Feature/OPED
Socioeconomic Challenges and Options Before the Federal Government
By Jerome-Mario Utomi
Aside from the time-honoured belief that the poverty of any country is felt by the quality and quantity of food to its citizens, it is important to state abinitio that this piece was principally inspired by two separate but related promptings.
First is the study report which among other observations states that over the past century in the United States of America (USA), there exists a shift in the locations and occupations of urban consumers.
It explained that in 1900, about 40% of the total population was employed on the farm, and 60% lived in rural areas. Today, the respective figures are only about 1% and 20%. Over the past half-century, the number of farms has fallen by a factor of three.
As a result, the ratio of urban eaters to rural farmers has markedly risen, giving the food consumer a more prominent role in shaping the food and farming system. The changing dynamic has also played a role in public calls to reform federal policy to focus more on the consumer implications of the food supply chain.
The second is the argument by Frances Stewart that the development-security nexus has become central to the development and peace-building enterprises.
He considers three types of connections between security and development, both nationally and globally: (a) security as an objective, (b) security as an instrument and (c) development as an instrument.
Given these connections, he argued that security policies may become part of development policy because in so far as they enhance security, they will contribute to development.
Conversely, development policies may become part of security policy because enhanced development increases security. Stewart finds that ‘societal progress requires reduced insecurity’ and that more inclusive and egalitarian development is likely to enhance security.’
From this spiralling awareness, the question may be asked; as a nation, what do make out of the above given heightened insecurity in the country which has resulted in incessant killings of farmers majorly in the North central part of the country and Nigeria as a whole and pathetically rendered us a country in dire need of peace and social cohesion among her various socio-political groups?
How do we arrest the situation given the fact that all its signs portend grave danger to the nation and are laced with the capacity to ‘engineer food insecurity in the country?
How do we as a nation tackle the fact that the number of farms has fallen caused by a factor attributable to insecurity? What plan is in place to manage the nagging reality that the ratio of urban eaters to rural farmers has markedly risen as a result of farmers that fled their farms/villages in order to secure their lives? Is the federal government mindful of the worrying awareness that by 2050, global consumption of food and energy is expected to double as the world’s population and incomes grow, while climate change is expected to have an adverse effect on both crop yields and the number of arable acres? What are our security and development objectives? What are the instruments targeted at achieving these objectives?
Exacerbating the situation is the belief in some quarters that since independence, the country has demonstrated that “there is no development plan (Fiscal policies, socioeconomic plans and poverty alleviations programmes) which has achieved its core objectives. There is always a disturbing laxity in marching plan targets with practical and unfailing consistency. The result is that the country remains one of the most politically and economically disarticulated countries in the world”.
Accordingly, as we prod over these concerns, it will be relevant to the present discourse to add that for any programme/action to be typified as development-based/focused, development practitioners believe that such programme progress should entail an all-encompassing improvement, a process that builds on itself and involve both individuals and social change.
Requires growth and structural change, with some measures of distributive equity, modernization in social and cultural attitudes, a degree of political transformation and stability, an improvement in health and education so that population growth stabilizes, and an increase in urban living and employment.
In the same vein, it is public knowledge that throughout the early decades, Nigeria paid little attention to what constitutes sustainable development.
Such conversation, however, gained global prominence via the United Nations introduction, adoption and pursuit of the Millennium Development Goals, MDGs, which lasted between the years 2000 and 2015. And was among other intentions aimed at eradicating extreme poverty and hunger as well as achieve universal primary education, promote gender equality, reduce child mortality, improve maternal health among others.
Without going into specific concepts or approaches contained in the performance index of the programme, it is evident that Nigeria and the majority of the countries performed below average. And, it was this reality and other related concerns that conjoined to bring about 2030 sustainable agenda- a United Nation initiative and successor programme to the Millennium Development Goals (MDGs)- with a collection of 17 global goals formulated among other aims to promote and cater for people, peace, planet, and poverty.
And has at its centre; partnership and collaboration, ecosystem thinking, co-creation and alignment of various intervention efforts by the public and private sectors and civil society.
Certainly, Nigeria is plagued with development challenges such as widespread poverty, insecurity, corruption, the gross injustice and ethnic politics-and in dire need of attention from interventionist organizations (private and civil society organizations) as demanded by the agenda.
But, instead of the government’s passionate plea for sustainable partnership and productive collaboration receiving targeted positive responses from private organizations and Civil Society Organizations (CSOs), such request often always elicits from critical minds and corporate organizations nothing but jigsaw:
If it has been said that government has no business in business, what business does the private sector have in helping the government to do its business of providing quality governance to the populace which is the instrumentality of participatory democracy and the election of leaders conferred on them? The reason for this state of affairs is not to be unconnected with transparency challenges on the part of the government.
To the private and civil society organizations, such a response option offers a more considerably reduced risk as no organization may be disposed to investing in an environment that is devoid of transparency and accountability.
Aside from the transparency and accountability challenge, with the constant killing, wanton destruction of property and palpable insecurity in the states, farmers have abandoned their farms to save their lives.
The effect is that food production and supplies in the country are openly threatened and may totally cut off months ahead.
The implication of this scenario if allowed is that the country is exposed to a harsher food crisis. It also sends a gory signal/message that what is to come in terms of escalation in the prices of food and agricultural produce and supplies promises to be scary.
Bearing this in mind, the question again, may be asked; what is the way forward? What are the best ways that the President Muhammadu Buhari led federal government can save Nigeria and Nigerians from this impending food crisis? What proactive steps and options are available before the federal government?
If the federal government wants to progress and development for the nation, there is no reason why everything that will lead to success must not be done. And such effort must first and fundamentally focus on developing socioeconomic policies that are not only people-focused but equipped with a clear definition of our problem as a nation, the goals to be achieved, and the means chosen to address the problems/and to achieve the goals.
As an incentive, such policies/programmes must focus on protecting the lives and property of Nigerians, job creation, development of strong institutions as well as infrastructural development.
By Jerome-Mario Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He could be reached via [email protected]/08032725374.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN