Ita Enang Warns Against Hasty Reactions to US CPC Labelling

• Demands review of revenue formula 

•Says FG too broke to meet obligations as states ‘feed fat’ on national allocations

Sunday Aborisade in Abuja

Former Special Adviser to ex-President Muhammadu Buhari on National Assembly Matters (Senate), Senator Ita Enang, has warned the federal government and its officials to exercise restraint in reacting to the reported designation of Nigeria by the United States as a “Country of Particular Concern.”

Enang, who also served as Chairman of the Senate Committee on Rules and Business in the 8th National Assembly, said the issue carries grave diplomatic implications and must be handled with a single, coordinated national voice rather than scattered individual opinions.

Speaking in an interview with journalists in Abuja on Wednesday, Enang said, “This is a diplomatic matter that must be treated with utmost caution.”

He said, “I want Nigeria and Nigerians, particularly officers of government, to be guarded in their response. Not every government official should make statements capable of inflaming the situation or misrepresenting the country’s position.”

He advised that the Presidency, the Ministry of Foreign Affairs, the National Intelligence Agency, and the leadership of both chambers of the National Assembly should come together to craft a harmonised national response to the development.

“What we have seen is that many in sensitive positions make comments which they believe are personal opinions. But given their offices, those remarks are perceived internationally as Nigeria’s official stance, which is wrong,” Enang stated.

According to him, the Senate and the House of Representatives should hold joint leadership sessions to agree on a unified legislative position, exchange drafts, and pass identical resolutions to ensure that the voice of Nigeria is coordinated.

He said the National Intelligence Agency (NIA) and the Ministry of Foreign Affairs should lead the interface on the matter, warning that “this is not an issue to be debated on social media or in random interviews.”

On domestic policy, Enang raised the alarm over what he described as the fiscal suffocation of the federal government, arguing that Nigeria’s current revenue allocation formula is obsolete and unfair to the central government.

He said while the states and local governments now enjoy increased allocations from the federation account, the federal government, which bears the heaviest constitutional responsibilities including security, foreign affairs, and national infrastructure, is left struggling to survive.

He said, “The truth is that the federal government is broke. It cannot meet its constitutional obligations because its share of the national revenue is too small relative to its responsibilities.

“Meanwhile, state governments are celebrating improved allocations and claiming they are not borrowing. But the federal government that makes these funds available is borrowing just to feed its children.”

Enang, a lawyer and fiscal policy expert, said the imbalance was forcing Abuja into a cycle of endless borrowing, warning the country would not escape the debt trap unless the revenue allocation formula was urgently reviewed.

He said, “The last review was done decades ago. Since then, the responsibilities of the federal government have multiplied a thousand times.

“Today, the federal government funds dozens of universities, polytechnics, security agencies, and commissions that didn’t exist when the current formula was made.

“You also have the National Assembly, the judiciary, and several agencies on first-line charge. Yet, the centre still receives just about half of national revenue.”

Enang argued that the same federal government that funds the army, police, DSS, civil defence, road safety, and several other security and regulatory agencies “is now borrowing to perform basic duties.”

He added that the situation “makes no fiscal or moral sense.”

He also accused the Budget Office and Ministry of Finance of poor fiscal discipline.

He said it was inappropriate to use projected revenues for 2025 to fund deficits from the 2024 budget.

 “When a budget year ends, the books should close. Any uncompleted project should be rolled over into the next year and funded as such. Mixing fiscal years distorts accountability and transparency,” he added.

Enang, however, defended the federal government’s right to borrow within legal limits, noting that borrowing per se is not the problem, but what we borrow for.

He insisted that loans should be directed toward productive infrastructure capable of generating returns, not for recurrent spending or consumption.

He also dismissed claims that the National Assembly had abandoned its oversight functions, explaining that true oversight is a structured process that begins with verifying releases, inspecting projects, and submitting reports to plenary.

“As Chairman of Rules and Business, I used to insist that every committee present its oversight report, whether ready or not. That’s how we enforced accountability,” he recalled.

Commenting on fears that Nigeria is slipping into a one-party state under the ruling All Progressives Congress (APC), Enang said opposition parties were to blame for their own decline.

He said, “Nigeria is not becoming a one-party state by the design of the APC. The opposition parties simply failed to build enduring structures. Most of them are owned by individuals who revive them around elections and abandon them afterward.”

He, however, warned lawmakers against illegal defections, insisting that no member of the National Assembly or State Assembly has the legal right to leave their party unless a court declares that the party is divided.

The former presidential aide urged the Tinubu administration to “speak with one voice abroad and act with fiscal discipline at home.”

He said, “Nigeria’s image and economy are both fragile. We must manage our diplomacy with restraint and our finances with honesty. The federal government cannot continue to pretend everything is fine while it’s struggling to pay its bills.”

​  

  • Related Posts

    Nigeria’s $2.35bn Eurobond Oversubscribed By $10.65bn

    Nigeria’s $2.35bn Eurobond Oversubscribed By $10.65bn

    •Strong investor confidence excites Tinubu

    •Wale Edun: This successful market access demonstrates the international community’s continued confidence in reform

    Nume Ekeghe

    Nigeria’s return to the international capital market defied political headwinds yesterday, as its $2.35 billion Eurobond issuance attracted orders worth $13 billion, representing an oversubscription by 453 percent or $10.65 billion.

    This comes despite United States President Donald Trump’s designation of the West African country as a “Country of Particular Concern” over alleged widespread killings of Christians, rising religious intolerance, and his further threat of military action if the government fails to curb the violence. The strong investor appetite signals renewed global confidence in Nigeria’s economic reforms trajectory and resilience amid rising geopolitical tension.

    According to a statement from the Debt Management Office (DMO), the Federal Republic of Nigeria successfully priced $2.35 billion Eurobonds maturing in 2036 (Long 10-year) and 2046 (Long 20-year) in the international capital markets, with US$ 1.25 billion and US$ 1.10 billion placed in the 2036 and 2046 maturities, respectively.

    The Long 10-year bond and the Long 20-year Notes were priced at Coupons / Yields of 8.625 per cent and 9.125 per cent, respectively, the statement added.

    “Nigeria is pleased to have attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors, which it views as an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.

    “The transaction attracted a peak orderbook of over US$13 billion, marking the largest ever orderbook achieved by the Republic. This significant milestone underscores the strong support for the transaction across geography and investor class.

    “With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, Banks and other Financial Institutions,” the statement added.

    In his remarks on the transaction, President Bola Ahmed Tinubu, stated that: “We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”.

    According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, “This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth.”

    In her remarks, the Director-General of the DMO, Patience Oniha stated: “Nigeria’s ability to access the Eurobond Market to raise long term funding needed to support the growth agenda of President Bola Ahmed Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.”

    The Notes would be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.

    The proceeds from this Eurobond issuance will be used to finance the 2025 fiscal deficit and support the government’s other financing needs.

    Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners. FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.

    The federal government had last month approved plans to raise as much as $2.3 billion, along with a proposal to refinance $1.1 billion of dollar debt that matures later this month.

    The offering is the first since the country accessed the market in December. Yesterday’s sale was briefly delayed after Trump’s threat against Islamist militants in the country. Trump had also threatened to cut off US aid.

    Oniha recently explained that the federal government’s proposed $2.35 billion external borrowing plan was a strategic mix of new financing for the 2025 budget and a proactive measure to refinance maturing Eurobonds.

    “In terms of what we need, it’s $2.3 billion,” she said.

    She explained that “The 2025 budget has new N1.8 trillion in new external borrowing. That’s $1.2 billion. Then there’s $1.118 billion, maturing by end of November. So we want to issue Eurobond to redeem that one.”

    According to her, the refinancing of maturing Eurobonds through fresh borrowing was standard practice in international debt markets and helps Nigeria avoid default while maintaining investor confidence.

    “It happens, it’s not unusual. These countries that have done it include: Kenya – $1.5 billion in Feb 2024 to refinance a $2 billion, Cameroon – $550 million in July 2024, Gabon – $570 million in Feb 2025, Angola – $1.75 billion in Oct 2025. And we have disclosed that upfront. There’s no hiding it.”

    Minister of Foreign Affairs, Yusuf Tuggar, said on Wednesday that the Nigerian government was “engaging” with the Trump administration to explain its constitutional protection of religious freedoms and its efforts to combat Islamist attacks.

    ​  

    •Strong investor confidence excites Tinubu •Wale Edun: This successful market access demonstrates the international community’s continued confidence in reform Nume Ekeghe Nigeria’s return to the international capital market defied political

    Read more

    MAN Declares Support for 15% Import Tariff on Petrol, Diesel

    MAN Declares Support for 15% Import Tariff on Petrol, Diesel

    •Says it’s a step towards strengthening local content, patronage of made-in-Nigeria

    •In meeting with German manufacturers, Bagudu courts support towards $1tn economy, harps on role of private sector

    James Emejo in Abuja and Dike Onwuamaeze in Lagos

    Manufacturers Association of Nigeria (MAN) yesterday declared its support for the federal government’s recent approval of a 15 per cent import tariff on petrol and diesel.

    MAN said it viewed the tariff as a strategic step and patriotic policy that aligned with the Nigeria First agenda and its long-standing advocacy for local content development and patronage of Made-in-Nigeria.

    Director General of MAN, Mr. Segun Ajayi-Kadir, expressed those views in a press statement.

    Ajayi-Kadir said MAN acknowledged the major step in the implementation of Nigeria First policy of government.

    That came as Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday urged German companies to support the federal government’s ambitious drive towards achieving a $1 trillion economy by 2030.

    Speaking in Abuja, while hosting a delegation from the Giessen-Friedberg Chambers of Commerce from Germany, Bagudu stated that President Bola Tinubu had outlined a bold plan to accelerate the country’s economic growth to realise the target.

    He said, “Our president has challenged all of us in his team that he wants us to generate a $1 trillion economy by the year 2030. It’s a very big ambition and most of the growth is to come from the private sector.

    “Nigeria has a huge absorptive capacity, especially in technologies that Germany and German companies and skilled German workers have in abundance, which we believe can help in generating this growth in a mutually beneficial manner.

    “We want German companies – small, medium and big – to play a bigger role in Nigeria. We want our entrepreneurs to link up with the German ecosystem, technology, skilled manpower and know-how, so that we can generate more trade growth, we can generate more value from our relationship, which can even absorb some of the skilled manpower we are targeting.”

    The MAN president said the petrol-diesel tariff would accelerate the country’s journey toward energy sovereignty, industrial competitiveness, and sustainable economic growth – all anchored on the strength of Made-in-Nigeria.

    He said, “This strategic policy has reassured domestic manufacturers that government is attentive to the imperatives of growing indigenous manufacturing.

    “It exemplifies governments commitment to halting the perennial bleeding of our patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall wellbeing of Nigerians in these regards.

    “This is a sure step in the promotion of local value addition, strengthening domestic refining capacity, conserving foreign exchange, and advancing Nigeria’s long-term industrialisation objectives.”

    Ajayi-Kadir also highlighted the need for unfettered implementation of the Naira for crude arrangement that would ensure effective and reliable supply of crude to the local refineries and reduce the pressure on our scarce foreign exchange.

    He said the new tariff would attract more investors, including the holders of the 30 refinery licenses, to commit resources in the sector.

    He stated, “There is no better path to fixing Nigeria’s economy than protecting local industries, encouraging local patronage, fostering value addition, and promoting industrial development anchored on local content.

    “MAN recognises the importance, significance, and necessity of the approval of the 15 per cent import tariff on petroleum products – petrol and diesel.

    “It acknowledges that the tariff is a rightful, deliberately designed policy instrument intended to protect and encourage domestic producers, curb dumping, and create a stable environment for local refiners to thrive.

    “It noted that the tariff will accelerate operational readiness of domestic refineries, thereby reducing disruptions and stabilising energy supply to industries.”

    Ajayi-Kadir said MAN “supports the 15 per cent import tariff as an industrial policy instrument that will encourage the utilisation of local refining capacity and promote backward integration across the energy value chain.

    “Conserve foreign exchange by reducing the nation’s dependence on imported refined petroleum products.

    “Strengthen the manufacturing base through a more stable and predictable fuel supply.”

    He added, “MAN views this policy as a vital step in achieving energy independence and industrial sustainability, both of which are prerequisites for Nigeria’s economic transformation.”

    MAN, however, called for transparent and balanced implementation of the tariff.

    Ajayi-Kadir said, “While supporting the 15.per cent tariff imposition, MAN calls for transparent, efficient, and well-coordinated implementation to ensure its benefits reach both industry and consumers, safeguard competitiveness, and prevent unintended cost burdens.”

    Specifically, MAN called for transparent price monitoring government and relevant regulators to prevent excessive mark-ups or anti-competitive behaviour.

    It also called for stable transition period during which government should support local refiners to ensure adequate fuel availability and prevent supply shocks or speculative hoarding, particularly with the festive period approaching.

    Ajayi-Kadir said, “Proceeds from the import duty should be reinvested into energy infrastructure, refinery efficiency, and power support schemes for industries, including credit facilities for industrial energy transition and renewable adoption.”

    He enjoined government to create an enabling environment and provide targeted incentives to attract investment in additional modular and conventional refineries, thereby strengthening domestic refining capacity, promoting competition, and ensuring long-term energy security.

    Bagudu, during his meeting, stated that Germany had recorded remarkable successes, while its government continued to support Nigeria in mobilising the youth to focus on sectors where the country held a comparative advantage.

    He stated that his ministry was leading efforts to identify and map out the unique opportunities across the 8,809 wards in the country, with a view to harnessing their potential to drive economic growth and promote shared prosperity.

    The minister stated, “Nigeria is a federation like Germany, maybe with a little bit of difference. We have state governments, we have local governments and at the bottom of our local governments we have wards. We have 8,809 of those wards.

    “So, now this ministry is leading the efforts to understand the unique opportunities that are in each of those wards and see how we can use them to generate more growth and prosperity. Of course, at the root of it will be know-how innovation, creative disruption and technology, which we believe this partnership can help us with.”

    Bagudu reaffirmed the federal government’s commitment to curbing illegal migration, emphasising that the Tinubu administration is creating vast opportunities for young Nigerians, thereby making migration a matter of choice, not necessity.

    In his remarks, Chief Executive Officer of Giessen-Friedberg Chambers of Commerce of Germany, Dr. Matthias Leder, extended an invitation to the minister to serve as the keynote speaker at its annual B2B Conference, tagged, “The World Meets in Giessen.”

    The conference offers opportunities to small and medium businesses to attract Foreign Direct Investments (FDIs).

    Leder said this year’s event attracted 160 participants from 14 countries, where companies were paired with larger counterparts through the use of Artificial Intelligence.

    He stated that the dual vocational training programme in Germany had commenced with the selection of 18 Nigerians, who will first undergo German language training before being deployed to factories in Germany for a three-year theoretical and practical training programme.

    Other members of the delegation from the IHK Giessen-Friedberg Chambers of Commerce were Marina França Leder, wife of the CEO; Tim Müller (Deputy Director, Foreign Trade); Norbert Noisser (Senior Advisor Africa/China); and Dr. Kristen Albrecht (Head of Competence Centre Africa).

    ​  

    •Says it’s a step towards strengthening local content, patronage of made-in-Nigeria •In meeting with German manufacturers, Bagudu courts support towards $1tn economy, harps on role of private sector James Emejo

    Read more

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business & Economy

    China launches digital arrival card, visa-free transit access for foreigners 

    China launches digital arrival card, visa-free transit access for foreigners 

    Solar energy: Experts push $2.5billion carbon market opportunity for Nigeria 

    Solar energy: Experts push $2.5billion carbon market opportunity for Nigeria 

    Education tops Katsina’s 2026 budget with N156.3 billion allocation 

    Education tops Katsina’s 2026 budget with N156.3 billion allocation 

    Biased credit ratings cost Africa $75 billion annually – Experts  

    Biased credit ratings cost Africa $75 billion annually – Experts  

    Senate approves 14-year jail term for sexual harassment in tertiary institutions

    Senate approves 14-year jail term for sexual harassment in tertiary institutions

    Nigerian Railway Corporation plans to switch to electric-powered trains in five years 

    Nigerian Railway Corporation plans to switch to electric-powered trains in five years 

    Eurobonds: Nigeria raises $2.35 billion after record $13 billion investor demand 

    Eurobonds: Nigeria raises $2.35 billion after record $13 billion investor demand 

    US Military drafts Nigeria strike plans after Trump directive 

    US Military drafts Nigeria strike plans after Trump directive 

    TRUMP’S REBUKE, NIGERIA’S MORAL TEST

    TRUMP’S REBUKE, NIGERIA’S MORAL TEST

    Effi & Associates Joins ALPi as Group Expands into Francophone W’Africa

    Effi & Associates Joins ALPi as Group Expands into Francophone W’Africa

    SEC Tasks Registrars Other CMOs on Innovations

    SEC Tasks Registrars Other CMOs on Innovations

    Elizade JAC Autoland Introduces New Models, Reaffirms Commitment 

    Elizade JAC Autoland Introduces New Models, Reaffirms Commitment 

    NIPR Holds Annual PRICE Awards

    NIPR Holds Annual PRICE Awards

    T2 Named Technology Partner for CIArb Conference

    T2 Named Technology Partner for CIArb Conference

    Growing Cultural Impact of Nigeria’s Creative Industry

    Growing Cultural Impact of Nigeria’s Creative Industry

    NCC Restates Commitment to Unlock Rural Economic Potential with Digital Connectivity

    NCC Restates Commitment to Unlock Rural Economic Potential with Digital Connectivity

    Report: Connectivity Speed in Urban Networks Rises as Operators Invest More in 4G LTE Technology

    Report: Connectivity Speed in Urban Networks Rises as Operators Invest More in 4G LTE Technology

    Theuri: Nigerian Market is Strategic for Business Growth

    Theuri: Nigerian Market is Strategic for Business Growth

    Dantsoho Urges African Ports to Deepen Collaboration for Blue Economy Growth

    Dantsoho Urges African Ports to Deepen Collaboration for Blue Economy Growth

    15% import tariff on petrol will strengthen local content – MAN

    15% import tariff on petrol will strengthen local content – MAN

    Funding gap threatens Nigeria’s AI growth despite strong implementation – Report 

    Funding gap threatens Nigeria’s AI growth despite strong implementation – Report 

    Fidelity Bank records N13.9 billion as All-Share wipes 1,816.2 points on large-cap declines 

    Fidelity Bank records N13.9 billion as All-Share wipes 1,816.2 points on large-cap declines 

    Ondo state, investors sign $50 billion refinery, free trade zone agreement 

    Ondo state, investors sign $50 billion refinery, free trade zone agreement 

    SEC DG: Nigeria’s non-interest capital market now worth N1.6 trillion  

    SEC DG: Nigeria’s non-interest capital market now worth N1.6 trillion  

    Beyond Compliance: How stronger capital will redefine merchant banking in Nigeria 

    Beyond Compliance: How stronger capital will redefine merchant banking in Nigeria 

    Receivership: Nestoil drags 8 Nigerian banks, Afreximbank to Abuja Court 

    Receivership: Nestoil drags 8 Nigerian banks, Afreximbank to Abuja Court 

    FCCPC shuts down five textile warehouses in Kano over deceptive sales practices 

    FCCPC shuts down five textile warehouses in Kano over deceptive sales practices 

    AXA Mansard sustains growth momentum, lifts insurance revenues by 23% to N120.53 billion  in Q3 2025 

    AXA Mansard sustains growth momentum, lifts insurance revenues by 23% to N120.53 billion  in Q3 2025 

    Woodhall Capital targets $50 Billion in Global Investments to drive Nigeria’s Development 

    Woodhall Capital targets $50 Billion in Global Investments to drive Nigeria’s Development 

    Access Holdings leads Nigerian lenders in credit quality, PREMIUM TIMES Annual Banking Report shows

    Access Holdings leads Nigerian lenders in credit quality, PREMIUM TIMES Annual Banking Report shows

    Access Holdings leads Nigerian lenders in credit quality, PREMIUM TIMES Annual Banking Report shows

    Access Holdings leads Nigerian lenders in credit quality, PREMIUM TIMES Annual Banking Report shows

    FG considers refinery sales to attract investors, boost competition 

    FG considers refinery sales to attract investors, boost competition 

    FG considers refinery sales to attract investors, boost competition 

    FG considers refinery sales to attract investors, boost competition 

    CBN’s Fixed Income overhaul sparks regulatory tensions in financial market 

    CBN’s Fixed Income overhaul sparks regulatory tensions in financial market 

    Taikun Mindset: Tribute to Alhaji KK as a relentless visionary at 57 

    Taikun Mindset: Tribute to Alhaji KK as a relentless visionary at 57 

    The Initiates Plc holds signing ceremony and Facts Behind The Combined Offer

    The Initiates Plc holds signing ceremony and Facts Behind The Combined Offer