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Endure a Little Bit More, FG Tells Nigerians Amid Hardship

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2 years ago

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The Federal government, on Thursday, said it appreciates the endurance of Nigerians on side effects of economic reforms, which it says have started yielding results.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this during an interactive session with the Senate Committee on Finance.

According to him, teething problems from the reforms are over for Nigerians as positive indicators for better days are already emerging.

“The two critical reforms on market-based price of Premium Motor Spirit (PMS) and foreign exchange, are now at the stage of results delivery and by extension, viability of the Nation’s economy through restoration of fiscal viability,” he stated.

“These two pillars of the economic reforms that have taken positive shape now portends additional revenue for government, recovery of the finances of NNPCL and strong  basis for growing the economy, in terms of attracting investment and creating of jobs.

“I think we need to commend Nigerians for staying the cause to  this stage of getting  benefits.”

On his part, the Chairman of the Committee, Senator Sani Musa, said the session was a fact finding one on workability or otherwise of the various reforms.

“Today we gather to deliberate on the pressing matters related to the sales of crude oil to domestic refineries in Nigeria, in Naira and its implication on the approved medium-term expenditure framework and fiscal strategy paper for 2024-2026 and what we should expect for 2025-2027.

“Additionally, we will examine shortfalls in NMPCL revenue remittances, focusing on key areas such as foreign and domestic excess crude accounts, the signature bonus accounts, NMPCL cash call account and any outstanding or remitted revenue linked to under-recoveries.

“This meeting underscores our commitment to transparency, accountability and the responsible management of our national resources.

“I am confident that with the collaboration of the Ministry of Finance under the able leadership of the coordinating Minister of the Economy, the Office of the Accountant General of the Federation, the Central Bank of Nigeria and Revenue Mobilization and Physical Commission and other critical stakeholders present here, we will identify solutions and ensure that due process are upheld for the benefit of our economy and the Nigerian people.”

Aside the Finance Minister, the Group Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, the Director General of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, representatives of Governor of the Central Bank also attended the session which was later joined by the Senate President, Godswill Akpabio while in closed door.

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UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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14 hours ago

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July 21, 2026

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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Finance Minister Oyedele Defends Nigeria’s Rising Debt

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14 hours ago

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July 21, 2026

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified the sharp increase in Nigeria’s public debt.

Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.

Oyedele was responding to questions from the senator representing Kebbi Central, Adamu Aliero, over claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.

According to the minister, comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.

“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“However, it is important to note that, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in Naira. That accounting adjustment alone added more than N40 trillion to the public debt figure,” he said.

He added that the securitisation of the Ways and Means advances inherited from the previous administration also contributed significantly to the increase in the debt stock.

The minister further said that much of the government’s domestic borrowing was used to refinance existing debt rather than accumulate new obligations.

According to him, the Tinubu administration had adopted a prudent borrowing strategy focused on infrastructure and long-term economic growth.

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ADC Tells Tinubu to Resign As World Bank Reveals 139million Nigerians Live in Poverty

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2 days ago

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July 20, 2026

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The African Democratic Congress (ADC) on Saturday asked President Bola Ahmed Tinubu to resign rather than seek re-election, asserting that the World Bank’s recent report showing that 139 million Nigerians live below the poverty line is his scorecard.

The ADC, in a statement by its spokesperson, Bolaji Abdullahi, said the World Bank’s report, which also estimated that 17 million Nigerians are at risk of starvation, was “disturbing.”

“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said. “On account of this catastrophic failure alone, President Tinubu should be contemplating resigning from office rather than seeking re-election.”

It decried that the “catastrophic” situation was occasioned by the Tinubu administration’s policies, which it said, “have favoured money over people and statistics over survival.”

The opposition party maintained that the economic growth Mr Tinubu’s government has repeatedly boasted of as a result of its economic reforms is “meaningless” if the livelihoods of people at the grassroots have yet to improve since 2023, when he assumed office.

“Instead of changing course, the government has stubbornly stuck with its ruinous economic policies and even continues to market recklessness as courage and wickedness as ‘necessary pains.’

“However, three years down the line, it is now clear that the chicken has come home to roost,” the ADC said.

According to the party, Nigeria desperately needs a leader who truly cares about citizens’ well-being and understands that economic reforms should improve citizens’ lives, not worsen their misery.

“A president whose government is not openly feasting while asking the people to continue fasting. A government that does not wallow in profligacy while handing the people palliatives,” it added.

The party condemned the ruling APC’s social intervention programmes aimed at cushioning the effects of its economic policies, adding, “Poverty cannot be defeated through palliatives.”

The ADC pledged that if elected in 2027, it would tackle the root causes of hunger by reducing energy costs, enhancing food production, and ensuring that farmers returned to their farmlands.

It also vowed to rehabilitate the 264 abandoned dams, improve access to fertilisers and quality seeds, and invest in storage facilities.

According to the party, transportation, waste, and food prices would be reduced while creating productive jobs.

“Hunger cannot be separated from poverty, education, or healthcare. That is why an ADC government will prioritise nutrition, primary healthcare, quality basic education, and skills development because no nation can build a prosperous economy while millions of its children are hungry, out of school, or cannot read simple texts,” the party said.

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