Economy
Subsidy Removal Denial: Nigeria Must Begin to Reject IMF Policies—NLC
By Modupe Gbadeyanka
The Nigeria Labour Congress (NLC) has expressed its anger over claims by the International Monetary Fund (IMF) that it is not responsible for the removal of subsidy on premium motor spirit (PMS), otherwise known as petrol, in Nigeria, stressing that Nigeria must begin to reject the policies of the organisation.
Recall that last week, the IMF African Region Director, Mr Abebe Selassie, at a press conference at the IMF and World Bank Annual Meetings in Washington, DC, absolved itself from the subsidy removal despite piling pressure on the federal government to take it out.
In a statement on Sunday, the frontline labour union in the country took an exception to IMF denial, noting that it was unfortunate that the government heeded the global lender’s misguided advice.
“The IMF seems to be distancing itself from the future backlash of these policies, but Nigerians are not naive; we recognize the destructive effects of its harmful strategies on Nigeria and Africa,” a part of the statement said.
“The IMF’s recent statement shows evasion, claiming Nigeria’s subsidy removal was a domestic decision while ignoring its significant influence on policy-making in developing countries.
“Despite this denial, the IMF often advocates subsidy cuts as necessary for fiscal sustainability, making its disavowal seem hollow in a country that has frequently complied with such recommendations,” the NLC stated in the statement.
“It is disingenuous for the IMF to deny complicity, especially since we have warned the government about the consequences of adopting these policies,” it added.
The union advised Nigeria and other developing countries to reclaim their economic sovereignty and resist externally imposed policies that fail to consider local contexts and the needs of the masses, noting that the government must implement policies that address the genuine needs of its citizens by prioritizing economic strategies that promote growth, social welfare, and equity, rather than austerity measures that result in deeper economic difficulties and social unrest.
“The IMF’s denial of involvement in Nigeria’s subsidy removal seems insincere, given its history of recommending similar austerity measures. We hope our economic leaders recognize that when crises occur, the IMF and World Bank will distance themselves, leaving the government to bear the burden.
“We urge the World Bank and IMF to stop stifling our nation so we can breathe freely. They have become a significant challenge for us, and we may soon be compelled to demand their complete withdrawal from Nigeria, as their policies consistently undermine our economy and sabotage both the people and the nation,” it submitted.
The NLC, headed by Mr joe Ajaero, argued that the gap between IMF recommendations and the reality in Nigeria highlights a major oversight in the fund’s economic policy.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange jumped 1.04 per cent on Wednesday, June 17, with the market capitalisation adding N26.99 billion to settle at N2.619 trillion compared with the previous session’s N2.592 trillion, and the Unlisted Security Index (NSI) rising by 45.1 points to close at 4,378.45 points, in contrast to the preceding day’s 4,333.35 points.
The rally was driven by the gains reported by two securities, which outweighed the losses posted by three securities, led by FrieslandCampina Wamco Nigeria Plc, which dipped by N1.95 to N178.19 per unit from N180.14 per unit. Geo-Fluids Plc lost 19 Kobo to close at N2.61 per share compared with Tuesday’s closing price of N2.80 per share, and Food Concepts Plc slid by 1 Kobo to N1.77 per unit from N1.78 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc recorded a N6.33 appreciation to trade at N86.57 per share versus the previous day’s N80.24 per share, and Light House Financial Services Plc grew by 10 Kobo to N1.13 per unit from the N1.03 per unit it closed a day earlier.
In the midweek session, the value of stocks traded by investors surged by 181.0 per cent to N128.3 million from the preceding session’s N45.6 million, the volume of securities increased by 305.6 per cent to 2.8 million units from Tuesday’s 688,290 units, and the number of deals executed jumped by 6.5 per cent to 33 deals from 31 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.3 million units exchanged for N4.6 billion.
GNI Plc also ended as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
As part of moves to boost its internally generated revenue (IGR) and increase its streams of income, Ayobo-Ipaja Local Council Development Area (LCDA) is considering commercial ostrich and crocodile farming.
The council recently held a sensitisation programme, where agribusiness experts engaged stakeholders, including residents and entrepreneurs, on the viability of this.
The programme provided participants with the knowledge on investment requirements, training opportunities, startup funding, and regulatory frameworks guiding ostrich and crocodile farming in Nigeria.
The chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, commended the initiative, reiterating his administration’s commitment to promoting innovative agricultural practices as a pathway to sustainable development.
He described agriculture as a critical driver of economic transformation, stressing that modern farming has evolved into a profitable business venture with immense potential for youth empowerment and enterprise development.
Mr Agbaje further assured participants of the council’s readiness to partner with investors, agricultural institutions, and other relevant stakeholders to facilitate training, capacity building, and access to opportunities across the agricultural value chain.
On his part, the council’s Head of Department of Agriculture, Mr Wale Atepe, emphasised the growing market demand for products such as leather, meat, feathers, and other valuable by-products, adding that strategic investment in the sector could unlock significant opportunities for employment, wealth creation, and export earnings.
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