Economy

Shocker! Tinubu economic team proposes merger of Customs, NIMASA, FIRS

Bola Ahmed Tinubu, President of Nigeria

— wants President to extend deadline on old naira note to Dec. 2024.

The Eyewitness reporter

In what could be his first major economic reform in the country, President Bola Ahmed Tinubu is considering the merger of the Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency ( NIMASA) and the Federal Inland Revenue Service ( FIRS) into a single revenue-generating entity to enhance the revenue collection drive of the federal government.

This followed the recommendation of the President’s Policy Advisory Council which said a state of emergency should be declared on the revenue generation in the country.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila Zubairu, and Dr. Doris Anite.

Alarmed stakeholders have however faulted the merger recommendation which they feared may compromise the functions and duties of NIMASA, adding is not a revenue-generating agency but a security and safety regulatory agency in the maritime industry.

According to the report of the economic advisory team, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

The council further outlined the removal of fuel subsidies, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

The 90-page document further proposed that reforms in the CBN will help achieve about $50bn-$60bn in external reserves, with a monthly inflow of at least $6bn-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

On fiscal policies to be implemented, the council advised on the need to achieve a domestic refining capacity of two million barrels per day, while creating economic opportunity for the host communities.

They also proposed one-off Personal Income Tax reliefs for low-income earners for up to one year as non-cash palliatives to cushion the effect of fuel subsidy removal.

The advisory read, “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA.

“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.

“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries.

Other fiscal recommendations proposed include, “a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.

“List shares of strategic and profitable NNPC subsidiaries. Privatise, concession or sell down FGN’s stake in corporate assets to partners and other investors (possibly with a buyback option) to generate liquidity in the short to medium terms (focus on sub-optimal assets e.g., NNPCL refineries).

“Leverage blockchain to create and provide access to a Government land registry and regionalise and concession the power transmission grid.”

Furthermore, the advisory council proposed the extension of old naira circulation till December 2024 in order to resolve the cash shortage situation, if required.

It also advised a five percent monthly gradual removal of the old notes and replacement with new notes through the deposit money banks.

They said, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 percent to solve cash shortage.”

The policy added, “ To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”

Economy

News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement

Funso OLOJO, Editor

President Bola Ahmed Tinubu has carried out a major reshuffle exercise in his cabinet in which he dropped the Minister of Finance and the Coordinating Minster, Mr Wale Edun.

Taiwo Oyedele, who was recently appointed as the Minister of State for the Ministry, has now replaced the sacked Edun.

Also removed in the reshuffle exercise was the Minister of Housing and Urban Development, Ahmed Dangiwa.

A statement on Tuesday, April 21st, 2026,by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.

Also appointed was Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.

Economy

Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation

Funso OLOJO, Editor

President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.

He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.

The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.

It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.

According to the statement signed by Bayo Onanuga, the Special Adviser to the President on information and Strategy, with capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.

The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.

Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.

The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.

It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.

With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.

President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.

He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.

The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.

He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.

Economy

NNPC attributes increased crude oil production to enhanced security surveillance of pipelines in Niger- Delta

Funso OLOJO, Editor

The Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly, in Abuja, on Wednesday, April 8th, 2026.

Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.

He said the resurgence of production due to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage has led to the restoration of investors’ confidence in the nation’s oil and gas sector.

In his welcome address, the President of the Senate, Sen. Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth.

On his part, the Speaker of the House of Representatives, who was represented by the Leader of the House, Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity.

The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources.

It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.

The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.