The Federal Inland Revenue Service (FIRS) has set an ambitious goal to boost tax revenue by 57%, targeting a total of N19.4 trillion in 2024. This strategic plan underscores the government’s commitment to fiscal sustainability and revenue generation as part of its economic agenda. The objective to increase tax revenue significantly reflects the importance placed on mobilizing resources to support government initiatives and address fiscal challenges. The target of N19.4 trillion signals a proactive approach by FIRS to enhance revenue streams and contribute to the overall economic development of the country. The ambitious revenue target is likely to involve a…
Author: Temitope N.
The Federal Government has outlined plans to put an end to estimated billing by the conclusion of 2024 and aims to bridge the metering gap within the next five years. This strategic initiative reflects the government’s commitment to enhancing transparency, improving electricity services, and addressing challenges associated with estimated billing in the power sector. The decision to eliminate estimated billing is a response to longstanding concerns raised by electricity consumers who have faced challenges related to inaccurate billing and lack of metering. The government’s goal is to implement a system that ensures fair and precise billing, providing consumers with a…
In a significant development, Shell has declared its intention to divest its Nigeria onshore oil business, with a deal valued at $1.3 billion. This strategic move underscores Shell’s portfolio optimization strategy and reflects the ongoing shifts within the global energy industry. The decision to sell its onshore oil business in Nigeria aligns with Shell’s broader efforts to reshape its portfolio and focus on assets that align with evolving energy transition goals. The $1.3 billion deal signals a pivotal step in this strategic realignment, marking a substantial transaction within the Nigerian oil and gas sector. The sale of the onshore oil…
The Federal Government’s initiative to implement a solar mini-grid is set to bring electricity to 1,300 households and businesses in various communities, according to Adelabu. This sustainable energy project reflects the government’s commitment to expanding access to electricity and fostering economic development in underserved areas. The solar mini-grid project aims to address the energy needs of communities by providing reliable and clean power to residential and commercial establishments. Adelabu’s statement highlights the positive impact this initiative will have on the lives of individuals and the growth of businesses in the targeted areas. By leveraging solar energy, the government intends to…
Projections indicate that the Nigerian telecom market is on track to achieve substantial growth, with an estimated value of $11.43 billion anticipated by the year 2029. This forecast underscores the dynamic nature of the telecommunications sector in Nigeria and suggests a robust trajectory for the industry in the coming years. The anticipated growth in the Nigerian telecom market reflects the increasing demand for telecommunications services within the country. Factors such as population growth, rising smartphone penetration, and an expanding middle class contribute to the heightened demand for telecom services, driving market expansion. Several key drivers are expected to fuel the…
As we look ahead to 2024, several key trends and factors are likely to shape the landscape of the oil and gas sector. While predicting the future is inherently uncertain, there are certain expectations and considerations that industry stakeholders and observers may anticipate: 1. **Global Energy Transition:** The ongoing global shift towards cleaner and more sustainable energy sources is expected to continue impacting the oil and gas sector. Governments, investors, and energy companies are likely to intensify efforts to transition towards renewable energy and reduce dependence on fossil fuels. This transition may lead to increased investments in renewable technologies and…
The Federal Government has taken a proactive step to stimulate internet consumption in public institutions by establishing the Broadband Alliance. This strategic initiative signals a commitment to enhancing digital connectivity across government agencies and fostering the widespread use of the internet in public services. The formation of the Broadband Alliance aligns with the government’s broader efforts to drive digital transformation and ensure that public institutions have access to robust and reliable internet services. The alliance is poised to play a pivotal role in accelerating the adoption of broadband technology, enabling more efficient communication, and facilitating the seamless delivery of services…
The Bill & Melinda Gates Foundation has revealed plans to allocate a substantial investment of $8.6 billion towards health programs in the year 2024. This significant commitment underscores the foundation’s ongoing dedication to addressing global health challenges and advancing initiatives aimed at improving health outcomes on a global scale. The announcement of the $8.6 billion investment highlights the Gates Foundation’s influential role in supporting a diverse range of health programs. By earmarking such a substantial amount, the foundation aims to make a meaningful impact on critical health issues, including but not limited to infectious diseases, maternal and child health, and…
Bulgaria and Romania are gearing up to launch the issuance of short-term Schengen visas, with the anticipated commencement date set for April 1, 2024. This development marks a significant step forward for both countries, signaling increased integration and accessibility within the Schengen Area. The decision to introduce short-term Schengen visas underscores Bulgaria and Romania’s commitment to fostering closer ties with the Schengen community. The Schengen Area, known for its border-free travel among member states, promotes ease of movement and cooperation within the European Union. The inclusion of Bulgaria and Romania in the issuance of these visas is a testament to…
Geregu Power Plc, a key player in the energy sector, has achieved a remarkable milestone by crossing the N1 trillion mark in market capitalization. This significant accomplishment underscores the company’s robust performance and signifies a substantial increase in its overall market value. The achievement of a market capitalization exceeding N1 trillion highlights Geregu Power Plc’s position as a major player in the financial markets, particularly within the energy industry. Market capitalization serves as a key indicator of a company’s value as perceived by investors, and Geregu Power Plc’s crossing the N1 trillion threshold is indicative of strong investor confidence and…
The state of Borno has experienced a significant milestone in healthcare access, with more than 115,000 individuals enrolling in a free healthcare program since the initiation of the initiative in 2020. This notable achievement underscores the positive impact of the program on the well-being of the community and reflects a commendable effort to enhance healthcare accessibility in the region. The free healthcare program, implemented in Borno State, has emerged as a critical avenue for residents to access essential medical services without financial constraints. Since its launch in 2020, the program has witnessed a steady influx of enrollees, highlighting the growing…
MultiChoice Group has recently announced the appointment of Andrea Zappia, a distinguished executive from Sky, as the Chairman of its streaming platform, Showmax. This strategic move comes on the heels of MultiChoice’s recent collaboration with Comcast, a partnership aimed at challenging industry giants like Netflix Inc. and expanding its revenue footprint across the African continent. Andrea Zappia, who previously served as the chief executive officer of Sky’s new markets and businesses, officially assumed the role of chairman this month, having joined the MultiChoice board in September. Showmax, already operational in 50 African countries, embarked on a significant relaunch of its…
Infostride News has learned of a pivotal development in the energy sector, as the Nigerian National Petroleum Corporation Limited (NNPCL) is reportedly considering a strategic move to transfer ownership of the Port Harcourt Refinery to private entities. This move signals a potential shift in the operational landscape of one of Nigeria’s key refineries and carries implications for the country’s energy industry. The contemplated handover of the Port Harcourt Refinery to private entities is part of a broader initiative aimed at revitalizing and optimizing the performance of the nation’s refineries. This strategic move aligns with ongoing efforts to enhance efficiency, attract…
The Federal Government has set a target to complete the Abuja-Zaria-Kano dual carriageway by 2026, signaling a significant infrastructure development project aimed at enhancing connectivity and transportation efficiency. ### **Key Points:** 1. **Infrastructure Development Project:** – The Abuja-Zaria-Kano dual carriageway is a major infrastructure development project aimed at upgrading and expanding the road network for improved connectivity. 2. **Completion Target:** – The Federal Government has set a completion target of 2026 for the dual carriageway, signaling a commitment to timely delivery of the project. ### **Objectives of the Dual Carriageway Project:** 1. **Enhanced Connectivity:** – The dual carriageway project seeks…
In a move to promote digital literacy and skills development, the Federal Government is actively seeking host firms to establish Code Clubs in 16 states and the Federal Capital Territory (FCT). The initiative aims to engage businesses in fostering coding education for youths, contributing to the nation’s technological advancement. ### **Key Points:** 1. **Code Clubs Expansion:** – The Federal Government is expanding the Code Clubs initiative by seeking host firms in 16 states and the Federal Capital Territory. Code Clubs play a crucial role in imparting coding and digital skills to young individuals. 2. **Youth Empowerment:** – The initiative aligns…
Despite a restraining court order, the National Broadcasting Commission (NBC) has set its sights on collecting N328.9 million from fines in 2024. The move raises questions about the regulatory landscape and the potential implications for broadcasting entities in Nigeria. ### **Key Points:** 1. **Fines Projection:** – The National Broadcasting Commission has projected revenue of N328.9 million from fines in 2024. This indicates the regulatory body’s intention to enforce penalties despite a restraining court order. 2. **Regulatory Landscape:** – The situation highlights the evolving regulatory landscape and the potential impact on broadcasting entities that may be subject to fines for violations.…
Financial analysts at CardinalStone have forecasted that higher wages could play a pivotal role in boosting the recovery of domestic consumption in 2024. The projection suggests that an increase in wages could stimulate consumer spending, contributing to economic growth and stability. ### **Key Points:** 1. **Wage-Driven Domestic Consumption:** – CardinalStone anticipates that an upward adjustment in wages could have a positive impact on domestic consumption. Increased disposable income among workers may lead to higher spending on goods and services. 2. **Economic Recovery:** – The forecast aligns with the expectation that a surge in domestic consumption can contribute to overall economic…
In a cost-cutting measure, President Tinubu has announced a significant reduction in expenditures related to official travels. The move, which aims to streamline government spending, underscores a commitment to fiscal discipline and responsible financial management. ### **Key Points:** 1. **Expenditure Reduction:** – President Tinubu has implemented a 60% reduction in expenditures associated with official travels. This measure is part of a broader strategy to optimize government spending and ensure fiscal prudence. 2. **Streamlining Government Finances:** – The decision aligns with the president’s commitment to streamlining government finances and prioritizing expenditures to address critical needs and key policy objectives. ### **Objectives…
In a significant move to combat illegal wildlife trade and protect endangered species, the Ministry of Environment has announced the destruction of poached elephant tusks with an estimated value of N9.9 billion. The initiative underscores the government’s commitment to wildlife conservation and the prevention of illicit activities that threaten biodiversity. ### **Key Points:** 1. **Illegal Wildlife Trade Crackdown:** – The destruction of poached elephant tusks reflects the government’s determination to crack down on illegal wildlife trade, a global issue that poses a severe threat to endangered species. 2. **Estimated Value:** – The confiscated elephant tusks have an estimated value of…
The World Bank has issued a cautionary note, highlighting weaknesses in the economies of Nigeria and South Africa that could pose limitations on Sub-Saharan Africa’s overall economic growth in 2024. The assessment points to challenges in these key economies and underscores the potential impact on the broader regional outlook. ### **Key Points:** 1. **Nigeria and South Africa’s Economic Challenges:** – Weaknesses in the economies of Nigeria and South Africa are identified as potential constraints on Sub-Saharan Africa’s growth. Issues such as fiscal vulnerabilities, structural bottlenecks, and external pressures may contribute to challenges in these major economies. 2. **Impact on Regional…