- Tinubu: reforms working
- Customs crosses N5.07tr revenue target
President Bola Ahmed Tinubu yesterday reappraised his administration’s reform programmes, saying they have resulted in the country attracting $30b in investments in almost 17 months.
Tinubu also said that peace had returned to parts of the nation previously known for insurgence, violent crimes, and crude theft.
‘’In the significant search for Foreign Direct Investment, in less than two years in office, my administration has received over $30 billion from foreign investors. This achievement demonstrates that our policies yield positive results, making Nigeria increasingly attractive for domestic and international investors, ’’ the President said.
Tinubu, spoke through the National Security Adviser, Mallam Nuhu Ribadu, at a news conference by the Comptroller-General (CGCs) in Abuja.
He was a guest speaker at the conference, which had the theme “Nigeria Customs Service Engaging Traditional and New Partners With Purpose.”
He said that the security situation in the Niger Delta had improved to the extent that crude production hit 1.8 million barrels per day as of Monday.
He said: “People in many parts of our country today are living in peace. Go to the Niger Delta, things have changed. Today, we have gotten up to 1.8 million barrels of crude oil. We have not seen this for a long time. The Southeast is getting to be at peace with itself and the rest of our country.”
Tinubu explained that on assumption of office on May 29 last year, he set out with a clear and unwavering vision to strengthen the country’s economic base and deliver positive growth and development for the benefit of all.
He said 18 months later, the vision remains unchanged.
Tinubu added: “In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities.
‘’Our focus has been on strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist.
‘’We recognised that specific economic policies, though useful in their time, needed to be realigned with current global economic dynamics to better serve our national interests and the well-being of our people.”
Tinubu stated that due to the determination and unity of his cabinet, corrupt practices are being drastically reduced.
“Early this year, February and March, we had this crisis of the food shortage and food security, we came in as a team and within a short period of time, we stopped many businessmen that used to export food items.
“You know when the Naira collapsed it was a stampede taking things out of our country. There was a day within 24 hours Customs and all of us together arrested more than 500 trucks,” he said.
He also said that his reforms have made it difficult for embezzlement of funds to happen in the Central Bank of Nigeria (CBN).
“CBN is clean. Nobody is making one dime there unlike up to 2023. I can also assure you that the Naira will be stabilised. Just wait and see,’’ said the President.
On subsidy, the President reiterated that the days Nigeria was subsidising petrol used in neighbouring countries were forever gone.
He said many oil marketers were feeding fat on the subsidy regime.
Tinubu added that being a slush fund, subsidy accounted for the establishment of numerous petrol stations in the country.
He said: “The marketers are now saying they are supplying Ghana, they are supplying Cameroon.
“Before, it (petrol) was all coming through Nigeria.
“Nigeria is the only country in the world where everybody is an oil marketer. But the welfare(subsidy) they were enjoying is gone forever.
Ribadu stated that gains of the reforms have made many world leaders either request President Tinubu’s visit to their countries or indicate interest in paying working visits to Nigeria.
“ Today, the whole world is looking for President Tinubu. I just came back from India, the Prime Minister is coming on the 15. The President of Germany is coming.
“They have invited him to the G20 meeting. The President of France is looking forward too. There are more than 30 requests for President Tinubu to visit and many are also looking forward to coming here,” the NSA said.
Customs crosses N5.07tr annual revenue target
The Nigeria Customs Service (NCS) yesterday said it collected N5.97 trillion in revenue from January to November 12, 2024, surpassing its 2024 target of N5.07 trillion.
Comptroller –General of the service Adewale Adeniyi, who made this known, said he was sure that the target would be exceeded by 10 percent before December 31.
Adeniyi attributed the feat to enhanced stakeholder collaboration, improved processes, and modernised systems.
He said: “ I am pleased to announce that yesterday, 12th November 2024, the Nigeria Customs Service hit its 2024 revenue target of N 5.07 trillion, collecting N5,079,455,088,194.38 with more than a month remaining in the fiscal year.
“This exceptional performance – projected to exceed our target by 10 percent – validates our partnership-driven approach to revenue collection and trade facilitation.
“ The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernized systems can deliver tangible results for our nation’s economy.”
He added that the service has scaled up its intervention as reflected in seizures worth N28.1 billion this year.
The CG said the NCS intercepted 48 containers of illicit pharmaceutical products due to the declaration of a state of emergency in major ports.
Adeniyi added: “In fulfilling our enforcement mandate, we have achieved unprecedented success in protecting both our citizens and economy. The scale of our intervention is reflected in seizures valued at N28.1 billion and counting in 2024 alone.
“ These seizures span critical areas of national concern – from wildlife items and arms and ammunition to narcotics and pharmaceutical products.
‘’An important moment in our enforcement strategy was the declaration of a state of emergency at our major ports, which led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products.”
The CG however lamented the rate of management team members exited the service.
He stated that 60 percent of them left in 2022, 36 percent in 2023, and 40 percent expected to quit this year.
[TheNation]