Budget Deficit: Sell National Assets To Reduce Debt Burden – Analysts
Economic experts and analysts have urged the Nigerian government to divest national assets and embrace public-private partnerships to address the country’s rising debt burden. The proposed N49.7 trillion “Budget of Restoration” for 2025 prioritises defence, infrastructure, and social services but has a significant fiscal deficit of over N13 trillion. Debt servicing is projected at N15.81 trillion, while revenue targets, driven by tax reforms and enhanced oil production, face challenges due to low oil revenues and a constrained tax base. Analysts, including PWC and Agusto & Co., warn that the ambitious budget may be unsustainable without robust revenue generation strategies or asset sales. Read more
Athena Commentary: The call for asset divestment indicates the urgency of Nigeria’s fiscal challenges. Selling national assets can provide immediate relief, but it is a temporary fix that risks undermining long-term economic stability if not paired with sound governance. To ensure sustainability, the government must focus on structural reforms that diversify revenue streams, reduce reliance on borrowing, and enhance tax compliance. Public-private partnerships could offer a more strategic approach by attracting private investment to critical sectors without relinquishing control over national assets. Effective implementation and transparent communication will be key to public buy-in and success.
Flood Submerges Rice Farms in Kwara
Massive flooding has devastated rice farms in Kwara State, causing significant agricultural losses. The disaster threatens food security in the region, as rice is a staple crop, and further exacerbates the economic challenges faced by local farmers. Read more
Athena Commentary: The flooding of rice farms in Kwara underscores the urgent need for climate-resilient agricultural practices and infrastructure in Nigeria. With agriculture forming the backbone of food security and livelihoods, the government must prioritise disaster mitigation strategies, such as improved drainage systems, early warning mechanisms, and farmer education. Additionally, immediate support in the form of relief packages and loans is crucial to help farmers recover and sustain production. Investing in sustainable solutions is essential to safeguard the nation’s food security amidst increasing climate-related challenges.
Kebbi to recruit 500 health workers, absorb 390 others
The Kebbi State Government has announced plans to recruit 500 additional health workers and absorb 390 staff members of the Global Alliance for Vaccines and Immunisation into the state’s workforce this year. Governor Nasir Idris made the disclosure during the handing over ceremony of the NGF/GAVI UNICEF Project in Birnin Kebbi on Saturday. “We plan to employ 500 additional health professionals and absorb 390 GAVI-supported staff into the state’s workforce,” Idris said. Read more
Athena Commentary: Kebbi State’s plan to recruit 500 health workers and absorb 390 GAVI-supported staff is a commendable move toward strengthening its healthcare system and achieving Universal Health Coverage by 2030. Governor Nasir Idris’ initiatives, including upgrading hospitals, renovating PHCs, and providing free delivery kits for pregnant women, highlight a commitment to improving access to quality healthcare. However, transparency in recruitment and equitable deployment of health workers to underserved areas must be prioritised to maximise impact.
NIMC to roll out an improved multi-purpose biometric identity card
The Director General and Chief Executive Officer of NIMC, Dr Abisoye Coker-Odusote, who disclosed this at a media briefing on improved NIN card in Abuja at the weekend, said the move is in collaboration with the Nigerian Interbank Settlement System (NIBSS). The briefing was attended by the Managing Director/CEO of Nigerian Interbank Settlement System, Mr Premier Oiwoh; the Managing Director/CEO of AfriGO, Ebehije Momoh and the Managing Director of Data Mining Company, Femi Akande. Read more
Athena Commentary: The announcement of the improved multi-purpose biometric identity card by the National Identity Management Commission (NIMC) marks a significant leap forward in Nigeria’s identity management and socio-economic integration. This innovative card, designed in collaboration with the Nigerian Interbank Settlement System (NIBSS) and other stakeholders, offers a versatile solution for identity verification, financial transactions, and access to government services, even in areas with limited internet connectivity. Its biometric and KYC-enabled features ensure secure and reliable identification, while its payment functionalities and interoperability with existing financial infrastructure aim to bridge gaps in financial inclusion and social intervention programs.