Connect with us

Legislature

Kalu Calls for State-Level Economic Rivalry to Drive Growth Amid Tinubu’s Reform Agenda

Published

on

Orji Uzor Kalu

Senator representing Abia-North Senatorial District, Orji Uzor Kalu, has championed regional economic competition among Nigeria’s 36 states as a critical catalyst for sustainable growth.
He expressed confidence that President Bola Ahmed Tinubu’s ongoing reforms will stabilize the economy and lay a solid foundation for long-term prosperity.
During a New Year’s visit to Chief Daniel Eke, a former Abia State governorship aspirant, Kalu underscored the urgent need to modernize Nigeria’s economic and legal frameworks, citing outdated policies that hinder growth and innovation.
Commending Tinubu’s Tax Reform Bills as bold and progressive, Kalu highlighted the importance of public engagement to build understanding and ensure smoother implementation.
“Economic progress requires adaptation to modern strategies,” Kalu stated. “Tinubu’s reforms address systemic issues, but Nigerians must understand their purpose to fully embrace them.”
Drawing inspiration from China’s model of regional competition, Kalu proposed an economic structure that empowers states to leverage their unique resources. He argued that such an approach would stimulate innovation, attract investments, and reduce dependence on federal allocations.
“Nigeria’s states must stop waiting for handouts from Abuja,” Kalu emphasized. “Instead, they should develop industries, harness natural resources, and compete for economic leadership—just as China’s provinces have done for decades.”
Kalu further stressed that no state in Nigeria lacks the resources to thrive but pointed to a shortage of strategic planning and competitive drive as major obstacles.
“No state is inherently poor,” he noted. “We must cultivate innovation, industrialization, and self-sufficiency to unlock Nigeria’s full potential.”
Acknowledging the economic hardships caused by reforms, Kalu appealed for patience, assuring Nigerians that tangible improvements will emerge in 2025.
“Economic restructuring is never painless,” he admitted. “But the administration is aware of the challenges and is committed to easing the transition.”
Chief Daniel Eke echoed Kalu’s sentiments, commending his focus on sustainable empowerment and infrastructure, as opposed to superficial interventions.
“Senator Kalu is investing in industries and job creation rather than distributing frying pans as empowerment tools,” Eke remarked. “This is the leadership Nigeria needs.”
Kalu reaffirmed his commitment to prioritizing grassroots empowerment and infrastructure development. He emphasized that his transition from private business to public service was driven by a desire to uplift Nigerians.
“I left my multimillion-dollar businesses to serve as Senator,” Kalu declared. “My focus remains on policies and programs that foster economic growth and improve lives.”
Kalu concluded with a call for reforming outdated laws, building more educational institutions, and enabling each region to harness its full potential.
“Economic reforms, regional competition, and resilience will transform Nigeria,” he said. “We must approach this journey with determination and patience to build a more competitive and prosperous nation.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Legislature

NASS approves ₦54.99 Trillion 2025 Budget

Published

on

National Assembly Complex

***Allocates N23.96 Trillion for Capital Projects, N14.31 Trillion for Debt Servicing

The Nigerian Senate along with the House of Represebtatives have passed the 2025 Appropriation Bill, approving a record-breaking budget of N54,990,165,355,396 to finance government activities in the coming fiscal year.

The budget, titled A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation, was approved after deliberations on its allocations and implications for economic growth, debt management, and infrastructure development.
The chairman of the National Assemble Godswill Akpabio who is also the President of the Senate gave the beakdown of the 2025 Budget to show that Statutory Transfers: ₦3.65 trillion, debt Servicing: ₦14.32 trillion, Recurrent (Non-Debt) Expenditure: ₦13.06 trillion and
Capital Expenditure: ₦23.96 trillion

The largest chunk of the budget, ₦23.96 trillion, was allocated for capital expenditure, aimed at infrastructure development, healthcare, education, and security.
This signals the government’s commitment to addressing Nigeria’s infrastructural deficit.

However, the ₦14.32 trillion earmarked for debt servicing highlights the country’s rising debt burden, sparking concerns over long-term financial sustainability.

With the National Assembly approval, the budget now awaits President Bola Tinubu’s assent, after which implementation will begin. Analysts predict a challenging fiscal year, balancing economic growth with prudent spending and debt repayment.

However, time will tell whether the historic budget will deliver on its promises, or economic realities force adjustments down the line?

Continue Reading

Legislature

Senator Adeola Olamilekan explains N54.99trn Budget passage

Published

on

Deola Solomon Olamilekan

***Says addittional fund is to Prioritize Infrastructure, Health, Economic Growth

The chairman of the senate committee on Appropriation Senator Adeola Solomon Olamilekan has explained the approval of the 2025 Appropriation Bill by the national Assembly which it increased from N49.7 trillion to N54.99 trillion—the highest in the nation’s history.
The adjustment followed legislative reviews that uncovered additional revenues from key government agencies.
While explaining the Budget Expansion and Revenue Sources Olamilekan indicated that the additional N4.99 trillion was sourced from Nigeria Customs Service, Federal Inland Revenue Service (FIRS) and Government-Owned Enterprises (GOEs)

These he said led to an increase in funding for critical sectors, including N1.5 trillion for Bank of Agriculture, N500 billion for Bank of Industry, 1 trillion for Ministry of Solid Minerals, N1.5 trillion for Renewable Infrastructure Fund, N300 billion – Road construction and N400 billion for Rail transport.
Others are N380 billion of Water resources, irrigation, and dam projects, N250 billion for Military barracks renovation N120 billion for New military aviation projects, N50 billion for Border security agencies
Following the suspension of U.S. health aid, which previously provided funding for HIV, tuberculosis, malaria, and polio treatments, President Tinubu approved $200 million (N300 billion) to ensure continued medical supplies and healthcare support for affected patients.

On the major Boost for Infrastructure Development he said a record N23.7 trillion has been allocated for capital projects, marking a significant leap in infrastructure investment.
He listed the areas the funds will focus on to include Roads and railways,nEducation and healthcare improvements and Other critical public infrastructure
To prevent delays in budget implementation, the 2026 budget process will begin in July 2025, with the Medium-Term Expenditure Framework (MTEF) submitted early and the Appropriation Bill expected by October 2025.

Concerns over inadequate rail infrastructure funding in the South East were raised, but legislative leaders clarified that rail projects are primarily funded through public-private partnerships (PPPs).
According to him, the 2025 budget focuses on light rail development in Lagos, Ogun, Kaduna, and Kano, while further discussions on South East projects are ongoing.

He explained that to maintain Economic Stability the budget parameters remain unchanged, with key revenue sources including FIRS increasing its revenue target to N25.1 trillion, Nigeria Customs Service boosting revenue collection through stricter enforcement and Independent revenue agencies contributing 100% of their generated funds to the federal government

Continue Reading

Legislature

Reps Launch Probe into Telcos Over Unauthorized NIN-SIM Linkages

Published

on

Patrick Umoh

The House of Representatives has directed its Joint Committee on Communications and Interior to investigate reports of unauthorized National Identification Number (NIN) linkages by telecom service providers across Nigeria.

The decision followed the unanimous adoption of a motion jointly sponsored by Hon. Patrick Umoh (APC, Akwa Ibom) and Hon. Julius Ihonvbere (APC, Edo). The House also instructed the Nigerian Communications Commission (NCC) to probe the allegations and sanction any telecom operator found guilty of violating privacy laws.

Additionally, the National Identity Management Commission (NIMC) has been asked to clarify whether telecom providers were authorized to link NINs to subscriber lines and if such actions comply with existing regulations.

Hon. Umoh raised concerns about recent reports indicating that telecom companies have linked NINs to subscribers’ SIM cards without their consent. He warned that this unauthorized linkage exposes Nigerians to criminal activities, such as identity theft, financial fraud, and other cybercrimes.

“This action is a clear violation of the Nigeria Data Protection Act 2023 and the Nigeria Data Protection Regulation (NDPR) 2019, which guarantee the right to privacy and the protection of personal data,” Umoh stated.

He further emphasized that while the NIN system was introduced to enhance national security and streamline identification processes, unauthorized linkages undermine public trust and jeopardize citizens’ safety.

“Aware that innocent citizens have been wrongly implicated in crimes, suffered reputational damage, harassment, and legal challenges for offenses they know nothing about, it is imperative that we address this issue immediately,” Umoh added.

The House has mandated the probe committee to submit its findings within four weeks, as lawmakers seek to protect Nigerians from potential data breaches and uphold the integrity of national security protocols.

Continue Reading

Trending

Copyright © 2024 National Update