Economy
Budget: NASS Must Not Fight Presidency—Udoma
By Modupe Gbadeyanka
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has explained that success in producing a good 2017 Budget will require strong collaboration between the Executive and the National Assembly.
He made this known during a programme held in Abuja on Monday.
While stressing that an important tool for achieving economic recovery and sustainable growth will be the 2017 Budget, he said that it is important to always remember that both the Executive and the National Assembly will benefit politically from a budget that successfully turns the Nigerian economy around and brings prosperity to the people.
According to him, now that the country’s economy has entered a recession, stakeholders should all agree on prudent allocation of resources to key capital projects that will help to lift the economy out of recession and onto the path of sustainable growth.
“All the key stakeholders must understand and appreciate the overall budgetary constraints as well as implications of some fiscal trade-offs,” the Minister said.
Mr Udoma, at the ‘Gallery Colloquium’ organised by Orderpaper.com on ‘Budget as a critical tool for effective Executive-Legislative relations’, said the current economic situation in the country provides an opportunity like never before, for the two arms of government to set a template for succeeding governments on how national interest can be placed ahead of institutional contests.
“The National Assembly must not see itself as in competition with the Executive,” he advised.
Explaining the budgetary process, Mr Udoma said that the President, as the leader of the country, has the ultimate responsibility of delivering economic benefits to Nigerians in an all-inclusive manner based on his mandate or manifesto; therefore it is his responsibility to drive the process by setting out the framework of the Budget and all the heads of expenditure.
“It is also his role, as President, to articulate the national vision guiding the budget. And he must get each annual budget right because he has opportunity to produce only three more budgets before his tenure comes to an end,” he added.
The Minister said that in processing and considering the Budget estimates therefore, the National Assembly should see themselves as working as partners with the President to achieve the national aspirations set out by the President.
“In doing so, the question of which arm of government is superior in budget formulation should not arise, as everyone’s objective must be the success of the government in bringing the dividends of democracy to the people,” he indicated.
According to him, at this time in particular, the President needs the strong support of the Legislature to implement the tough decisions required to stimulate this economy and bring it to sustainable inclusive growth, not dependent on the vagaries of the oil price.
While maintaining that the two arms of government have a major role to play in bringing economic prosperity to the people, the Minister called attention to the fact that if the government fails, neither the Executive nor the National Assembly can completely escape the blame.
He however was confident that the members of the National Assembly appreciate the economic situation facing the country as a result of the failure over the last thirty years to successfully diversify the Nigerian economy from dependence on crude oil.
Government, he said, has a plan not just to get the economy out of recession but also back on the path of sustainable growth. Adding, the plan involves injecting a fiscal stimulus to provide funding for the 2016 Budget, which was carefully designed to reflate the economy but unfortunately has been affected by revenue shortfalls.
The Minister further stated, “It is important to stay the course in implementing the major structural changes which had been outlined by the Government in our Strategic Implementation Plan (SIP). The spending priorities in the 2017 Budget will be guided by the objectives we set out in the SIP”.
The Speaker of the House of Representatives, Hon. Yakubu Dogara agreed that there was need for an effective collaboration between the Executive and the Legislature in the budgetary process to reduce the usual friction between them during the process of appropriation.
Dogara who was making some remarks on ‘Legislative perspectives on the budget process’ said that a review of how annual budgets or Appropriation Bills have been prepared and executed in Nigeria since 1999 will reveal an unsatisfactory state of affairs, adding that there was an urgent need for Budget Reform in Nigeria.
He therefore suggested a review of the legal framework to ensure that the annual budget is submitted and passed on time before the commencement of the next financial years; a clear development plan with broad national consensus; extensive stakeholder consultation at the executive level during preparation of the budget; clear budgetary objectives and government targets to be achieved should be clearly spelt out; and there should be a robust pre-budget interface between the Executive and the Legislature to reduce areas of friction during the appropriation process, among others.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
