Business

Tinubu’s Economic Reform Is Putting Nigeria’s On The Progress -Sunday Dare

Published

1 month ago

January 17, 2025

Joel Ajayi

The Special Adviser, Media and Public Affairs to President Bola Tinubu to Chief Sunday Dare has echoed that President Tinubu’s economic reforms, though seemingly harsh, but is putting Nigeria’s on the progress

Chief Dare defended President Bola Tinubu‘s economic policies, maintaining that the ongoing reforms have stopped Nigeria from haemorrhaging due to years of mismanagement by previous administrations

Former Minister of sports and youth development, Dare who spoke on Arise Television on Thursday night, said that the country was losing as much as $7.5 billion annually to fuel subsidy before the intervention of the current administration.

Urging Nigerians to hold their governors accountable for the huge revenues now available to them, Dare stated that from N760 billion in 2023, the 36 states and the federal government now share as much as N3.2 trillion monthly.

According to him,sometimes, if you refuse to take the stitch you need in time, you have to take so many stitches down the road. This country was haemorrhaging. This country was on a sliding slope. And at that point, we needed to apply certain brakes.

“At the point he (Tinubu) came in, two brakes were necessary. You look at 30 years of this country skirting around subsidy removal. We’re hemorrhaging $7.5 billion every year. We had a period in which 87 Nigerian companies and individuals were declared wanted for corruption, having to do with subsidy scam.

“And then we went back into that same subsidy process. But then we have seen the removal of subsidy. The resources that have been freed up for human capital development, and one part that is really poignant is the fact, in 2023, N760 billion, that was the FAAC that was shared by the 36 states and the federal government.

“As of 2024, that moved up to N3.2 trillion. Now, when it comes to governance, there’s the federal government, there’s the sub-national. Every month, these monies are shared. It has tripled to the state government. So, subsidy has freed up resources. If subsidy was not removed, we would not have it go up to 3.2 trillion,” he maintained.

Still in defence of subsidy removal, Dare argued that if it was not removed, the Dangote, Warri and Port Harcourt refineries would never have come alive.

He explained that the president was also providing buffers to poor and vulnerable Nigerians to reduce the impact of the harsh economic policies.

“As we speak, for over 5.3 million households, over N197 billion has gone out. As we speak, N75,000 will go to about 17 million poor Nigerians. Now, these are what we also see in advanced countries,” he observed.

On the question of spending more funds on servicing debts than carrying out capital projects, Dare noted that Tinubu has been paying the debts accumulated by four previous presidents.

“We have moved from spending 91 per cent of our revenue servicing debt to 62 per cent. That’s one. Two, we’ve also seen this president, President Bola Tinubu, has been repaying in the last one year plus, the loans inherited by four previous presidents, because government is a continuum.

“There’s a way if this debt hangs on, the economy cannot breathe. Some of the revenue and resources coming in is used up to pay almost 16 different loans inherited by previous governments,” he asserted.

However, he noted that the government has the responsibility to justify whatever loan it takes, explaining that whatever loans are taken, there’s a responsibility on the part of governments to use them for the reasons they’re taken.

“And we have a president that has committed to that. That whatever loans that we take, we’re going to apply them to the projects and policies that we put forward. A robust tax system is not just about collecting revenue, but fair distribution of resources,” he added.

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Business

AUDA-NEPAD Disburses N600m Grant To Smallholder Farmers in 7 States

Published

3 days ago

February 19, 2025

The Gleamer

Joel Ajayi

National Coordinator of the African Union Development Agency-New Partnership for Africa’s Development ,AUDA-NEPAD, Hon. Jabiru Salisu Abdullahi, has announced that the agency will disburse N600 million to seven pilot states to support smallholder farmers across Nigeria in 2025.

This initiative aims to enhance agricultural activities, address poverty, low productivity, and resource limitations in the sector.

The pilot states include Bauchi, Cross River, Osun, Yobe, Abia, and Imo.He made this announcement during a one-day roundtable meeting of state Commissioners for Agriculture/State Coordinators with the National Coordinator/Chief Executive Officer at the maiden stakeholders meeting for the Smallholder Farmers Programme yesterday in Abuja.

According to him, this is a direct grant from AUDA-NEPAD to support the efforts of smallholder farmers.

He stated: “The total amount being disbursed to the seven pilot states is N600 million, which will be shared equally among the states. States that show additional interest can provide up to N3 billion, depending on the number of smallholder farmers.

“At AUDA-NEPAD Nigeria, we recognize that smallholder farmers are at the core of our nation’s agricultural sector. Their resilience drives food production, sustains rural economies, and significantly contributes to our GDP.”

However, persistent barriers such as limited access to finance, inadequate infrastructure, climate change, and market constraints continue to hinder their full potential. This initiative was created to tackle these challenges head-on, ensuring that smallholder farmers not only survive but thrive.

“Our commitment to agricultural transformation across Africa is unwavering. Through this support, the initiative is backed by a substantial grant, reinforcing the shared vision of a food-secure, economically vibrant, and resilient Nigeria.

“Let me be clear, this is not merely funding; it is an investment in our farmers and our future. Strict monitoring mechanisms will be in place to ensure that every aspect of the initiative is effectively implemented, with full accountability and transparency. The funds must translate into real, measurable impacts, increased productivity, improved livelihoods, and a stronger agricultural value chain.

“The Smallholder Farmers Initiative aims to create a self-sustaining agricultural ecosystem by: providing access to finance and credit for smallholder farmers; developing rural infrastructure, including storage and irrigation facilities; promoting climate-smart agricultural sustainability for the long term; creating direct market linkages to improve farmers’ incomes; and integrating technology and digital solutions for efficient farming.

“This initiative aligns with Agenda 2063 of the African Union and Nigeria’s Renewed Hope Agenda, ensuring that smallholder farmers are not left behind but are empowered as key players in national development”.He also emphasized that AUDA-NEPAD Nigeria is fully committed to ensuring that the funding provided results in tangible outcomes.

“The expectations are high, and so is our resolve. Our goal is clear: to transform agriculture into a thriving, competitive, and resilient sector. Together, we can empower millions of Nigerian farmers, ensuring that this initiative creates lasting economic and social impact”.

In her opening remarks, the Assistant Director for Programme Development and Implementation at AUDA-NEPAD, Hajia Fatimah Abubakar , provided an overview of the Smallholder Farmers Programme in the selected states across Nigeria.

She explained that the pilot states were carefully selected based on agricultural potential, needs, and alignment with national and AUDA-NEPAD agricultural priorities, with a focus on food security.

She stated that the programme reflects the agency’s unwavering commitment to support the agricultural sector and empower the hardworking men and women who form its foundation the smallholder farmers.

“The Smallholder Farmers Programme is more than just a grant. It is a partnership between us, the selected state governments, and AUDA-NEPAD Nigeria, and most importantly, the hardworking smallholder farmers who are the backbone of Nigeria’s agricultural economy. By investing in them, we are investing in a more prosperous, food-secure future for Nigeria”.

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