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LCCI, NACCIMA Urge FG to Address Oil Theft, Rising Debt

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Organised Private Sector (OPS) stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth.
They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Wednesday in Lagos.


Dr Michael Olawale-Cole, President, LCCI, said the event was crucial to review major economic developments and communicate the chambers’ position to the wider business community and the government for a thriving private sector.

The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation’s revenue base.
According to him, Nigeria is losing crude oil at the level of about 91 per cent of output, as the country lost 3.2 billion dollars in crude oil theft between January 2021 and February 2022.
“The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market,” he said.
Olawale-Cole said that the country’s total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion (about $100.07 billion) by the end of the second quarter of 2022, as revealed by the Debt Management Office (DMO).
He added that Nigeria’s debt to Gross Domestic Product (GDP) ratio currently stood at 23.27 per cent against 22.43 per cent on Dec. 31, 2021.
The LCCI president said the development had already resulted in concerns that most, if not all, of the assumptions in the Medium-Term Expenditure framework (MTEF) 2023-2025 would be missed.
This, he explained, was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production.
“In the face of rising debt servicing costs accompanied by a dwindling revenue, the provision of critical infrastructure and amenities like healthcare services, education, power, roads and security will be hard hit as funding shrinks,” he said.
Olawale-Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market-driven to enhance stability, liquidity and transparency in the foreign exchange market.
“The unification is expected to improve our currency management framework, given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage,” he said.
The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities (ASUU) to come to an agreement as soon as possible to end the ongoing industrial action.
“We cannot look to half-baked graduates to build a prosperous economy.
“Nigeria must begin to pay more attention to improving its latest Human Development Index (HDI) which stood at 161 out of 189 countries,” he said.
Olawale-Cole expressed concern about the worsening insecurity profile of the country, saying that it posed an apparent threat to the forthcoming general elections in 2023 and, by extension, a threat to democratic governance.
He said that in the absence of peace and security, it would be challenging to hold credible, free and fair elections that would reflect the choices of the electorate in choosing those that should lead them.
“We need to address the root causes of youths unemployment, drug abuse, uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories.
“We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology.
“Community policing and intelligence gathering need to be officially endorsed and systematically managed,” he said.
In his remarks, Ude Udeagbala, President, NACCIMA, lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda.
Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector, as the electioneering year approached.
“This would further help convey our plights to the incoming governments,” he said.
The Secretary to the Lagos State Government, Mrs Folasade Jaji, said the state would continue to leverage recommendations from the private sector to discern challenges affecting it.
Jaji, represented by Mrs Olabisi Shonibare, Director, Political Affairs, charged the sector to engage best practices in trade, investments and commerce to solidify the state as the best investment destination.
“On our parts, we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges,” she said.(NAN

Economy

Imo records over $1m from non-oil exports in 2025 – NEPC

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The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.

The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.

50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.

Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.

He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.

According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.

“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.

“We also trained about 600 exporters and small and medium-scale enterprises,” he said.

Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.

One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.

Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.

Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)

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Economy

NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions

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By David Torough, Abuja

In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.

According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,”  a statement by Head of Public Affairs of NCC, Nnen Ukoha said.

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

  Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said   the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

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Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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