By Kenechukwu Aguolu

President Bola Ahmed Tinubu GCFR, presented the Proposed 2025 Budget of Restoration, titled “Securing Peace, Rebuilding Prosperity,” to a joint session of the National Assembly on Wednesday, December 18, 2024. as required by the Nigerian Constitution. As expected. there have been divergent opinions about the appropriation bill with many referring to it as overambitious. While the budget is achievable, the projected reduction in Inflation is quite ambitious and may not be realized. More emphasis should have been placed on economic diversification.

The objective of reducing inflation to 15% which is a 59% decrease in a single year is particularly challenging. The increase in the value of the Naira, increased food production, and proper monetary/fiscal policies will surely drop inflation. However, achieving such a steep decline will not be feasible unless the value of the naira rises significantly; beyond what was projected in the appropriation bill.

Apart from agriculture, other sectors like tourism and mining can drive economic growth and resilience. Developing the Mining sector offers significant revenue-generation opportunities and will also lead to the establishment of more industries in Nigeria in a bid to take advantage of nearness to raw materials. The United Arab Emirates, France, Spain, etc, make massive revenue from tourism. Therefore, the Government should have demonstrated a greater economic diversification drive in the budget. Insecurity has hindered the development of mining and tourism in Nigeria.

Stabilizing the exchange rate at N1,500/US$ will require amongst other things; increased foreign exchange inflows through foreign portfolio/direct investments, improved balance of trade, increased domestic oil production and refining capacity. Policies aimed at boosting exports and reducing dependency on imports are crucial for achieving currency stability and strengthening the naira.

Addressing insecurity remains fundamental to achieving the budget’s objectives. Insecurity continues to undermine agricultural productivity, deter investment, and disrupt infrastructure projects. A peaceful and stable environment is essential for economic growth and the creation of opportunities for citizens.

The administration’s allocation of N4.91 trillion to defence and security underscores its acknowledgement of this challenge. However, addressing insecurity will require a comprehensive approach that combines military interventions with community engagement and socio-economic initiatives.

The 2025 Appropriation Bill, which has scaled second reading at the National Assembly, outlines an ambitious vision for Nigeria’s development. Critical to its success are inflation reduction, economic diversification, exchange rate stability, and improved security. The Government may wish to revisit the inflation projection and economic diversification drive. The National Assembly is expected to make adjustments to the bill during its review before passing it.

By Kingsley Omose

Across Europe and North America, anti-immigrant sentiments are simmering and in some countries have broken out openly, resulting in leadership changes that are of seismic global proportions.

Following the global economic crises that attended the COVID-19 lockdown in 2020, the cost of living crises afflicted citizens and residents (legal and illegal) alike in countries that for decades had celebrated ultra-low interest rates and the piling on of credits that afforded individuals and companies.

Rather than provide the needed leadership and policies to address the challenges presented by the cost of living crises that were the direct effect of rising interest rates, far-right politicians in Europe and North America conveniently blamed this on migrant populations.

Far-right politicians are now gaining ground in the UK, France and Germany, the three biggest economies on the European continent, and while mass deportations are yet to feature openly in public discourse, policies are already being implemented in these countries that indicate what lies ahead.

In the United States on the other hand, a far-right politician will be sworn in on January 20, 2025, who was elected with the understanding that the over 12 million illegal immigrants in the country will be subjected to mass deportations from day one when he is sworn in as the US President.

The bulk of these over 12 million illegal immigrants are from Latin American countries that border the US but a good number of them also come from Sub-Saharan Africa especially Nigeria where economic hardship has driven many young people into voluntary exile.

Only time will tell whether these anti-immigrant policies being pursued by these far-right politicians will address the economic woes in their respective countries but what is clear is that the floodgates are about to burst open in the US and much later in Europe and the UK to expel illegal immigrants.

On the surface, these anti-immigrant policies appear to be targeted towards addressing economic issues, but the underlying issues appear to have racist colouration, meaning that even legal immigrants can not yet shout Uhuru.

The goal here is for subsaharan African countries especially Nigeria to begin to put in place policies and measures to allow for these returning immigrants to reintegrate back into their respective home countries as many of them will be returning with much-needed skills, capacities and resources.

The first recommendation is for the Nigerian authorities to improve the speedy issuance of temporary travel documents to Nigerians in the US, preferably online, without charging any fees. Also, Nigerians arriving in the country from the US without a Nigerian passport should be allowed entry.

Many of these returning Nigerians from the US have grown-up children who are American citizens and may want to accompany their parents or come to visit them afterwards. As long as these US citizens have passports that carry Nigerian names, they should be issued with visas on arrival at no extra cost.

The second recommendation is that officials of the Nigerian Diaspora Commission should also create an online portal to allow these returnee Nigerians to register their particulars and job experiences and skills including entrepreneurial capacities prior to arriving in Nigeria or soon after arriving to facilitate their reintegration.

A help desk should also be set up at the Nigerian Diaspora Commission to help these returnee Nigerians navigate their way through the basic steps of obtaining ID cards, NIN, Drivers Licenses, opening bank accounts, obtaining SIM cards, and such other documentation needed to hit the ground running.

The third recommendation is that some of these returnee Nigerians may require temporary accommodation until they can reconnect with family members, friends, and loved ones. Again, this falls within the scope of the Nigerian Diaspora Commission to provide temporary accommodation in much-needed cases.

The fourth recommendation is for the federal and state governments to improve the power supply, and the general security situation will go a long way towards enhancing the productivity of these returnee Nigerians. No one wants a spike in the kidnapping of returnee Nigerians to avoid the double jeopardy that entails.

The final recommendation is for the family members of these returnee Nigerians who have for decades been beneficiaries of remittances sent by their relatives in the Diaspora. A lot of understanding and support will be required to reposition these returnees. Nigerians and family members will be required to make sacrifices in this regard.

Rather than focus on the negative consequences of anti-immigrant sentiments and policies in the US and Europe, and the likely return to Nigeria of undocumented citizens based in the US, vast opportunities await these Nigerians and Nigeria as it begins to harness the immense value in return for its dispersed ones.

Content piracy is huge. It has been estimated that there are around 230 billion views of pirated video material every year, and that digital video piracy costs its true owners between $29.2 and $71 billion each year.

Gen Z are the digital natives of our time, existing in a sea of digital content, but navigating it with ease and finding exactly what they need for information, entertainment, and social connections. The generation born between 1997 and 2012 will shape the digital future of our society. But that digital leadership comes with a great responsibility.

Being able to access any content you want with a couple of keystrokes is empowering and convenient. But what we do online can have a real effect on people’s lives.

Streaming content such as films, music and TV shows is created by teams of professionals who invest their time and money in producing quality, relevant material that captures the imagination of audiences. They deserve to be fairly compensated for that content.

The way to ensure that we behave ethically – as well as legally – is that when we access streaming content – whether its Euphoria, Big Brother, Champions League Football, or Real Housewives – we should only view shows on legitimate, officially licensed channels. On these platforms, we can be sure that producers and rightsholders have been fairly compensated for their work.

Today, we are all content creators, generating our own posts, pics, comments, stories, pods and video clips. One of the basic values of content creation is to never, ever, steal content.

Respect to those who earn a living as content creators and producers of film and television shows. For them, content is their only source of income.

Browsing and consuming content on legitimate platforms means we can be sure that everybody involved in the production will get the compensation and the royalties they deserve. That means the writers, the actors, the hair and make-up artists, the producers and the sound crew will all be paid their salaries, and will receive the royalties they are entitled to.

When we consume content responsibly, we are living according to the values of fairness and integrity that we would like to see from those around us. We also ensure that the industry remains sustainable. When all film and TV workers are fairly paid for a particular production, then it remains viable to keep producing shows. That means more shows will be filmed in the future.

On the other hand, when we stream content from pirate websites, we are basically stealing from the creators. We are robbing them of the income they deserve. That content theft means it is no longer worthwhile to create those shows, and they will simply stop happening.

Pirate websites create nothing of their own. The only content that they can share is what they have stolen from other websites. When that goes on long enough, there will be no income for the creators, and no new content. Pretty soon, there will be nothing left to steal!

As the largest generation of digital consumers, young people have the power to do something about this. Consume content responsibly – support creators, encourage innovative, high-quality new content, and support a sustainable future for creative content.

By using content responsibly, we ensure that there will be content for the future!