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Budget office DG defends Tinubu’s foreign engagements, faults Peter Obi’s claims

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The Director General of the Budget Office of the Federation, Tanimu Yakubu, has defended the foreign engagement strategy of President Bola Tinubu, describing recent criticisms by the former Anambra State Governor, Peter Obi, as a “populist simplification” of Nigeria’s economic realities.

Mr Yakubu, in an article titled “Foreign Engagements and the Dangers of Populist Simplification: Peter Obi’s Ignorance,” argued that Mr Obi failed to appreciate the complexities involved in rebuilding investor confidence and restoring economic stability in a country emerging from fiscal and monetary challenges.

On 16 May, Mr Obi criticised the value of recent foreign state visits by Nigerian leaders, arguing that such engagements must translate into measurable economic benefits for citizens, rather than ceremonial visits.

“State visits by leaders are not tourism, and diplomacy is not a fashion parade,” Mr Obi said.

According to Mr Yakubu, the Tinubu-led administration inherited an economy burdened by structural weaknesses, including fuel subsidy costs, exchange-rate distortions, mounting debt-service obligations, dwindling investor confidence, and heavy reliance on the Central Bank of Nigeria (CBN) financing to sustain government operations.

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The Budget Office DG said under such conditions, international engagements should not be viewed as ceremonial trips but as strategic efforts aimed at rebuilding sovereign credibility, strengthening diplomatic relations, restoring investor confidence, and attracting long-term capital.

Mr Yakubu said the former Anambra state governor oversimplifies economic realities, which has a tendency to reduce complex questions of economic recovery.

“No serious analyst disputes that foreign engagements should ultimately produce measurable economic outcomes. The real issue, however, is whether Mr. Obi properly understands the sequence through which nations emerging from fiscal and monetary instability rebuild investor confidence, restore credibility, and reposition themselves within global capital markets.

“President Tinubu inherited an economy facing severe structural stress: an unsustainable fuel subsidy regime, multiple exchange-rate distortions, collapsing fiscal buffers, mounting debt-service pressures, dwindling investor confidence, and unprecedented dependence on Ways and Means financing simply to sustain government operations.

“Under such circumstances, international engagements are not mere ceremonial excursions; they become instruments for rebuilding sovereign credibility, restoring policy confidence, reassuring investors, strengthening diplomatic alignments, attracting long-term capital, and repositioning the country within regional and global economic networks,” Mr Yakubu said.

Economic comparison

He also faulted Mr Obi’s comparison of Nigeria’s economic situation with that of the United States under former President Donald Trump, saying the two countries operate under entirely different economic realities.

According to him, the United States engages China from the position of the world’s dominant reserve currency issuer, also as the largest consumer market on earth, and a mature industrial economy with deep capital markets and global technological dominance.

In contrast, the director general said Nigeria is a reforming emerging economy attempting to stabilize itself after years of fiscal distortion and policy disequilibrium.

Mr Yakubu further argued that the benefits of international engagements often take time to materialise, stressing that major investments, infrastructure partnerships, and sovereign financing commitments usually emerge gradually after sustained diplomatic and economic engagement.

ALSO READ: Ex-foreign affairs minister criticises Tinubu’s ambassadorial appointments

He described it as contradictory for critics to oppose reforms such as fuel subsidy removal and exchange-rate unification while simultaneously demanding immediate foreign investment inflows.

Mr Yakubu said its is inconsistent to oppose stabilization reforms on one hand while simultaneously demanding the investment confidence that only such reforms can eventually produce.

“More importantly, many of the benefits of state engagements do not materialize instantly in the form of dramatic headline announcements. Serious investments, infrastructure partnerships, manufacturing relocations, energy financing arrangements, and sovereign investment commitments often emerge gradually after sustained diplomatic engagement, policy stabilization, and investor confidence-building.

“Ironically, many of the same critics now demanding immediate investment inflows were among those who opposed the difficult stabilization reforms, including fuel subsidy removal and exchange-rate unification, that were necessary to restore the macroeconomic credibility investors require before committing long-term capital,” he said.

He extolled the administration and CBN’s achievements in stabilising the economy with reforms, and that Nigeria was approaching a dangerous fiscal cliff before the administration’s intervention.

“Diplomacy should indeed generate economic value. But rebuilding a damaged economy requires more than slogans, photo comparisons, or selective foreign analogies.

“It requires difficult decisions, international re-engagement, policy credibility, institutional stabilization, and the patience necessary for long-term economic restructuring to take root,” Mr Yakubu said.


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Deep offshore incentive order will accelerate investment, production growth — NNPC

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has applauded the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that will enhance Nigeria’s competitiveness for deep offshore investment.

President Bola Tinubu approved the order on Tuesday as part of efforts to attract large-scale investments into Nigeria’s deep offshore oil and gas sector.

In a statement issued on Thursday, NNPC said the new order establishes a transparent, predictable, and globally competitive fiscal framework for qualifying greenfield deep-offshore developments.

The company said the framework would provide the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs) and maximise value from Nigeria’s offshore resources.

The order is expected to support Nigeria’s ambition of increasing crude oil production to 3 million barrels per day (MMbopd) by 2030.

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Framework to unlock offshore investments

President Tinubu, while announcing the approval on Tuesday, said the new incentive framework could unlock up to $50 billion in deep offshore investments, beginning with the approximately $10 billion Bonga South West project.

“I have signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, creating a clear and predictable framework capable of unlocking up to $50 billion in deep offshore investment, beginning with the approximately $10 billion Bonga South West project,” Mr Tinubu said.

The policy aims to make previously stalled offshore projects commercially viable by providing investors with tax incentives and greater certainty regarding the fiscal terms governing their investments.

According to NNPC, the framework is expected to reinforce Nigeria’s position as an attractive destination for deep-offshore oil and gas development and unlock more than $50 billion in new investment.

It said the expected investments include major projects such as Bonga South West, Zabazaba and Owowo Deep Offshore developments.

Bonga South West, which was approved in March 2026, is expected to be the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.

‘Transformative reform’

The Group Chief Executive Officer of NNPC Ltd., Bashir Ojulari, described the order as one of the most significant policy interventions in Nigeria’s upstream sector in recent years.

“This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development,” Mr Ojulari said.

“Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought,” he added.

Mr Ojulari said the order aligns with NNPC’s strategy of protecting existing production, accelerating near-term growth and attracting new investments into high-value assets.

“For NNPC Ltd., the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets,” he said.

He said the reform strengthens the company’s confidence in achieving its 3 MMbopd production ambition while creating greater value for its shareholders and the Nigerian economy.

Mr Ojulari said recent reforms across Nigeria’s petroleum sector had already stimulated more than $34 billion in new investment commitments.

READ ALSO: NNPC posts ₦535 billion profit, records 1.72 million barrels daily oil output in June

He said the Deep Offshore Incentives Order would build on the momentum by enabling timely FIDs on strategic offshore developments.

The NNPC chief executive commended President Tinubu for his commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through a series of presidential executive orders.

The company said the latest reform reinforces its commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.


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Unitrust Insurance Celebrates 40 Years Of Trust, Reaffirms Commitment to Stakeholders

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Unitrust Insurance Company Limited is celebrating its 40th Anniversary , marking four remarkable decades of delivering security, confidence and peace of mind to individuals, families and businesses across Nigeria.

Since its incorporation on 13th August 1986, Unitrust Insurance has evolved into one of Nigeria’s most trusted insurance brands, consistently redefining excellence through innovation, financial strength, customer-centric service and an unwavering commitment to protecting what matters most.

Over the last forty years, the Company has built an enduring legacy founded on integrity, professionalism and the confidence of millions of policyholders and stakeholders.

This milestone, according to the company is more than a celebration of longevity—it is a celebration of purpose, resilience and enduring partnerships. It reflects four decades of navigating change, embracing innovation and remaining steadfast in fulfilling our promise to safeguard lives, businesses and investments while contributing significantly to the growth and transformation of Nigeria’s insurance industry.

As the Company commemorates this historic occasion, it extends profound appreciation to its Board of directors, loyal customers, dedicated employees, esteemed shareholders, brokers, agents, reinsurers, regulators and every stakeholder whose trust and collaboration have shaped its extraordinary journey.

Speaking on the anniversary, the Managing Director/Chief Executive Officer, Mr. Adedayo A. Arowojolu, said: “Forty years is not merely a celebration of time—it is a celebration of trust earned, promises kept and relationships nurtured across generations. Every milestone we have achieved has been made possible by the unwavering confidence of our customers, the dedication of our employees, the visionary leadership of our Board, the steadfast support of our shareholders and the invaluable partnership of our regulators and business associates.

“As we honour our proud heritage, we are equally inspired by the future before us. We remain committed to driving innovation, delivering exceptional customer experiences, strengthening our operational excellence and creating sustainable value that will endure for generations. The best chapters of Unitrust Insurance are still ahead.”

”As we celebrate 40 years of building trust and protecting what matters, Unitrust Insurance remains committed to serving our customers better.

“We are strengthening our customer experience, embracing innovation, simplifying our processes, and deepening our understanding of our customers’ evolving needs. As we look to the future, our focus remains clear: to deliver faster, smarter, more accessible, and more personalised insurance solutions while continuing to uphold the trust that has defined the Unitrust brand for four decades.”

 

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