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Onyema warns new taxes could cripple airlines

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The Chairman of Air Peace, Allen Onyema, has praised President Bola Tinubu and the Minister of Aviation and Aerospace Development, Festus Keyamo, for what he described as a remarkable turnaround in Nigeria’s aviation sector.

He made these remarks at an event in Abuja celebrating 100 years of aviation in Nigeria.

“I represent the entire airspace. And when we speak, we are not afraid to speak. And we are not afraid to criticise when necessary,” he said, noting that airline operators also commend leadership when it is deserved. “And today, I want to celebrate our president.”

Onyema said the president’s appointments have played a crucial role in stabilising the sector. “Because this president has helped the aviation industry. First and foremost, with the kind of appointment he made,” he said.

Recalling his earlier interactions with the president, Onyema said, “I remember when I met him in the villa.

I told him that someday, Mr President, and I repeated this several times to his hearing and understanding, that someday, Mr President, you will thank God Almighty for allowing you to appoint Keyamo to this position.”

According to Onyema, the aviation industry had long been unfairly labelled as incapable.

“Our industry was almost dead. Nigerian airlines were suffering under a demonised status.

V We were all demonised as not being effective,” he said. “We were all demonised as lacking in capacity. We were all demonised as having nothing good to come from us. Nobody had hope.”

He added that despite their contributions to the economy, domestic airlines received little recognition.

“The country was made to look at us as a very hopeless sector… Yet, we didn’t get our flowers. Now, we have a change,” he said.

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Onyema said the minister has been relentless in pushing reforms: “We have a minister who has decided that every day of his life, he’s out there trying to improve the lives of all of you here, the airlines.”

He credited the synergy between the presidency and the aviation ministry for the renewed confidence in the sector: “And when you have a minister, and you have a president who has given a minister a marching order to make sure the domestic airlines succeed… that is what we are enjoying today.”

Onyema also acknowledged the role of the deputy minister and other aviation agencies.

“And we thank Mr President for giving those marching orders to his deputy minister,” he said. He praised the Managing Director of FAAN, noting that “the FAAN MD… is working tirelessly with little resources to give the airlines a listening ear.”

However, Onyema warned that looming taxes set to take effect on 1 January 2026 could cripple local airlines if not reviewed.

“We are going to meet members of the National Assembly very soon… to discuss the issues of taxation… because if it is allowed to happen, all of us will crumble,” he cautioned. “So, I know Mr President will heed our cries and do the needful.”

He clarified that regulators were not encouraging unsafe operations. “They are not cutting corners; they are not telling the airlines to do anything unsafe. Rather, on the administrative aspect of things: when procedures need to be expedited, they do it.”

Onyema also highlighted Air Peace’s impact on international fares, saying competition had dropped ticket prices significantly. “Before now, the airlines had no competition. What they were doing was going to the market, charging Nigerians an arm and a leg  N16 m to go to London. Air Peace came in and brought it down to four million.”

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The Air Peace chairman urged continued support for reforms to ensure the sustainability of Nigeria’s aviation sector.

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Kwara strengthens partnership to boost mechanised farming

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The Kwara State Government has strengthened its partnership with the All Farmers Association of Nigeria and other agricultural stakeholders to advance mechanised farming, environmental sustainability and women inclusion across the state.

The renewed commitment was reaffirmed during a courtesy visit by the leadership of the Kwara State chapter of AFAN to the Kwara State Agro-Climatic Resilience in Semi-Arid Landscapes in Ilorin.

This was contained in a statement issued on Tuesday by the Communication Officer of KWACReSAL, Okanlawon Taiwo, a copy of which was made available to The PUNCH in Ilorin.

Speaking during the meeting, the State Project Coordinator of KWACReSAL, Shamsideen Aregbe, assured farmers of the state government’s continued support toward improving food production, mechanised agriculture and climate resilience.

He said, “Tractorisation remains a critical component of modern agriculture. Access to farming equipment is essential for increasing productivity and addressing food security challenges across the state.”

He explained that the tractor support initiative introduced last year followed a World Bank-backed intervention and presidential directive aimed at supporting farmers with mechanised farming equipment.

Aregbe acknowledged concerns raised about operational challenges affecting some tractors, assuring stakeholders that efforts were ongoing to determine the condition and operational status of the equipment to enable effective utilisation by farmers.

“We must sustain engagement with farming communities, particularly in addressing challenges relating to flooding, agricultural logistics and food security,” he added.

The project coordinator also stressed the need for gender equality and inclusion in agricultural interventions across the state.

“The inclusion of women is not negotiable. We must continue to encourage and support women to actively participate in agricultural programmes and leadership processes,” he stated.

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Earlier, the Chairman of AFAN in Kwara State, Shuaib Ajibola, commended KWACReSAL for its interventions in the agricultural sector, reaffirming the association’s readiness to collaborate on programmes aimed at improving farmers’ welfare and environmental sustainability.

Ajibola disclosed that the association planned to commence an agricultural expo and stakeholder engagement programme across the state following its recent inauguration activities to reconnect with farmers and strengthen agricultural outreach.

“Previous editions of the interventions covered the 16 local government areas of the state and involved stakeholders from different agricultural sectors,” he said.

The AFAN chairman also raised concerns over land use disputes and other agrarian issues affecting farmlands, noting that the development had created anxiety among some farming communities regarding land ownership and rights.

“There is a need for sustained stakeholder dialogue and engagement to resolve disputes and ensure peaceful farming activities across communities,” Ajibola added.

Also speaking, the Project Coordinator of AFAM, AbdulRahman Babatunde, applauded KWACReSAL for its support to farmers, especially in the area of agricultural inputs and mechanised farming.

“ACReSAL provided 100 per cent agricultural inputs to participating farmers last year, and beneficiaries across communities can testify to the positive impact of the intervention,” Babatunde said.

He disclosed that farming activities for the current planting season had already commenced, with farmers actively registering, hiring tractors and preparing their farmlands.

In her remarks, the AFAM Women Leader, Sherifat Ibrahim, advocated increased empowerment and technical training for women in rural communities to enable them to actively participate in mechanised farming.

“There is a need for gender-friendly operational systems and practical training that will make tractor handling easier and more accessible for women and young learners involved in agricultural programmes,” she said.

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Meanwhile, the Environmental Safeguards Officer of KWACReSAL, Mr Abubakar Mohammed, reaffirmed the project’s commitment to gender equality, women’s inclusion and effective grievance management across all project activities.

The renewed collaboration comes amid growing efforts by the Kwara state government to improve food production and strengthen climate-smart agriculture through partnerships with farmer associations, development agencies and international organisations.

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See Full List of Top 10 World’s Largest Economies in 2026

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The United States is projected to remain the world’s largest economy in 2026 with a gross domestic product estimated at $32.1 trillion, according to new global economic forecasts obtained from Focus Economics on Wednesday.

The U.S. continues to lead global output through dominance in technology, finance, healthcare, and advanced manufacturing. Growth in artificial intelligence, healthcare innovation, and high-value industries has further widened its lead over other major economies in recent years.

The top 10 world economies ranked in numbers

1. United States — $32.1 trillion
The United States remains the world’s largest economy, accounting for over a quarter of global output in nominal terms. Its economy is highly diversified, with Silicon Valley driving global leadership in AI, biotech, and software, while Wall Street anchors the financial sector.

2. China — $20.2 trillion
China is the world’s second-largest economy, driven by manufacturing, exports, and large-scale industrial production. It remains the leading global producer of electronics, machinery, and textiles, though it faces structural challenges, including a shrinking population and high debt levels.

3. Germany — $5.4 trillion
Germany remains Europe’s largest economy, supported by a strong industrial base and the Mittelstand network of medium-sized manufacturing firms that form the backbone of its export strength.

4. India — $4.5 trillion
India continues its rapid economic rise, driven largely by services and information technology. Its economy has more than doubled over the past decade, supported by a young population and expanding domestic demand.

5. Japan — $4.4 trillion
Japan remains a global manufacturing powerhouse in robotics, automobiles, and electronics, although long-term growth is constrained by an aging population and structural economic stagnation.

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6. United Kingdom — $4.2 trillion
The United Kingdom is a major service-based economy, with strengths in finance, insurance, and real estate, anchored by the City of London.

7. France — $3.6 trillion
France has a diversified economy led by luxury goods, aerospace, agriculture, and manufacturing, with global brands such as Airbus and LVMH playing major roles.

8. Italy — $2.7 trillion
Italy combines a strong services sector with manufacturing strengths in fashion, machinery, and automobiles, driven largely by its industrial northern regions.

9. Russia — $2.5 trillion
Russia remains heavily dependent on oil and gas exports, with energy revenues playing a central role in its economy despite ongoing sanctions and geopolitical pressures.

10. Canada — $2.4 trillion
Canada rounds out the top 10, supported by natural resources such as oil, forestry, and mining, alongside a strong services and financial sector.

Economists say the global economy is increasingly being shaped by technology, demographics, energy transitions, and geopolitical tensions, all of which will influence how these rankings evolve in the coming years.

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Nigeria misses OPEC oil production quota again

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Again, Nigeria has missed its crude oil production quota set by the Organisation of the Petroleum Exporting Countries after averaging 1.49 million barrels per day in April, below the 1.5 mbpd benchmark.

Figures from the Nigerian Upstream Petroleum Regulatory Commission showed that the country produced an average of 1,488,540 barrels of crude daily in April, representing about 99 per cent of the OPEC quota. When condensates were added, total daily production rose to 1.66mbpd

Last month, the NUPRC said oil production now averaged 1.8mbpd. However, data released on Tuesday was at variance with the report. The latest data mean Nigeria remained below its OPEC allocation for the ninth straight month since July 2025.

The NUPRC document showed that combined crude oil and condensate production peaked at 1.85 mbpd during the month, while the lowest output stood at 1.46 mbpd. The PUNCH reports that the April figures are an appreciable improvement compared to March, when oil output was 1.55mbpd.

Nigeria’s oil production has struggled for years due to crude theft, pipeline vandalism, ageing infrastructure, and underinvestment in the upstream sector. Although output improved marginally in April compared to March, it was still insufficient to meet the country’s OPEC target, underscoring persistent challenges in ramping up production despite government efforts to boost volumes.

The PUNCH reports that Nigeria’s crude production in March was 1.38 mbpd. While there was a 69,000 bpd increase from the 1.31 mbpd recorded in February, the figure is still 117,000 bpd below the OPEC quota.

The figures for February indicated a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation. This is the eighth consecutive month the country has failed to meet the OPEC quota since July 2025.

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Recall that although Nigeria recorded a marginal improvement in January, when production rose from 1.422 mbpd in December 2025 to 1.46 mbpd, the rebound was short-lived as output fell significantly in February 2026.

Earlier data from NUPRC had also shown that crude oil production weakened at the end of 2025. Production declined from 1.436 mbpd in November 2025 to 1.422 mbpd in December, before recovering slightly in January.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months of the year, meeting or slightly exceeding the target only in January, June, and July.

Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation. However, production slipped below the quota in February at 1.47 mbpd and weakened further in March to 1.40 mbpd, marking one of the widest shortfalls during the year.

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