President Bola Tinubu, on Tuesday, stated that Nigeria must either reform for progress and prosperity or continue with business as usual and risk collapse.

He, however, said his administration, upon taking over the leadership of the country 16 months ago, decided to reform the political economy and defence architecture, given the critical juncture the country found itself.

He lamented that Nigeria found itself in a precarious situation because of the missed opportunities and mistakes of the past while calling on Nigerians not to allow the mistakes to follow the country into the future.

This was part of the text of the national broadcast by the President, on the occasion of the 64th Independence anniversary of the Federal Republic of Nigeria, delivered on Tuesday morning.

Nigeria got its Independence from Britain, its erstwhile colonial master, on October 1, 1960.

Tinubu, in the national broadcast made available to The PUNCH, said the economy faced many headwinds and security highly impaired upon his assumption of office.

“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture,” he said.

He added that if the country did not correct the fiscal misalignments that led to the current economic downturn, it would face an uncertain future and the peril of unimaginable consequences.

The President further said the economy was undergoing the necessary reforms and retooling to serve the people better and more sustainably.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year.

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.

“We have cleared the ways and means a debt of over N30tn. We have reduced the debt service ratio from 97 per cent to 68 per cent.

“Despite all these, we have managed to keep our foreign reserve at $37bn. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy reforms.

“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.

He announced that the ExxonMobil Seplat divestment would receive ministerial approval shortly, having been concluded by the Nigerian Upstream Petroleum Regulatory Commission, in line with the Petroleum Industry Act.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.

“This was done in the same manner as other qualified divestments approved in the sector.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” he said.

Tinubu also lauded the Central Bank of Nigeria for its monetary policy management which, he said, had ensured stability and predictability in the foreign exchange market.

The President said the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players was on course.

He said the Federal Government was ready to assist the 36 states and the Federal Capital Territory in acquiring CNG buses.

He said the move would also help to ensure cheaper public transportation for the masses and relief to the hardship.

The President reiterated the stand of his administration on Local Government autonomy, saying it was resolute in its determination to implement the judgment of the Supreme Court.

“As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments,” he said.

The President said the past mistakes landed the country in its present state.

He, however, said to become one of the greatest nations on earth, as destined by God, the country must not repeat such mistakes.

“We celebrate the progress we have made as a people in the last sixty-four years, we must also recognise some of our missed opportunities and mistakes of the past.

“If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future.”

He vowed to tackle hardship and the rising cost of living with renewed vigour.

“Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times.

“Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.

“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”

He lamented the high cost of living, especially food costs, a situation he said was shared by many around the globe, as prices and the cost of living continued to rise worldwide.

Tinubu, however, assured Nigerians that his administration was implementing measures to reduce the cost of living in the country.

He lauded the governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa and those in the South-West who had embraced the agricultural production programme.

The Federal Government, in July 2024, announced a comprehensive plan to ramp up agricultural production for the 2024/2025 farming cycle.

The plan included sustained support for smallholder farmers through existing government initiatives during the ongoing wet season farming.

Other initiatives, as unveiled by the Minister of Agriculture and Food Security, Abubakar Kyari, included the intensive agricultural mechanisation and development aimed at reducing drudgery, lowering production costs, and boosting productivity.

The government also disclosed readiness to collaborate with subnational entities to identify irrigable lands and increase the area under cultivation.

In partnership with the Federal Ministry of Water Resources and Sanitation, the government also promised to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.

Speaking on the initiative, the President said, “I commend the governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced our agricultural production programme.

“I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertiliser and making tractors and other farm equipment available.

“Last week, the Federal Executive Council approved establishing a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months.”

Tinubu listed the achievements of the administration in the area of improved security, adding that it was winning the war on terror and banditry.

He announced that within one year, the security forces had eliminated over 300 Boko Haram and bandit commanders in the Northeast, Northwest and some other parts of the country.

“On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry.

“Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.

“Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.

“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible.

“As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms.

“We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” the text of the broadcast read.

Speaking on the recent natural disasters, particularly the flooding in parts of the country, Tinubu sympathised with victims and promised relief to those affected.

“After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this Federal Government will always stand with our people in their times of trouble.

“At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.

“Our government has also ordered integrity tests of all our dams in the country to avert future disasters,” he stated.

The President announced a 30-day gathering of the youth in the country, where their diverse challenges and opportunities would be addressed.

“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future.

“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.

“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.

“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

“The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice.

“The modalities of this confab and selection of delegates will be designed in close consultation with our young people through their representatives.

“Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria,” he said.

He said the government was implementing several other youth-centric programmes to give the youth an advantage in the rapidly changing world.

Tinubu added, “We are implementing, amongst others, the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria’s technical talent backbone.

“We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams.

“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.”

Tinubu said though it was tempting to focus on what had been left undone and where the people had stumbled as a nation, the sight of how far Nigerians had come in forging and holding the country together must not be lost.

“Since independence, our nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide.

“Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union.

“Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation.”

He lauded the “can-do spirit” of the Nigerian people, the massive intellectual capacity, and enterprise and industry in all vocations, saying that Nigerians were living the dream of the founding fathers.

He said looking back to the past 64 years, Nigerians could see how well the country had succeeded in realising the lofty dreams of the founding fathers.

“Exactly 64 years ago, our founding fathers chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment, a beacon of hope to the rest of Africa and the world.

“Over six decades later, we can look back, and Nigerians worldwide can see how well we have succeeded in realising the lofty dreams of our founding fathers.

“The world is witnessing and benefiting from the can-do spirit of the Nigerian people, our massive intellectual capacity, and our enterprise and industry in all vocations, from arts to science, technology to infrastructure.

“The dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it,” he added.

The President announced that the Senate President, Godswill Akpabio and the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, have been conferred with the honour of the Grand Commander of the Order of the Niger.

He listed the Deputy Senate President, Barau Jibrin and the Speaker of the House of Representatives, Tajudeen Abbas, as recipients of the Commander of the Order of the Federal Republic.

The Deputy Speaker of the House of Representatives, according to the President, was awarded the Commander of the Order of Niger.

The economy is on the right path and will soon turn the curve. President Bola Ahmed Tinubu expressed this enthusiasm yesterday following the report that Gross Domestic Product (GDP) grew in the second quarter (Q2).

The National Bureau of Statistics (NBS) put the growth of GDP in Q2 at 3.2 per cent year on year far above the 2.51 per cent recorded in the same period of 2023.

The report followed the drop in headline and food inflation last month – the first time in 19 years.

Experts said this development will reverse the economic crisis in the next few months.

The President is excited about the new figure, according to his Special Adviser on Information & Strategy Bayo Onanuga.

He said in a statement: “President Tinubu has welcomed the latest report by the National Bureau of Statistics on the state of the economy, as the country’s Gross National Product (GDP) posted another growth.

“According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.

“After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.

“As the President said in his August 4, 2024 national broadcast, our economy is recovering.

“Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.

“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence.

“President Tinubu is working to build a solid and resilient economy.

“President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends.

“According to the NBS report, the growth rate in Q2 is higher than the 2.51 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024.

“The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.

“The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.

“The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent recorded in the second quarter of 2023.

“The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.

“We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon.

“In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

“This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94 per cent year-on-year nominal growth.”

Experts applaud growth

A breakdown of the NBA report showed significant improvements across key sectors, with the services sector rising by 3.79 per cent, contributing 58.76 per cent to the aggregate GDP.

The agriculture sector grew by 1.41 per cent in the second quarter as against 0.18 per cent recorded in the first quarter and 1.50 per cent recorded in the second quarter of 2023.

Also, the industry sector recorded growth of 3.53 per cent in the second quarter, compared with a negative -1.94 per cent recorded in the comparable period of the second quarter of 2023 and 2.19 per cent recorded in the first quarter.

The oil sector’s real GDP grew by 10.15 per cent in the second quarter, nearly double of 5.70 per cent recorded in the previous first quarter and a major turnaround from a decline of -13.43 per cent recorded in the corresponding period of the second quarter of 2023.

The non-oil sector real GDP remained flat at 2.80 per cent over the past two quarters, lower than the 3.58 per cent recorded in the comparable period of the second quarter of 2023.

Most analysts commended the economic outlook, highlighting gains from the government’s efforts aimed at tackling oil theft and boosting the productive sectors.

Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, described the economic growth as “a pleasant surprise”, expressing optimism that the growth momentum will build up further in the quarters ahead.

He said concerted efforts should be focused on non-oil sectors of manufacturing, transport, agriculture and services to further boost the economy.

“All in all, it’s a welcome step that we hope will continue in subsequent quarters,” Amolegbe said.

Managing Director, AIICO Capital, Dr Femi Ademola, said the GDP report appeared to show some gains of ongoing activities aimed at optimising the contribution of the oil sector.

“The growth is generally expected due to the increase in oil production from 1.22mbd to 1.41mbd over the period.

“The devaluation of naira over the period also improved the accruable value to the federal government in naira terms.

“The value increase in other non-oil exports and other commodities also contributed to the 2.8 per cent increase in non-oil GDP.

“The combination of these developments drove the GDP growth. The continued efforts in curbing oil theft and leakages appear to be yielding results,” Ademola said.

President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, called for more support to drive inclusive growth, especially across the productive sectors.

According to him, the economic structure should be such that productive sectors such as industry and agriculture are favoured in fiscal and monetary decisions.

“Indeed, structural change is strongly recommended as one of the ingredients of building productive capacities,” Uwaleke said.

He pointed out that the aggressive hike in the monetary policy rate in February and March by the CBN took a toll on output in the second quarter, which might be responsible for the decline recorded in major contributors to GDP such as manufacturing, trade, information and communication technology and real estate.

He said the growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as Nigeria’s and called for efforts to drive more inclusive growth.

Analysts at Cordros Capital noted that the economy “maintains growth trajectory”, pointing out that the economy sustained its positive growth momentum in the second quarter.

I earned N7m in one year growing tomato, pepper, says Gombe farmer

In what is seen as a reflection of the growth in agriculture, a farmer has said that he made N7 million in one year from selling his agricultural produce.

Mr Saleh Maikudi, 35, who hails Bula community in Akko Local Government Area of Gombe State, told the News Agency of Nigeria (NAN) that he became a millionaire from growing vegetables.

He said that investing in tomato and pepper farming yielded good returns.

Maikudi said he spent over N1.5 million on 30 hectares of farmland which he cultivated in 2023.

“In 2023, I made N7 million from cultivating tomato and pepper.

“I only spent N1.5 million as the total cost of preparing and planting the vegetables.

“I cultivated tomato, bell pepper (Tatashe), chilli pepper, Cayenne pepper (shombo) and Scotch bonnet (hot pepper) on my farmland.”

Maikudi, who is also the chairman of Vegetables Farmers’ Association in the community, said he cultivated 30 hectares of the vegetables annually.

He said that it took 10 weeks after cultivating the vegetables to start harvesting the commodities for another period of 10 weeks.

The farmer said that in the present wet season, farmers had started harvesting and off-takers had been coming to their community to buy the commodities for supply to various states.

He said that the year’s rainfall, which he described as moderate, was good enough for his vegetables to grow and that his tomato and pepper did well.

“If the market is good this year, I am expecting nothing less than N10 million because my vegetables really did well.’’

Maikudi advised the government to build a modern market in the community.

According to him, the facility will help standardise the marketing of vegetables and other agricultural produce as well as provide farmers with the platform to centralise the selling of the commodity.

“Also, the government can establish mini-processing factories to help farmers cut post-harvest losses, boost food security and provide more jobs for youths in the state,” he said.

The Comptroller-General of Customs, Bashir Adeniyi, has expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices.

Adeniyi stated that his service is dedicated to implementing the policy as outlined by the government.
He spoke at the security heads’ meeting in Abuja on Tuesday.

Adeniyi said, “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time.

“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.

“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”

He said there was a need to ensure the interests of all the stakeholders were considered before the implementation of the policy.

The Customs boss urged Nigerians to be patient, adding that some of the imported items already in the country would be cleared without duties and taxes.

Adeniyi said, “There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation.

“So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies. So, I therefore urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”

The Inspector General of Police, Kayode Egbetokun, stated that although tensions had eased in some states following the presidential broadcast, subversive campaigns had emerged in states like Kaduna, Kano, Katsina, and Bauchi.

He said, “We are all aware that in the last 5-6 days, our country has been troubled with the spate of violent protests in some states. After the address of Mr President on Sunday, tension doused, and peaceful protesters heeded the call of Mr President to a brief dialogue.

“But we still have in a few states, in Kano, Kaduna, Katsina, and Bauchi states, groups of people who started a subversive campaign waving flags of other countries and openly calling for a military takeover of our country.”

Egbetokun warned youths to desist from accepting foreign flags from agents of destabilisation.

He said, “This is not a protest, but an offence of treasonable felony. The Police have arrested a number of them and they will be dealt with accordingly. I want to use this opportunity to warn our youth to desist from accepting foreign flags from agents of destabilisation.

“It is very, very implicative for them to be seen with flags of other countries while protesting. So far, the situation is under control and we believe that after this press conference, those misguided elements and their sponsors will desist from this act of treason.”

President Bola Tinubu says his administration has implemented bold policies to propel Nigeria’s economy out of the downturn caused by multiple shocks in the global economy.

Tinubu spoke on Friday while declaring open the 2024 African Caucus meeting held at the Transcorp Hotel, Abuja.

He was represented by Vice-President Kashim Shettima.

“As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple shocks in the global economy,” he said.

”We believe it is a path of recovery and resilience through significant economic transformation.

”Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities.”

According to Tinubu, his administration remains committed to optimising the nation’s economic potential to deliver favourable outcomes for citizens.

The president also said his government would ensure the overall sustainable development of the regional economy.

”Our efforts are yielding positive results, with improved macroeconomic stability and increased investment,” he added.

He urged African countries to improve the quality of life for people across the continent.

‘NEED TO ENHANCE INTERNATIONAL TAX TO COMBAT ILLICIT FLOWS’

Speaking to African leaders, the president said there is a need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.

“We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies,” Tinubu said.

“We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.

“However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth.”

On his part, Wale Edun, minister of finance and coordinating minister of the economy, said available data revealed that 41 African countries were set for stronger growth of up to 3.8 percent from about 3.4 percent in 2022.

This, he said, will rise to 4.3 percent in 2025.

Edun, who is also the chairperson of the African Caucus, said these exceeded the global average of about 3.2 percent.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), emphasised the significance of the meeting.

He said Africa stood at a “crossroads with unprecedented opportunities for development alongside significant challenges”.

Cardoso also said to navigate this complex landscape and set the continent on the path of sustainable economic growth, Nigeria must leverage the support of global partners

As hardship protests began all over the country on Thursday, the Nigerian equities opened the new month on a decline with N236 billion loss, indicating subdued investors participation and a lack of significant market movement as investors contin­ued to offload their holdings.

The All-Share Index lost 414.46 points, representing a loss of 0.42 percent to close at 97,359.76 points. Also, market capitalisation de­clined by N236 billion to close at N55.278 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks among which are MTN Nigeria Communications (MTNN), Dangote Sugar Refinery, Oando, Guinness Nigeria and MeCure Industries. ­

However, market breadth closed positive, as 22 stocks gained relative to 19 losers. Unit­ed Capital emerged the highest price gainer of 9.95 percent to close at N11.05, per share. Africa Prudential and CUTIX followed with a gain of 9.94 percent each to close at N9.40 and N5.64, respec­tively, while Tantalizer advanced by 9.52 percent to close at 46 kobo per share.

UPDC Real Estate Investment Trust rose by 8.99 percent to close at N4.85, while Cadbury Nigeria appreciated by 8.65 percent to close at N20.10 per share.

On the other side, MeCure In­dustries led others on the losers’ chart with 9.94 percent to close at N8.15, per share. Thomas Wyatt Nigeria followed with a decline of 9.74 percent to close at N1.76, while Wapic Insurance shed 8.24 percent to close at 78 kobo per share.

Oando lost 8.00 percent to close at N23.00, while Dangote Sugar Refinery shed 7.67 percent to close at N34.30 per share.

The total volume of trades de­creased by 69.26 percent to 565.116 million units, valued at N8.531 bil­lion, and exchanged in 6,821 deals.

Transactions in the shares of Fidelity Bank led the activity with 372.914 million shares worth N3.945 billion. United Bank for Africa (UBA) followed with an account of 23.030 million shares valued at N458.087 million, while Zenith Bank traded 19.242 mil­lion shares valued at N651.440 million.

Oando traded 19.035 million shares worth N445.427 million, while Access Holdings traded 15.758 million shares worth N289.552 million.

The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria’s government’s windfall tax on commercial banks’ foreign exchange gain in 2023 will ensure fairer wealth distribution.

Otedola disclosed this in a recent statement.

He becomes the first financial heavyweight in Nigeria to announce support for the tax.

The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service.

He emphasised the need for reforms in the Nigerian banking sector to enhance economic stability and integrity.

“Windfall taxes, which are levied on companies or individuals who receive substantial, unexpected profits, ensure a fairer distribution of wealth,” he said.

“This allows those who benefit disproportionately to contribute more significantly to the broader societal good.”

we recalls that the windfall tax, initially proposed by President Bola Tinubu at 50 per cent on bank profits FX profits in 2023, was increased to 70 per cent by the Senate and passed into law. This tax will be in effect from 2023 to 2025.