit, mitigate the risks of space debris and congestion, and uphold our obligations under international space agreements.

    Government cannot do it alone. Sustainable growth in the space sector depends on strong public-private partnerships, robust academic collaboration and alignment with global best practices. Let us take this opportunity to build a legacy of excellence in space science and technology.”

    Director General/Chief Executive Officer, National Space Research and Development Agency (NASRDA), Dr. Matthew Adepoju, said: “The space industry has witnessed growth in recent years. The increasing number of satellites and other space-based assets is transforming how we communicate, conduct business and secure our national interests. Nigeria, as a forward-thinking nation, must ensure space activities within our jurisdiction are regulated, commercially optimised, and in compliance with international best practices.’’

    “Regulation is not just about governance; it is about creating jobs and business opportunities, fostering innovation, ensuring security, and generating revenue for sustainable development. The role of NASRDA under the Federal Ministry of Innovation Science and Technology, is therefore, critical in ensuring that all space activities within and above Nigeria territory are appropriately licensed, monitored, and controlled from upstream to midstream and downstream.

    “The success of Nigeria’s space industry depends on our ability to develop a robust, regulated, and sustainable ecosystem that fosters both public and private sector involvement, protection of investment, compliance with safety and international treaties.”

    One of the guest speakers, Dr. Olisa Agbakoba (SAN), said, space can play a critical role in national economy. He said: “you have to have an understanding of the links of space to the national economy. The second critical thing is to understand the economic potential, very important and sometimes it’s not often understood that space is a huge sector, for instance according to the NBS the contribution of space to national economy is only 0.2, that’s too low.

    “Elon Musk who is making all the noise in America is selling us Starlink, I hope you know. I don’t know if he is paying his license for the constellation of space objects. There’s a rivalry which must stop between NASRDA and the NCC. They are doing two different things, NASRDA is responsible for space objects, NCC license services, so Musk has gone and paid services, that’s why you have Starlink. I should ask the DG if he’s paying for his constellation of satellites and if not, what are we doing about it? If you want to make money and you have 90 percent of people bringing their satellites, communication satellites, all the guys bringing satellites to do seismic studies, why should Nigeria depend on foreign satellites to know the amount of oil and they don’t pay? So this is the leaking process. So you can’t make money unless you absolutely have a plan.

    “It’s not so much about the licensing thing, it’s a bigger issue. The big issue is how do we connect space to the national economy? Because if we do that effectively, then the licensing issue would not be a problem.

    “The global space economy will meet about 1 trillion dollars in 2030. Where will we be is the question. We can capture a huge chunk of the market but we have to have the right regulatory, legal, and institutional frameworks in place. Right now the framework is a bit weak. There’s a lot of legislative gaps which I think Mr. DG will, I’m sure, strive very hard to close. The NASDRA Act is actually not a space act. It’s more of an establishment act, what they shall do. It doesn’t talk much about space. So I would recommend you read the South African one, the UK one, and you’ll see that there’s a need to have a very, very robust act that covers all the field.

    “The national space policy is outdated. The National Space Research and Development Agency Act is outdated. Even the regulation on licensing and supervision of space activities, 2015, is already outdated. So, you can see that the governance framework is in terrible need of repair. The national space policy needs to be upgraded.

    “It’s not easy to say Nigeria wishes to become one of the 10 most industrialized nations in the world by whatever year. Every sector of the system would have to work. So the space sector would have to work. So the challenge here is what will the percentage contribution to GDP be in relation to the space sector? That’s the challenge.”

    In his speech, Dr. Umar Buba Bindir emphasized the need to translate research and innovation capabilities into solving national problems.

    He said: “So many Scientists, many of you are professors, and you have the ability to do many, many things. If you are a scientist, you study very well, you publish papers, you become professor, what actually is your importance? If you continue producing this whole people here, everybody, including the Honorable Minister, is a professor, I am telling you, you still have to import rice from Vietnam.

    “You have to add value to that particular knowledge, and the process for doing that, that is what takes you to the house of technology and engineering. These are people who can convert the knowledge of the sciences into solutions that can solve your problem. Now, this is, in our technical sense, called intellectual property. It means you have now translated the work of your brain, and you can show the usefulness for you to employ people, to create jobs, to create wealth. All the trillion dollar GDP is possible. If you don’t have this translation, it’s not going to happen.

    “Innovation is not creativity and intelligence. Innovation is connectivity to the market. When you hear on innovation index, this country is high, check, you will see that they’re generating jobs and money and green things. Nigerian scientists, don’t just do whatever you like, do science that is relevant to Nigeria, and then work on that knowledge so that we will have Nigerian technology, so that we use that technology to create jobs and peace and so on and so forth.”

     

  • We’ve disbursed $50bn into Nigeria in last decade – Afreximbank

    We’ve disbursed $50bn into Nigeria in last decade – Afreximbank

    The African Export-Import Bank (Afreximbank) says it has disbursed 50 billion Dollars into various sectors of  Nigeria in the last 10 years.

    Prof. Benedict Oramah disclosed this at the Commissioning of the Afreximbank African Trade Centre (AATC) in Abuja on Thursday.

    Oramah said the sectors included energy, infrastructural, manufacturing, healthcare, transport and financial services.

    He added that in the last 10 years,  the bank’s support to the Nigerian financial services industry amounted to 19 billion dollars.

    “This has  helped  to deepen and expand the sector and elevated their impact on the local economy.”

    According to Oramah,  the bank is set to commission a 750 million dollar 500-bed African Medical Centre of Excellence (AMCE)  in Abuja in June.

    He said the 500-bed medical centre was a quaternary medical facility built to avail top-class care to Africans in the vital areas of oncology, cardiology, and haematology.

    Oramah said other interventions by the bank in Nigeria included the operationalisation of the African Quality Assurance Centre (AQAC) in Ogun State.

    He said the centre was designed to ease quality infrastructure constraints of exporting agricultural and value-added goods into regional and international markets.

    Oramah said similar projects were under development in the states of Imo and Kaduna.

    He said in 2024, Nigeria was selected to host the Africa Energy Bank, which was established by Afreximbank and the African Petroleum Producer’s Organisation (APPO).

    Oramah explained that the bank was also expected to address the financing constraints in the oil, gas and other energy sectors.

    “The Energy Bank will position Nigeria as the continental hub for mobilising energy financing.”

    He added that in Ogun, a Special Economic Zone was being developed by Afreximbank’s investee company, Arise Integrated Industrial Platform.

    “This over 300 million dollar project is being developed to promote export manufacturing and similar projects are expected in Cross Rivers, Imo, Enugu and Kano States.”

    Oramah said the bank’s financing support to Nigeria had also helped to boost the oil refining capacity to about 1.2 million barrels per day.

    He added that it also helped to boost urea fertiliser production to  7.5 million tonnes per annum, up from under four million tonnes in 2019.

    “We expect urea capacity to rise to about 11 million tonnes by 2027 when Dangote Petrochemical company opens the new lines under development.

    “These are remarkable and are contributing significantly to Nigeria’s non-oil export revenues.”

    He said Afreximbank was also investing in growing the country’s creative sector, through credit lines support, capacity-building initiatives and market access opportunities.

    Oramah said recently the bank opened a dedicated 200 million facility to support the sector under an ongoing partnership with the Federal Ministry of Culture and Creative Industry.

    He said the support had helped Nigeria to boost the export of its creative content to the rest of Africa and the world while boosting youth employment.

    “These projects and interventions add to the significant investments committed by Afreximbank since its inception some 32 years ago.

    “ I am most pleased to put on record that the relationship between the Bank and the Federal Government of Nigeria has been truly mutually beneficial and most cordial.

    “Over the last three decades, successive governments have accorded unflinching support to Afreximbank by responding most positively to capital calls.

    “Also creating a congenial environment for its smooth operations while providing the bank significant domestic policy support that helped to execute many of the development programmes in Nigeria.”

  • Nigerians Raise Voices Against Prison Detention Of Juveniles Without Trial

    Nigerians Raise Voices Against Prison Detention Of Juveniles Without Trial

    …urge FG to decongest correctional centres, juvenile prisons

    The Federal Government has been urged to take extra measures in reducing the number of Nigerians languishing in jail without trial or conviction, while the Sokoto government has been tasked to investigate over 40 minors who are reportedly facing the same fate in the state-run remand house.

    The call follows an investigative report in Sokoto supported by the MacArthur Foundation and published by various media organizations, including Daily Trust Newspaper.

    Recall that over 50,000 inmates are awaiting trial across correctional custodial centres despite the Minister of Interior, Dr. Olubunmi Tunji-Ojo, and stakeholders securing the release of 4000 inmates last year.

    Investigative journalist Abdulwasiu Olokooba explained the plight of minors awaiting trial in the Caliphate state during a radio programme, PUBLIC CONSCIENCE, produced by the Progressive Impact Organization for Community Development, PRIMORG, on Wednesday in Abuja, stressing the need for the government at all levels to establish special courts to address the problem.

    Olokooba noted that 80 percent of the children in the Sokoto remand house have never gone to court because of the lack of resources, inadequate information, poverty, and no proper facilities.

    He revealed that while working as an undercover reporter, about 40 children in the Sokoto remand facility, most of them out-of-school children (Almajiris), were raided during police operations. Lamenting that instead of the state government looking for solutions to the problem of Almajiri, “they use the police to keep them inside the cell without any meaningful reason.”

    He stated that the ugly trend of minors being left to languish at remand homes is prevalent across the country, insisting that the government and the justice system must raise their responsibility and ensure people are not treated unfairly and inhumanely.

    “This problem of children rotting away in juvenile prison is everywhere in Nigeria. There is a need for the Nigerian government and government at all levels to establish special courts to address the danger in the real sense because 80 percent of these children have never gone to court because of a lack of resources, poverty, awareness, and no proper facilities.

    “So the government should establish special institutions for these people that should be taking care of them. They should stop treating people like animals. Even if they are criminals, there should be plans for rehabilitation.

    “This investigation made me realize that even though the Sokoto child protection law provides for the children’s criminal system, none of these provisions were being followed or recognized by the state officials.”

    Olokooba further disclosed that even some children convicted and required to pay fines remain incarcerated because they cannot pay N5,000 to N20,000 fines. In some cases, their families are not aware of their whereabouts.

    When asked how many children were still awaiting trial in the Sokoto remand house, he said, “As people are leaving, people are coming in. The last time I went, there were about 47, and we were able to release about 6 of them, but if you go there today, the number is increasing,” Olokooba lamented.

    The Executive Director of Care for Legal Assistance and Human Rights Protection (CLAHRP), Barr. Sunday Adaji also called on the Sokoto state government to urgently set up mobile courts that will try juvenile offenders on the spot while urging the federal government to decongest custodial centres across the country more by ensuring full implementation of the Administration of Criminal Justice Act (ACJA).

    Adaji frowned at the prolonged detention of children in Sokoto’s remand house, stressing that the development was not right.

    “Section 35 subsection 5 says that anyone is presumed innocent until found guilty. It is completely wrong. I need to add that these are some things that the Administration of Criminal Justice Act was enacted to correct, but unfortunately, we are not implementing these laws.”

    He noted that the findings of the investigation aligned with a recent report of the Nigerian Correctional Service (NCoS), which says that over 70 percent of inmates are persons awaiting trial.

    “Thousands of Nigerians in prisons are awaiting trial. Awaiting a trial means that they are not being brought to court for trial, and there are many reasons for that: first and foremost, it can be excessive remand from the magistrate where the magistrate feels like they should remain in remand until they can meet up with bail conditions.”

    On decongesting custodial centres across the country, Adaji advised that “the Administration of Criminal Justice Act should be domesticated by all states – as it only applies to Abuja and Federal courts.

    “If all states domesticate this Act, I can assure you that in no distant future, we will not have a lot of people in prisons,” he stressed.

    On her part, PRIMORG’s Programme Manager, Dr. Adaobi Obiabunmuo, joined calls for governments at all levels to go the extra mile to ensure that Nigerians are not detained for an extended period without trial and conviction.

    Obiabunmuo questioned the rationale for keeping children in remand homes without trial and why the justice system is not utilizing non-custodial means to punish lesser offenses.

    “The courts are overwhelmed; they give more attention to political cases. The government should do more. Presidents and governors should visit the remand homes once in a while to have a real grasp of the situation.

    “Many people steal a lot of money in this country, and nothing is done; they don’t even detain them for a one-minute talk less than sending them to correctional centres. But when innocent people are sent to these centers, they come back worse.

    “We plead with the government to please make these correctional centers work well to make it beneficial to the country in general, “ Obiabunmuo stated.

    Public Conscience is a syndicated weekly anti-corruption radio program, PRIMORG, that draws the government’s and citizens’ attention to corruption and integrity issues in Nigeria.

    The program runs in partnership with the MacArthur Foundation.

  • What Nigeria need to withstand U.S. tariff shock – Economist

    What Nigeria need to withstand U.S. tariff shock – Economist

    An economist, Dr. Yemi Kale, says Nigeria requires 40 per cent annual growth rate to cushion the potential negative impact of the United States’ (U.S.) recent tariff hike on its one trillion dollar economic growth vision.Kale, who is the Group Chief Economist and Managing Director, Research and Trade Intelligence, Afreximbank, said this on Wednesday in Lagos at the 2025 Vanguard Discourse.

    He urged the government to implement policies that foresee and mitigate the impact of the U.S. tariff hike on Nigerian exports.

    He called for sustainable reforms that would ensure over 40 per cent annual growth.
    Kale urged Nigeria to leverage its strengths, including its youthful population and abundant natural resources, to reposition itself to harness African and global trade opportunities.

    “The path to economic resilience, inclusive prosperity and reducing economic hardship is neither quick nor easy, but it is clear. We know what must be done. The foundational pillars are not in question.

    “Stabilise the macro-economy, restore credibility in fiscal and monetary policy, curb inflation and rebuild investor confidence.

    “Diversify the productive base, unlock the potential of agriculture, manufacturing, services and the digital economy.

    “Invest in people and institutions because sustainable growth only happens when human capital is empowered and governance systems are effective,” he said.

    He called for sustainable transformative reforms in the real, monetary, fiscal and external sectors for the actualisation of Nigeria’s vision.

    Kale stressed the need to address low productivity in agriculture, where maize yields lag at 1.5 tons per hectare compared to a global average of six to eight tons, coupled with 40 per cent post-harvest losses and climate vulnerability.

    “What Nigeria needs is quality growth that is inclusive, equitable, job-creating and resilience-building,” he said.

    He also explained the need for inclusive growth while highlighting factors needed for inclusivity to achieve the one trillion dollar vision.

    He said the sub-theme for the 2025 discourse, “Economic Hardship and Pathways to Recovery,” speaks both to current struggles and the unwavering hope of Nigerians for a resilient, inclusive and prosperous country.

    Also, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, described the U.S. tariff hike as a severe blow to an already strained economy.

    “This tariff directly jeopardises enterprise growth and could precipitate job losses, particularly in our non-oil export sectors,” he said.

    Oye, also the Chairman of the Organised Private Sector of Nigeria (OPSN), urged the government to collaborate with the private sector before implementing policies.

    “We appeal to the government to listen to us more before making policy changes.

    “Sudden decisions, whether on taxation or trade, disrupt investment flows and weaken investor confidence,” he said.

    He called for infrastructure and human capital development to address youth unemployment already exceeding 53 per cent and inflation at 23.18 per cent as of February.

    He said the tariff hike threatens to deepen Nigeria’s cost-of-living crisis and urged Nigeria to diversify its trade relations.

    “Instead of relying heavily on America, we should build new trade partnerships. There are opportunities across Africa, Asia, and Latin America we must explore,” he said.

    Panelists at the event suggested that beyond policies, implementation would bring about actionable viable development.

    The Chief Executive Officer(CEO) of the Nigerian Economic Summit Group (NESG), Mr. Tayo Aduloju, said that for Nigeria to witness significant economic development and compete globally, it must build on three major institutional pillars.

    “We must have very strong political, economic and social institutions. Poor quality of leadership and weak institutions are responsible for where we are as a nation today,” he said.

    Dr. Muda Yusuf, CEO, Centre for the Promotion of Private Enterprise (CPPE), said Nigeria’s trade policies stifle the growth of businesses and deter potential investments.

    “We have a trade policy that seems to be centered mainly on revenue generation.

    “This puts unnecessary pressure on businesses. The tariff regime in Nigeria is too high,” he said.

  • Nigeria to launch e-visa, digital cards

    Nigeria to launch e-visa, digital cards

    Mr Festus Keyamo, Minister of Aviation and Aerospace Development, says the Federal Government will launch an e-visa system and digital landing/exit cards to enhance national security.

    He disclosed this on Wednesday in Abuja when he received a delegation led by the Minister of Interior, Mr Olubunmi Tunji-Ojo.

    According to Keyamo, the e-visa system will enable applicants to submit visa requests online and upload required documents electronically.

    He added that the manual landing and exit cards would be digitalised, requiring visitors to pre-fill their information before travelling to Nigeria.

    “What we are doing here today reflects this government’s commitment to cooperation between ministries with overlapping mandates.

    “Today is another example of inter-ministerial collaboration. This specifically concerns the introduction of the e-visa system,” he said.

    He said further details would be given by Tunji-Ojo, and that relevant agencies such as Immigration, NCAA, and FAAN would fully support the initiative.

    Keyamo emphasised that there was no objection to the programme, which primarily falls under the Interior Ministry.

    Meanwhile, the Minister of Interior stated the automation system will commence on May 1.

    He noted that the e-visa application will be free and is designed to simplify entry into Nigeria while boosting national security.

    Tunji-Ojo explained the Nigeria Civil Aviation Authority (NCAA) will manage landing and exit cards, which travellers must complete online before boarding.

    “Coordinating and issuing regulations to airlines is naturally the NCAA’s responsibility,” Tunji-Ojo said.

    He revealed a central visa approval centre already exists at Immigration headquarters, with trained officers and integrated global criminal record checks.

    “Better background checks will be conducted for travellers entering Nigeria. We aim to eliminate bottlenecks and ensure a transparent visa process.

    “Our goal is to open Nigeria’s borders without compromising security. Both Interior and Aviation ministries have critical roles in this,” he said.

  • Why Nigeria can become global economic growth driver-World Bank

    Why Nigeria can become global economic growth driver-World Bank

    Dr. Ndiame Diop, the World Bank Country Director for Nigeria, has emphasized that Nigeria’s rapidly growing working-age population, which is expected to reach approximately 100 million in the next 25 years, presents a unique opportunity for the country to become a major global economic driver. According to Diop, this demographic growth will not only outpace that of Africa but will also have global significance, particularly given the aging populations in East Asia and Europe.

    However, Diop stressed that realizing this potential depends on Nigeria’s ability to create millions of additional formal, productive job opportunities for its increasingly educated and tech-savvy youth. He made these remarks during the Distinguished Personality Lecture Series, organized by the Department of Agricultural Economics at the University of Ibadan on Tuesday. The lecture, titled “Leveraging Agricultural Transformation for Sustainable Economic Development in Nigeria: Key Considerations,” was chaired by Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, at the Trenchard Hall of the University.

    In his address, Dr. Diop highlighted the importance of transforming Nigeria’s economy, noting that economic growth alone is not enough. He argued that the country’s transformation must accelerate the transition of workers from low-productivity, low-paying, and often informal jobs to more productive and higher-paying positions.

    Drawing on both economic theory and real-world examples, Diop emphasized the critical role of agricultural transformation in boosting the overall competitiveness of Nigeria’s economy. He pointed out that enhancing agricultural productivity is key to reducing poverty and raising income levels, particularly in developing countries where agriculture often accounts for a large portion of employment.

    Dr. Diop elaborated on the demographic shift Nigeria is facing, with around 5.5 million people entering the labor force each year. Over the next quarter-century, the country’s working-age population is expected to grow by 100 million. He called this rapid increase a “unique opportunity” for Nigeria to emerge as a major economic force, particularly in the context of demographic trends in other regions such as East Asia and Europe.

    Despite this opportunity, Diop noted the significant challenge Nigeria faces in creating formal employment. He explained that only about 8 percent of employed youth in Nigeria held formal jobs in 2019. He also pointed out that African nations, including Nigeria, tend to create far fewer formal jobs per unit of GDP growth compared to other regions, generating about half the number seen in East Asia.

    This low proportion of formal sector jobs, combined with the dominance of informal, low-productivity work, means that securing employment in many African countries, including Nigeria, does not guarantee an escape from poverty. In fact, a large majority of workers in these nations do not earn enough to reliably enter or remain in the middle class.

    To improve employment outcomes, Dr. Diop stressed that Nigeria’s economy must not only grow faster but also undergo a significant transformation. This transformation needs to focus on shifting workers from low-wage, informal jobs to higher-productivity, formal employment. He also emphasized the importance of boosting agricultural productivity, especially since agriculture employs a large portion of the workforce in many developing countries, where it has some of the lowest productivity levels.

    In conclusion, Dr. Diop argued that fostering such a transformation is crucial for Nigeria’s economic development and poverty reduction, with agriculture playing a pivotal role in lifting the nation toward a more prosperous and sustainable future.

     

  • Nigeria not affected – FG responds to Saudi visa ban

    Nigeria not affected – FG responds to Saudi visa ban

    The Ministry of Foreign Affairs on Monday clarified that Nigeria is not on the list of countries facing an entry ban into Saudi Arabia from April 13.

    Foreign Affairs Minister Yusuf Tuggar issued the clarification through a statement by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir.

    The minister said Saudi authorities have officially confirmed that the viral memo suggesting Nigeria’s inclusion in the ban list is false.

    He called the document, which named Nigeria, Egypt, India, Pakistan and others as banned, misleading and inaccurate.

    “The Saudi Tourism Centre confirmed no such directive exists. Current official travel guidelines only apply to the Hajj pilgrimage.

    “To clarify, the only restriction concerns tourist visa holders during the Hajj period,” Tuggar said.

    Holders of tourist visas cannot perform Hajj, enter or remain in Makkah between April 29 and June 11 (01 Thul Quda to 14 Thul Hijjah 1446 AH).

    “The Hajj visa remains the only valid entry permit for pilgrims during that time,” the minister stressed.

    Tuggar advised the public to ignore the misleading memo and confirm travel details through official sources before making plans.

    “Sharing unverified information causes confusion and may affect travel arrangements,” he warned.

    “For accurate updates, travellers should consult official Saudi sources, the Nigerian Foreign Ministry, or recognised diplomatic channels,” he added.

  • Shettima explains why Nigeria has one of the World’s lowest tax-to-GDP ratios

    Shettima explains why Nigeria has one of the World’s lowest tax-to-GDP ratios

    Vice President Kashim Shettima has provided insight into why Nigeria has one of the lowest tax-to-GDP ratios globally. Speaking on Friday in Abuja at the 2nd Joint Workshop on the 2025 National Budget, organized by the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN), Shettima attributed the low ratio to a long-standing culture in Nigeria where many citizens have perfected the art of hiding their wealth from the government.

    Represented by Dr. Tope Fasua, the Special Adviser to the President on Economic Affairs, Shettima addressed the workshop, which was themed “2025 National Budget: A Budget for Restoration and Aligning Resources for Sustainable National Development.”

    In his remarks, Shettima explained, “National budgets are among the most significant financial documents for any country. They guide businesses, households, and individuals by offering insights into the government’s thinking, providing critical data that shapes business strategies and household budgets. Nigeria, despite its immense potential, has become a nation where many have perfected the art of hiding wealth from the government. This is a key reason for our low tax-to-GDP ratio.”

    He emphasized the vast potential for prosperity within Nigeria, stating that this prosperity should be harnessed to advance the nation’s growth. He urged citizens to invest in the country rather than sending hard-earned money abroad. “Enough of sending money overseas to acquire assets when we have pressing development needs here. The returns on investments in Nigeria are often much higher than abroad, and there is the added benefit of contributing to our national growth,” Shettima added.

    He further addressed the issue of financial malpractices, urging the public to pay their taxes fairly, especially as the government has reduced tax rates and does not focus on turnover but rather on profits after legitimate expenses. He stressed that the government should not be seen as an adversary, but as a partner in national development.

    Shettima also discussed the upcoming 2025 budget, which is valued at N54.99 trillion. He stated that the budget aims to reduce leakages, improve value for money, and prioritize critical infrastructure and human capital development. The budget also seeks to address Nigeria’s growing debt burden, with a projected deficit of N13 trillion, which will be financed through a mix of public-private partnerships and both local and foreign borrowing.

    Earlier, the President and Chairman of the CITN, Mr. Samuel Agbeluyi, highlighted the importance of collaboration between professional bodies in shaping Nigeria’s fiscal policies. He pointed out that the 2025 budget marks a significant shift in fiscal policy, with an allocation of N54.99 trillion—an increase of 56.89% from the 2024 budget. This sharp increase necessitates a comprehensive review of revenue projections and expenditure allocations. Agbeluyi also emphasized the importance of evaluating debt servicing, which is set at N16.3 trillion, up from N12.3 trillion in 2024, and assessing its implications on fiscal sustainability.

    Dr. James Neminebor, President of ANAN, emphasized the need for a strategic blueprint that aligns with the aspirations of the Nigerian people and supports sustainable national development. He underscored the importance of effective budget implementation, transparency, and accountability in public resource management.

    Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, spoke on the challenge of addressing decades of underinvestment. He stressed the need for a macroeconomic environment that promotes growth and development across sectors, including food security, infrastructure, and energy. Bagudu also touched on the necessity of removing subsidies, despite the challenges they may pose, and reforming economic distortions to ensure fiscal stability. He noted that, while Nigeria’s budget of N54 trillion represents approximately 13-14% of the country’s GDP, it is important to evaluate whether this figure is sufficient for the country’s needs.

    As Nigeria navigates these complex fiscal challenges, the collaboration of financial professionals and stakeholders will be crucial to shaping a sustainable and prosperous future for the nation.

  • FIFA Rankings: Nigeria ranks 43rd globally, sixth in Africa

    FIFA Rankings: Nigeria ranks 43rd globally, sixth in Africa

    Nigeria has moved one place up to 43rd position and now sixth in Africa in the latest FIFA rankings released on Thursday.

    According to the FIFA’s website, Argentina is the highest ranked team in the world, with Spain moving one spot to second place while France drops to third.

    England and Brazil retain their fourth and fifth position while Netherlands move a spot to sixth with Portugal dropping to seventh. Belgium, Italy and Germany are eighth, ninth and tenth place.

    In the continent, Morocco moves two places ahead of Senegal to claim top spot in Africa and ranked 12th in the world. Senegal who are now second in Africa are 19th in the world.

    Meanwhile 32nd ranked Egypt and 36th Algeria move one spot each to third and fourth in the region while current African champions Cote d’ Ivoire move five places to 41st and fifth in the continent.

    Nigeria are two spots below the African champions on 43rd in the globe and sixth in Africa, followed by Tunisia who move three places up to 49th and seventh among Confederation of African Football (CAF) teams.

    The next rankings will be released on July 10.