In a bid to drive economic growth and sustain development initiatives, the Lagos State Government is ambitiously targeting an Internally Generated Revenue (IGR) of N1.251 trillion to finance its 2024 budget. Governor Babajide Sanwo-Olu unveiled this fiscal strategy during the presentation of the 2024 budget, aptly titled the “Budget of Renewal.” The financial blueprint outlines a comprehensive approach, projecting a combination of the targeted IGR and a total Federal transfer of N596.629 billion to support the N2.246 trillion budget. Notably, this target reflects a substantial 17.35% increase from the N1.066 trillion set in the 2023 budget. Governor Sanwo-Olu articulated the…
Author: Temitope N.
In the latest Nigeria Development Update (NDU) report released in December 2023, the World Bank has projected that the elimination of import restrictions in Nigeria could potentially lift approximately 1.3 million people out of poverty. This significant development aligns with recent moves in the country, including recommendations from some members of the House of Representatives to impose a ban on the import of items that can be locally produced. The Central Bank of Nigeria (CBN) has also played a pivotal role in this shift by lifting the foreign exchange prohibition on 43 items, including essential commodities like rice, fertilizer, and…
In a recent revelation by the World Bank, it has been indicated that the Federal Government of Nigeria may still find itself saddled with the financial burden of fuel subsidies due to the current non-cost-reflective nature of fuel prices in the country. During the presentation of the Nigeria Development Update (NDU) for December 2023 in Abuja, the Lead Economist for Nigeria at the World Bank, Alex Sienaert, highlighted the disparity between the recommended cost and the prevailing retail prices. According to the World Bank’s assessment, Nigerians should ideally be paying around N750 per litre, a significant increase from the current…
In a recent development, the World Bank has put forth a proposal urging the Nigerian federal government to consider elevating the Value Added Tax (VAT) rate as a strategic move to augment non-oil revenue flowing into the government’s coffers. This recommendation was disclosed in the World Bank’s Bi-annual Nigeria Development Update titled “Turning the Corner: From reform and renewed hopes, to results,” which was officially published today. The report emphasizes the importance of raising the current VAT rate of 7.5% as a significant step toward creating more fiscal space and subsequently increasing non-oil revenue. However, the World Bank underscored the…
In a bid to bolster its healthcare infrastructure and services, the Lagos state government has earmarked a substantial N151.66 billion for the health sector in its 2024 budget, representing a 1.5% increase from the N149.353 billion allocated in the previous fiscal year of 2023. The overall 2024 fiscal year budget for Lagos, a staggering N2.246 trillion, allocates a significant 6.75% of its funds to the health sector, underscoring the government’s commitment to enhancing public health services and facilities. Upon approval, the 2024 healthcare budget will be strategically distributed across various entities, including the Lagos State Ministry of Health, primary health…
In a recent circular issued by the Central Bank of Nigeria (CBN), a sweeping mandate has been put forth, compelling all financial institutions within its regulatory purview, encompassing banks, other financial entities, payment services providers, and international money transfer operators, to prominently showcase their corporate names on all online business platforms. This directive includes websites, portals, and mobile applications. The circular, signed by Haruna Mustafa, the CBN’s Director of Financial Policy and Regulation, emphasizes the necessity for every registered financial institution in Nigeria to legibly exhibit its legal name across all online interfaces. The move comes as a response to…
In a groundbreaking development, the Revenue Mobilisation and Fiscal Commission (RMAFC) is set to usher in a new era of fiscal policies with the implementation of a revised revenue-sharing formula for Nigeria, expected to kick off in the first quarter of 2024. This significant revelation was made by Mr. Muhammed Bello Shehu, the Chairman of RMAFC, during his appearance before the House Committee on Finance in Abuja. Mr. Shehu underscored the gravity of the impending changes by revealing that President Tinubu has already been briefed on the proposed adjustments to the nation’s revenue-sharing formula. However, he emphasized that the process…
Infostride News, the leading source of information, is proud to report on the momentous announcement made by the International Billionaire Christian Conference (IBCC) regarding the launch of a groundbreaking startup fund aimed at empowering Christian youths with innovative business ideas. This revelation came to light during the announcement of the second edition of the IBCC meeting, themed “Power, Wealth, and Technology,” scheduled to take place next month at the Redemption Camp in Ogun State. In a press statement issued on Monday, IBCC shared insights into the upcoming event, promising a transformative experience that transcends conventional boundaries, focusing on the intersection…
In a recent development, the National Bureau of Statistics, as reported by Infostride News, unveiled the latest figures on Value Added Tax (VAT) for the third quarter of 2023, standing at a substantial N948.07b. The VAT Q3 2023 Report, released in Abuja on a Monday, revealed a noteworthy growth rate of 21.34% on a quarter-on-quarter basis, showcasing a surge from N781.35b in Q2 2023. Breaking down the contributions, the report outlined local payments at N522.08b, while foreign VAT payments and import VAT played significant roles, contributing N204.58b and N221.41b, respectively, in Q3 2023. Analyzing specific sectors, the quarter-on-quarter growth rates…
In a significant development, approximately 20 German companies have signaled their keen interest in investing resources and technical expertise to bolster local production and enhance the export capabilities of Nigeria. This promising prospect materialized during a dialogue between officials from the Nigeria Investment Promotion Commission and a delegation representing 22 companies from Germany and Europe. The private sector delegation embarked on an exploratory mission to uncover potential investment opportunities in Nigeria. The dialogue, which took place in Abuja, aimed to strengthen bilateral ties between the nations and implement agreements forged during a prior visit by the German Chancellor, Olaf Scholz.…
In a recent announcement made by Richard Olatunde, Chief Press Secretary to Ondo State Governor Rotimi Akeredolu, it has been revealed that the governor is set to embark on another medical leave starting December 13, 2023. This development comes as part of the ongoing medical treatment that has kept Governor Akeredolu away from Ondo State since June 2023. Deputy Governor Lucky Aiyedatiwa is slated to assume the role of acting governor in Akeredolu’s absence, a move that follows recent tensions between the governor’s loyalists and the deputy. The discord arose due to Governor Akeredolu’s prolonged absence and the ensuing power…
In an in-depth analysis conducted by Infostride News on the economic landscape of Africa and the Middle East (MEA), Nigeria has emerged as the leading hub for self-made billionaires in 2023, according to the Billionaire Ambitions Report. Despite economic challenges, Nigeria has secured the top position with an impressive 66.6% of self-made billionaires, outpacing South Africa (60%) and Egypt (50%) in the MEA region. The report zooms in on specific details, spotlighting three influential Nigerian billionaires—Aliko Dangote, AbdulRabiu Samad, and Mike Adenuga—whose combined wealth has seen a substantial increase of nearly 20%, reaching an impressive $28.5 billion. This surge in…
In a recent development, the National Population Commission (NPC) has presented a budget proposal of N693.3 million for the year 2024, specifically earmarked for the long-awaited national population and housing census. This budget request marks a significant increase from the N10.52 million allocated for the same purpose in the approved 2023 budget. However, a detailed examination of the proposed budget reveals not only the substantial increment for the upcoming census but also other allocations related to census activities. Notably, the approved budget for the current year includes a separate allocation of N30 billion for outstanding activities related to the postponed…
In a recent announcement, the Bureau of Public Enterprises (BPE) has revealed its strategic plan to divest the remaining 40% shares owned by the Federal Government in electricity distribution companies (discos) and other prominent assets by the year 2024. This announcement was made by the Director-General of the BPE, Mr. Alex Okoh, during a media chat held in Abuja on Tuesday. The assets earmarked for divestment through Public Offerings (IPO) at the capital market in 2024 include Eleme Petrochemicals Company Limited (EPCL), Nigeria Re-Insurance, Nicon Insurance, and the Nigeria Machine Tools in Osogbo. This move is part of the government’s…
In a recent statement, the Trade Union Congress (TUC) has passionately called upon the federal government to honor its commitment to workers by resuming the payment of the N35,000 wage award, a promise made by President Tinubu during his Independence Day address to the nation. The call comes as an outcome of the National Executive Council meeting held on Tuesday in Abuja, where Mr. Festus Osifo, the President of TUC, highlighted the disconcerting lapse in implementing the promised wage increase. Osifo, addressing reporters, underscored that while President Tinubu had announced the N35,000 wage award as a six-month palliative for workers…
During the Annual General Meeting of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Warri, Delta State, the Chairman of the Electoral Committee, Ben Odjugo, raised concerns about the alleged diversion of petroleum products meant for depots to private individuals. Speaking on behalf of IPMAN Mid West Zone, Odjugo appealed to the Federal Government to address the issue and ensure the availability of petroleum products at Warri Depot while also emphasizing the need to fix the Warri Refinery without further delay. In his statement, Odjugo criticized previous administrations for claiming to undertake Turn Around Maintenance without tangible results. He…
In 2020, Nigeria enthusiastically embraced its membership in the African Continental Free Trade Area (AfCFTA), envisioning a future filled with economic benefits. However, as macroeconomic challenges loom, the nation faces potential setbacks in leveraging AfCFTA, as reported by Infostride News. The Guided Trade Initiative (GTI) of AfCFTA, launched in Accra, Ghana on October 7, 2022, aims to facilitate meaningful trading among participating countries and evaluate the operational, institutional, legal, and trade policy environment under the AfCFTA. Notably, Nigeria is absent from the eight countries engaged in the GTI, raising concerns about the nation’s preparedness to capitalize on the massive opportunities…
In a groundbreaking move, the Association of Professional Women Engineers of Nigeria (APWEN) is rallying for widespread support to propel Mrs. Margret Oguntala into history as the first female president of the Nigerian Society of Engineers (NSE) in its illustrious 65-year history. Dr. Elizabeth Eterigho, President of APWEN, issued a statement emphasizing the significance of this milestone and the need for the engineering community to unite in backing Oguntala’s candidacy. Mrs. Oguntala secured her position as deputy president of the NSE in 2021, a noteworthy achievement that was duly ratified during the society’s annual general meeting later that year. The…
In a significant move aimed at alleviating the persistent cash scarcity issues plaguing different regions of Nigeria, the Central Bank of Nigeria (CBN) announced on Monday the immediate suspension of the processing fees previously levied on cash deposits exceeding N500,000 for individuals and N3 million for corporates. This development, disclosed in a letter signed by Dr. Adetona Adedeji, the acting Director of Banking Supervision, underscores the CBN’s commitment to addressing the ongoing challenges in the country’s financial landscape. Cash shortages have been a cause for concern, particularly in the Federal Capital Territory, Abuja, where residents have been grappling with limited…
In a surprising turn of events on Monday, the Nigerian naira experienced a notable appreciation, marking a 27.16% gain to close at N864.29/$ on the official Investors and Exporter window. The substantial increase was accompanied by a significant uptick in the daily turnover of the dollar, soaring by 86.83% to reach $132.46 million at the close of trading, up from $70.90 million the previous Friday. This positive movement indicates a noteworthy N234.76 gain from the alarming all-time low of N1099.05/$ recorded in the preceding week, as revealed by data from the FMDQ Securities Exchange. The day’s trading activity began at…