N4.2trn Debt Service: Economy in real crisis –Lawan - Newstrends
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N4.2trn Debt Service: Economy in real crisis –Lawan

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Senate President, Dr. Ahmed Lawan

WITH a  debt service of N2.49 trillion in 2021, the senate yesterday, admitted the economy is in serious crisis.

In his goodwill message at the 40th Anniversary of Chartered Institute of Taxation (CITN), in Abuja, the Senate President, Dr. Ahmed Lawan, alluded that the debt service rose from N2.11 trillion in 2019 to N2.49 trillion in 2021 while  the contribution of the major revenue- generating agencies to consolidated revenue account in 2020 was over N8 trillion.

“Last year it got to N11. 93 trillion. And today, we have almost half a trillion deficit of expenditure in terms of infrastructure delivery. Invariably, the economic problem in this country cannot happen without the  active  collaboration of elitist groups like CITN and other  professional bodies,” he said.

Lawan who was represented by his Special Adviser on Economic Matters, Professor Nazif Abdullahi Darma,  explained that Nigeria’s economy is a growing one with a population of over 200 million and three per cent  growth rate. This implies that every year,  six million people are added to the nation.

“Our economy is a growing one. We have over 200 million citizens. We have a growth rate of over three per cent. Meaning,  every year,  six million citizens are added.

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On a daily basis, 26,000 babies are born. These  demographic indicators are real challenges of providing quality social service welfare for its citizens” he said.

However, he said,  the people’s participation in governance is predicated on their ability to pay tax.

“In  most democracies in the world today, people’s participation in governance  is predicted on the  ability of those citizens to pay taxes as and when due. And that is where we saw a lot of fundamental questions raised on the way and manner the economies are being managed because taxpayers are actually the contributors of the resources that are used in running such economies” he noted.

In his remarks, the Vice President, Professor Yemi Osinbajo,  lamented that  Nigeria’s tax to Gross Domestic Products (GDP) ratio is the lowest in the world while  its comparators are in the neighborhood of about 15 per cent to 25 per cent.

This, he noted, was symptomatic of undue reliance on oil revenue as a result of fiscal imbalances in the nation’s financial landscape.

Osinbajo who spoke through the Minister of Finance Budget and National Planning, Mrs Zainab Shamsuna Ahmed, who in turn was represented by the Permanent Secretary, Ministry of Finance Budget and National Planning, Mallam Ahmed Aliyu, stated that tax collection has improved to the extent that FIRS exceeded its  target for Year 2021 with N6.450 trillion from both oil and non-oil revenues.

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Rite Foods, BJAN champion consumer safety at Ososa factory tour

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Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

 

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

 

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

 

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.

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NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

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Dangote Petroleum Refinery

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

The Nigerian National Petroleum Company Limited (NNPC) has raised the allocation of crude oil cargoes to the Dangote Petroleum Refinery from five to seven cargoes for May 2026, a strategic move aimed at strengthening domestic fuel production and reducing Nigeria’s dependence on imported crude amid rising petrol prices.

According to Reuters, two trade sources and a senior refinery official confirmed the development. “NNPC has allocated more cargoes to Dangote Refinery for May. While this will not completely meet our demands, it can help. We are also in negotiation with NNPC for additional volumes,” the official said.

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For April 2026, the refinery will continue to receive the five cargoes previously allocated, as the increase only takes effect in May. Dangote Refinery CEO, David Bird, had earlier stated that the plant typically requires 13 to 15 cargoes per month under the crude-for-naira programme, but currently receives only five. The shortfall has forced the refinery to import additional crude at premiums of up to $18 per barrel above Brent crude prices, driven by global market disruptions, including the ongoing Iran-US-Israel conflict.

The refinery, which has a production capacity of 650,000 barrels per day, has been increasing gasoline supplies to Nigeria’s domestic market, currently meeting over two-thirds of daily petrol demand, roughly 60 million litres. However, the limited crude supply has exposed the refinery to global price volatility, prompting multiple ex-gantry price adjustments in March 2026 — from ₦774 to ₦1,275 per litre, before settling at ₦1,200 per litre.

Analysts say the increased allocation of crude cargoes will help ease the pressure on domestic petrol prices and provide a buffer against international crude market fluctuations, but the refinery still relies partly on imports to meet its full operational capacity. The move underscores NNPC’s commitment to supporting local refining capacity and ensuring energy security in Nigeria.

NNPC Boosts Crude Supply to Dangote Refinery to Address Rising Fuel Prices

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Easter train: NRC increases Lagos-Ibadan trips, offers free Osun holiday transit

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Easter train: NRC increases Lagos-Ibadan trips, offers free Osun holiday transit

With the 2026 Easter celebrations just around the length of a rail track away, the Nigerian Railway Corporation (NRC) has moved to prevent holiday travel gridlock by significantly boosting its service capacity.

In a move to accommodate the seasonal influx of travellers, the corporation announced a strategic mix of increased trip frequencies and a unique government-backed free transit programme.

The centrepiece of this holiday rollout is the Lagos-Ibadan Train Service (LITS). Anticipating a massive exodus from the coastal hub on Thursday, April 2, the NRC has added a third daily trip to its schedule. Commuters departing from the Mobolaji Johnson Station in Ebute Metta can now choose between 7:45am, 1:40pm, and 4pm slots.

Those returning from the Obafemi Awolowo Station in Ibadan have similar flexibility, with departures staggered at 8:00 a.m., 10:50am, and 4:30pm.

Adding a layer of relief for budget-conscious travellers, the NRC is collaborating with the Osun State Government to provide a fully funded narrow gauge service. This initiative allows passengers to travel from Lagos to Osogbo at no cost.

According to the corporation, the “free train” is scheduled to leave Iddo Station on Friday, April 3, at 10am, with the return leg bringing holidaymakers back to Lagos on Monday, April 6, at the same hour.

It also noted that while the South-West corridors see these specific boosts, the rest of the national network remains steady, the Northern Corridor (Abuja–Kaduna service) will maintain its robust schedule, offering up to three daily trips over the weekend to keep the Idu and Rigasa link fluid.
The Delta-Kogi Link (Warri–Itakpe line) continues its daily operations, though it will pause this Thursday for its standard safety maintenance window.
Also, the Eastern Line (The Port Harcourt–Aba service) remains on its morning-departure and afternoon-return cycle.

NRC management stressed that while capacity has increased, security and ticketing protocols remain a top priority. They are urging the public to arrive at stations early and cooperate with security personnel to ensure the holiday remains peaceful.

As the corporation looks toward a busy weekend, they continue to pitch rail travel as the safest and most dependable alternative for Nigerians traversing the country this Easter.

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