InfoStride News reported that Afreximbank revealed trade and investment deals worth approximately $43.7 billion were successfully concluded at the recently concluded Intra-African Trade Fair (IATF2023) held in Egypt. The announcement was made by Kanayo Awani, Executive Vice-President of Intra-African Trade Bank, Afreximbank, during a Post-Event Virtual News Conference in Cairo. Awani highlighted that the total value of the trade and investment agreements surpassed the anticipated figure of $43 billion, signaling a positive outcome for the event. She provided additional insights, noting that the IATF2023 attracted a significant participation of 1,939 exhibitors from 45 African countries and 16 non-African countries. Out…
Author: Temitope N.
On Wednesday, President Bola Tinubu presented the 2024 appropriation bill to the National Assembly, labeling it the ‘Budget of Renewed Hope.’ This follows the Federal Executive Council’s approval of N27.5 trillion for the 2024 budget on Monday. The government aims for N18.32 trillion in revenue generation to support the budget, resulting in a projected budget deficit of N9.18 trillion. President Tinubu also forecasted an impressive 3.76% economic growth for the fiscal year 2024, with recurrent expenditure set at N9.92 trillion and capital expenditure at N8.7 trillion. Addressing the National Assembly, President Tinubu outlined plans for a comprehensive overhaul of the…
President Tinubu has outlined ambitious plans for the National Safety Net project in 2024, aiming to extend financial assistance to more impoverished and vulnerable individuals in Nigeria. Presenting the 2024 appropriation bill before a joint session of the National Assembly (NASS), he emphasized the government’s dedication to achieving broad-based economic prosperity. Tinubu highlighted the ongoing review of social investment programs to enhance implementation and effectiveness. Specifically, he announced the expansion of the National Social Safety Net project, which will provide targeted cash transfers to households facing economic challenges. Additionally, efforts will be made to transition existing beneficiaries toward productive activities…
President Bola Tinubu revealed that the Federal Government generated N8.65 trillion in revenue from January to September 2023, as he presented a N27.5 trillion budget for 2024 to the National Assembly. Tinubu stated that the projected revenue for the 2023 budget of N24.82 trillion was 11.045 trillion, with a deficit of approximately 6.1 percent of GDP. By the end of September, the actual revenue reached 96 percent of the targeted N8.28 trillion, totaling N8.65 trillion. For the 2024 budget, the government aims to generate N18.32 trillion in revenue, with a deficit of N9.18 trillion, equivalent to 3.88 percent of GDP.…
The federal government has revealed its projection for the inflationary rate in the 2024 fiscal year, aiming for a rate of 21.4%, indicating a significant decline from the current rate of 27.33%. President Bola Tinubu made this announcement while presenting the 2024 appropriation bill to the National Assembly, outlining key objectives for the budget. President Tinubu emphasized that the proposed budget is designed to achieve several economic goals, including job-rich growth, macro-economic stability, an improved investment environment, enhanced human capital development, poverty reduction, and increased access to social security. Nigeria’s current headline inflation rate, reported by the Nigeria Bureau of…
InfoStride News has reported a notable forecast from the federal government, projecting a substantial N4.60 trillion reduction in the budget deficit for the 2024 fiscal year. This represents a significant 33.5% decrease when compared to the budget deficit recorded in 2023. President Tinubu unveiled this projection during his presentation of the 2024 appropriation bill to the joint session of the National Assembly. In the proposed 2024 budget, the deficit is estimated at N9.18 trillion, marking a notable decrease from the N13.78 trillion recorded in the 2023 budget. The reduction in the deficit is also reflected in the deficit to GDP…
President Bola Tinubu is scheduled to depart Abuja on Wednesday for Dubai, United Arab Emirates, where he will participate in the COP28 Climate Summit, also known as the 28th United Nations Climate Change Conference or the Conference of the Parties of the UNFCCC. This marks his second visit to the Middle Eastern country in less than six months since assuming office. In September, President Tinubu held discussions with the President of the Gulf States, Mohamed bin Zayed Al Nahyan, during which various investment deals were reportedly signed. There were speculations about the immediate resumption of flight schedules for Etihad Airlines…
The Federal Government, in response to the challenges faced by Nigerians in the diaspora, is set to establish passport front offices in major cities across the United Kingdom, including Manchester, Birmingham, Cardiff (Wales), and Scotland by February 2024. Minister of Interior, Olubunmi Tunji-Ojo, addressed concerns about the slow passport renewal and collection process during an interview on the Politics Today program on InfoStride News, on Tuesday, November 28, 2023. Expressing empathy for Nigerians abroad, Tunji-Ojo acknowledged the particular challenges faced in the UK and the US, with London and New York being the focal points. In the UK, where the…
InfoStride News reported that Minister of Interior, Olubunmi Tunji-Ojo, disclosed that the Federal Government expends N3 million daily to provide meals for approximately 4,000 inmates nationwide. The minister highlighted the economic rationale behind efforts to decongest correctional facilities, emphasizing the need for efficient resource allocation. Speaking on Channel TV’s Politics Today, Tunji-Ojo stressed the importance of considering the economy of scale. He stated, “To feed these 4,068 inmates costs the government about N3 million a day. Multiply N3 million a day by 365 days.” The minister asserted that such fiscal considerations underscore the government’s commitment to prudence in managing public…
President Bola Tinubu, in an address at the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE) in Abuja on Tuesday, unveiled his administration’s Renewed Hope Agenda, outlining a vision to transform Nigeria’s economy into a trillion-dollar powerhouse within the next decade. Represented by Vice President Kashim Shettima, President Tinubu emphasized the pivotal role of Nigeria’s vast population and abundant resources in achieving this ambitious economic goal. He highlighted ongoing initiatives in job creation, SME access to capital, inclusiveness, rule of law, and the fight against hunger, poverty, and corruption as key facilitators…
As part of a strategic initiative to alleviate traffic congestion in Calabar, the Cross River State Government has unveiled plans to construct a 4,000-capacity trailer park in the capital city. This announcement was made by Mr. Ekpenyong Cobham, the Commissioner for Transport, during an interview with InfoStride News in Calabar. The proposed trailer park, designed to accommodate 3,000 to 4,000 trailers, will be developed through a Public Private Partnership (PPP) arrangement. The facility aims to address congestion issues while providing essential amenities such as a hospital, hotel, spare parts, mechanic village, and warehouses. Cobham highlighted the socio-economic benefits of the…
At the 2023 Annual National Workshop of the Chartered Institute of Stockbrokers (CIS) in Abuja, stakeholders, led by the President of CIS, Oluwole Adeosun, highlighted key strategies to bolster Nigeria’s economic growth. The workshop, themed ‘Leveraging the Capital Market to drive Public-Private Partnership (PPP) for effective National Economic Growth, Issues,’ emphasized the need for a robust Public-Private Partnerships model, increased tax revenue, and enhanced liquidity provision to propel the nation’s Gross Domestic Product (GDP). Adeosun, addressing workshop participants, expressed concern over Nigeria’s economic growth trajectory, noting that the last recorded double-digit GDP growth was in 2002, with a notable 15.33%…
On November 28, 2023, during the 2nd annual Nigeria Automotive Industry Award held at the Sheraton Hotel, Ikeja, Lagos, Samuel Oriowo, Chairman of the Automobiles and Road Safety Initiative, appealed to the Federal Road Safety Corps (FRSC) for increased support in their mission to enhance safety on Nigerian roads. Having dedicated a decade to promoting safety, Oriowo emphasized the necessity for financial assistance to sustain the organization’s vital work. He specifically urged the FRSC, under the leadership of Corps Marshal Dauda Biu, to champion the cause for an annual funding allocation from the office of the Secretary to the Government…
A fintech firm with German-Nigerian roots, BFREE, alongside its international financing partners, has recently unveiled discussions about potentially acquiring distressed loan portfolios from Union Bank of Nigeria. The Memorandum of Understanding (MoU) for this prospective acquisition was formalized during the German-Nigerian Business Forum in Berlin. The terms of the MoU outline BFREE and its partners’ intention to explore acquiring distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The primary focus of this initiative is directed towards refinancing non-performing loan portfolios, particularly those facing delays in repayment or have already been written off. In a…
The expenditure on airtime and data by Nigerian telecom subscribers surged to a minimum of N2.59tn in the initial nine months of 2023, as reported by the financial statements of MTN Nigeria and Airtel Africa. This marked a significant 32.57% increase from the N1.95tn recorded by both telcos in the corresponding period of 2022. The escalation in voice and data revenue was driven in part by increased data subscriptions and the devaluation of the naira on Airtel’s part. In the first nine months of 2022, Airtel generated $1.41bn from airtime and data, equivalent to N647.71bn at the exchange rate of…
InfoStride News reported that Nigeria’s Gas Minister, Ekperikpe Ekpo, has set a target for the construction of the Nigeria-Morocco gas pipeline in 2024. This announcement came during a meeting with a delegation of envoys from the Kingdom of Morocco, led by its Ambassador to Nigeria, Moha Ou Ali Tagma, on Monday, November 27, in Abuja. Ekpo expressed Nigeria’s readiness and interest in the project, emphasizing its significance as critical infrastructure spanning 5,600 kilometers across 13 African countries: Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco. Once completed, the pipeline aims to…
At the recent West African Gas Pipeline (WAGP) Authority Committee of Ministers (COM) meeting in Cotonou, Benin Republic, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, announced the Nigerian government’s commitment to supplying 5 billion cubic feet of gas per day to domestic and export markets. This pledge is part of the Decade of Gas Initiative, which aims to develop and commercialize over 5 billion cubic feet per day (bcf/d) of gas for both domestic and export purposes. In his address, Ekpo assured member countries such as Benin, Togo, and Ghana that they would continue to receive consistent gas supply…
During the capacity strengthening session for distribution companies (DisCos) on communication and responsiveness to customers, organized by the Nigerian Electricity Regulatory Commission (NERC), officials emphasized that estimated billing could be halted if customers inform their DisCo about their absence. InfoStride News reported this on November 27. While many estimated billing customers might be unaware of the regulation, NERC highlights certain customer rights on its official website, advocating for sensible billing practices by DisCos across the country. According to NERC, new electricity connections must have meters installed before being connected, ensuring customers receive a safe and reliable electricity supply with properly…
In the span of one week, from November 18 to 24, Nigeria experienced a staggering 226 incidents of crude oil theft, as revealed by data from the official X account of the Nigerian National Petroleum Company Limited (NNPCL), now reported by InfoStride News. During this period, illicit activities were rampant across various oil-producing states, with 39 cases of illegal connections in Abia and Rivers states. The efforts to curb unauthorized refining operations led to the discovery and destruction of 77 illegal refineries in Rivers, Delta, Bayelsa, and Imo states. Additionally, 21 instances of pipeline vandalism were identified in Rivers and…
On November 28, President Bola Tinubu urged the Senate to deliberate and approve his request for a loan totaling $8,699,168,559 and €100 million, a crucial component of the federal government’s 2022–2024 external borrowing plan. Senate President Godswill Akpabio presented Tinubu’s letter during a plenary session, revealing that both the World Bank and the African Development Bank are willing to contribute $1 billion and N1.5 billion, respectively, in support of the loan. Tinubu’s letter, titled “2022-2024 External Borrowing Plan,” emphasized the need for the National Assembly’s prompt approval to ensure the timely implementation of the projects outlined. He pointed out that…