Business
FG: Fuel Subsidy to Go in Second Half of 2022
The federal government has explained that the current subsidy regime on petroleum motor spirit (PMS), which is covered under the ‘Cost Recovery’ mechanism of the Nigerian National Petroleum Corporation (NNPC) would end in the first half of 2022.
The Director General of the Budget Office of the Federation (BoF), Mr. Ben Akabueze, disclosed this in Abuja yesterday during an interactive session with journalists, civil society organisations and other stakeholders on the 2022 budget proposals.
Akabueze explained that fuel subsidy exerts enormous strain on government finances and does not benefit the poor for which they are targeted, adding that the elite enjoy 80 per cent of subsidy.
The DG Budget stated that the revised 2022-24 Medium Term Expenditure Framework (MTEF) was premised on a hybrid of January-June which is anchored on the current fiscal regime with provision for cost recovery by the state oil company, as well as July-December based on the Petroleum Industry Act (PIA) fiscal regime.
According to him, by the second half of 2022, the NNPC would transit fully and operate as a full commercial entity funding its operations and maximising its gross revenues.
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Akabueze, who spoke extensively on the proposed N16.39 trillion budget, noted that 34.8 per cent of projected revenues is to come from oil-related sources while 65.2 per cent is to be earned from non-oil sources.
He pointed out that the combined expenditure of the federal, state and local governments was less than 15 per cent of Gross Domestic Product (GDP).
According to him, the biggest challenge stems from low revenue, lamenting that about 40 million of the 70 million Nigerians who should be in the tax pool were not paying taxes.
He said, “It is absolutely critical that we fix our revenue challenge because oftentimes people just say cut expenditure. The truth is cutting expenditure is not currently a viable option for two main reasons. Number one, our public expenditure to GDP ratio is about the lowest even on the continent of Africa.
“As a country, our public expenditure to GDP ratio is under 15 per cent. Even on the continent of Africa, that ratio, the average is over 30 per cent. The global average is over 30 per cent. I am talking of the whole of government – federal, state and local governments. The reality is that in aggregate, governments in Nigeria are not spending too much, they are actually spending too little.
“So, the solution is not to cut government spending. The solution is to make government spending more efficient and actually increase the scope for the government to be able to spend more because our public expenditure to GDP is so low. That is why the delivery of public goods and services is weak.”
Akabueze argued that there is correlation between low public expenditure to GDP ratio and low revenue to GDP ratio.
He further stated that the government’s revenue to GDP was also among the lowest in Africa.
Akabueze observed that many stakeholders had advocated a cut in personnel cost which currently stands at about N4.1 trillion to address revenue challenges, arguing that doing so was not an option.
This, he noted, is because public sector wages are already low compared to the private sector.
On the implementation of the Stephen Oronsaye Report which recommended the scrapping of some government agencies to save cost, Akabueze said the government was still considering the option, adding that another committee had been set up to look into it.
On the alleged duplication of some projects in the FGN 2022 budget proposal, he stated that a review of the claims in some quarters indicated that most, if not all the projects are not duplications.
He added: “For instance, two projects with the same narration and located in the same geo-political zone are not necessarily the same. They may be in different states, local government areas or communities.
“However, errors (including duplications, if any) in the budget, which must be within a reasonable margin of error, are corrected during the enactment process,” he said.
Also dispelling allegations of opacity in the composition of Statutory Transfers, and that they are stated as lump sum provisions without details especially the budget of the National Assembly, Akabueze said it was important to note that Nigeria is a constitutional democracy.
“The budget details presented to the National Assembly are those of the executive arm of the federal government. We can only encourage other arms of government to publish their budget details for public scrutiny. We believe the public deserves to have these details, and will support your advocacy in this regard.
“Indeed, the Budget Office of the Federation has implemented several reforms to deepen citizens’ participation, transparency and access to budget information.”
Thisday
Insurance
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.
The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.
Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.
Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.
In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.
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In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.
The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.
Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.
In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.
The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.
Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.
Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.
Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.
Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.
The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.
Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026
Auto
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.
The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.
Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.
Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.
To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.
These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.
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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.
“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.
“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”
The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.
Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.
Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.
It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.
Jetour Nigeria consolidates as sole authorised distributor, gets global market award
Railway
Rail transformation on Abuja–Kaduna route excites NIPR delegates
Rail transformation on Abuja–Kaduna route excites NIPR delegates
Members of the Nigerian Institute of Public Relations (NIPR) have applauded the ongoing transformation of Nigeria’s rail system, describing it as a clear sign of renewed confidence in public transport under the leadership of Dr. Kayode Opeifa at the Nigerian Railway Corporation (NRC).
The commendation came on Monday as hundreds of NIPR members travelled aboard the Abuja–Kaduna train to attend the Institute’s Annual General Meeting in Kaduna.
The journey itself became a moving testament to the rail sector’s resurgence, with fully booked coaches buzzing with networking, reunions and professional camaraderie.
Delegates from across the country, particularly from the southern states, converged on Abuja before boarding the train alongside their counterparts from the Federal Capital Territory.
For many, the decision to travel by rail was both practical and symbolic—a vote of confidence in the improving fortunes of the NRC.
Inside the coaches, the atmosphere was said to be lively. Old colleagues reconnected, new relationships were forged, and passengers commended the professionalism and efficiency of NRC staff.
Many described the experience as seamless and refreshing, noting that with the right leadership, public institutions can deliver quality service.
While praising the progress recorded so far, the NIPR members called on the Federal Government to deepen investment in rail infrastructure.
They stressed that sustained funding is critical, given the capital-intensive nature of railway operations, and expressed confidence that such investments would yield strong economic returns.
Among dignitaries on board were the Olumobi of Imobi-Ijesha, Oba Dr. Jacob Adetayo Haastrup; President of the Broadcasting Organisations of Nigeria, Chief Tony Akiotu; and media veteran, Dr. Mohammed Kudur Abubakar.
Oba Haastrup particularly commended President Bola Tinubu for appointing Opeifa as NRC Managing Director, noting that his performance within a year highlights the corporation’s potential as a driver of economic growth.
Lagos NIPR Chairman, Dr. Samuel Ayetutu, said the coordinated rail trip was also influenced by safety considerations and served as a deliberate endorsement of the NRC’s ongoing reforms.
He urged the government to extend rail connectivity to more parts of the country, providing Nigerians with reliable alternatives to road travel.
The NRC delegation to the conference was led by its Chief Public Relations Officer, Mr. Callistus Unyimadu, alongside the MD’s Special Assistant on Media and Communication, Mr. Yinka Aderibigbe.
The Kaduna conference, which runs until April 24, is expected to equip communication professionals with fresh insights and innovations in public relations practice.
It also serves as a precursor to the World Public Relations Conference scheduled to hold in Abuja later this year, where global stakeholders will converge to address emerging challenges in the profession.
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