Finance
TSA: President Buhari threatens severe sanctions against erring Agencies
ABUJA-FOLLOWING the Federal Governments directive to all revenue generating agencies to ensure remittances to a Treasury single account (TSA) President Muhammadu Buhari has warned all Agencies of Government that severe sanctions would be visited on all and any Agency of Government that fails to comply with the directive.
The President also warned that severe sanctions would be visited on any individual or organisation that violated his directive on the payment of all national revenues into the Federation Account.
President said that the Nigerian National Petroleum Corporation, the Nigerian Ports Authority and other MDAs which previously relied on the laws establishing them to retain all or part of the revenues collected by them, did so illegally and must now comply with the Nigerian Constitution by paying all revenues into the Federation Account.
on Tuesday said he was disappointed at the way Nigeria’s oil industry had been operated since he left office as a former petroleum minister and as a military Head of State in 1985.
Buhari said those who led the country since then had allowed the nation’s refineries to collapse in order to give their cronies the latitude to steal by importing refined petroleum products.
According to a statement by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari spoke during a meeting he had with a delegation of the Revenue Mobilisation, Allocation and Fiscal Commission at the Presidential Villa in Abuja.
Buhari blamed the past administrations for the current situation in which Nigeria is forced to spend billions of naira annually on subsidies for petroleum products.
He said the increase in petroleum subsidy payments over the years was due to the deliberate neglect of the nation’s refineries as well as oil pipelines and other infrastructure in the oil sector in order to allow the importation of petroleum products and corruption to thrive.
He said he was convinced that there would not have been any need for the huge subsidies currently being paid to importers if the development of the country’s domestic refining capacity and petroleum products distribution network had kept pace with national demand.
“They (past administrations) allowed the infrastructure to collapse so that their cronies can steal by bringing in refined products from overseas,” Shehu quoted the President as saying.
He therefore urged the chairman and members of the RMAFC, who availed him of their view on petroleum subsidy payments, to come up with more humane proposals to rescue ordinary Nigerians from what he described as the “wicked manipulation” of the country’s oil industry by corrupt operators.
Buhari was ousted in a 1985 coup led by Gen. Ibrahim Babangida, who ruled the country as a military president from in 1985, till he was forced to step aside 1993 following the uproar that greeted the annulment of that year’s presidential election, won by the late businessman, Chief Moshood Abiola.
Babangida left an Interim National Government, led by Chief Ernest Shonekan. Few months after Babangida left, the late Gen. Sani Abacha pushed aside Shonekan and ruled from that 1993 till he died on June 8, 1998.
Gen. Abdusalami Abubakar, who succeded Abacha handed over to Chief Olusegun Obasanjo in 1999 to usher in a fresh democratic dispensation in the country. Obasanjo served two terms and handed over to the late President Umaru Yar’Adua in 2007. After the death of Yar’Adua on May 5, 2010, his deputy, Goodluck Jonathan took over and led the country till May 29, 2015, when he handed over to Buhari.
Buhari was also said to have chided the RMAFC for approving what he called “excessive remunerations” for some political office holders.
He therefore urged the delegation to seek a proper interpretation of the commission’s powers and address the public outcry against the high payments.
Meanwhile, the Nigeria Labour Congress on Tuesday insisted that the Federal Government must investigate funds that were allegedly stolen during the last days of the Jonathan administration.
The NLC, at its national leadership retreat, which held in Calabar, Cross River State, also warned the new Group Managing Director of the NNPC, Dr. Emmanuel Kachikwu, not to think of removing oil subsidy.
The NLC president, Mr. Ayuba Wabba, warned that the fight against corruption by Buhari should not be trivialised.
The NLC boss lamented that the Federal Government had failed to remit N35bn to Pension Funds Administrators for workers in the last 11 years.
He said, “Another issue that we are again compelled to comment on is the ongoing campaign of President Buhari against corruption. It is of course no longer news that corruption has eaten so deep into our body polity.
“We now learnt that in the twilight of the last administration, the nation’s revenues were indiscriminately transferred to individual accounts. For us in the Congress, these funds must be recovered by all means. If we need to employ the services of forensic auditors to uncover the various amounts stashed away in foreign and domestic banks, so be it.”
He said investigations into the looting of the national treasury should not be unduly made a controversial matter.
Business
VP Shettima insists tax reforms will improve lives and not impoverish Nigerians
Business
AfCFTA $3.4 Trillion Market in Focus as NCDMB, Others move to deepen Intra-Africa Trade
By Modupe Asudo
The 2026 edition of the African Continental Free Trade Agreement (AfCFTA) Summit got underway in Lagos on Monday with regulatory agencies, project promoters, and financial institutions focused on deepening intra-Africa trade, a unified code of standards for professional qualifications and manufactured goods, and expansion of the frontiers of technological development and innovation.
Critical questions addressed include how AfCFTA’s 1.4 billion population and $3.4 trillion economy could achieve “a strategic shift from fragmented economies towards a globally competitive supply chain system”; how Africa could leverage its vast mineral resources, including copper, iron ore, petrochemical, for domestic production of hardware such as Christmas tree (an assembly of valves, fittings on top of a wellhead to control oil production), and how, hypothetically, Tema Shipyard in Ghana could be designated the vessel construction, assembly and repairs hub for Africa.
Related questions were how cables manufactured in Nigeria, hypothetically, could benefit from favourable trade terms in Angola; what compliance requirements a sacrificial anode producer in Nigeria would have to meet in regard to the rule of origin requirement to export anodes to Algeria for protection and longevity of pipelines, storage tanks, offshore platforms, etc., and what other support levers would be required to achieve energy security for Africa besides expanded refining capabilities in Dangote Refinery, laying of continental gas transmission pipelines, and establishment of industrial parks and other support infrastructure.
In a keynote address at the event, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director, Corporate Services, Dr. Abdulmalik Halilu, disclosed that Nigeria’s oil and gas industry embraced AfCFTA and developed a framework for domesticating the policy in 2022.
According to him, implementing AfCFTA in the industry was anchored on three broad pillars, namely, Opportunities Identification, Capacity Development, and Capacity Exportation. In regard to opportunities, he said Nigeria’s strength lies in formidable supply chain in oil field services, refining capacity, oil field logistics base, gas supply pipelines, and a pool of qualified oil field technical workforce.
On capacity development, he pointed out that Nigeria’s oil and gas industry, through the local content law, has developed capabilities in the oil and gas value chain spanning marine vessel asset ownership, fabrication, assembly and installation of production systems, including Christmas trees, pressure vessels, and pumps.
What remains unresolved, described by the Executive Secretary as “the next frontier and the reason for convening the Summit,” is capacity exportation. He posited for consideration a unified work permit and visa that would enable, say, “a welder in Senegal to be engaged in Arlec Engineering Works, Johannesburg, South Africa, for fabrication of heat exchangers, storage tanks, pressure tanks, pressure vessels, etc.”
In examining the importance of achieving continental economic integration, Engr. Ogbe explained that strong regional supply chains would shift Africa from exporting raw materials to producing high-value goods. For pathways to integration, he listed regional value chains, infrastructure connectivity, regulatory harmonization, industrial clusters, and small and medium scale enterprises (SME) inclusion.
He assured industry stakeholders and participants maximum support by the NCDMB.
Business
AfCTA: NCDMB provides roadmap to $3.4tn continental market
By Modupe Asudo
The Nigerian Content Development and Monitoring Board has outlined a practical framework for positioning Nigeria’s energy sector to access the African Continental Free Trade Area, following a strategic webinar focused on meeting rules-of-origin requirements for continental trade.
The Board held a pre-conference webinar on Wednesday ahead of the Nigeria Local Content AfCFTA Energy Summit scheduled for Monday, February 9, 2026.
The engagement was attended by stakeholders from the oil and gas, power and renewable energy sectors, and they addressed how Nigerian products and services can qualify for preferential market access across 54 African countries with a combined gross domestic product of $3.4tn and a population of about 1.4 billion people.
Entitled ‘Meeting AfCFTA Origin Requirements in Energy Trade’, the webinar focussed on one of the major barriers facing Nigerian exporters under AfCFTA — structuring production and operations to meet origin requirements that determine eligibility for duty-free and preferential trade.
The initiative was supported by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, and the Acting Director of Planning, Research and Statistics, Mr. Ene Ette, as part of preparations for the forthcoming Nigeria Local Content AfCFTA Energy Summit, with the theme ‘Unlocking Africa’s Energy Future through AfCFTA: Trade, Innovation and Regional Integration’.
Speaking during the session, a communications analyst, Joseph Nwokedi, representing the Acting National Coordinator of Nigeria’s AfCFTA Coordination Office, Mrs Patience Okala, stressed the central role of energy in Africa’s economic integration under AfCFTA.
He urged Nigerian companies to shift their focus from Nigeria’s domestic market of about 200m people to the wider continental market of 1.4bn consumers.
“Without energy, there’s no industrialisation. Without energy, regional value chains remain aspirational,” Nwokedi said. “With AfCFTA, energy transforms from a domestic infrastructure issue into a tradable, investable and exportable sector within an integrated African market.”
He noted that even one per cent penetration of the African market translates to about 14m consumers, underscoring the scale of opportunity available to Nigerian energy firms.
The webinar identified four key pathways through which Nigeria’s energy sector can participate in AfCFTA-enabled trade. First, Nigeria’s Electricity Act of 2023 allows independent power producers to supply electricity directly to industrial clusters and export processing zones, positioning power generation as a foundation for trade-ready manufacturing.
Second, the country has submitted commitments under AfCFTA that enable professionals such as engineers, electricians, geophysicists and energy auditors to export services across Africa, subject to mutual recognition of qualifications.
Third, refined petroleum products, gas derivatives, electricity and renewable energy components can be traded across borders under preferential tariffs, provided they meet AfCFTA rules of origin.
Fourth, AfCFTA’s investment protocol, combined with recent domestic reforms, including the Presidential Directives on Investment Incentives for 2024–2025, strengthens Nigeria’s credibility for attracting cross-border investments in power generation, transmission, renewable energy and storage infrastructure.
Delivering a technical presentation, Assistant Comptroller of Customs, Burhan Sulaiman, explained that AfCFTA would eliminate tariffs on 90 per cent of goods traded within the bloc over five to 10 years, with an additional seven per cent liberalised over 13 years. However, he stressed that these benefits were conditional on meeting origin requirements.
“Companies lose benefits because origin was treated as an afterthought,” Sulaiman said. “You must build in origin compliance from the beginning, not while already running your project. Origin determines whether you export duty-free or pay full tariffs.”
He clarified that origin is determined by where economic production takes place, not by company ownership or registration. Foreign-owned companies producing in Nigeria can export as Nigerian origin, while Nigerian companies importing finished goods cannot claim AfCFTA preferences.
Sulaiman explained that products qualify for preferential access through two routes. “Wholly obtained” goods are entirely produced within AfCFTA member states, such as crude oil and natural gas extracted in Nigeria, as well as locally generated electricity regardless of fuel source.
The second route, “substantial transformation”, applies where foreign inputs are used and requires compliance with one of three tests: a change in tariff classification; a value-addition threshold limiting foreign content to between 30 and 60 per cent of ex-works price; or completion of specific prescribed processes such as distillation, cracking or reforming for petroleum products.
He provided sector-specific guidance, noting that in oil and gas, locally extracted crude and gas qualify, just as refined petroleum products that meet processing requirements. However, simple blending, basic distillation operations and modular refineries using imported crude without substantial transformation do not qualify.
In the power sector, he explained, locally generated electricity and regionally manufactured equipment with deep component transformation qualify, while installation-only activities, imported turbines, transformers and switchgear mounting do not.
“For renewables, regional solar cell and battery cell manufacturing with deep component processing qualify,” he said, adding that panel installation alone, simple module assembly and packaging imported batteries do not meet the thresholds.
Sulaiman warned that without regional manufacturing accumulation, power equipment exports fail origin tests.
According to him, the Nigeria Customs Service applies a five-step verification process for origin claims, including confirming accurate HS codes, reviewing production records, testing for minimal operations, verifying African input origins and ensuring consistency across certificates, production records and cost documentation.
“Weak documentation kills origin claims. Even genuinely originating products can be denied if documentation is incomplete or inaccurate,” he noted.
Both speakers emphasised that origin compliance should be treated as a core business strategy rather than a regulatory formality.
“Origin is not paperwork; it is strategy,” Sulaiman said. “It shapes where you locate facilities, how you source inputs, and where you sign regional contracts. Treat it as strategic from day one.”
Nwokedi urged Nigerian firms to act early. “AfCFTA is happening now. Early movers will shape supply chains, standards and partnerships. Are you going to lead, or simply follow?”
Officials also provided updates on AfCFTA implementation, noting that 92 per cent of rules of origin had been agreed, with negotiations ongoing in the textiles and automotive sectors.
An online dispute resolution mechanism has been established to coordinate Customs authorities, standards bodies and complainants.
Nigeria has deployed a fully operational electronic certification system for paperless trade, while Nigerian Customs is introducing risk-management frameworks that could allow exporter self-certification on commercial invoices.
Following a five-year implementation review led by the Minister of Industry and Investment, Dr Jumoke Oduwole, government sensitisation efforts have intensified through partnerships with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; Women’s Chambers of Commerce; zonal outreach programmes and ‘P3 engagements’ involving the press, private sector and public institutions.
“The government will not trade under AfCFTA — our exporters will,” officials said. “If they win, we win.”
Nigerian Customs also reiterated its open-door policy for pre-export origin verification to help businesses avoid delays and additional costs at the border.
The webinar highlighted Nigeria’s potential as a regional energy and transition-fuel hub, building on frameworks such as the West African Power Pool to support cross-border electricity trade.
Key recommendations included structuring projects for origin compliance from inception, forming regional joint ventures, aligning with continental standards and leveraging AfCFTA service commitments to export Nigerian energy expertise.
The session ended with confirmation that the webinar was a technical precursor to the Nigeria Local Content AfCFTA Energy Summit, which will convene policymakers, industry leaders and trade experts to develop strategies for maximising Africa’s energy potential under the AfCFTA framework.







