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Update : 2024 Economic Outlook : FG will be able to save N8tn annually from the fuel subsidy removal and unify exchange rate policies, Says Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies.
Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis.
He, therefore, said it was critical for the government to spend the amount saved from the two policies to ameliorate the suffering of the average Nigerian.
He said, “The Nigerian people made sacrifices as a result of the fuel subsidy removal of the government; that is N4tn savings a year. We did naira floatation. It is not perfect. We are also saving another N4tn. So we are having about roughly N8tn transferred from the private pockets of the people to the government.
“So, what we are saying to the government is — can we be intentional in spending this N8tn to make sure that it impacts the people most positively? Starting with the multidimensional poverty. why is it that more than 133 million people in Nigeria are living in multidimensional poverty? So these are the conversations we are having now. We want to build a platform where we can track how these monies are being spent.”
He added, “In the committee, we tried to look at the most pressing issues we face as a country — inflation, forex instability, lack of investments. One of our recommendations is for the government to suspend some taxes. We call them nuisance taxes because they frustrate people, and we can’t even see the money in government treasury.”
According to Oyedele, there is an urgent need to create digital opportunities for the teeming youthful population because Nigeria has enough capacity to generate $20bn annually from the technology sector.
Hinting on some of the recommendations the panel has made to the Federal Government, Oyedele said there was an urgent need to promote exports, including services and intellectual property because, “Before you start exporting goods, you can export services and intangibles.”
He also said that out of the $20bn diaspora remittances recorded in 2023, more than 90 per cent of the funds did not arrive Nigeria in foreign currencies because of existing loopholes which allow middlemen to divert the foreign currencies and pay the recipients of the funds in naira.
He added. “For example, just asking Nigerian companies and businesses to pay taxes in dollars is about $3.5bn annually, but we sat and thought about it, and wondered how the idea came about.
“How does it help us, that a Nigerian company will go to the market to go and look for the little dollars that is in Nigeria so it can use it to pay the government of Nigeria? So, just amend the law and you will take that pressure away.”
Also speaking, the Director General of the Budget Office, Ben Akabueze, expressed concern that the country’s penchant for operating budgets with room for deficit in the past three decades had left a debt profile that has raised concern.
Akabueze said, “In our current circumstance, we believe that our biggest fiscal challenge is raising public revenues. That is, the low public revenues against the background of the ever-increasing demand for public goods and services.
“For over two decades, we have been running deficit in our budget. These deficits have accumulated. They have been funded through debt consistently. The truth is that we haven’t paid back the debt. Now we are at a point where there are concerns about our debt. So we can’t continue with the deficit. The deficit for the 2024 budget is about 3.8 per cent of our GDP.”
Speaking further, Akabueze dismissed criticisms surrounding inordinate expenditure on the part of the government.
He noted that Nigeria was not spending enough and that emphasis should be placed on effective spending and not less spending.
He added, “Sometimes people ask — why don’t you cut expenditure? That’s not a feasible option. In the first place, we are not spending enough. If you look at our public expenditure to GDP ratio, it is below what it should be. So, spending less is not an option for us. Spending more efficiently — yes.”
On his part, the Chief Executive Officer of Financial Derivatives, Bismarck Rewane, said key economic challenges have continued to plague the Nigerian economy.
These challenges, according to him, include sub-optimal and non-inclusive growth, increasing income inequality, high poverty and unemployment rate, spiraling inflation, widening fiscal imbalances, and currency pressures.
He also noted that Nigeria’s inflation maintains its upward trend, largely driven by monetary and cost-push factors.
He said external debt service to export ratio shows the external sector is vulnerable.
Rewane also blamed lack of transparency and clear policy direction, lack of effective price discovery measure, capital controls and inefficiency, and high speculation/ arbitrage activities have been for the protracted forex crisis in the country.
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference
This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.
Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.
Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”
Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.
Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
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