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Senate to engage Finance Minister on 2017-2020 Economic Recovery Plan

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The Senate has mandated six of its Committees to engage the Minister of Finance, Zainab Shamsuna Ahmed, on the Federal Government’s elapsed Economic Recovery and Growth Plan (ERGP) between 2017 and 2020.

The Committees are: National Planning; Banking, Insurance and other Financial Institutions; Marine Transport; Land Transport; Works and Power.

The decision to engage the Finance Minister was reached amid a resolution by the Upper Chamber after it considered a motion “on the need to critically assess the performance of the Economic Recovery and Growth Plan (ERGP) 2017-2020.”

The motion was sponsored by Senator Abdu Suleiman Kwari (APC, Kaduna North).

In his presentation, Senator Kwari noted that the four year Economic Recovery and Growth Plan (ERGP) 2017-2020, which was the source document of Nigeria’s four years Appropriations Act had elapsed.

He recalled that President Muhammadu Buhari, launched the Plan in April of 2017 to ensure the actualization of a sustainable inclusive growth of the economy.

According to the lawmaker, “the Plan was targeted at achieving a structural economic transformation with emphasis on improving the efficiency of both the public and private sectors of the Nigerian economy;

He added, “Further aware that the key objectives of the plan were to increase our national productivity, achieve a sustainable diversification of production, significantly grow our economy by 7 percent by the year 2020, maximize the welfare of our citizens and attain food and energy security;

“Worried that the four-year plan, which has now elapsed, cannot be said to have met our desired socio-economic aspiration;

“Believes that there is need for stock taking to critically assess the performance of the Economic Recovery and Growth Plan in order to ascertain whether the Plan has met the desired goals now that it has technically come to an end;

“Further believes that in taking stock, it is imperative to benchmark the implementation outcomes of the Plan in terms of the following indices to determine: real growth in the agricultural, solid minerals and energy sectors of the economy; SMEs growth as laid out in the plan; and positive impact on our industries and manufacturing sectors.”

Others are to assess investment on the human capital; the number of jobs and wealth created; investments on health and education sectors; investment and progress on our national infrastructure; progress made by the Presidential Enabling Business Environment Council (PEBEC); the digital led economy targets and the anti-corruption fight/recovery of stolen assets; the progress of the fight against insecurity; determine the fiscal and other macroeconomic policies as benchmarked in the ERGP; and the level of implementation of the Central Bank of Nigeria interventions in all the sectors.

Senator Kwari lamented the negative impact of the COVID-19 pandemic on the world economy, as well as its consequent effects on the Nigerian economy, which, according to him, had adversely affected the implementation of the Plan in 2020.

He  stressed that it is the solemn and constitutional duty of the National Assembly to assess the performances of the budgets as against the line items and objectives of the ERGP, on which it was based.

Accordingly, the Senate mandated the Committees on National Planning; Banking, Insurance and Other Financial Institutions; Marine Transport; Land Transport; Works and Power to interface with the Hon. Minister of Finance, Budget and National Planning on the performance of the ERGP, whose life span has elapsed and report back on the way forward within four weeks.

Contributing, Senator Adetumbi (APC, Ekiti North), said the move by the upper chamber seeks to “take stock of what we have done under ERGP in order to ascertain future plans and learn lessons from existing ones.”

Senator Abdullahi Ibrahim Gobir (APC, Sokoto East), said the assessment was imperative to determine whether or not Nigeria had made progress or failed in terms of growing the economy.

“We have to look at the Economic Team, how qualified they are to monitor some of these projects. If they are not qualified, we remove them and then bring qualified people.

“Because the Federal Government cannot have a plan for four years and yet we cannot have information about whether that plan has failed or succeeded. I think we have to find out some of these issues”, he said.

On his part, the Deputy Whip, Senator Aliyu Sabi Abdullahi (APC, Niger North) said, “the issue of national planning is something should always be in the front burner of our discuss.

“Attempt in the past to have a very concise National Planning framework has always met with some level of either policy flip-flop or instability.”

“Let me say that the ERGP which was meant to be operated for four years was actually coming at the heels of the recession we suffered in 2016 and, I think, the ERGP was packaged bearing in mind the issues that led to that recession.

“Having operated that from 2017 till date, let’s not forget that government came up with what they called Economic Sustainability Plan and, I think, the National Assembly played a critical role in how these plan was packaged, bearing in mind that the ERGP was not going to perform the functions it was meant to do”, he added.

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Nigeria, UK Move to Close £1.2bn Trade Data Gap with Digital Customs Pact

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Nigeria and the United Kingdom have agreed to deepen customs cooperation through a new digital data-sharing framework aimed at resolving a £1.2 billion discrepancy in bilateral trade figures, a longstanding issue affecting transparency and efficiency between both economies.

The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s state visit under the Nigeria–UK Enhanced Trade and Investment Partnership (ETIP).

According to the Nigeria Customs Service (NCS), the talks brought together Comptroller-General Adewale Adeniyi and Ms. Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), with discussions focused on customs modernisation, trade data transparency, and operational collaboration.

At the centre of the engagement is a significant mismatch in trade statistics. Nigeria recorded about £504 million worth of imports from the UK in 2024, while UK data shows exports to Nigeria at approximately £1.7 billion over the same period — leaving a gap of roughly £1.2 billion.

Both sides described the discrepancy as structural and agreed on coordinated measures to address it. Chief among these is the proposed implementation of a pre-arrival data exchange system, which will connect digital customs platforms in both countries to improve data accuracy, strengthen risk management, and enhance compliance monitoring.

Adeniyi emphasised that stronger customs collaboration is vital for economic growth and sustainable trade, noting that customs authorities play a key role in ensuring secure and transparent cross-border trade flows.

The meeting also highlighted advancements in customs technology, with the UK showcasing artificial intelligence-driven tools, digital verification systems, and real-time analytics designed to improve cargo processing, risk assessment, and border security.

In addition to addressing the data gap, both countries agreed on several strategic initiatives, including the development of a Customs Mutual Administrative Assistance Framework, technical cooperation on capacity building, and the establishment of a joint engagement mechanism under ETIP.

The NCS said the outcomes of the meeting would enhance operational efficiency, boost trade facilitation, and support Nigeria’s broader economic reform agenda, positioning the country for improved competitiveness in global trade.

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Nigeria’s “Shockproof” Economy: Cardoso Signals New Era of Stability to London Investors

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CBN Governor, Yemi Cardoso
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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso issued a bullish assessment of the nation’s financial health yesterday, declaring that aggressive institutional reforms and disciplined monetary policy have built a “stronger capacity” to withstand global economic volatility.

Speaking at the Africa Capital Forum—held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom—Cardoso painted a picture of a Nigerian economy transitioning from a period of emergency stabilization to one of sustained investment.

A Fortress Against Volatility

The Governor’s address focused heavily on the “de-risking” of the Nigerian financial system. By emphasizing a shift toward a predictable policy framework, Cardoso aimed to reassure international stakeholders that the days of opaque, discretionary decision-making are ending.

“We are reviewing our policies with a view to developing meaningful policies and establishing a predictable policy framework to minimise discretion,” Cardoso stated, noting that consistency is the primary tool for reducing investor uncertainty.

The Governor highlighted several critical milestones achieved under the current administration’s reform agenda:

Banking Recapitalization: The CBN reported that over 30 banks have already met new capital requirements.

Notably, 28% of the newly raised funds originated from foreign investors—a metric Cardoso cited as a clear vote of international confidence.

FX Transparency: A new foreign exchange manual has been deployed, stripping away previous restrictions to boost liquidity and simplify operations for multinational businesses.

Remittance Surge: Increased diaspora remittances have bolstered foreign exchange reserves, providing a crucial buffer against external shocks.

Fiscal-Monetary Synergy: In a departure from previous friction, Cardoso noted that the inclusion of fiscal authorities on the CBN Board and the Monetary Policy Committee (MPC) has synchronized the nation’s broader economic strategy.

The Digital Frontier: “Vision for Nigeria”

Looking ahead, the Governor announced the completion of a new Payments System Vision. This initiative aims to cement Nigeria’s status as the continental leader in digital payments and cross-border transactions, specifically targeting the removal of regulatory hurdles for the nation’s burgeoning fintech sector.

 

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Tinubu Swears in Taiwo Oyedele as Minister of State for Finance

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President Bola Ahmed Tinubu and Taiwo Oyedele
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President Bola Ahmed Tinubu on Monday swore in Taiwo Oyedele as Minister of State for Finance, praising his experience, dedication, and professionalism in public service.

Speaking shortly after the brief ceremony at the Presidential Villa in Abuja, the president described the appointment as a vote of confidence in Oyedele’s competence and commitment to national development.

Tinubu commended the new minister for his role in coordinating the work of the Presidential Committee on Fiscal Policy and Tax Reforms, noting that his expertise and deep knowledge of tax policy had been instrumental in shaping reforms aimed at simplifying Nigeria’s tax system, expanding the revenue base, and improving the business environment.

“We are very proud of your knowledge, your simplicity, ambition, and excellence,” the president said, while also acknowledging the support of Oyedele’s wife, whom he praised for standing by him despite the demands of public service.

Tinubu said Oyedele’s dedication, patience, and determination to serve the country made him well suited for the role, adding that the position carries significant responsibility at a time when Nigeria is pursuing economic stability and growth.

According to the president, the new minister’s efforts in reforming Nigeria’s tax framework have helped address policies he described as outdated and inconsistent with progressive economic thinking.

Oyedele, who hails from Ikaram in Akoko area of Ondo State, is an economist, accountant, and public policy expert.

He obtained a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and later earned a Bachelor of Science degree in Applied Accounting from Oxford Brookes University.

He has also completed executive education programmes at London School of Economics, Yale University, Gordon Institute of Business Science, and Harvard Kennedy School.

Before his appointment, Oyedele spent 22 years at PricewaterhouseCoopers, where he joined in 2001 and rose to become Fiscal Policy Partner and Africa Tax Leader.

He also serves as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School.

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