The Nigerian Economic Summit Group (NESG) has advised the federal government to untie Nigeria’s underperforming national assets to drive the economy and enable its citizens to experience prosperity.
The NESG gave this advice on Wednesday, when its Chief Executive Officer, Mr. Tayo Aduloju and Chairman, Board of Media and Publicity, NESG, Mr. Udeme Ufot, paid a courtesy visit to Arise News Group and THISDAY Newspapers to sensitise the media on the upcoming 30th Nigerian Economic Summit with the theme, “Collaborative Action for Growth, Competitiveness, and Stability.”
They were welcomed by the Managing Director of THISDAY, Mr. Eniola Bello; THISDAY Ombudsman, Mr. Kayode Komolafe; Dr. Reuben Abati of Arise News Channel’s ‘The Morning Show and the Director Engagements and Guests Liaison, Arise TV News, Mr. Joseph Ushigiale, amongst others.
Bello, assured that the media channels would collaborate in publicising the NESG activities.
Speaking during the visit, Aduloju emphasised that Nigeria needed transparency on the state of its revenue, assets and liabilities.
According to him, Nigeria needs to attain oil production that is above two million barrels per day to stabilise its economy.
He added: “On the assets side, Nigeria has $14 trillion in assets. As I keep saying to people, if we all belong in one family and our father just died and left $14 trillion worth of assets, and might have borrowed maybe $100 billion. One of us might figure out how to pay the liabilities and continue to enjoy the prosperity of the inheritance.
“That is the problem with Nigeria. Our (Nigeria’s) assets are not firing. Most of our assets are underperforming their potential because they are gridlocked in policies, legislations, political and sometimes vested interests constraints. The key is to unlock these constraints.
“When I got into government under late President Musa Yar’Adua’s administration that reversed the sale of the refineries, which I do not know whether there is wisdom in it because we are back to whether to sell the refineries or not decades later.”
He argued that half of the discussions on Nigeria’s assets are political.
“Power and some of our critical assets did not perform because those we gave them to were part of our patrimonial political culture.
“Any time we give assets to those who are committed to moving them forward for their interests, things go well like in the telecoms reform,” he said.
Aduloju said the first challenge in the Nigerian oil and gas sector was that the country has continued to play games with a sector that it knew could do better.
According to him, it requires political elite consensus anywhere in the world that the game is over and the time to sanitise the industry has come for the oil and gas sector to be competitive.
Aduloju, also argued that the removal of the petrol subsidy should not be seen as a policy but as one of the ways the government tried to achieve fiscal balancing.
He said: “I cringe when people say that subsidy removal is a policy. It cannot be policy. It is a government action that is a symptom of a different problem.”
He said Nigeria has gone through four patterns of subsidy implementation in the past 50 years, which included fathom subsidy payments created by the military regimes. This, according to him, was succeeded by paying for subsidies from government savings, which ran between 1999 and 2010.
But from 2011 to 2014, Nigeria was managing subsidies as the first charge on its revenue but entered into deficit financing of subsidies between 2015 and 2023, he said.
But in May 2023 a new president came and declared that the subsidy regime was gone after looking at the poor state of the country’s balance sheet.
“I think subsidy removal is a bad language to describe fiscal balancing or disciplining. I think the proper thing is that there has been poor fiscal discipline in the oil and gas sector and it has created unintended consequences for a subsidised product.
“So, what must we tweak in the country’s balance sheet to still do subsidy and balance things out? It is up for debate. If Nigeria can find other ways to generate liquidity other than subsidy removal it can continue with subsidies and solve other problems.
“I think that what we failed to do (before removing subsidy) was not having a proper national conversation. And that is where transparency would have helped.
“That could have created the choice pillars within which fiscal balancing could have occurred. But this government chose subsidy removal. Fine! Now it must deal with its pass-through effects,” Aduloju said.
He added: “Our position is that if you wanted to procure this kind of macro reforms you have to do it in a sequenced manner with a well-bundled set of reforms that provides forward guidance to the market while simultaneously managing the cushioning effects of the reforms on households, individuals and businesses.”
He clarified that setting up local refineries might not make petrol cheap because the cost of doing business in Nigeria is not cheap.
“Some of us are insisting that the PIA must be implemented. The law made for the market must be implemented. Run the law. If it is not sufficient let us go back and change it,” he said.
Dike Onwuamaeze
Follow us on:
Croatian Health Minister Vili Beros has been sacked after his arrest on corruption charges involving…
Cholera is suspected as the cause of the mass death in Sudan’s besieged town of…
Nigeria's inflation rate climbed to 33.88% in October, from 32.7% in September, marking a second…
The Supreme Court dismissed a lawsuit challenging the constitutionality of the EFCC Act, affirming its…
The Bank of Mexico has cut its key interest rate by 25 basis points to…
Governor Monday Okpebholo has appointed Gani Audu as Chief of Staff to help drive reforms…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp O8O__6739__9O9O.
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
O8O__6739__9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLION
Lexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M.
BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000
Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9O
Bags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER O8O__6739__9O9O THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.