Connect with us

Latest News

World Bank urges Nigeria to fix public finances to promote development

Published

on

World Bank urges Nigeria to fix public finances to promote development
World Bank-Maritime First Newspaper

The World Bank says Nigeria must fix its public finances, in order to promote inclusive and sustainable development.

This is contained in the World Bank Nigeria Public Finance Review Report released on Monday in Abuja.

A copy of the report was obtained from the World Bank’s website.

According to the report, macroeconomic and fiscal reforms are urgently needed to lift Nigeria’s development outcomes, which are severely constrained by inefficient use of resources.

”For years, a large share of Nigeria’s resources have financed inefficient and regressive subsidies for petrol, electricity, and foreign exchange.

“Not all these subsidies are accounted for in the budget, which makes them difficult to track and scrutinise.

“However, available data suggest that these subsidies, which accounted for more than the amount spent on education, health, and social protection in 2021, benefit primarily wealthy households.”

The statement said that these subsidies also distort incentives, discourage investment, and crowd-out spending on pro-poor programmes, thereby, hindering progress in Nigeria’s social development.

It said Nigeria had one of the lowest public expenditure and revenue levels in the world, undermining the government’s ability to improve service delivery.

“Between 2015 and 2021, total public spending in Nigeria averaged 12 percent of Gross Domestic Product (GDP), less than half the world average of 30 percent.”

The statement said improving service delivery in Nigeria required more resources.

“Therefore, one of the most critical aspects of meeting Nigeria’s vast development needs lies in raising more revenues, as the country ranks consistently among the world’s poorest-performing countries in terms of public revenue mobilisation.

“With total revenues averaging just seven percent of GDP in 2015-2021, far below the global average of 24 percent. ”

It said low tax rates and poor utilisation of tax bases, weaknesses in tax administration, and large deductions from oil revenues were constraining Nigeria’s inability to generate enough revenues.

The statement quoted the World Bank Group President, David Malpass as saying “Nigeria’s government urgently needs to strengthen fiscal management and create a unified, stable market-based exchange rate”.

“The government also needs to phase out its costly, regressive fuel subsidy and rationalise preferential trade restrictions and tax exemptions.

“These would lay the groundwork for the increases in public revenues and spending needed to improve development outcomes.”

Malpass said decisive moves would significantly improve the business-enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.

He said the World Bank was ready to increase support to Nigeria as it designs and implements these critical reforms.

The statement also quoted Nigeria’s Country Director, Shubham Chaudhuri as saying “Nigeria is at a critical historical juncture and has a choice to make.

“A child born in Nigeria today will be only 36 percent as productive when she grows up as she could be if she had access to effective public education and health services, and has a life expectancy of only 55 years.”

Chaudhuri said these stark indicators illustrate the urgency for action by Nigeria’s policymakers to improve the macroeconomic and fiscal framework, to sustainably enhance the quality of spending and public services at federal and state levels.

The statement said the Nigeria Public Finance Review was conducted at the request of the Federal Ministry of Finance, Budget, and National Planning.

It said the report was prepared in close collaboration with the Budget Office of the Federation, the National Bureau of Statistics, (NBS), the Office of the Accountant-General of the Federation, and the Debt Management Office (DMO).

It aims to inform the public debate on Nigeria’s future by providing a thorough analysis of the fiscal performance and necessary reforms needed to establish a robust and sustainable development model.

The aim is to provide broad-based economic opportunities for all Nigerians.

Latest News

CGC Adeniyi Meets Gov. Abba Kabir, Restates Commitments To Enhance Trade In Kano

Published

on

…Visits Mamuda Group of Companies in Chalawa

In a bid to rekindle the longstanding partnership between the Nigeria Customs Service and the Kano State Government, the Comptroller-General of Customs, Bashir Adewale Adeniyi, embarked on a symbolic visit to the Kano State Government House. 

The meeting, which took place on Sunday morning, March 10, 2024, served as an avenue for CGC Adeniyi to highlight the Nigeria Customs Service’s commitment to enhance trade and address food security challenges in Kano State.

The CGC, who recounted his engagements with a visit to the Emir of Kano and stakeholders at the Dawanau International Grains Market, reiterated the Service’s dedication to enhancing trade facilitation and collaborating closely with the Kano community to address common challenges.

He said, “Part of the major concerns that we have in Kano include the need for Customs to establish an export terminal to help streamline business in the state. On behalf of the President, I want to commend the effort to address the challenges of food security, and we believe that with your support, there’s room to do more.”

Furthermore, CGC Adeniyi shared directives from President Ahmed Tinubu regarding the return of detained grains suspected of illegal export to their owners, with the condition that they would be reintroduced into the domestic markets to alleviate food insecurity. 

“One of the primary objectives of the visit was to rejuvenate the historical rapport between the Nigeria Customs Service and the Kano State Government, to enhance cooperation for the mutual benefit of both entities.” CGC Adeniyi affirmed.

Speaking further, the CGC said, “Kano has been an esteemed centre of commerce and also a significant link to foster trade in Nigeria. It has been a deliberate strategy of government to promote the development of inland deports and the Nigeria Customs Service is making arrangements to streamline the process in Kano.”

Responding, Governor Abba Kabir of Kano State welcomed CGC Adeniyi warmly. He lauded the proactive approach of the Nigeria Customs Service in safeguarding the nation’s borders and his commitment to promoting economic prosperity in Kano and Nigeria at large. 

The governor, who said he was impressed with the CGC’s engagements during his official visit, reiterated the commitment of the Kano State Government to providing the necessary support and cooperation to the Nigeria Customs Service in fulfilling its mandate within the state.

“Let me say that you have come to Kano at the right time when import and export activities need your service to implement policies that will enhance them because Kano is the largest commerce hub after Lagos.” Governor Abba said.

The governor particularly applauded CGC Adeniyi’s visit to the Dawanau International Grains Market and urged expedited action in establishing an export warehouse at the market, “For that, I assure you of my government’s full support so that Kano will become stronger in terms of investment in the country.” he added.

While appreciating the move to intensify the welfare of the citizenry by President Tinubu, Governor Abba also expressed optimism that the Service, having engaged in talks with business communities in the state, the challenges of food scarcity will be a thing of the past.

In a separate engagement highlighting his proactive approach to fostering collaboration and engagement with stakeholders, the Comptroller-General of Customs, Bashir Adewale Adeniyi, visited the Mamuda Group of Companies in Kano. 

The visit also, provided an opportunity for CGC Adeniyi to interact with the Chairman and CEO of the company, Hassan Hammoud, and other leaders of the factory.

During the visit, CGC Adeniyi emphasized the Nigeria Customs Service’s commitment to forging strong partnerships with stakeholders to enhance revenue generation and facilitate trade across the federation. 

He highlighted the importance of easing business processes for traders nationwide, underscoring the pivotal role of collaboration between the Customs Service and private enterprises in achieving this objective. 

In response, Mr Hassan Hammoud expressed his appreciation to CGC Adeniyi for gracing his company with his presence. 

He led CGC Adeniyi on a sightseeing tour of the factory, showcasing the company’s operations and facilities. Hassan Hammoud reassured CGC Adeniyi of the Mamuda Group’s unwavering commitment to complying with customs provisions and regulations, reaffirming the company’s dedication to maintaining a mutually beneficial relationship with the Nigeria Customs Service.

Continue Reading

Latest News

Customs, Nasarawa State Housing Project Collaborate, to Enhance Officers’ Welfare

Published

on

…Commissions Technology Village, Phase 1 Housing Units

In a collaborative effort to enhance the well-being of Nigeria Customs Service personnel, the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, joined forces with the Nasarawa State Government Housing Commission on 11 March 2024.

During the commissioning of Nasarawa State Technology Village Phase 1 at Aso Pada in Maraba- Nasarawa State, the Comptroller-General of Customs, represented by Deputy Comptroller General of Customs Festus Okun, emphasized the NCS’s commitment to officer welfare, citing the acquisition of houses as a testament to this dedication.

CGC Adeniyi announced that the commissioned houses would be allocated to officers, underscoring the importance of providing shelter to personnel in service to the nation.

He expressed gratitude to the Nasarawa State government, the people, and project promoters for their support, pledging collaboration to ensure the project’s success.

Governor Abdullahi Sule of Nasarawa State disclosed that the NCS has acquired the first 100 units of three-bedroom bungalows, securing a credit line of 12.5 billion naira deposited, with Mega Capital credited for financing. The project has employed 69,000 skilled and unskilled workers, contributing to its successful realization.

Additionally, Governor Sule revealed plans for an access route linking the Village to the city of Abuja, further integrating the innovative community into the broader region.

Continue Reading

Latest News

‘Ongoing Kaduna Building Project Will Effectively Drive Service Activities’- CGC

Published

on

 ….Commits to Enhance Personnel Welfare, through Housing Initiative

The Comptroller-General of Nigeria Customs CGC, Bashir Adewale Adeniyi, has described a magnificent ongoing building project in Kaduna as a solid infrastructure meant to effectively drive the activities of the Service.

 The CGC made the observation on Thursday, 7, 2024, during a stop-over at the construction site of Customs Cantonment in Mando Kaduna, to ascertain the project’s progress.

“I am here this afternoon to inspect the progress of this vital project, the construction of the Customs Cantonment in Mando, Kaduna”, he said, speaking to newsmen shortly after inspecting the site, and adding:

 

“This initiative underscores our commitment to establishing a robust and efficient infrastructure to support the operations of the Nigeria Customs Service.”

According to him, the ongoing construction of the Federal Operations Unit Zone ‘B’ is essential for enhancing the operational efficiency of Customs personnel and ensuring their welfare.

ALSO READ: CGC Adeniyi Meets Gov. Abba Kabir, Restates Commitments To Enhance Trade In Kano

 “it will (also) provide them with modern facilities and amenities to carry out their duties effectively.”

The CGC, Adewale Adeniyi who called the completion of the project a priority for the Service, also emphasized that “the structure will serve as a cornerstone of our operations in this region, further strengthening our capacity to safeguard our borders and combat illicit activities.”

The CGC, Bashir Adewale Adeniyi MFR

He commended the dedication and hard work of those involved in the project, stressing that their efforts remained instrumental to realizing management’s vision of a modern and efficient Customs Service.

Earlier, the CGC had received a ceremonial guard of honor by men attached to the Customs Police Unit at the Zonal Headquarters in Kabala-Doki Kaduna.

In the meantime, the Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi MFR, has reiterated his commitment to improving the welfare of Customs personnel across the federation by providing shelters.

He stated this on Thursday, in Kaduna during the flag-off ceremony of the NCS housing scheme at Gidan Iyali Estate, Millennium City, Kaduna, noting that the ceremony won’t be a short-lived vision.

“This ceremony is not the last episode of what we have planned. There are projects similar to this in Kano, Asaba, Yola, Abuja, Enugu, and Uyo ready for flag-off. The national spread is aimed at providing  officers and men of the service the opportunity to access and benefit from the laudable initiative that is not just pocket friendly but also at convenient locations.”

He also recalled how the Service had, on 18 December 2023, flagged off the ceremony of a similar project of 5000 Houses in Ibadan aimed to target serving officers and men of the NCS. 

According to him, “The initiative was deemed expedient as some of our personnel have retired from service without a befitting home to commence the new phase of life after retirement. It is hoped that this initiative will go a long way at putting an end to the misery that have been experienced by some officers and men in the past.”

The CGC highlighted that the initiative was part of President Tinubu’s supportive efforts to provide affordable houses to Nigerians. He also applauded the unwavering support given to the Nigeria Customs Service by Governor Uba Sani of Kaduna state towards the success of the ensure the exercise.

The CGC urged officers who have shown interest in the projects not to relent, adding, “It is heartwarming to inform all officers that the service is going into an interface with Cooperative Mortgage Bank with the service ICT under the salary section to effectively manage the process of payments of the housing scheme.” 

On his part, the Portfolio and Assets Manager of Family Homes, George Anih, while addressing the gathering, said his firm is critical about providing shelters for Nigerians at an affordable price.

He expressed commitment to partner with the Nigeria Customs Service to provide 5000 houses for officers and men of the Service.

Mr. Musa Abubakar, Managing Director of Cooperative Mortgage Bank, assured the Comptroller-General of Customs of his commitment to ensure the successful completion of the project.

Continue Reading

Editor’s Pick

Politics