Economy
LCCI Tasks Tinubu on Coordination of Fiscal, Monetary Policies
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Tinubu to ensure policy coordination between the fiscal and the monetary authorities in the country, to allow his reforms bear fruit.
The Director General of LCCI, Mrs Chinyere Almona, disclosed this while acknowledging that the two years into President Tinubu’s administration has been characterised by bold macroeconomic reforms and significant policy shifts.
In LCCI’s second year anniversary message to Mr Tinubu she asserted that the bold reforms were aimed at correcting long-standing structural distortions.
She, however, noted that while these reforms came with significant short-term socio-economic costs, they offered the potential for long-term macroeconomic stability and inclusive growth.
“These measures have also imposed short-term hardships on businesses and households, particularly Small and Medium-sized Enterprises (SMEs), which remain the backbone of the Nigerian economy,” she said.
Addressing the country’s macroeconomic outlook, Almona noted that Nigeria had recorded Gross Domestic Product (GDP) growth.
She said the growth, while positive, was yet to be even as manufacturing and agriculture continued to struggle due to high production costs, insecurity, and logistical inefficiencies, limiting business competitiveness.
The LCCI also stated that inflation remained a critical challenge, at 23.71 per cent as at April 2025 due to fuel subsidy removal and foreign exchange liberalisation.
She said while these reforms improved the fiscal outlook, it increased business operating expenses, particularly logistics, agro-processing, and retail SMEs.
Mrs Almona said the current macroeconomic landscape reflected a nation in transition.
According to her, on one hand, the government’s economic reform agenda has attracted some investors’ interest, revived engagement with multilateral institutions, and improved public finance efficiency.
‘There are also growing concerns about policy coordination.
“While monetary authorities target inflation, fiscal policy expands through borrowing and recurrent expenditure.
“This divergence has weakened the impact of economic interventions,” she said.
Mrs Almona said for the realisation of a better business environment, government must consider enhancing its policy coordination with greater synergy between monetary and fiscal policies.
She stated that the Central Bank of Nigeria, ministry of finance, and the development finance institutions should work in tandem to manage inflation without stifling productive investment.
The LCCI DG also noted the need to strengthen the Ease of Doing Business framework by streamlining regulatory processes, eliminating multiple taxation, and expanding digitisation of government services.
“We call for the full implementation of the tax reforms recently approved by the National Assembly and many other policy reforms.
”Government must scale up targeted SME Support by introducing concessionary loan schemes tied to output targets for agro-processing, tech innovation, and light manufacturing sectors.
“We also advocate improved infrastructure, expanded social safety nets, the promotion of local content and value addition, sustained reforms in the foreign exchange market and deepen stakeholder engagement,” she said.
She noted that Nigeria is at a pivotal juncture where the right mix of policy coherence, institutional reforms, and stakeholder collaboration could unlock the nation’s vast economic potentials.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
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