Economy
ABCON Wants Establishment of Voluntary Offshore Asset Reparation Window
By Adedapo Adesanya
The Association of Bureaux de Change Operators of Nigeria (ABCON) has charged the Central Bank of Nigeria (CBN) to establish a voluntary offshore asset repatriation window to allow more foreign capital inflows into the economy.
In a statement by its president, Mr Aminu Gwadabe, the foreign exchange traders said the proposed policy plan would be a monetary instrument of the apex bank backed by an Act of the National Assembly for non-disclosure of the sources or basis of proceeds of the funds to be repatriated.
The ABCON boss also called for stricter measures by fiscal and monetary policy makers to keep the forex market and economy going due to the realities brought about by the COVID-19 pandemic.
He said the COVID-19 pandemic has led to drop in crude oil prices and drastic cut in Nigeria’s foreign exchange earnings and with this, more foreign capital will be pumped into the economy through the Voluntary Offshore Asset Repatriation Window which will benefit all players in the economy.
According to him, the proposed window will boost liquidity in the BDC sub-sector, Investors’ and Exporters’ (I&E) forex window and help the CBN sustain stability of the exchange rate.
According to Mr Gwadabe, the forex window, which differs from the previous Voluntary Offshore Asset Regularization Scheme backed by executive order 008 and tied to taxation, will be an incentive for owners of stashed funds abroad to be given an amnesty to repatriate their foreign cash holding into the window so it can then be traded at the prevailing rates in those windows.
Also, he advised owners of such funds to have one year amnesty to participate in the market which should be liable to paying a reduced corporate income tax of 20 percent.
Mr Gwadabe also advised that Naira proceeds from the transactions in that window should be invested in the economy for a maximum of 10 years before it can be allowed to be repatriated back, if and when the need arises.
According to the group, the window will also boost foreign exchange liquidity and help against the volatility of the market. He also said, it would help in diversifying Nigeria’s foreign exchange earnings, support national planning, enhance backward integration and import substitution policies.
Further, Mr Gwadabe said it will lead to reduction in the size of black and informal economy, boost sovereign credit ratings, improve living standards for the people and promote good corporate governance in institutions.
“Going by the dire consequences of COVID-19 on our economic indicators- decline in oil revenue, low tax to Gross Domestic Product (GDP) ratio, increasing budget deficit, declining fiscal buffers and debt servicing challenges, among others, poor revenue problem and falling oil prices despite OPEC oil supply cut and debt rescheduling.
“These will trigger other macro economic challenges such as high interest rate, low level of investors confidence, shrinking Diaspora remittance inflows and increasing livelihood agitations,” he said.
According to him, the Nigerian economy outlook, when compared with global economic trends, does not look positive, which is why the country needs to work with every available options or face dire consequences of inaction.
He said that the dwindling oil revenue was another wake up call to diversify the economy.
By Dipo Olowookere
The price of crude oil on the global market dropped below the $90 per barrel mark on Friday after Iran announced the reopening of the Strait of Hormuz.
About 20 per cent of the world’s total oil and liquefied natural gas (LNG) consumption passes through this narrow body of water between Iran and Oman.
It was shut down by Iran after the United States and Israel launched airstrikes on it in late February 2026.
For the past few days, there have been talks between the US and Iran over the reopening of the Strait. The Middle East country reopened it after Israel and Lebanon struck a deal.
This action crashed the price of crude oil today, with the Brent grade selling at about $88 per barrel and the West Texas Intermediate (WTI) grade trading at $83 per barrel as of the time of filing this report.
Iranian Foreign Minister, Mr Abbas Araghchi, announced the reopening of the Strait of Hormuz, with the move already welcomed by President Donald Trump of the United States.
It will remain open during the ceasefire while further negotiations continue between America and Iran.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Republic of Iran,” the Minister posted on X, formerly Twitter, on Friday.
This news will surely excite Nigerians, who have been forced to pay more to buy petroleum products since the war started, despite living in an oil-producing country.
The price of petrol jumped from about N827 per litre before the war to N1,250 and almost N1,300 per litre because of the Middle East crisis.
Dangote Refinery, which majorly supplies the local market, claimed it was buying crude oil at an international price.
By Adedapo Adesanya
President Bola Tinubu has signed the 2026 Appropriation Bill into law, authorising an aggregate expenditure of N68.32 trillion for the current fiscal year.
He also signed a separate bill extending the implementation period of the 2025 budget from March 31 to June 30, 2026.
The budget allocates N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It further sets aside N15.4 trillion for recurrent expenditure and N32.2 trillion for capital expenditure through the Development Fund.
In a statement signed by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Friday, it was that, “The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service. It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.”
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” it added.
The 2026 Appropriation Act took effect on April 1, with the federal government commencing full implementation in line with what the presidency describes as the Renewed Hope Agenda.
President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the capital component of the 2025 Appropriation Act by three months to June 30.
The presidency said the extension would ensure the full utilisation of appropriated funds, particularly for critical infrastructure projects at advanced stages of implementation.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement read.
He directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with strong emphasis on value for money and timely project delivery.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives, the statement noted.
President Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms and boost revenue generation.
By Adedapo Adesanya
Pipeline Infrastructure Nigeria Limited (PINL) says Nigeria has lost an estimated $226.734 billion in revenue from stalled crude oil production in Ogoniland over the past 32 years.
The group at the company’s monthly stakeholders’ meeting in Port Harcourt called for an urgent, structured restart of operations in the region.
PINL described the resumption of oil production in Ogoniland as a “strategic national priority,” stressing that the process must be driven by host communities and grounded in environmental sustainability.
Speaking at the event, Mr Akpos Mezeh, General Manager, Community and Stakeholder Relations at PINL, said the scale of losses highlights both the cost of inaction and the opportunity ahead.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years. This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
Ogoniland, covered under Oil Mining Lease (OML) 11, has the capacity to produce over 500,000 barrels of crude oil per day. Production was halted in 1993 following unrest and environmental concerns linked to oil exploration activities.
PINL outlined key conditions for restarting operations, including active community participation, sustained environmental remediation, adoption of community-based security models, and prioritisation of economic inclusion.
“The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the Federal Government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” Mr Mezeh added.
He further affirmed the company’s readiness to support the process, stating: “At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption.”
PINL maintained that with the right framework, resuming production in Ogoniland could significantly boost Nigeria’s crude output, increase government revenues, and support broader economic growth.
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