News

Oil revenue grew by 30% in first half 2024 – FG

Published

2 months ago

July 29, 2024

The Federal Government says Nigeria’s oil revenue grew from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.

This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Friday, in Abuja.

According to the minister, the growth in government revenue is due to the reconfiguration and improvement in government finances.

“The government’s determination to mobilise non-oil revenue has consistently delivered impressive results.

“For the half-year 2024, non-oil revenue surpassed the revenue in the first half of 2023 by 30 per cent above the 2024 budget target without any increases in taxes,” he said.

On debt, Edun said that President Bola Tinubu’s administration has been working to manage and reduce the national debt to create better fiscal headroom for economic management.

“In dollar term, Nigeria’s debt burden has reduced and the government’s fiscal deficit has improved. Our debt has fallen in dollar terms from 108 billion to 91 billion dollars.

“Additionally, the government has diligently serviced all its loans and obligations with no recourse to ways and means of financing, ‘’ Edun said.

Edun said in 2023, the administration exited the Ways and Means debt trap due to better management of the fiscal space.

He said the federal government did not rely on borrowing from the CBN Ways and Means to fund its obligations.

According to Edun, part of the inflationary pressure the country is currently experiencing is as a result of the past abuse of Ways and Means.

He said the federal government paid back the previous N7.3 trillion obligations within a year of Tinubu’s administration.

On Debt Service to Revenue, the minister said the Federal Government for decades, had been spending more than half of its revenue on debt servicing.

He said this was done to enable it meet its debt obligations to avert any form of default.

“By the end of June 2023, the federal government spent 97 per cent of total revenue to service debt, but has recorded a positive trend in the debt service-to-revenue ratio.

“Currently, the debt service-to-revenue ratio has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024.

“Indicating the government’s strong position in managing its debt obligations,” the minister said.

On Budget Deficit, he said it had been a major priority for the economic managers to reduce the budget deficit.

“To achieve this, the federal government, in the last year of the Tinubu administration, improved government revenue collection and blocked a lot of leakages.

“The 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of Gross Domestic Product (GDP), an improvement from the 6.1 per cent deficit recorded in 2023.

“On an annualised basis, we are at 4.4 per cent, so you can see we are effectively close to the budgetary target,” Edun said.

The minister said the government’s efforts to attract more foreign inflows into the economy had continued to yield good outcomes.

He expresses the government’s commitment to continue the reforms and improve business environment to engender further confidence.

Edun underscored government’s efforts to attract foreign inflows; including implementing the national single window project, which he said would generate 2.7 billion dollars annually in economic benefits.

He said:” the government’s accelerated stabilisation and advancement plan has already attracted 500 million dollars in investment in the gas sector.

The minister said the government had implemented several initiatives and interventions to address the current high cost of living and bring relief to the masses.

Edun said this included a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles.

He said the government was also providing lower-cost financing for the manufacturing industry and production.

The minister sympathised with Nigerians for the current hardship, which he also noted would soon blow away.

He expressed optimism that inflation, in spite being “quite sticky at the moment,” would decelerate and come down due to the government’s commitments and actions.

“Clearly, as part of the reform programme, on the monetary side, monetary policy has been tightened.

“The CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate,” he said.

News

Nigeria’s Rail Transport Generated N1.69bn In Q2 -NBS report

Published

1 day ago

September 20, 2024

The Tide

The Nigerian rail system generated N1.69billionn in revenue from passengers in the second quarter of 2024, reflecting a 53.14 per cent increase compared to the N1.10billion recorded in the same period of 2023.
This data was disclosed by the National Bureau of Statistics in its report released yesterday.
According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.
The volume of goods transported via rail also saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023. Additionally, the Nigerian Railway Corporation reported a volume of 5,940 tons of goods transported through pipelines in Q2 2024, an increase from the 2,856 tons recorded in the same period of the previous year.
Revenue from goods conveyed via rail stood at N537.36m in Q2 2024, a remarkable increase of 206.68 per cent compared to N175.22m in Q2 2023. The movement of goods through pipelines also contributed to revenue generation, with N42.08m collected in Q2 2024, compared to N12.81million in Q2 2023.
Other revenue receipts amounted to N994.68million in Q2 2024, representing a staggering increase of 5,206.68 per cent from the N18.74m recorded in the corresponding period of last year.
In the first quarter, of 2024, The Tide source reported that Nigeria spent more on servicing the debt incurred for building its railways than the revenue generated by its railway system. The country spent 2,470 per cent more on railway debt servicing than it made from revenue from rail services in the first quarter of 2024.

News

NDDC Unveils Initiative To Enhance Food Security In N’Delta

Published

1 day ago

September 20, 2024

The Tide

The Niger Delta Development Commission (NDDC) says it is committed to advancing projects and programmes that enhance food security and sustainable growth in the region.
Chief Monday Igbuya, the Delta State representative on the NDDC Board, made this pledge in a statement issued in Port Harcourt, yesterday by the NDDC’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama.
Igbuya spoke at the inauguration of a training and empowerment programme for women and youths in livestock and agro processing in Amukpe, Sapele area of Delta.
He stated that the NDDC was prioritising livestock training in line with President Bola Tinubu’s Renewed Hope Agenda.
“NDDC is focussed on implementing programmes to ensure food security and agricultural growth in multi sectors, aiming to improve living standards.
“It is our belief that for socio-economic development to take place, there is need to develop manpower in the agricultural sector,” he said.
Igbuya expressed confidence that training farmers would enhance livestock production, create jobs, and alleviate poverty in the Niger Delta.
Mrs Winifred Madume, NDDC Director of Agriculture and Fisheries, said that training farmers and entrepreneurs was essential for improving productivity and market access.
“The commission has been promoting research and development through various institutions and providing farming techniques to beneficiaries,” she said.
The Project Consultant, Dr Simon Akhaine, said that 200 women and youths had registered for the livestock and agro-business skill acquisition programme.
According to him, the programme aims to equip them with the essential knowledge and skills for self-sufficiency in livestock farming, thereby boosting regional food security.

News

Tinubu Shelves UNGA79 Trip To Address National Challenges

Published

1 day ago

September 20, 2024

The Tide

President Bola Tinubu will not attend the 79th session of the United Nations General Assembly in New York this year.
In his stead, Vice President Kashim Shettima will lead Nigeria’s delegation to the annual summit.
Tinubu “wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding,” a statement from the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, revealed yesterday.
The statement is titled ‘Vice President Shettima to Lead Nigeria’s Delegation to the 79th United Nations General Assembly.’
It reads, “President Bola Tinubu will not attend the 79th session of the United Nations General Assembly in New York this year.
“Therefore, the President has directed Vice President Kashim Shettima to lead Nigeria’s delegation.”
Tinubu, who returned to the country last Sunday after his trips to China and the United Kingdom, “wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding,” said Onanuga.
At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.
The high-level General Debate, with the theme “Leaving No One Behind: Acting Together for the Advancement of Peace, Sustainable Development, and Human Dignity for Present and Future Generations,” will run from Tuesday, September 24, through Saturday, September 28, 2024.