Oyedele: Despite Fiscal Expansion Amid Reforms, Poverty Still a Challenge BudgIT Report: states’ combined revenues rose to N17.17tn in 2024, from N8.66tn in 2023, FAAC transfers N11.38tn from N5.4tn 31 states relied on federal transfers for 80% of recurrent revenue, domestic, foreign debt fell by N2 trillion, $200 million respectively Enugu leads IGR growth, likely to survive without recourse to federal allocation
James Emejo in Abuja Chairman, Presidential Fis-
cal Policy and Tax Reforms declared that despite current poverty remained prevalent in current boost in revenue Committee (PFPTRC), Mr. fiscal expansion resulting the country. inflows to states had been Taiwo Oyedele, yesterday, from recent economic reforms, Oyedele said though the unprecedented, sub-national
governments had not been Continued on page 10
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US Revokes Soyinka’sVisa, Gives No Reason for Action Yinka Olatunbosun and Sunday Ehigiator
shock, the United States con- Professor Wole Soyinka. sulate in Lagos, yesterday, The revocation, which would revoked the non-immigrant visa henceforth prevent him from In a move that has elicited of Nigeria’s Nobel Laureate, entering the US, was person-
ally confirmed by Soyinka at The decision followed a letter the action. According to the letter, a media briefing at the Kongi’s dated October 23, 2025 from Harvest Gallery, Freedom Park, the U.S. Consulate General in the consulate stated that his Lagos. Lagos, informing Soyinka of Continued on page 10
Report: Nigeria Back on Stable Growth Path, But Pace Remains Inadequate Says in last 15 months, real investment flows rebounded in energy, mineral resources, others Urges more public sector reforms
Ndubuisi Francis in Abuja Consistent with recent positive ratings of Nigeria’s economic trajectory, a new report by Quartus Economics has declared that the country is back on the path of stable growth. The report, however, insisted that the current level of production in the country remained too low to drive shared prosperity for all. The three-section report, titled, “Is Africa’s Eagle Stuck or Soaring Back to Life?” stated that perhaps the clearest sign of restored economic stability was the recovery in Nigeria’s external reserves in the middle of currency appreciation. It recalled that the decisive reforms of 2023–2024 (the
removal of fuel and foreign exchange subsidies) were critical measures to save the economy, adding that although the immediate shocks fuelled inflation in the early months, the twin action corrected deep-seated distortions that had drained public finances and weakened market incentives for decades. The report said, “By 2024, the first signs of renewal began to emerge: GDP expanded by nearly four percent, manufacturing and mining sectors returned to growth, and for the first time in many years, economic expansion outpaced population growth. “Inflation began to ease, the naira regained modest stability, Continued on page 10
AT THE ONGOING SAUDI INVESTMENT SUMMIT IN RIYADH...
L-R: Chairman/Editor-In-Chief, THISDAY/ARISE Media Group, Prince Nduka Obaigbena; Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi; and Chairman/Managing Director, Global Infrastructure Partners, Chief Adebayo Ogunlesi, at the ongoing Saudi Investment Summit in Riyadh, … yesterday