The President of Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, has faulted President Bola Tinubu’s economic policies.

Oye said the President’s economic policies have not helped the country’s economy, including the growth of the private sector.

In an interview with Arise News on Tuesday, he decried the continued decline of the country’s Gross Domestic Product (GDP) and the slide of the nation’s economic ranking among other African nations.

Recall that the NACCIMA’s President, in his New Year statement, condemned the country’s 2024 economic performance.

He warned that borrowing more loans or increasing taxes would not help the nation’s economy.

“What is important is that we normally have inflation when government has spent its revenue. And the tendency for government is to try to borrow or to increase taxes to fill that gap. If you do that, you only make Nigeria poorer.

“If you look at our current GDP, in 2014, we were at $568 billion. And we are going down every year. So you cannot use the same treatment for a sickness that has never worked before. Last year, we had a budget for 2024. And look at it in real terms, we are declining.

“In fact, this year’s budget is far lower in real terms than last year’s budget. And we are shrinking. And also look at our standing in the African GDP. We are about number five now, maybe going to six. All these are due to the domestic policies that have been made, deficit financing, this coordinated transfer from the private sector to the public sector. So what you are seeing is that the private sector is shrinking while the public sector is expanding,” he said.

2025 Budget, Loans, Tax, Cost of Governance and Collaboration with Private Sectors

Oye faulted the 2025 budget, stating that it lacked the essentials to lift the hardship plaguing the nation. According to him, there was not much difference between the 2024 budget and that of 2025.

He called for collaboration between the government and private sector. He stressed the need for the government to include the private sector in some of its policy formulation and execution.

“So government must listen more to the business and the business that will generate the income that will be used to pay these loans. The loans are not sustainable, but they will start cutting down costs in the government sector. It will be very difficult to grow the economy. So government must listen more to the private sector.

“We are not aware of the effort the government has made in giving us two ministers recently in the Ministry of Industry, Trade and Investment to support the private sector. We are grateful and we are fully engaging with them. But what is important, government must also get its other organizations, other MDAs, the Central Bank, the Ministry of Finance, all of them to key in and work with the private sector. Because we are the ones to pay the loans back from our production. Government does not produce any goods or services. A holding contract is not an economic activity or you are launching a project. What pays for these bills is the efforts of the private sector. So government must work with us,” he noted.

NACCIMA President enjoined the President to listen less to praise singers. He warned that too much taxation would shrink the economy more.

Oye further advised the government to consider business competitiveness, particularly, in comparison with other nations before further actions on taxes.

“And if you look at the current budget, tell me, anything that is different from the 2024, there is nothing. It is the same old, same old budget. So we need to change. The people that are telling the President that he is doing very well, they should show us. All the indices show there is a decline. So it is not to tax us more or to increase tax.

“In fact, to increase our competitiveness, we must find a way to reduce tax. Anytime we are making laws in Nigeria, look at what our neighbors are offering. Before we plug in our own rates so that we can be competitive. So this is the reason. We cannot tax ourselves out of this problem. We have to increase capacity of the private sector. We are not asking for a handout. We are not asking for money from government. We have the formula that will bring down interest rates so that people can borrow at a sustainable level,” he explained.

He reiterated that private sector players want a conducive business environment from government and not handouts.

“The President himself gave us an eight-point agenda that he will give us single-digit loans. I’m not asking for government to give us money. Government should create the enabling environment. We need to sit down with government to establish this. So this is what NACCIMA is saying in nutshell,” he added.

The Peoples Democratic Party (PDP) and the Labour Party have strongly criticized the ₦55.5 billion allocated for the maintenance of the presidential fleet in the 2025 Appropriation Bill, currently awaiting approval by the National Assembly.

The contentious allocation includes expenses for the overhaul of three aircraft engines, fuelling, fumigation, air navigation, cleaning, and general maintenance.

If approved, it would surpass the total spent on the fleet between July 2023 and September 2024, which amounted to ₦19.43 billion.

Critics argue that the budgetary priority is misplaced, particularly given Nigeria’s economic challenges.

The South-West Chairman of the PDP, Kamorudeen Ajisafe, in an interview with Punch questioned whether the presidency was planning to procure additional aircraft.

Similarly, Labour Party factional National Publicity Secretary, Abayomi Arabambi, described the allocation as “inhuman and satanic,” criticizing the government for prioritizing luxury expenses while millions of Nigerians struggle to make ends meet.

A breakdown of the 2025 budget showed that ₦8.6 billion was earmarked for air navigational equipment repairs, ₦5.5 billion for an engine overhaul of an aircraft with the registration number 5N-FGW, and ₦3.1 billion for the overhaul of two additional engines.

Other expenses include ₦1.5 billion for aircraft fuel, ₦1.25 billion for general maintenance, ₦149 million for security operations, and ₦7.5 million for cleaning and fumigation.

Additionally, ₦311.1 million was allocated for aircraft insurance premiums, a sum likely to be handled by foreign insurance companies due to the lack of capacity among local insurers.

Local companies, acting as intermediaries, often facilitate these transactions with insurers based in the United States and the United Kingdom.

For comparison, the entire aviation ministry’s budget for 2025 is ₦105.95 billion, with the Ministry of Aviation and Aerospace Development allocated ₦71.12 billion. Sub-agencies such as the Nigerian Meteorological Agency (₦9.82 billion), Nigerian College of Aviation Technology, Zaria (₦7.98 billion), Nigerian Safety Investigation Bureau (₦10.03 billion), and Nigerian Airspace Management Agency (₦7 billion) also received allocations.

Arabambi in his take said, “The presidential air fleet already has some aircraft, including a recently purchased Airbus A330, which cost over $100m.

“The government’s spending habit is a clear indication of its lack of commitment to reducing poverty and inequality.”

The executive chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, noted, “What we are getting from this administration is opposite to our expectations… an administration that has fallen in love with profligacy.

“It’s time the government rethink its priorities and start putting the needs of its citizens first. The proposed expenditure on presidential jets is a national shame, and it’s time for Nigerians to demand better from their leaders. As you noted, it’s surprising that the same people who are complaining about the government’s wasteful spending will likely vote for the same politicians in the next election. It’s a vicious cycle that needs to be broken.”

Former employees of the Central Bank of Nigeria (CBN) have challenged the claim by CBN Governor Olayemi Cardoso that no staff member was forcefully disengaged from the institution.

Naija News understands that the governor made the assertion while appearing before the House of Representatives Ad-Hoc Committee investigating staff disengagements under the Early Exit Program (EEP).

Represented by the Deputy Governor of Corporate Services, Mohammed Bala Bello, the CBN stated that the EEP was a voluntary program initiated by the Bank’s Management in response to staff requests.

Bello emphasized that participation in the program was entirely voluntary, with incentives provided for those who opted to exit the Bank. He insisted that no staff member was compelled to leave.

However, when questioned further about disengagements that occurred before the introduction of the EEP, Bello acknowledged that some staff had indeed been retired earlier. He maintained that these employees received their full benefits as stipulated.

Disgruntled former staff, however, accused Governor Cardoso of omitting key details before the committee.

Speaking to Daily Trust, they alleged that over 200 confirmed and pensionable staff, including executives, were arbitrarily retired under the guise of restructuring and reorganization.

They argued that these actions violated Section 14(4) of the CBN Act, which mandates Board approval for the appointment and disengagement of staff at the level of Assistant Director and above.

“How can the Governor and his deputies justify disengaging staff, including senior executives, without a formal restructuring program or the necessary Board approval?” the former staff queried.

They further alleged that Bello misrepresented facts by claiming the Board had not been inaugurated at the time of the disengagements.

According to them, the Board was officially constituted following the Senate’s confirmation of members on February 29, 2024, nearly two weeks before the disengagements began on March 15, 2024.

The former employees are calling for a thorough investigation into the matter, accusing the CBN’s leadership of overstepping their authority and violating due process in their actions.

Ahead of the 2027 general elections, a chieftain of the All Progressives Congress, APC, Joe Igbokwe, has urged those aspiring for the presidency to perish the thought.

This comes amid speculations that the presidential candidate of the Labour Party in the 2023 election, Peter Obi, and his Peoples Democratic Party, PDP, counterpart, Atiku Abubakar, are teaming up to sack President Bola Tinubu in the coming election.

A post shared by Igbokwe on his official Facebook page warned those nursing presidential ambitions to desist, stating that Tinubu would remain Nigeria’s president until 2031.

According to Igbokwe, the president needs a second term to enable him to “set the records straight.”

He wrote: “If any presidential aspirant is dreaming of winning presidential elections in 2027, I will advise that candidate to perish the thought till 2031.

“PBAT is destined to remain in the seat of power till 2031. He needs eight years to set the records straight.”

Ogun State Police Command has raised concerns over a significant increase in reports of missing persons in the state.

The Command’s spokesperson, Omolola Odutola, made this known in a statement in Abeokuta on Tuesday.

Odutola stated that the command had noticed an unprecedented rise in the number of missing persons across all age groups.

She explained that only a small fraction of the individuals had been found, with many regrettably not returning home.

The police image maker urged residents to remain vigilant and more security-conscious while prioritising their safety.

She further stated that as a proactive and community-oriented force, the command was committed to raising public awareness about this concerning trend.

“We encourage everyone to prioritise their safety by maintaining a heightened sense of security to avoid becoming a victim.

“The Commissioner of Police, Lanre Ogunlowo, has outlined essential measures and guidelines to keep residents informed about the most pressing issues.

“Based on insights from individuals who were rescued, the Commissioner advises parents not to allow their children to use commercial transportation services with strangers.

“Additionally, he encourages restless youth to activate the digital communication and sharing features on their mobile devices, especially when traveling or in moments of distress,” Odutola said.

The PPRO reiterated that the public could contact the police control room at 09164859299 and the Police Public Relations Department at 09159578888 for assistance.

Delta State Police Command led by CP Olufemi Abaniwonda has confirmed the arrest of an 18-year-old boy, Oghenetejiei Kosini over alleged defilement of a 2-year-old baby girl, his landlady’s daughter.

It was learnt that the suspect allegedly defiled the baby on 12 December, 2024.

A source hinted that the mother of the baby was busy outside when the suspect sneaked into their apartment and carried out the heinous act.

He was arrested by the Orerokpe Police Division after the mother of the baby discovered the incident, as the baby bled profusely.

Information revealed that the suspect boasted that nothing would happen after he was released by the police.

However, following an intervention by a human right activist, Comrade Israel Joe, he was re-arrested.

Comrade Joe condemned the act and insisted that the Police must prosecute the suspect to serve as a deterrent to others.

He said the Investigating Police Officer, IPO, in charge of the matter earlier released the suspect on December 24, 2024 against the provision of extant laws.

“In a quest to frustrate the investigations, the IPO also allegedly refused to give them a form to go for a medical check up at the general hospital with an excuse that the said boy did not deny and had put it down on his statement that he actually did it.”

“Where on earth would the police condescend to a level of not carrying out proper investigation, holding to the confessional statement alone of a suspect that could be denied in court tomorrow?” He queried.

He urged the Delta State Commissioner of Police to charge the suspect to court as soon as an investigation is concluded.

The Defence Headquarters has confirmed the killing of six soldiers during a raid by the Islamic State/ Boko Haram group on its military base in Borno State.

Channels Television published reports of the incident on Monday.

According to the report, two military officers said that the fighters from Islamic State West Africa Province (ISWAP) reportedly launched a pre-dawn attack in trucks and on motorcycles on Sunday on the base in Sabon Gari in Borno State’s Damboa district.

The insurgents reportedly set fire to the base along with army vehicles. “We lost six soldiers in the ISWAP terrorists attack on the base after an intense gun battle,” AFP quoted one of the officers.

Fighter jets were reportedly deployed from the regional capital Maiduguri 100 kilometres (62 miles) away, and struck the attackers as they retreated.

In an update statement on Wednesday, the DHQ said although on the whole, 34 terrorists were killed and 23 AK 47 weapons recovered, six of its personnel were killed in action.

The DHQ also said its troops recovered over 200 rounds of 7.62mm special ammunition.

The statement said “On 4 January 2025, an unspecified number of  ISWAP/BHT terrorists riding on motorcycles and Gun trucks engaged troops deployed in SABON GARI Village of  DAMBOA Local Government Area of Borno State in a firefight. The terrorists had attempted to surprise troops and retaliate against the recent killing of their commander and combatants by troops.

“The terrorists were taken unaware when troops fighting patrol returning to base foiled their planned attack as soon as the attack commenced. Additionally, the troop’s reinforcement team comprised of elements of the Civilian Joint Taskforce, vigilantes as well as hybrid forces timely arrived at the scene to overpower the terrorists.

“Furthermore, though troops reinforcement team encountered an Improvise Explosive Device injuring the Vigilante Commander. The reinforcement team arrived in time to decimate the fleeing terrorist.

“Furthermore, the air component of Operation HADIN KAI conducted air interdiction on the fleeing terrorist. Battle Damage Assessment revealed several killed terrorists and recovered weapons.

“On the whole, 34 terrorists were killed and 23 AK 47 weapons were recovered. Troops also recovered with over 200 rounds of 7.62mm special ammunition. Sadly, 6 personnel were killed in action.

“Kindly note that the names of killed in-action personnel are withheld to allow administrative procedures of notifying their next of kin to be concluded. Accordingly, the media is requested to respect the process, please.”

The Armed Forces reiterated that it is “profoundly conscious” of its role and responsibility in ending insurgency and terrorism in the nation.

It added that troops remain committed to the course of defeating the terrorists.

Since 2009, northern Nigeria has been plagued by various jihadist groups, including Boko Haram and a rival faction the Islamic State in West Africa (ISWAP), as well as armed criminal groups.

The conflict has killed more than 40,000 people and displaced around two million from their homes in the northeast.

In November, five Nigerian troops were killed and 10 more injured when ISWAP fighters raided a base in Kareto village near the border with Niger.

The management of the National Youth Service Corps (NYSC) says corps members in the country will soon start receiving ₦77,000 as their monthly allowance. 

NYSC Director General, Brigadier General YD Ahmed, stated this on Tuesday in Abuja, according to a statement by NYSC spokesperson Caroline Embu.

General Ahmed, who said his administration places a high priority on Corps welfare, added that arrangements for the payment of new corps members’ allowance have been concluded.

The increase of the monthly allowance for corps members followed the review of Nigeria’s minimum wage from ₦30,000  to ₦70,000 in July 2024.

In 2020, the NYSC increased the allowances of corps members from ₦19,800 to ₦33,000, months after a new minimum wage bill of ₦30,000 was signed.

In July 2024, President Bola Tinubu signed the minimum wage bill into law, ending months of deliberations between government authorities, labour unions, and the private sector.

Two persons have been injured in an accident in front of the Lagos State Traffic Management Authority (LASTMA) headquarters office in Lagos.

A statement by the agency on Wednesday said the sad incident occurred after the bus had a brake failure.

“We just recorded a sad incident Infront of LASTMA HQ inward Oshodi Oke on Apapa Oshodi Exp way.

“A commercial bus had a brake failure and rammed into the Culvert. There are 2 victims on ground who are about to be taken to the nearby hospital. 

“Our officials are also at the location to maintain sanity and ease the traffic backlog,” LASTMA wrote on its X handle.

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari has disclosed that he went from being an Almajiri school pupil to becoming the head of the national oil company.

Kyari stated this on his X handle, @MKKyari, on Wednesday as he celebrated his 60th birthday.

He expressed profound gratitude to Nigeria for the opportunities that came his way from his humble beginnings to the height he has attained.

He thanked Nigeria and particularly former President Muhammadu Buhari and incumbent President Bola Tinubu for the opportunity to serve as the last GMD of the NNPC and the pioneer CEO of the NNPCL.

Reflecting on his life, Kyari stated that he walked through good and bad times, travails and triumphs, pains and happiness, failures and successes and many more, noting that only the sufficiency of Allah could explain them.

He wrote “Allah, by his grace, spared my life to this exceptional day, making it my 60th year from birth, even much earlier on the Hijri calendar.

“I am profoundly grateful to my country for giving me the opportunity to grow from an Almajiri (Tsangaya) school pupil to become the CEO of Africa’s largest energy company.

“Even more particular, I deeply appreciate the exceptional privilege given to me by Presidents Muhammadu Buhari and Bola Ahmed Tinubu to serve as the last GMD of the NNPC and the pioneer CEO of the NNPC Ltd.

“Reflecting backwards alone can’t account for the profoundly eventful life I spent to this date, walking through good and bad times, travails and triumphs, pains and happiness, fails and successes and many more that only the sufficiency of Allah will explain.

“At this milestone, I feel the obligation to serve with even greater conviction and with elevated expectation of eternal recompense so deeply pleasing.

“I am hugely indebted to my family for being nearly absent for most of my later years serving our nation and the common good.

“My deep appreciation to my family, friends and associates, my colleagues at work and my teachers (western and of Almajiri extractions), and many unmentioned people who account for many of my accomplishments, unconditional support and my overall well-being.

“This is a turning point, and I seek forgiveness from anyone I might have hurt unintentionally or unavoidably.”