AI Can Transform Nigeria’s Economy, Create Jobs – Okonjo-Iweala
WTO Director-General Dr Ngozi Okonjo-Iweala has emphasised AI’s potential to revolutionise Nigeria’s economy and create jobs. Speaking at AUST’s 10th convocation in Abuja, she highlighted AI’s ability to unlock productivity gains and empower local talents, urging Nigeria to harness its benefits for global competitiveness. Read more
Athena Commentary: Countries like India and China have leveraged AI to stimulate job creation and innovation. Nigeria must follow suit, prioritising policies to foster tech skills and digital infrastructure. Without this, the country risks falling further behind in the global digital economy.
Reps Criticise Budget System, Slam Poor Funding for Foreign Missions
The House of Representatives Committee on Foreign Affairs criticised the Federal Government’s envelope budgeting system, highlighting its lack of legal recognition and inadequacy. At an interactive session with the Ministry of Foreign Affairs and Budget Office, the committee decried the N286 million allocation for Nigeria’s 109 foreign missions, which contrasts sharply with the ministry’s needs-based recommendation of N1.5 trillion. Read more
Athena Commentary: The N286 million allocation for Nigeria’s 109 foreign missions starkly contrasts with practices in better-performing nations, where embassies receive adequate funding reflecting their strategic importance. In countries like the UK or Germany, budgets for foreign missions are prioritised to project global influence and provide robust consular services. Nigeria’s envelope budgeting system reveals a troubling disregard for effective needs assessment, undermining its international reputation. For Nigeria to strengthen its global standing, it must adopt transparent, needs-based budgeting practices akin to global best standards.
FG to Sanction 18 Banks Over N200bn USSD Debt
The federal government plans to act against 18 banks owing telecom operators nearly N200 billion in USSD debts. Telecom companies may suspend services if payments are not made within two weeks. The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) are set to publish the names of defaulting banks. Despite agreements since 2020, the debt has grown from N40 billion to over N250 billion. Only four banks have made partial repayments. Rising operational costs are worsening the issue, with telecom operators accusing banks of breaching repayment terms. Read more
Athena Commentary: In nations with effective regulatory frameworks, unpaid debts of this magnitude would prompt swift enforcement actions. In contrast, Nigeria’s prolonged USSD debt crisis reflects weak accountability systems. Countries like Singapore or Sweden ensure robust telecom-financial sector collaboration to avoid service disruptions. Allowing USSD debts to swell undermines financial inclusion and public trust in mobile banking. For Nigeria to avoid further damage, regulators must enforce compliance, implement stricter penalties, and establish clear repayment protocols to prevent future lapses.
Nigeria Loses N1.68trn to Duty Exemptions, Customs Surpasses Revenue Target
The Nigeria Customs Service reported a revenue of N6.1 trillion in 2024, surpassing its target by 20.2% and marking a 90.4% increase from 2023. However, the country lost N1.68 trillion to import duty exemptions aimed at stimulating economic growth and industrial development. The 2024 concessions, comprising waivers, levy concessions, and VAT relief, represent a reduction from the N3.959 trillion lost in 2023. Read more
Athena Commentary: In countries with robust fiscal policies like Germany, tax incentives are carefully monitored to ensure measurable economic returns. Nigeria must adopt similar frameworks to evaluate the effectiveness of exemptions and balance revenue generation with economic growth.
Compiled by:
Aliyu Jalal