Feature/OPED
Nigeria’s Non-stop High Margin for Error
By Prince Charles Dickson PhD
A leaky roof tricks the sun but does not deceive the rain. Running in the rain, falling in the river, nations that lie to themselves live with flesh but are skeletons—AbdulChukwudi Balogun
I centre my admonishment for this week around the National Day Rally Speech of the state of Singapore.
It was a lengthy rallying speech that touched on several facets of their national life by their 70-year-old leader. It is pertinent to note that the speech occurred at the Institute of Technical Education ITE. (kontri wey sabi) I wait for that day, a Nigerian leader will take education as the belt of policy drive in the land of many doctorate degree holders yet millions of out-of-school children and labour issues that last months between teachers and government while universities are shut.
The Prime Minister spoke in Malay and Chinese, followed by English (that was diversity in action, but here we are still dancing our ethnocentric parapoism and religious jingoism of bitterness). He touched on COVID19 extensively, I loved it so much when he stated, ‘every death is one too many….’ And I asked myself can our leaders make that same assertion I wondered if at all Nigerian lives counted or even mattered.
Key to their success was the high level of trust in their society. That is one ingredient lacking in the Nigerian construct, among many others. He said in Singapore, people worked with and not against one another.
Their government upheld the trust by being open and transparent. This is very strange in our government and governance spectrum, one littered with errors. In Singapore, they had each other’s back; in Nigeria, na all man for himself, na we be government, we do everything for ourselves, who do us?!
Brother Lee Hsien Loong discussed the strategic challenges of their external environment, and he outlined how the US-China relations will affect them, Russia and Ukraine and China and Taiwan and more. He maintained his nation would avoid being caught up in major power rivalry. Despite the peace they had enjoyed for a long, he admonished his countrymen to be prepared psychologically by being real should things go wrong.
These things cannot be said simultaneously when we discuss Nigeria.
He asked that his people must not be divided, whether by race, religion, income, social differences, or place of birth. If we are taken in and divided, we will stand no choice but, united, we can deal with any problems that come our way…my country is not united, we are divided and multiplied by our differences!
He touched on economic issues, cost of living, and disrupted supply chains. Speaking to the government’s efforts at supporting middle- and lower-income families, lightening household burdens. He said if the situation worsens, they stand ready to do more. In Nigeria, all the burden is on the masses; increased pump price for a commodity we are blessed with when we pay taxes, it goes to private pockets, we borrow to eat, and one is in a state wahala be like wetin again.
The Singapore Dollar has strengthened, making travelling overseas more affordable. At home, it makes imported goods cheaper…yet he cautioned not overdoing things. Can the same be said of the Nigerian space with her high margin of error?
His conclusion made me tear up for my beloved Nigeria…He stated below:
Whether we are tackling COVID-19 and preparing for the next pandemic, dealing with geopolitical dangers and economic uncertainties, handling sensitive domestic issues, or planning and building Singapore for the long term.
With all these challenges, success depends on us getting three key master fundamentals right. We must always have a united people, a high-quality leadership team, and high trust between the people and their leaders. A united people, a high-quality leadership team, and high trust between the people and their leaders. These are essential if we respond creatively and resiliently to challenges, year after year. We may have the best-laid schemes, but without these three fundamentals, they will come to nothing. I have emphasised these points repeatedly, in different ways, because they are so crucial.
In particular, good leadership is non-negotiable. Look at the countries where governments are unstable and politics messy, swinging wildly from one election to another. Whenever things do not work, leaders are forced out or resign en-masse. But even after changing teams, things fail to improve. Policies and laws either never make it through the political gridlock, or they are made by one government and then reversed by the next. Often, it is not just the leaders who disappoint but the whole system that has failed. The result is a devastating loss of faith: Not just in individual politicians or parties, but in the whole political system and the whole political class, and there is no way forward from there. THIS PARAGRAPH CAPTURES THE NIGERIAN DILEMMA AND OUR ERRORS.
A small country like Singapore has zero margins for error. Not just Singapore’s continued success, but our very survival, depends on us having the right leaders.
Leaders with integrity, dedication, and competence; leaders with the conviction to make the tough calls and do the right thing, even when it may cost them some votes; leaders you can trust. We cannot afford any compromise on this.
Thankfully, for 57 years, over three generations, we have had leaders who have earned and maintained Singaporeans’ trust and confidence, who have worked closely with the people to deliver on sound policies, and who have improved all our lives.
Never take this trust, nor this competence, for granted. Keep working hard to find the right people, get them to serve, and help them do their best for Singapore. We must extend our success formula to the next generation and beyond.
Leadership succession is, therefore, of paramount importance. When COVID-19 hit us, I had to put my succession plans on hold. Now we are learning to live with COVID-19 and entering a new normal. The younger ministers have chosen DPM Lawrence Wong to be their leader. I am happy that the matter is settled and that my succession plans are moving forward again. I am also glad that from everything I see, Singaporeans support Lawrence and his team leadership. So, I ask you to give Lawrence and his 4G team – your team – your fullest support.
The next few decades will be bracing but exhilarating. I have given you my take on what we can achieve and what may go wrong. But with your trust, we can come through whatever difficulties await. With your support, we can turn hopes and dreams into reality and unite as one people; we can secure a brighter future in this uncertain world. Not just for now, not just for ourselves, but for every Singaporean child, for many generations to come.
My beloved Nigeria and Nigerians have refused to talk about their present and mock our past, so how do we “Secure Our Future”. Leadership is negotiable here and indeed negotiated always amongst the best of evils. For us, not just leaders continually disappoint, but the whole system keeps failing.
With all our collective errors, there is a loss of faith: not just in individual politicians or parties, but the whole political system and political class.
Do we know that our survival depends on us having the right leaders? Leaders with integrity, dedication, and competence. Leaders with the conviction to make the tough calls and do the right thing. We know will we act; only time will tell.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN