Economy

Economic Advisory Squad to Focus on Data Collection

Published

6 years ago

09/10/2019

By Modupe Gbadeyanka

President Muhammadu Buhari on Wednesday inaugurated the newly appointed members of the Presidential Economic Advisory Council (PEAC) with a task to “focus on primary data collection.”

Mr Buhari, while administering oaths on his economic squad today in Abuja, said the 8-man council chaired by Prof. Doyin Salami must develop reliable data that will properly reflect what is happening in the country.

According to the President, “Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies.

“Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground.

“This is disturbing as it implies we are not fully aware of what is happening in our own country,” he told the team.

He further said, “We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities.

“Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes.

“As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.”

The President also used the occasion to set agenda and expectations from the Council, constituted on September 16, 2019, to replace the Economic Management Team (EMT).

Charges Team on Social Welfare

On the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens.

As such, the President said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East.

“Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact.

“In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations.

“Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues.

“I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,” the President said.

Buhari’s Expectations

On his expectations from the council, the President urged them to proffer solutions on how to move the country and economy forward.

The President directed the Council to coordinate and synthesize ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years, working in collaboration with various employment generating agencies of government.

“I am told you worked throughout last weekend in preparation for this meeting.

“I have listened attentively to findings and ideas on how to move the country and the economy forward.

“Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity.

“Reason being we had to tread carefully in view of the mess we inherited.

“Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth.

“I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption.

“Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies.

“However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you, ” he said.

Buhari Promises Cooperation

President Buhari also assured the Council that the Federal Government will ensure that all their needs and requests were met before the next technical sessions in November.

He said all key ministries, departments and agencies will be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all.

“Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism.

“In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions, ” he said.

Chairman of Council, Professor Salami, said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it was about Nigerians, not as numbers, but as people.

He added: “Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact.”

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

22 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

24 hours ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

1 day ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.