The International Fund for Agricultural Development (IFAD) has said that Nigeria cannot achieve its dreamed food sovereignty without harnessing the potential of its youth in full capacity.

Dede Ekoue, Country Director, IFAD, said this in Benin on Thursday at the 5th Supervision Mission of a Federal Government, Niger Delta Development Commission (NDDC), and IFAD—Lifelihood Improvement Family Enterprises —Niger Delta (LIFE-ND) Project.

Ekoue, who said LIFE-ND is aimed at empowering youth and women with practical skills in agric business in the Niger Delta region, noted that to achieve this, the programme adopted a model where all trainees pass through what is referred to as incubation.

The country director, while stating that IFAD invested over $30m in the first phase of the LIFE-ND project with over 26,000 beneficiaries, added: “LIFE-ND is a unique programme to us at IFAD. We are committed to empowering youth in the agric business and to generate jobs.”

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She stressed: “We are talking about agric food system transformation; it is a key topic on the global platform. And food sovereignty cannot be achieved without fully harnessing the potentials of the youth in agric. Youth has the largest population. So, LIFE-ND is aimed at empowering youth with practical skills using a model of business incubation. By the time they go through the incubation process, they come out as business owners. They are able to set up an agric business.”

“And we have a good story in terms of linking these agric business owners to the market. So, income generation and sales are not issues to them.

“Creating jobs for youths is the key to enabling growth; it is the key to peace; it is the key to development; it is the key to business growth.”

In empowerment of women, the country director said: “LIFE-ND also emphasises on women. Women are key to food production; they are key to food transformation; they are key to food sovereignty; they are key to proper nutrition. This is what LIFE-ND is delivering.”

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Ekoue, while expressing satisfaction at the 4th supervision of the project, said the supervision, which was carried out by an independent team was to “access progresses, identified the challenges and opportunities for improvement, and to develop some recommendations for further enhancing,” adding that this would give a cue either to continue with the project or discontinue.

On his part, National Coordinator, LIFE-ND, Dr.
Abiodun Sanni, said the first phase of the programme, which covered six states —Ondo, Edo, Abia, Bayelsa, Cross River, Delta —of the region, had 26,470 beneficiaries including young agro entrepreneurs, youths, women, and persons with disability along different commodities for value chain.

Sanni, while expressing his commitment to actualising the transformative agenda of the project, which he said aligns with the President Tinubu’s Renewed Hope Agenda, disclosed that 4,380 beneficiaries are currently being enlisted in this ongoing phase, adding: “We are going to add more beneficiaries as more funds come from our sponsors.”

Representative of the NDDC, Stella Manureh, said the LIFE-ND project “is our shared commitment to improving lives of the Niger Delta people through food security.
IFAD, your continued investment in agriculture has improved the livelihood of the people.
It enforces our collective responsibility for transparency and accountability.”

About $300billion of crude oil sales can’t be accounted for, according to an interim report by the Senate Ad-Hoc Committee on Crude Oil Theft in the Niger Delta.

The committee, which probed crude oil sales across several years, was chaired by Senator Ned Nwoko.

The Delta-North lawmaker presented the preliminary report of his findings to the Senate on Wednesday in Abuja.

The report noted that a forensic review of domestic crude proceeds and tax oil returns showed differentials, mismatches and unaccounted funds amounting to a staggering $22 billion.

Similarly, it uncovered a shortfall of $81 billion between receipts declared by the Nigerian National Petroleum Company Limited (NNPCL) and those recorded by the Central Bank of Nigeria (CBN) for 2016 and 2017, a development that shocked the Senate.

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Furthermore, the panel’s review of crude oil sales from 2015 to date, indicated that over $200bn in oil proceeds remained unaccounted for globally.

The report followed months of document reviews and public hearings, tracing the problem to faulty measurement systems, weak regulatory oversight, and poor coordination among government agencies.

The panel identified the use of unverified measuring instruments, lack of meteorological control, ineffective interagency collaboration, and uncoordinated enforcement mechanisms as major enablers of crude oil theft.

The panel also faulted the suspension of the Weights and Measures Department’s activities in the upstream sector under the Petroleum Industry Act (PIA) 2021, saying the decision undermined accountability and accurate measurement in crude oil operations.

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In addition, it noted that the absence of a special court to prosecute oil thieves and the non-implementation of the Host Communities Development Trust Fund (HCDTF) under the PIA had contributed to persistent sabotage and theft in oil-producing areas.

The panel projected that the unaccounted domestic crude sales proceeds amount to about $300 billion, calling for urgent local and international tracking, tracing and recovery of stolen crude oil funds for the benefit of the country.

The committee appealed to the Federal Government to mandate the Nigerian Upstream Regulatory Commission (NUPRC) to enforce international crude oil measurement standards at all production sites and export terminals or restore the Weights and Measures Department to its former regulatory role.

Moreover, it recommended that the government provide security agencies with modern surveillance technology and equipment, including unmanned aerial vehicles, to strengthen monitoring of oil facilities and detect theft and leakages in real time.

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The panel called for the establishment of a Maritime Trust Fund to support the development and maintenance of maritime infrastructure, training and safety operations, as well as the creation of a special court to promptly prosecute crude oil thieves and their collaborators.

The Nwoko panel advised the immediate implementation of the Host Communities Development Trust Fund (HCDTF) to reduce community sabotage and promote inclusion in the management of oil resources.

Besides, the committee expressed concern over the growing number of abandoned and poorly decommissioned oil wells across the Niger Delta, which it said were leaking oil and gas into the environment and polluting communities.

The report recommended that such wells be ceded to the NUPRC for handover to modular refineries to increase crude availability for local consumption and reduce vandalism.

But, it noted a modest recovery in crude oil production, which increased by 9.5 per cent in 2023 from 490.95 million barrels in 2022 to 537.57 million barrels, indicating an improvement in production and security conditions.

President Bola Tinubu has requested the Senate to approve a ₦1.15 trillion loan to fund the 2025 budget.

The President wants to access the facility from the domestic market, according to a letter the Senate President, Godswill Akpabio, read to senators on the floor in Abuja on Tuesday.

Tinubu explained that the proposed borrowing would be used to cover the deficit in the N54.99trillion budget.

He wrote, “I write to kindly request for the approval of the National Assembly to establish a N1,150,000,000.00 borrowing program in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size over and above the prior approved revenue and borrowing plans.

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“This request is pursuant to the provisions of Section 44, Subsection 1 to 2 of the Fiscal Responsibility Act, FRA, of 2007, which requires the approval of the National Assembly for all new borrowings by the Federal Government of Nigeria.

“The distinguished President of the Senate may wish to note that the National Assembly passed a budget of N54.9 trillion, an increase of N5.25 trillion from the N49.74 trillion budget proposal by the Executive.

“This increase created a budget deficit of N14 trillion.

“However, the proposed borrowing approved in the budget was N12.95 trillion, which occasioned an unfunded deficit of N1.1 trillion.

“It is therefore necessary to increase the domestic borrowing limit in the 2025 budget by N1.147 trillion to close this gap.

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“Based on the foregoing, I wish to request for the approval of the Senate for the establishment of a N1,150,000,000 Naira borrowing program in the domestic debt market to close the unfunded 2025 budget deficit gap.

“A specimen of the approval required for this purpose is attached as an extra tool.”

Akpabio referred the request to the Senate Committee on Local and Foreign Debt for more work.

The committee is chaired by Senator Aliyu Wammako (APC, Sokoto North)

Just last week, the National Assembly approved another presidential borrowing of $2.3 billion.