National
Over-reliance on oil will only make Nigeria vulnerable —- Speaker
Speaker of the House of Representatives, Mr. Tajudeen Abbas, has said continued over-reliance on oil by the country will only lead to inequality, greater poverty among Nigerians and mass unemployment.
Abbas, while delivering the 14th convocation lecture of the Al-Hikmah University in Ilorin on Monday, said Nigeria should harness its abundant resources and human capital to diversify its economy.
“This will help to ensure long-term growth and sustainability,” he said.
The News Agency of Nigeria (NAN) reports that the lecture had the title “Beyond oil: exploring alternative revenue potentials for economic growth and sustainable development in Nigeria”.
The Speaker noted that to secure Nigeria’s economic future, the country must decisively move beyond oil and develop sustainable pathways for inclusive growth.
“With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job-creation, it is imperative that we chart a new course for economic transformation.
“This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology and the creative industries.
“Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality and unemployment —- critical barriers to sustainable development,” he said.
Abbas also said examples of such countries toeing that line are Saudi Arabia, Malaysia and the United Arab Emirates (UAE).
“They have demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.”
He stated that the lecture has underscored the urgency of harnessing Nigeria’s abundant natural resources, fertile agriculture lands, burgeoning creative industries and vibrant technology sector to build a resilient economy.
“Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewable energy,” the Speaker added.
He also said Nigeria’s economic transformation demands collective responsibility, adding that the government must lead with visionary policies, transparent governance and strategic investments in infrastructure and education.
The Speaker noted that the legislature on its part should continue to ensure enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.
He however pointed out that the academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy,” he stated.
The Speaker, who charged the country’s universities to strengthen collaborations with industries in order to drive innovation and entrepreneurship, said the private sector must embrace investments in emerging industries.
He added that the private sector support small and medium scale enterprises and leverage technology to boost productivity.
“As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology and creative industries to redefine Nigeria’s economic narrative.
“Examples from countries like Malaysia and Singapore demonstrate how aligning government policies, academic research, and private-sector innovations can drive transformation.
“Malaysia’s focus on manufacturing and industrialisation, coupled with sustained investments in education and technology, propelled it into a diversified economy.
“Singapore leveraged its strategic policies and talent pool to become a global hub for finance and innovation.
“These models show that with sustained commitment, Nigeria can achieve economic stability and prosperity,” he said.
NAN reports that the convocation lecture programme was followed by the commissioning of Faculty of Management Sciences of the university by the Speaker.(NAN)
National
Court Approves Federal Government’s Request to Protect Witness Identities in Nnamdi Kanu Trial
A federal high court in Abuja has authorized the federal government’s request to keep the identities of witnesses in the trial of Nnamdi Kanu confidential.
Kanu, who leads the banned Indigenous People of Biafra (IPOB), has been held by the Department of State Services (DSS) since 2021 on charges of terrorism and treasonable felony.
On Tuesday, prosecution attorney Adegboyega Awomolo informed the court that he had submitted an ex parte application on April 10 to safeguard the identities of the witnesses. He requested that the court provide screens and masks to ensure their anonymity.
“The purpose of this request is to ensure the safety and security of state officers who will serve as witnesses,” he stated.
Kanu Agabi, the defendant’s counsel, did not contest the application.
The trial is underway, with the first witness, a DSS operative, already called to testify.
Kanu was re-arraigned on March 21 before Judge James Omotosho of the federal high court in Abuja.
The Economic and Financial Crimes Commission (EFCC) has arrested Aisha Achimugu.
The managing director and chief executive officer (CEO) of Felak Concept Group was arrested at the Nnamdi Azikiwe International Airport in Abuja.
Achimugu was taken in around 5am on Tuesday after arriving in Nigeria from London.
More to follow…
The Federal Government has revealed its intention to begin disbursing the outstanding five months’ wage award arrears, amounting to N35,000, to workers immediately after the April 2025 salary payments. The arrears will be paid in monthly instalments until fully settled.
This information was shared in a statement on Monday by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), and reported by the News Agency of Nigeria (NAN).
Mokwa clarified that while the Federal Government had previously paid five months of the wage award in instalments, an additional five months remained unpaid. He confirmed that the outstanding arrears would now be addressed through equal monthly payments of N35,000.
He stated that the first payment will be made right after the distribution of April 2025 salaries, with additional payments following each month until the total arrears are cleared.
“The Federal Government is set to pay the outstanding five months’ N35,000 wage award arrears to workers,” he noted.
According to the report from NAN, Mokwa emphasized that the arrears would be paid in monthly instalments of N35,000 over a five-month period, with the initial payment occurring post-April 2025 salary disbursement.
This wage award is part of the Federal Government’s initiative to mitigate the effects of economic reforms, including the removal of fuel subsidies and other fiscal adjustments.
Mokwa reiterated the government’s dedication to fulfilling all agreements related to employee compensation and welfare, describing these actions as essential for enhancing productivity and efficiency within the public sector.
### Key Information
In 2023, the Nigeria Labour Congress (NLC) proposed a wage award to support federal workers amid the challenges posed by fuel subsidy removal. In response, the Federal Government introduced a N35,000 wage award in September 2023 as a temporary relief measure for employees on lower salary scales, addressing the economic pressures from subsidy removal and currency reforms.
While partial payments were made between late 2023 and early 2024, delays in later months raised concerns among labor unions. In 2024, after further negotiations, the Federal Government approved an increase in the national minimum wage to N70,000, as part of broader strategies to tackle rising living costs.
The recent announcement regarding the resumption of outstanding wage award payments is expected to honor the Federal Government’s previous commitments.