News

US tariffs won’t have much effect on Nigeria – FG

Published

12 months ago

April 8, 2025

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the recent 14 percent tariff imposed by the United States on Nigerian exports will have minimal impact on the Nigerian economy.

Edun made these comments during the inaugural Corporate Governance Forum organized by the Ministry of Finance Incorporated in Abuja on Monday. While acknowledging the seriousness of rising global tariff disputes, Edun emphasized that Nigeria remains largely shielded from significant effects, given that oil and mineral exports—Nigeria’s major exports to the U.S.—are exempt from the new tariffs.

He pointed out that the 14 percent tariff is relatively moderate compared to the 46 percent tariff imposed on Vietnam and the 34 percent on China. “Nigeria’s exports to the U.S. were N1.8 trillion, N2.6 trillion, and N5.5 trillion in 2022-2024, respectively. Fortunately, oil and mineral exports made up 92 percent, amounting to N5.08 trillion, while non-oil exports were only N0.44 trillion. Therefore, the impact of the tariff on exports is minimal if we maintain our oil and mineral export volumes,” Edun explained.

Despite his optimism, Edun acknowledged that the government’s economic management team is closely monitoring the evolving global situation. “We are revisiting the budget to examine the changes in assumptions that were used in its creation, considering the realities of the first quarter and future projections,” he added.

The 14 percent tariff imposed by U.S. President Donald Trump on Nigerian exports poses a significant risk to Nigeria’s $10 billion annual exports to the U.S., particularly threatening key sectors like agriculture, with experts and trade associations expressing concerns over the possibility of a global trade war.

According to the National Bureau of Statistics, Nigeria’s trade with the U.S. reached a total of N31.1 trillion between 2015 and 2024. A breakdown of the foreign trade report reveals that N16.4 trillion was recorded as exports, while imports amounted to N14.71 trillion, resulting in a trade surplus of N1.64 trillion.

The data showed that Nigeria’s exports to the U.S. were valued at N344.27 billion in 2015, N1.03 trillion in 2016, and N1.73 trillion in 2017. Exports continued to rise, reaching N1.82 trillion in 2022, N2.61 trillion in 2023, and N5.52 trillion in 2024. However, there was a notable dip in 2020, with exports falling to N382.19 billion due to the pandemic.

Earlier, the Federal Government acknowledged that several of Nigeria’s oil and non-oil exports would face challenges as a result of the new U.S. tariffs. The tariff could potentially undermine the competitiveness of Nigerian products in the U.S. market, a concern raised by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in a statement on Sunday.

Business

Fuel price hike: Gov Makinde announces N10,000 transport support for workers

Published

6 hours ago

March 23, 2026

Ekwutos Blog

The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.

The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.

The statement read

“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.

The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.

This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.

Further details on implementation are expected to be communicated by the relevant government authorities in due course.”

News

Former Acting Accountant-General of the Federation bags 72years imprisonment for diverting N868.46 million security funds

Published

6 hours ago

March 23, 2026

Ekwutos Blog

Justice James Omotosho of the Federal High Court in Abuja, on Monday, March 23, convicted and sentenced Chukwunyere Nwabuoku, former acting Accountant-General of the Federation (AGoF), to a 72-year jail term without an option of fine.

DailyTrust reports that in the judgment delivered, Justice Omotosho held that the Economic and Financial Crimes Commission (EFCC) had been able to prove the nine-count money laundering charge beyond reasonable doubt.

According to the judge, the defendant is hereby convicted as charged.

Justice Omotosho convicted Nwabuoku in all the nine counts and sentenced him to eight years imprisonment in each of the counts, making 72 years.

The judge, however, ordered that the counts shall run concurrently.

Justice Omotosho, who described Nwabuoku’s act of diverting funds meant for security and defence while he served as Director of Finance and Account in the Ministry of Defence as “appalling,” commended the EFCC for being detailed in its prosecution.

The judge observed that the evidence of the 9th prosecution witness that Nwabuoku voluntarily refunded part of the siphoned money of over N200 million during investigation was not controverted by the defence.

Nwabuoku served as the Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021. He became acting Accountant General of the Federation in May 2022.

News

11 more arrested over Ozoro “r@ping festival”

Published

2 days ago

March 22, 2026

Ekwutos Blog

The police in Delta state have arrested eleven more suspects over the sexu@l ass@ults recorded during what was described as a “r@ping festival” in Oramudu Quarters in Ozoro last Thursday, March 19.

In a statement released on Saturday, March 21, the spokesperson of the command, SP Bright Edafe, said the CP Special Assignment Team (CP-SAT) was tasked with conducting a detailed investigation into the incident.

Edafe said operatives of CP-SAT conducted a thorough analysis of available video evidence and intelligence, leading to the arrest of eleven additional suspects identified as Samson Atukpodo, Steven ovie, Ugbevo Samson, Afoke Akporobaro, Evidence Oguname, and six others. Edafe mentioned that these latest arrests bring the total number of suspects currently in police custody in connection with the incident to fifteen (15)

“The Command reiterates that preliminary findings indicate that the unfortunate incident was perpetrated by criminal elements who exploited the situation to engage in acts of sexu@l v!olence, which are in no way representative of any legitimate cultural practice.

The Commissioner of Police, Delta State Command, CP Aina Adesola, condemns these acts in totality and reassures the public that the Command remains resolute in its determination to ensure that all those involved are identified, arrested, and prosecuted in accordance with the law. Members of the public, particularly victims and witnesses, are once again encouraged to come forward with credible information that will aid ongoing investigations. The Command assures that all information provided will be treated with strict confidentiality.”the statement in part reads