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A Glance at President Buhari’s Christmas and New Year Statements

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By Jerome-Mario Chijioke Utomi

For Nigerians that have their thinking divided between the present and the future, with part of it dedicated to finding solutions to current nagging challenges in the country, and the other, concerned with what becomes the future of the country, if the present administration fails to get its leadership priorities right, President Muhammadu Buhari’s Christmas and New Year messages to Nigerians were received with mixed feelings.

Essentially, there is no doubt that the country recently made some political and socio-economic progress. But looking at the federal government’s performance in the out-gone 2021, it becomes evident, in my view, that President Buhari’s remarks, though qualify as an easy read, yet, some of his claims are in dire need of re-appraisals in areas of approach and outcome.

It showed Nigerians quite clearly that there is still a need for our public office holders to learn how to match words expressed with faith and behavioural patterns that demonstrate the faith.

This observation becomes overwhelmingly important when one remembers that there exist in the greater part of 2021 particulars of demonstrated idleness, laziness, cluelessness and outright lack of leadership and problem-solving creativity on the part of the present Federal Government. These failures are very re-sounding in the areas of incapacity to end insecurity and non-pursuit of the economic welfare of citizens which of course are the only two constitutional responsibilities of the state all leaders must achieve.

At this stage, let’s cast a cursory look first, at the good side of Mr President’s declarations

First, this piece aligns completely with President Buhari’s plan to in the year 2022 and going forward, intentionally leverage ICT platforms to create jobs, while ensuring that the diversification of our economy creates more support to other emerging sectors.

It is also gratifying, and the world is of course in agreement with  Mr President’s position that the path to nationhood is often fraught with unpredictable difficulties and challenges, and most tried and tested nations have often prevailed through dogged determination, resilience, concerted commitment to unity, and the conviction that the whole of the nation, standing together against all odds, is by far greater and would ultimately be more prosperous and viable than the sum of its distinguishable parts.

However, despite the validity of the above positions, the ideas about the procedure to follow in this effort as well as the order of priority are not very clear. Making this a crisis and a reality that all should worry about is the awareness that the federal government has recently become reputed for applying methods and operating along with frameworks that are outdated.

Another troubling aspect of the New Year speech has to do with Mr President’s declaration that the issue of security remains at the front burner of priority areas that his administration has given utmost attention to.

Without a doubt, Mr President may have re-energized and reorganized the security apparatus and personnel of the armed forces and the police.

These realities notwithstanding, looking at the level of insecurity that flourished in the country through the year 2021, particularly; banditry, terrorism and kidnapping, it will in my view not be characterized as an overstatement to describe the gains emanating from Mr President’s efforts as too few.

Away from insecurity to the economy, Mr President among other things said; “we have shown a high level of resilience to record some significant achievements despite the turbulence that has characterized our economy and indeed the global economy.”

Continuing, he said; “the major wins we have recorded can be clearly seen in Nigeria’s most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS). The 4.03% growth recorded in the third quarter of 2021 is indicative of the recovery being recorded in our economy and the confidence that is being shown through the policies that our administration has put in place after the outbreak of the pandemic.

“We may also recall that this recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021. This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time was and remains the highest growth recorded by the Nigerian economy since 2014. The good news is that we have so far recorded four consecutive quarters of growth after the negative growth rates recorded in Quarter 2 and Quarter 3 of 2020 due to the effect of the COVID-19 pandemic.”

Certainly, in my view, President Buhari’s narrative looks good and alluring. But regardless of what others may say, this piece holds the opinion that the orchestrated growth of the nation’s economy only exists in theory. The poor masses are not feeling the impact of such growth.

Viewed differently, one point Mr President and his handlers must not fail to remember is that ‘principles work only when we work the principle’. I trust Nigerians. They are not interested in data, figures or statistics. Their indomitable spirit could have been well expressed or demonstrated if those in public leadership like Mr President had taken responsibility for their actions, failures and failings or better still created the enabling environment.

Still on Mr President’s promise that his administration will continue to create opportunities for our teeming youths to ventilate their tremendous energy, this piece could not emphasize strongly but there are those who might wish to ask; why is it still a mere declaration by President Buhari that his government will not abandon the promises made to Nigerians for a better lease of life, whereas he has been in the office for close to 7 years without achieving the feat?

As this piece expects the FG to provide answers to the above question, another thorny issue mentioned by President Buhari has to do with the Niger Delta region.

He captured it this way; “on August 16, 2021, I signed the landmark Petroleum Industry Act into law. The signing of this legacy legislation is a watershed moment in the history of our nation, considering the massive positive impact the new Act would have on the economy. I would like to sincerely commend the 9th Assembly for the grit they demonstrated, succeeding where others have failed, and the cooperation that led to the completion of this process after almost two decades.”

Whatever Mr President may say about the Petroleum Industry Act/Niger Delta region, two stands out; first, the truth is that until the federal government see through to completion of all the critical projects embarked upon in the region as promised at an event in Lagos, by the Vice President, Professor Yemi Osinbajo, nobody will take the present federal government seriously.

Secondly, the people of the region are particularly not happy with the paltry 3% allocation by the Petroleum Industry Act, for the host communities.

But of all the content of Mr President messages, the hardest to believe is his claim that the diversification of the economy embarked upon by his administration is yielding fruits.

Utomi Jerome-Mario is the Programme Coordinator (Media and Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He could be reached via [email protected]/08032725374

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The Future of Payments: Key Trends to Watch in 2025

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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

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Ghana’s Democratic Triumph: A Call to Action for Nigeria’s 2027 Elections

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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.

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The Need to Promote Equality, Equity and Fairness in Nigeria’s Proposed Tax Reforms

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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.

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