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Economy

Don says CBN can print money to augment fall in revenue

 

Eyewitness reporter
A professor of Economics, Lanre Olaniyan,  has declared that it was within the fiscal responsibilities of the Central Bank of Nigeria(CBN) to print money to augment Federal Government’s revenue.
Olaniyan said on  Tuesday that there was nothing unusual about this phenomenon whenever the need arises.
He was reacting to an allegation made by Gov. Godwin Obaseki of Edo State that the CBN printed money to augment the shortfall of March revenue allocations to states.
However , Prof. Olaniyan, who teaches at the University of Ibadan, said the concept of ‘printing money’ does not always relate to the printing of physical cash.
“This happens virtually all over the world. The money is not always printed as cash.
“Sometimes, it just refers to ‘creation of money’ for the government.
“Cash is only involved when and if the cash reserve is very low.
“But the big issue is that any money that is printed to support the government is a loan.
“It is not a free gift. It appears in the balance sheet as loans given to the government,’’ he said.
The idea, he added, was for the Central Bank to give loans to the government as ‘the lender of last resort’.
“I do not know for sure whether or not the CBN printed money, but there is nothing wrong if it did.
“It is the duty of the CBN to print money, and virtually, every Central Bank in the world prints money.
“Apart from the reason of shortage of cash or replacing mutilated cash in circulation, the CBN can print money to give loan to the government.
“In elementary economics, we are told that the Central Bank is the lender of last resort to the government,’’ he said.
According to the professor, when governments face revenue challenges, they usually resort to their Central Banks for succour.
The Central Banks, he said, would usually raise such monies through the sale of bonds and treasury bills.
He, however, added that the idea of printing money should be under certain economic considerations.
“When the CBN gets such money, either through bonds or treasury bills, it then gives it to the government as a loan with terms.
“It could be a short term of between one month and 90 days, or long term of between one year and five years.
“When government prints money, it is usually to stimulate a productive sector of the economy for increased economic growth and sustainability,’’ he said.
Olaniyan added that high-interest rates usually served as incentives for people to invest in bonds or treasury bills.
“In the last one year, because of the recession that we had, the interest rate has gone low, and people are not too willing to invest in treasury bills or bonds,’’ he said.
According to him, Nigeria has limited choices in sourcing for improved revenue as most revenue sources are getting tight.
“The other alternative is foreign loans, but we already have a high burden of foreign loans.
“The total revenue of the government is about the same amount we are spending on debt servicing,’’ he said.
The Finance Minister also addressed the issue of external debt last Wednesday.
“The Nigerian debt is still within a sustainable limit.
“Our debt, currently at about 23 percent to GDP, is at a very sustainable level if you look at all the reports that you see from multilateral institutions,’’ she had said.
Olaniyan said also that “the only option is to go back to elementary economics and approach the ‘lender of last resort’, the CBN.
“If people are not investing in treasury bills and bonds, the Central Bank embarks on printing of money.
“It is called, ‘Seigniorage’, a process where the apex bank prints money to fund activities of government.’’
The Don said that Nigeria was a country freshly out of recession, which needed to put money in people’s pockets to sustain the post-recession economy.
“The Federal Government will have to spend enough money that will go round a large percentage of the citizenry; it is called ‘Quantitative Easing’.’’
Nevertheless, Zainab Ahmed, Minister of Finance, Budget, and National Planning, has debunked Obaseki’s claim.
“It is not true to say we printed money to distribute at FAAC. It is not true,’’ the minister said last Wednesday at the end of the weekly Federal Executive Council meeting.

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Economy

NSW onboards over 12,000 users, processes 156,026 trade permits in six months as Phase 2 commmences

Tola Fakolade: Project Director National Single Window and Damola Yusuf, Director Technology, National Single Window during the Press briefing in Abuja

Funso OLOJO, Editor

The National Single Window (NSW) platform has processed 156,026 trade-related licences, permits and certificates since its launch on March 27, 2026, marking a significant milestone in Nigeria’s drive to digitise trade procedures and streamline cross-border cargo movement.

The platform has also attracted more than 12,000 importers, customs agents, shipping lines, airlines and freight forwarders, while recording an impressive 99.98 per cent uptime since the commencement of operations.

These figures were disclosed by the NSW project team  led by Tola Fakolade during a stakeholder engagement with members of the press in Abuja on Tuesday October 13th, 2026  where it provided updates on the implementation of Phase 1 and preparations for the rollout of Phase 2.

The initiative is designed to establish a centralised digital platform through which traders can access trade-related regulatory services, reducing administrative bottlenecks, improving transparency and enhancing the efficiency of import and export procedures.

According to the project team, five government agencies have been fully onboarded on the platform, while more than 8,000 users have received training since operations commenced.

A breakdown of the licences and permits processed showed that the Standards Organisation of Nigeria (SON) accounted for 104,956 transactions, while the National Agency for Food and Drug Administration and Control (NAFDAC) processed 50,622.

The platform has also recorded significant progress in cargo manifest transmission, processing 3,964 air and sea cargo manifests since its launch.

Of this figure, 3,596 were air cargo manifests transmitted by 27 airlines, while 368 were sea cargo manifests transmitted by 56 shipping lines.

The team disclosed that all airlines and air cargo companies had been onboarded for the platform’s operations.

For sea cargo, however, 56 of the 88 shipping lines had so far been onboarded for manifest transmission.

The reported 99.98 per cent platform uptime, the team said, reflected the system’s operational stability and the growing adoption of the digital trade facilitation initiative.
Regulatory Processes Go Digital.

The project team further disclosed that the submission, processing and approval of import licences, permits and certificates for four key regulatory agencies had been fully implemented on the platform.

The agencies are NAFDAC, SON, the Nigeria Agricultural Quarantine Service (NAQS) and the National Environmental Standards and Regulations Enforcement Agency (NESREA).

Payments associated with the relevant import licences, permits and certificates are also being processed through the platform, further integrating regulatory approvals and payment procedures into a single digital environment.

The development is expected to simplify interactions between traders and regulatory agencies by reducing the need to navigate multiple administrative channels for trade documentation.

On the harmonisation of Harmonised System (HS) Codes, the team said rationalisation workshops had been conducted with relevant regulatory agencies, including the Nigeria Customs Service (NCS).

The harmonised codes are expected to be updated on both the NSW platform and the Customs Service’s B’Odogwu system by November 2026.

The harmonisation exercise is intended to promote consistency in the classification of goods, improve coordination between trade-related government agencies and minimise discrepancies in the processing of import and export transactions.

Meanwhile, the onboarding of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) for Ships Entry Notice (SEN) submission is ongoing.

The service is scheduled to go live on November 16, 2026, marking another step towards integrating maritime regulatory processes into the national digital trade facilitation framework.

Phase 2 Targets Export Processes, Wider Agency Integration

Beyond the progress recorded under Phase 1, the NSW project team confirmed that implementation of Phase 2 had commenced, with delivery scheduled in stages between the fourth quarter of 2026 and the first quarter of 2027.

The second phase is expected to expand the platform’s scope beyond existing import-related processes to cover critical export documentation, additional regulatory approvals and a broader range of trade transactions.

Key components include export-related licences, permits and certificates; Forms NXP and NCX; export cargo manifests; Import Duty Exemption Certificates (IDEC); import and export permits for Free Trade Zones; and payments for export licences, permits and certificates.

The planned expansion is expected to deepen the digitalisation of Nigeria’s trade processes by bringing additional agencies and documentation requirements into a coordinated electronic system.

Under the rollout schedule, the first batch of agencies and services is expected to go live in the fourth quarter of 2026.

The batch comprises the Nigerian Export Promotion Council (NEPC); the Federal Produce Inspection Service (FPIS) and Registered Exporter System (REX) under the Federal Ministry of Industry, Trade and Investment; SON; NAFDAC; and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

The second batch, scheduled for implementation in the first quarter of 2027, will involve the Central Bank of Nigeria (CBN), Nigeria Customs Service, NAQS, Federal Ministry of Livestock Development, Federal Ministry of Marine and Blue Economy, Nigeria Export Processing Zones Authority (NEPZA) and Federal Ministry of Finance.

The inclusion of these institutions is expected to extend the platform’s reach across key areas of export promotion, customs administration, agricultural inspection, financial regulation, marine and blue economy-related trade, and the management of export processing zones.

Testing and Training Ahead of Full Deployment

The project team said preparations for Phase 2 had progressed through several implementation stages, including current-state assessment, technology readiness assessment, future-state design and system customisation.

The remaining implementation activities include user acceptance testing, pilot testing and end-user training ahead of the scheduled go-live dates.

These processes are intended to ensure that the platform’s new functionalities meet operational requirements and that participating agencies and users are adequately prepared before deployment.

The phased implementation approach is expected to allow the project team to address technical and operational issues progressively while expanding the range of services available to stakeholders.

Phase 3 Projected for Late 2027

Looking beyond Phase 2, the team disclosed that Phase 3 of the NSW rollout was projected for implementation between the third and fourth quarters of 2027.

The third phase is expected to introduce additional trade and customs functionalities, including Customs Declaration submission, Form M application and approval, oil and gas-related processes, Advanced Risk Analytics and a Trade Visualisation System.

These proposed features are expected to broaden the platform’s operational coverage and strengthen the digital infrastructure supporting trade documentation, customs processes, risk assessment and trade data analysis.

The planned introduction of Advanced Risk Analytics and the Trade Visualisation System also points to a wider ambition to improve the use of data in trade monitoring and regulatory decision-making.

The stakeholder engagement in Abuja provided an opportunity for journalists to examine the project’s progress, obtain updates on implementation timelines and engage members of the project team on the platform’s operational performance and future expansion.

The NSW team encouraged stakeholders to continue using the platform and provided help desk contacts for users requiring technical support and assistance.

With Phase 1 recording substantial transaction volumes and preparations for the next stages underway, the project’s success will increasingly depend on the effective integration of participating agencies, the smooth onboarding of remaining stakeholders and the reliable delivery of planned digital services.

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Economy

FOU A seizes N3.95bn worth of Illicit drugs, mercury, hands over to NDLEA, NESREA

Funso OLOJO, Editor

The Federal Operations Unit (FOU), Zone A of the Nigeria Customs Service (NCS), has intercepted illicit drugs and other prohibited substances with a combined duty-paid value of N3.951 billion along trans-border routes within its area of operations.

The seizures, which included thousands of parcels of cannabis, tramadol tablets, codeine syrup and crystal methamphetamine, were handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

The Unit also seized four cylinders of high-grade mercury, weighing 34.5kg each, allegedly intended for use in illegal gold mining.

The mercury was subsequently handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA).

Addressing journalists at the Unit’s headquarters in Lagos on Thursday, September 3rd, 2026, the Controller of FOU Zone A, Comptroller Gambo Aliu, said the seizures were the outcome of intelligence-driven operations and sustained surveillance along the nation’s trans-border routes.

Among the narcotics seized were 5,669 parcels and 19 sacks of synthetic cannabis sativa weighing 3,116.9kg; three-and-a-half packs of ground cannabis (Skunk) weighing 3.45kg; two packs of granulated cannabis (Skunk) weighing 1kg; and 11 small packs of granulated cannabis weighing 0.35kg.

Others were 24 packets of Backwoods Russian Cream cigars weighing 0.5kg; 49 wraps of cannabis (Skunk) weighing 26.1kg; and one wrap of crystal methamphetamine weighing 0.35kg.

The Unit also intercepted 1,754 packs and 6,948 sachets of tramadol tablets in 225mg and 100mg variants, 1,200 Hypnox tablets of 1mg each, and 97 bottles of codeine syrup.

Comptroller Aliu said the latest enforcement operation was deliberately targeted at drug-trafficking syndicates operating within the Unit’s jurisdiction, stressing that the illicit movement of narcotics and other dangerous substances posed grave threats to public health, national security and the future of Nigerian youths.

He described the handover of the seized items to the relevant agencies as evidence of the growing operational synergy among government agencies in the fight against trans-border crime.

“Today’s event is a practical demonstration of the commitment of the Nigeria Customs Service to national security, public health, environmental safety and the economic well-being of Nigerians.

“It also reflects the importance of strategic partnership in the fight against smuggling and other forms of trans-border crime,” Aliu said.

According to him, the Customs Service would continue to strengthen the integrity of the nation’s supply chain while supporting the NDLEA in disrupting the movement of narcotics and other illicit goods across Nigeria’s borders.

“We are equally committed to providing relevant information and supporting further investigation whenever necessary,” he added.

Aliu explained that the formal transfer of the narcotics to the NDLEA would enable the agency to undertake the necessary forensic, investigative and prosecutorial processes in accordance with the law.

He added that the procedure would also ensure that the seized drugs were handled, stored and disposed of securely and professionally.

On the mercury seizure, the FOU Controller said its transfer to NESREA would enable the agency to take appropriate regulatory and environmental action, particularly given the use of mercury in illegal mining activities.

While assuring Nigerians that the crackdown on illicit traders and trans-border criminal networks would continue, Aliu said the Unit would simultaneously facilitate legitimate trade and sustain collaboration with sister agencies.

“I wish to commend the leadership and personnel of the NDLEA and NESREA for their cooperation and professionalism.

“I also appreciate the support of all sister security and regulatory agencies whose contributions continue to strengthen our collective efforts,” he said.

Aliu warned smugglers and criminal networks that the FOU Zone A would not relent in its enforcement responsibilities.

“Let me reiterate that the Federal Operations Unit will not relent in its responsibilities. We will continue to deploy intelligence-driven strategies, enhanced surveillance, effective patrols and robust enforcement operations to disrupt the activities of smugglers and criminal networks,” he declared.

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Economy

Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone  to boost investment, jobs,SMEs

Members of maritime journalists coalition in a group photograph with Asiwaju Bola Oyebamiji

Funso Olojo Editor

The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.

Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.

The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.

Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.

He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.

According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.

“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.

On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.

He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.

To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.

He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.

On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.

He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.

Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.

Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.

Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.

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