In a significant development, the Federal Capital Territory Water Board has witnessed a remarkable revenue growth, with reported earnings reaching N3.1 billion from January to November 2023. The acting Managing Director of the Board, Mr. Daniel Salka, made this announcement during a comprehensive end-of-the-year media briefing held in Abuja on Thursday. Highlighting the positive trend, Salka emphasized that the reported figure exceeded the N2.5 billion generated in the corresponding period of 2022. He went on to shed light on the Board’s monthly Internally Generated Revenue (IGR), revealing a substantial increase from approximately N200 million to surpassing N300 million. Salka positioned…
Author: Temitope Nlewemchi
In a recent plenary session on Thursday, the Imo State House of Assembly approved the state’s N592 billion Appropriation Bill for the 2024 fiscal year. This development, reported by the News Agency of Nigeria (NAN), marks a significant step forward in the state’s financial planning. Named the “Budget of Renewed Economic Growth,” the approved budget delineates N101.99 billion, constituting 17%, for recurrent expenditure, while N491.200 billion, representing 83%, is allocated for capital expenditure. The budget’s structure reflects a strategic allocation of resources to fuel developmental projects that aim to benefit the state’s populace. During deliberations on the bill, Majority Leader…
In a recent disclosure before the House Committee on Finance in Abuja, Mr. Muhammed Bello Shehu, the Chairman of the Revenue Mobilisation and Fiscal Commission (RMAFC), revealed that the commission is set to implement a new revenue-sharing formula for Nigeria in the first quarter of 2024. This significant development comes as the nation grapples with financial challenges and seeks to address the burgeoning debt crisis. During the hearing, Chairman Shehu affirmed that President Tinubu had been briefed about the impending changes in the revenue-sharing formula. He emphasized that the proposed formula would undergo a rigorous legislative process, requiring approval from…
In a significant development, the federal government, under the leadership of President Bola Tinubu, has unveiled plans to establish a dedicated committee tasked with the comprehensive review of existing tax waivers granted to individuals and organizations nationwide. The crucial announcement was made by the Minister of Information and National Orientation, Mohammed Idris, following a pivotal Federal Executive Council meeting. The primary motivation behind this strategic move is the government’s urgent need for additional revenue to bolster development projects aimed at enhancing the quality of life for all Nigerians. Minister Idris underscored the importance of scrutinizing the current system of tax…
In a significant move aimed at revitalizing Nigeria’s road infrastructure, Senator David Umahi, the Minister of Works, has proposed a substantial increase in the 2024 budget allocation for the Ministry. The proposed boost seeks to elevate the budget from N657.22 billion to a formidable N1.5 trillion, a move that was presented during the defense of the 2024 Budget estimate for the Ministry of Works before the National Assembly Joint Committees on Appropriation. Highlighting the critical importance of this budgetary adjustment, Senator Umahi underscored that the additional funds would play a pivotal role in facilitating the completion of at least 10…
In a bid to foster sustainable growth in Nigeria’s telecom industry, the Nigerian Communications Commission (NCC), as reported by Infostride News, has identified multiple taxation as a significant impediment. Adewolu Adeleke, the Executive Commissioner for Stakeholder Management at the NCC, discussed the challenges posed by multiple taxation and regulations during the Regional Stakeholders Workshop held in Kano, emphasizing the theme, “Navigating the Landscape of Multiple Taxation and Regulations, Fostering Sustainable Growth through Collaboration.” Adeleke, represented by Efosa Idehen, the Director of Compliance, Monitoring, and Enforcement at the commission, underscored the adverse effects of multiple taxation on the growth of telecoms…
In a groundbreaking appeal before the House of Representatives Committee on Solid Minerals, Nigeria’s Minister of Solid Minerals, Mr. Dele Alake, passionately called for a substantial boost in the 2024 budgetary allocation for the sector, aiming for a significant increase from the current N24 billion to an ambitious N250 billion. The appeal, made during Wednesday’s committee session, was underscored by Alake’s vision for the Ministry to contribute a substantial 50% to the country’s GDP. Highlighting the untapped potential of Nigeria’s mineral deposits, estimated at a staggering $700 billion, Minister Alake emphasized that the current budgetary allocation is insufficient for the…
In a recent statement, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, vehemently denied media reports suggesting that N1 billion was earmarked for a foreign trip to Geneva in the 2024 Budget. Setting the record straight, Uzoka-Anite emphasized that the allocated funds were intended for specific obligations, overhead, and maintenance costs associated with Nigeria’s Trade Office in Geneva. Addressing the misconceptions surrounding the budget, the minister underscored that the allocated funds were not meant for a foreign trip but rather aimed at addressing the existing debt of N499,000,000.00 owed by the Trade Office in Geneva. This debt, she clarified,…
In a recent revelation by the Pension Fund Operators Association of Nigeria (PenOp), a staggering sum of N208.86 billion has been disbursed to a substantial cohort of 475,230 Nigerians who found themselves unemployed during the second quarter of 2023. This disclosure came to light during a media parley themed ‘At the Dawn of 20 Years of Pension Reform, What are the Gains?’ organized by PenOp for reporters based in Abuja. Oguche Agudah, the Chief Executive Officer at PenOp, shared these insights during the event. According to Agudah’s presentation document, a comparative analysis reveals a significant evolution from the third quarter…
In a recent report by the Ghanaian Statistics Service, consumer inflation in Ghana experienced a significant drop from 35.6% in October to 26.4% in November. This notable decline of 8.8% within a month marks a substantial shift, bringing the inflation rate to a 19-month low. The Statistician-General of Ghana attributes this sharp decrease to favorable base-effect comparisons with the previous year and the proactive implementation of monetary policy tightening by the central bank. The Bank of Ghana has maintained its benchmark policy rate at an unprecedented 30% since July, signaling a momentary pause after a cumulative tightening of 16.5 percentage…
In a significant legislative development, the Delta State House of Assembly recently approved the 2024 Appropriation Bill, amounting to a total of N724.9 billion. This decision comes approximately two weeks after the state governor, Sheriff Oborevwori, presented the budget to the assembly. The legislative milestone was achieved following the adoption of the report submitted by the House Committee on Finance and Appropriation during a plenary session held in Asaba. The comprehensive budget breakdown reveals a Recurrent Expenditure of N316.6 billion and Capital Expenditure of N408.3 billion. This signifies an increase of N10.5 billion compared to the initial budget proposal of…
In a recent disclosure, the World Bank unveiled that Nigeria emerged as the primary beneficiary of its fresh loans in 2022, with a substantial sum of $2.9 billion disbursed to the country. This revelation was highlighted in the International Debt Report for 2023, wherein Tanzania followed closely with a considerable financial injection of $2.7 billion during the same period. The official report stated, “Infostride News and Tanzania were the top recipients of new financing from the World Bank in 2022, at US$2.9 billion and US$2.7 billion, respectively.” Further analysis from the Debt Management Office (DMO) external debt stock report reveals…
In a significant turn of events, the medium-term bonds of the Federal Government have experienced oversubscriptions for the first time since February 2023. The specific bonds in question are the 14.55% FGN APR 2029 and 14.70% FGN JUN 2033 bonds, both of which have garnered heightened attention from investors. Infostride News learned that the Debt Management Office (DMO) recorded an impressive oversubscription of N526 billion in its December bond auction, marking a substantial increase in investor appetite for government bonds. The DMO had offered N360 billion for the bonds auctioned on December 11, 2023, and witnessed a remarkable subscription of…
In the labyrinth of fiscal planning, Nigeria’s 2024 budget emerges as a crucial roadmap, riddled with assumptions that bear significant implications for the nation’s economic health. As we dissect the intricacies of this financial blueprint, we find ourselves grappling with pivotal factors such as oil output, inflation rates, economic growth, benchmark oil prices, and the exchange rate. The bedrock of fiscal projections, these elements warrant meticulous examination to unravel the potential opportunities and pitfalls that lie ahead. Oil Output: A Tenuous Balancing Act At the heart of Nigeria’s revenue juggernaut lies the critical assumption of oil output. With the nation’s…
In a significant move towards economic revitalization, Governor Babajide Sanwo-Olu of Lagos State has presented the eagerly awaited N2.246 trillion budget for the fiscal year 2024 to the State House of Assembly. The budget, aptly named the “Budget of Renewal,” reflects the government’s commitment to ushering in a new era of growth and development in the state. Highlighting the key components of the budget, Governor Sanwo-Olu revealed that the capital expenditure for the year would be N1.22 trillion, constituting a substantial 54.4% of the total budget. This allocation underscores the administration’s focus on investing in critical infrastructure projects and initiatives…
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…
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…