August 21, 2025 – The Federal Government has reaffirmed its commitment to practical and innovative solutions that will deliver real impact in the lives of young Nigerians.

This came as the Honourable Minister of Youth Development, Comrade Ayodele Olawande, signed a Memorandum of Understanding (MoU) with the Securities and Exchange Commission (SEC), led by its Director-General, Dr. Emomotimi Agama.

Speaking at the signing ceremony, Comrade Olawande stressed that meaningful legacies are built through action and collaboration rather than bureaucracy. He explained that the new initiative is focused on creating access for Nigerian youth to participate in the capital market.

“This initiative is about breaking barriers and opening doors,” Olawande said. “For too long, the capital market has been seen as a space reserved for the wealthy. Today, we are saying clearly that Nigerian youth deserve access too. We want to empower them not just to seek jobs, but to create them, to become entrepreneurs, investors, and employers of labour.”

The Minister also highlighted the Nigerian Youth Academy (NIYA) as a central platform designed to provide financial education and practical skills to young people across the country, regardless of background or location.

He emphasized the importance of strong collaboration between government agencies and private sector players to ensure that no youth is excluded from opportunities.

“Our goal is to raise a generation of financially savvy, empowered young Nigerians who will shape the future prosperity of this nation. With partners like the SEC, we are proving that it is possible,” Olawande stated.

He expressed gratitude to the SEC for its leadership role in this initiative and urged other stakeholders to contribute to building pathways of opportunity for young Nigerians.

“This is about the future of our country. Together, we can ensure that every young Nigerian has the tools, knowledge, and opportunities to thrive,” he added.

On his part, the Director-General of the SEC, Dr. Emomotimi Agama, described the collaboration as a strategic move toward youth empowerment through financial inclusion and innovation.

He commended the Honourable Minister for his youthful and action-driven leadership, noting his ability to dismantle bureaucratic barriers in favor of impactful solutions.

Dr. Agama further affirmed the SEC’s dedication to working with the Ministry to expand access to funding, financial education, and investment opportunities.

According to him, the partnership will serve as the foundation of a meaningful legacy, with programs targeted at empowering young Nigerians from all walks of life, thereby ensuring sustainable socio-economic growth and long-term national prosperity.

August 21, 2025 – The National Automotive Design and Development Council (NADDC), under the Federal Ministry of Industry, Trade and Investment, has reaffirmed its commitment to repositioning Nigeria’s automotive sector with the successful hosting of a Sensitisation and Advocacy Programme on End-of-Life Vehicle (ELV) Regulations at Hilton Palace Hotel, Kano State, on August 21, 2025.

Representing the Director General of NADDC, Mr. Oluwemimo Joseph Osanipin, the Council’s Director of Policy, Planning and Statistics, Mr. Musa M. Sani, said the initiative would transform the automotive sector while advancing economic growth.

“The ELV Regulation is more than just waste management; it is a strategic blueprint for economic diversification, environmental protection and industrial renewal,” he stated.

According to Mr. Sani, the policy is expected to create over 40,000 direct and indirect jobs nationwide, promote recycling, and support the development of greener cities across Nigeria. He also recalled the official launch of the ELV Regulations by the Minister of State for Industry, Senator John Owan Enoh, on March 5, 2025.

He noted that the sensitisation in Kano followed an earlier programme held in Abuja on July 3, 2025, which provided the foundation for collaboration among stakeholders in the automotive and environmental sectors.

The NADDC also announced plans to set up a multi-stakeholder Steering Committee made up of government agencies, industry professionals, and environmental organizations.

The committee will be responsible for guiding the implementation of the ELV policy, which is being modeled after international standards from countries such as Japan and the Netherlands.

Through his representative, the Director General expressed appreciation to Senator John Owan Enoh for leading the regulation’s adoption and to Hon. Terseer Ugbor for strengthening the legal framework to support environmental sustainability and automotive reforms.

Delivering a keynote address, Dr. Fyneray Mbata, Managing Director of the Recycling and Environmental Development Initiative of Nigeria (REDIN), and representative of Hon. Terseer Ugbor, Deputy Chairman of the House Committee on Environment, described the ELV policy as a pathway to a circular economy.

“This initiative will reduce pollution, attract private investment, generate revenue, and create thousands of job opportunities across Nigeria,” Dr. Mbata explained.

REDIN, which has been selected as a recycling partner for the regulation, pledged to work with NADDC, relevant government institutions, and private stakeholders to create a sustainable system for ELV collection, dismantling, and recycling.

The programme concluded with goodwill messages from stakeholders who promised continuous collaboration to ensure the ELV Regulations achieve their goals of job creation, safer mobility, environmental protection, and industrial growth.

August 21, 2025 – BudgIT, a civic-tech organisation focused on promoting transparency and accountability in Nigeria’s public finance system, has raised serious concerns over the refusal of the Federal Ministry of Finance, through the Budget Office, to publish the Quarterly Budget Implementation Reports.

The organisation described the action as a violation of statute, a disregard for established practice, and an erosion of the transparency reforms introduced by previous administrations.

According to BudgIT, the refusal of the finance ministry to make available quarterly reports on budget implementation runs against provisions of the Fiscal Responsibility Act, 2007. The law is clear under Part V, Budgetary Execution and Achievement of Targets, section 30, which states that: “The Minister of Finance shall cause the report (on the Implementation of the Annual Budget) prepared pursuant to subsection (1) of this section to be published in the mass and electronic media and on the Ministry of Finance website, not later than 30 days after the end of each quarter.”

BudgIT pointed out that previous administrations consistently adhered to this requirement by publishing at least three Budget Implementation Reports per fiscal year. However, under the current government, nearly four reports remain pending from the second quarter of 2024 to the second quarter of 2025. This marks almost a full fiscal year without a single publication of the reports.

Budget Implementation Reports are considered vital not only as a legal requirement but also as a benchmark for transparency and accountability. They provide proof of government spending, allowing stakeholders to assess the quality of budget implementation and the effectiveness of public service delivery. Public sector accounting standards emphasise the need for timely dissemination of financial information to ensure accountability and public engagement.

BudgIT criticised the decision of the Ministry of Finance and the Budget Office to withhold this crucial public document, noting that it undermines Nigeria’s commitment to transparent governance. The organisation argued that the current administration should have built on the progress of previous governments by expanding the publication of budgetary information. This could include making available the Federal Cash Plan Disbursement Schedule, which is required under section 26 of the Fiscal Responsibility Act.

The civic-tech group stressed that the failure to publish the reports is particularly troubling given that the federal government has concluded spending on the 2024 Appropriation. It remains unclear whether the supplementary budget for 2024 is still being implemented. Without the release of performance reports, private sector operators are denied important data for planning, civil society organisations and academic researchers lack information for advocacy and analysis, and the international community is unable to verify Nigeria’s compliance with accepted global standards in public finance management.

BudgIT further noted that the current administration’s disregard for transparency goes beyond the Quarterly Budget Implementation Reports. The organisation highlighted that Open Treasury.gov, which used to be the main platform for tracking federal government expenditure on a daily, weekly, monthly, quarterly and yearly basis, has not been updated since January 2025.

While Open Treasury was not without its flaws, such as missing data from certain Ministries, Departments and Agencies, broken links and machine readability issues, it was widely considered an important tool for transparency. The decision not to update the platform raises fresh concerns about the government’s commitment to accountability in public spending.

Commenting on the development, BudgIT’s Group Head of Research and Policy Advisory, Vahyala Kwaga, said the non-compliance of the Ministry of Finance and the Budget Office with established law and practice is discouraging.

“The ability of a government to hold itself accountable to its laws is not only to be expected of a democracy such as ours but is an indication of adherence to the rule of law. The non-publishing of crucial information by the Ministry of Finance and the Budget Office of the Federation should not be augmented by ‘pronouncements’ by the Minister/Director General in the media. It should be done by publishing financial information according to existing laws. Citizens and the general public have a right to know and a right to be informed,” Kwaga stated.

BudgIT emphasised that transparency and accountability are not optional but fundamental to the effective management of public funds. By failing to comply with the Fiscal Responsibility Act, the finance ministry and the budget office risk undermining confidence in Nigeria’s financial governance.

The organisation therefore called on the Ministry of Finance, the Budget Office of the Federation, and the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, to prioritise legal compliance, accountability and transparency in handling the nation’s finances.

It also urged civil society organisations, private sector stakeholders, academia and the international community to demand the urgent publication of expenditure performance reports for the 2024 budget. BudgIT noted that Nigerians have a legal right and civic responsibility to insist on access to financial information that directly affects public services, infrastructure delivery, and economic stability.

The organisation stressed that Nigeria’s credibility in international financial markets and global governance platforms depends heavily on its ability to meet basic standards of public finance disclosure. The withholding of financial reports and the neglect of transparency platforms, according to BudgIT, project Nigeria as a government unwilling to respect its own laws or global best practices.

BudgIT’s demand comes at a time when citizens are facing growing economic pressure from inflation, subsidy reforms and rising living costs. The organisation noted that transparency in government spending would help Nigerians better understand how public resources are being managed and provide evidence for holding leaders accountable.

“The public deserves access to financial information in order to evaluate how funds are allocated and utilised. This is not only a statutory duty of the government but also a moral responsibility to the people,” BudgIT added.

The civic-tech group concluded by stressing that the government should immediately release all pending Budget Implementation Reports and resume regular updates on public finance platforms.

It warned that the continued withholding of statutory financial information could further erode public trust and deepen the perception of weak governance structures in Nigeria.