Economy
FG Tasks Agric Varsities on Food Security to Earn Income
By Modupe Gbadeyanka
The three federal universities of agriculture in Nigeria have been charged to “scale- up plantations” over time in order to “earn income.”
This charge was given last Tuesday in Abuja by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, when he received members of the governing councils of federal universities of agriculture.
Mr Ogbeh noted that it was important for the institutions to be the “food basket” of their “respective host communities.”
While commending the initiative of the schools in Abeokuta and Umudike on this subject matter, the Minister said, “You have huge parcels of land averaging 10,000 ha each. I enjoin you to put them to use.”
He pointed out that “as institutions of agricultural education and research, you can earn huge revenues from agricultural research, seed and seedling development, extension work, soil mapping and even production of food on campus.”
Mr Ogbeh advised the universities to give greater priority to courses with agriculture-related content.
“We do not forbid the teaching of electives like some accounting, business administration and so on, but only as subsidiaries. The main courses must be agriculture, agronomy, botany, animal husbandry, forestry, fishery, plant entomology, breeding, cattle breed improvement, Agric engineering, veterinary medicine,” he insisted.
He further advised that the schools “should be training graduates who should be going straight into production, with credit support from their alma-mater, produce chicken, eggs, goats, milk, set up meat laboratories, bake bread and above all produce and sell large quantities of high quality hybrid seeds.
“Farmers are in desperate need of these services and more. You will make huge profits from innovative agricultural practice.”
The Minister assured lecturers and students engaged in non-agricultural studies in the three universities of agriculture that their careers will not be jeopardized.
According to Mr Ogbeh, “The return of the three universities of agriculture to this Ministry is a rational, just and timely action, necessitated by the new economic realities we are in, to ensure that our institutions are better focused and more efficiently and economically managed.”
The three federal universities of agriculture, he noted, “were established to advance the cause of agricultural transformation and modernization in Nigeria for the development of core competencies in agricultural education, research and training, amongst others.
“It is therefore, expected that the admission policy of these universities will largely be reflective of this overarching goal.
“Our submission is that, in the long run, the universities will be better served if they focus on their core areas of business rather than on the subsidiaries.”
He expressed the consciousness of government on the “fears and anxieties of teachers and the students already enrolled for these subsidiary programmes.”
Accordingly, he said, “we will not be cancelling them immediately. The task before you is to phase them out gradually.”
He assured the universities that there will be “an important and strategic modification” to the existing faculties of medicine.
“The faculties will now be called Colleges of Nutrition and Medical Sciences.”
If attention is paid to the increasing awareness on the importance of nutrition, he said, “we may not only be drastically reducing our national health bill, but also raising the bar of our currently low life expectancy average.”
The Minister disclosed that “the Federal Ministry of Agriculture and Rural Development has already set in motion a machinery to remodel the three universities under our joint care with a view to transforming them into centres of excellence of global reckoning. In this connection, we shall ensure that the institutional structures already enshrined in the Federal Universities of Agriculture Act cap F22 CFN 2010 for their effective management are put in place without delay.”
By Adedapo Adesanya
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn