Government
PRIVATE SECTOR REMAINS KEY DRIVER OF NIGERIA’S ECONOMY – SGF
The Secretary to the Government of the Federation (SGF), Senator George Akume, CON, has reaffirmed the critical role of the private sector in driving Nigeria’s economic growth and national development.
Akume made the assertion when a delegation from the Lagos Chamber of Commerce and Industry (LCCI), led by its President and Chairman of Council, Engr. Leye Kupoluyi, paid him a courtesy visit in Abuja. The SGF was represented at the meeting by the Permanent Secretary, General Services Office, Dr. Ibrahim Abubakar Kana, mni.
According to Akume, the private sector remains a pivotal force in advancing the nation’s economy, with the LCCI identified as one of the most influential players within the sector. He assured that the administration of President Bola Ahmed Tinubu remains committed to supporting private enterprises by creating an enabling environment through bold and far-reaching economic reforms.
He noted that the Tinubu-led government’s economic policies are gaining increasing global recognition, citing recent commendation from a World Bank official who described the administration’s reform agenda as “a global reference point.” Akume said such recognition underscores the viability of the reforms and urged Nigerians to continue supporting President Tinubu’s Renewed Hope Agenda, stressing that the policies are already yielding positive outcomes.
Earlier in his remarks, Engr. Kupoluyi acknowledged the significant progress recorded under the Federal Government’s ongoing reform agenda, particularly in the area of macroeconomic rebalancing. He described the reforms—though difficult—as necessary steps toward restoring fiscal sustainability, adding that they have attracted commendation from international financial institutions, including the World Bank and the International Monetary Fund (IMF).
Kupoluyi also praised government efforts to improve transparency and liquidity in the foreign exchange market, describing the measures as essential for trade facilitation, investment planning, and boosting investor confidence.
He further called for the institutionalisation of structured public-private policy dialogue platforms coordinated through the Office of the SGF. According to him, such platforms would enable consistent private sector feedback to inform policy formulation, sequencing, and implementation.
General News
FG ALLOCATES ₦10.49BN TO MARINE, BLUE ECONOMY MINISTRY FOR 2026; OYETOLA FLAGS FUNDING GAPS
The Federal Ministry of Marine and Blue Economy has proposed a ₦10.49 billion budget for the 2026 fiscal year, but the Minister, Dr. Adegboyega Oyetola, CON, has warned that the allocation is insufficient to meet the ministry’s critical mandate.
Oyetola presented the budget on Tuesday before a joint session of the Senate Committee on Marine Transport and the House of Representatives committees on Ports and Harbours, Maritime Safety, Education and Administration, Shipping Services, Inland Waterways, and Ocean and Fisheries.
The proposed ₦10,499,984,667.10 budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel. The minister noted that while the funding could sustain basic operations, it falls short of supporting sectoral reforms or driving significant growth.
He explained that the ministry oversees multiple interconnected subsectors — including ports, shipping, inland waterways, fisheries, and aquaculture — which collectively account for over 90 per cent of Nigeria’s international trade by volume, contribute to food and nutrition security, and underpin national economic competitiveness.
Oyetola highlighted operational challenges faced by agencies under the ministry, such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council. While largely self-funding and contributing substantial remittances to the Consolidated Revenue Fund, these agencies are constrained by “excessive deductions at source” by the Office of the Accountant-General of the Federation, he said. The minister warned that these deductions have led to port congestion, rising logistics costs, delayed cargo movement, revenue losses, and inflationary pressures, describing the issue as a national economic concern.
He also flagged an apparent misplacement in the 2026 budget, where the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was listed under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, complicating oversight and policy coordination.
On inland waterways, Oyetola called for increased funding to improve safety and efficiency, noting that water transport is globally cheaper than road haulage. He said Nigeria’s reliance on road transport for over 80 per cent of freight has accelerated road deterioration and raised logistics costs.
Turning to fisheries and aquaculture, the minister said Nigeria’s annual fish demand exceeds 3.6 million metric tonnes, while domestic production is around 1.4 million metric tonnes, resulting in over $1 billion in annual imports. He added that post-harvest losses of up to 30 per cent worsen supply shortages, stressing that boosting local production could reduce import dependency and provide affordable protein to households.
Oyetola further disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion received only ₦202.47 million, about 1.7 per cent, while overhead releases stood at 35 per cent. He said ongoing engagements with the Ministry of Budget and Economic Planning aim to address these funding gaps in line with the Federal Government’s agenda to diversify the economy through the marine and blue economy.
Senator Wasiu Eshilokun, Chairman of the Senate Committee on Marine Transport, assured that the National Assembly would carefully review the proposals, emphasizing the strategic importance of the marine and blue economy to Nigeria’s development and economic resilience.
The Federal Government is set to convene the National Economic Council (NEC) Conference on Monday to strengthen economic coordination and accelerate inclusive growth across the 36 states of the federation.
The two-day conference, scheduled for February 9 and 10, 2026, will take place at the Banquet Hall of the Presidential Villa, Abuja, and will be attended by governors of the 36 states, senior government officials, development partners, and private-sector leaders.
The conference is being convened by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, as part of efforts to align state-level economic strategies with the Federal Government’s long-term development objectives.
Vice President Kashim Shettima, who chairs the National Economic Council, will preside over the summit, which will focus on strengthening fiscal coordination, mobilising investments, and fostering shared development strategies between the federal and state governments.
The theme of the conference is “Delivering Inclusive Growth and Sustainable Development: The Renewed Hope National Development Plan.” Deliberations are expected to generate far-reaching policy directions to guide states in implementing economic reforms under the Federal Government’s Renewed Hope Agenda.
Speaking on the objectives of the conference, the Permanent Secretary of the Federal Ministry of Budget and Economic Planning and Secretary of the NEC, Dr. Deborah Oko Odo, said the gathering would address key macroeconomic priorities confronting the nation.
According to her, “the conference will focus on national economic issues aimed at encouraging economic growth and development across the country.”
President Bola Ahmed Tinubu will attend the event as Special Guest of Honour, underscoring the importance the administration attaches to deepening economic reforms and promoting sustainable development nationwide.
The NEC Conference is expected to serve as a critical platform for policy coordination and consensus-building as the Federal Government continues to drive economic transformation and inclusive growth under the Renewed Hope National Development Plan.
Government
VP SHETTIMA LEADS FG DELEGATION TO CONDOLE WITH VICTIMS OF KWARA ATTACK, ASSURES RESTORATION OF PEACE
Vice President, Senator Kashim Shettima, has reaffirmed the commitment of President Bola Ahmed Tinubu to restore peace and tranquility in Nuku and Woro villages of Kaiama Local Government Area, Kwara State, following the deadly terrorist attacks on the communities.
The Vice President gave the assurance on Saturday while leading a Federal Government delegation to commiserate with the people of Kaiama Local Government Area and the Governor of Kwara State, Mallam AbdulRahman AbdulRazaq, over the attacks which claimed several lives.
Senator Shettima disclosed that President Tinubu had ordered the deployment of a battalion of the Nigerian Army to Kaiama, stressing that all necessary measures were already being taken to rid the affected communities and the state at large of insecurity.
He also revealed that the President had directed the National Emergency Management Agency (NEMA) to mobilise resources, in collaboration with the Kwara State Emergency Management Agency, to provide relief and support to the distressed communities.
Addressing the Governor and residents, the Vice President said the visit was at the instance of President Tinubu to sympathise with the people over the tragic incident which occurred on Tuesday, February 3, 2026.
According to him, the killings shocked Nigerians, noting that the victims were peaceful residents devoted to lawful livelihoods and religious practices conducted in harmony, as prescribed by Islamic teachings.
Senator Shettima conveyed the heartfelt condolences of President Tinubu and the Federal Government to the government and families of those who lost their lives, assuring them that security agencies were fully engaged to restore peace.
He, however, declined to disclose specific security strategies being implemented, explaining that security matters are sensitive. Nonetheless, he reiterated that the Federal Government was resolute in addressing the situation and restoring harmony in the affected areas.
Earlier, Chairman of the North East Governors Forum and Governor of Borno State, Babagana Umara Zulum, extended the condolences of the forum to the government and people of Kwara State. He offered prayers for the victims, expressing hope that such an incident would not recur.
Responding, Governor AbdulRahman AbdulRazaq commended the swift intervention of the Federal Government, confirming that troops were already on ground and that Operation Savannah Shield had commenced.
He noted that the General Officer Commanding (GOC) of the Second Division of the Nigerian Army and a Deputy Inspector General of Police were present in the state, while NEMA officials had been active since the incident occurred.
The Governor called for continued prayers for improved security across the country, pledging continued support for President Tinubu and Vice President Shettima in the task of national leadership.
Also speaking, Chairman of Kaiama Local Government Area, Hon. Abdullahi Abubakar Danladi, expressed appreciation to President Tinubu and Vice President Shettima for the immediate deployment of troops, and praised Governor AbdulRazaq for his leadership.
Similarly, the Emir of Kaiama, HRH Alhaji Mu’azu Shehu Omar, lauded the President for his prompt response, noting that security personnel and relevant agencies had been adequately deployed to address the situation.
Other dignitaries present during the visit included the Director-General of NEMA, Zubaida Umar; Senator Ali Mohammed Ndume; Managing Director of Niger Delta Power Holding Company Limited, Engr. Jennifer Adighije; former Deputy Senate President, Senator Ovie Omo-Agege; and members of the Kwara State House of Assembly, among others.
The visit underscores the Federal Government’s resolve to address insecurity and provide support to communities affected by violent attacks.