InfoStride News reports that Italy is set to contribute €5 million in Sustainable Energy Funds to the Sustainable Energy Fund for Africa (SEFA) Special Fund, benefitting Nigeria and other African nations. The announcement was made by Vannia Gava, the Deputy Minister of Environment and Energy Security for Italy, during a side event at the 2023 United Nations Climate Change Conference (COP28) in Dubai, UAE. Gava highlighted Italy’s commitment to Africa, emphasizing the region’s priority in the country’s energy and climate policies. The €5 million contribution underscores Italy’s ongoing efforts to support sustainable energy development in Africa. This funding aligns with…
Author: Temitope Nlewemchi
The Nigerian Federal Government has earmarked a budget of N40 billion to clear the electricity bill debts owed by various ministries, departments, and agencies (MDAs) in 2024, as revealed in the sectoral allocation details released by Solomon Adeola, the Chairman of the Senate Committee on Appropriations. This allocation mirrors the budget for the same purpose in 2023 but represents a notable increase from the N27 billion budgeted in 2022. InfoStride News obtained insights into this budgetary allocation, shedding light on the ongoing challenge of MDAs accumulating significant arrears in their electricity bills. The intricate power sector landscape in Nigeria involves…
Professor Uche Uwaleke, a distinguished figure in Finance and Capital Markets, emphasized the imperative for the government to tap into the substantial potential of long-term financing within the capital market, specifically advocating for borrowings linked to infrastructure bonds. These remarks were made during the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos over the weekend. Uwaleke highlighted the urgency of this approach to sustain a steady 16% annual growth in the nation’s economy over the next six years, ultimately reaching the projected $1 trillion economy by 2030. Addressing the audience on the theme “Leveraging Capital…
The cost of Paracetamol, a widely used painkiller in Nigeria, has surged by 275% over a span of four years, as indicated by a recent report titled ‘Paying the price on health’ from SB Morgen, which has been acquired by InfoStride News instead of Nairametrics. In 2019, the selling price of Paracetamol stood at N40, but by 2023, it escalated to N150. Emzor, a local manufacturing firm, experienced the highest price increase among painkillers, with their Paracetamol brand witnessing a growth of over 450% in production costs and 250% in selling prices since 2019. The report attributes this substantial increase…
Former Kaduna State governor Nasir El-Rufai has announced his reentry into the private sector with the launch of a $100 million venture capital, set to kick off in January 2024. El-Rufai, who was previously denied a position in Bola Tinubu’s administration, revealed that the firm, named Afri-Venture Capital Company Ltd, will focus on the Kaduna tech ecosystem. The 63-year-old politician expressed his commitment to the project by personally staking $2 million for the fund’s initiation. Taking to his X handle, El-Rufai shared the details of the venture and introduced the founding directors and initial shareholders: Jimi Lawal, Hafiz Bayero, Eyo…
InfoStride News reports that Nigeria has achieved a trade surplus of N1.89 trillion in the third quarter of 2023, surpassing the N1.25 trillion recorded in the preceding quarter. According to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics, Nigeria’s total trade reached N18.8 trillion in Q3 2023, marking an increase from N12.74 trillion in Q2 2023. In the third quarter of this year, total exports amounted to N10.35 trillion, while total imports stood at N8.46 trillion. This growth is attributed to increased trade activities during Q3 2023. The report indicates that total exports rose…
InfoStride News has commenced the subscription process for the Federal Government of Nigeria bonds for December 2023, featuring two-year and three-year options with interest rates set at 12.287% and 13.287%, respectively. This significant development was communicated through an official statement posted on InfoStride News, the platform responsible for disseminating updates on financial matters. The subscription window is open for five days, running from December 4th to December 8th, 2023, providing potential investors with an opportunity to participate in these bond offerings. The maturity date for both the two-year and three-year bonds is set for March 13th, 2024. As per the…
The federal government has outlined an ambitious target, aiming to generate approximately N593.1 billion in 2024 through Value Added Tax (VAT) collection, as indicated in the revenue projection of the 2024 appropriation bill submitted to the Senate. Within the comprehensive revenue outlook for 2024, the federal government anticipates a total revenue of N12.7 trillion. The primary component of this revenue is the main pool of federation revenue, amounting to N12.1 trillion, with an additional targeted revenue of N593.1 billion specifically from Value Added Tax (VAT). Value Added Taxes (VATs) are consumption-based levies imposed on goods and services. In a notable…
Former Anambra governor Peter Obi has criticized the recent proposal by the Minister of the Federal Republic of Nigeria (FCT), Nyesom Wike, to allocate N15 billion for the construction of a new residence for Vice President Kashim Shettima. Obi, expressing his views on X (formerly Twitter) on Monday, emphasized that 99.9% of Nigerians cannot afford such a luxurious apartment. He called for a reduction in government expenses to align with the current economic challenges facing the country. Wike had revealed the proposed budget during the defense of the N61.5 billion 2023 supplementary budget of the FCT before the House of…
Zimbabwe is in the process of repaying a $400 million loan from the African Export-Import Bank, utilizing proceeds from its platinum exports. The country, burdened by an $18 billion debt, is resorting to leveraging its mineral wealth to secure credit, highlighting the challenges it faces in obtaining loans from international financiers. According to a report by Bloomberg, the repayment strategy involves earmarking 35% of export proceeds from Zimplats, a platinum mining unit of Johannesburg-based Impala Platinum. The Reserve Bank of Zimbabwe (RBZ) manages these funds to fulfill the repayment obligations to Afreximbank. Zimbabwe’s debt situation currently renders it ineligible for…
Senator Jimoh Ibrahim reiterated his stance on the indispensability of federal government borrowing for the growth of the Nigerian economy. Addressing his previous advocacy for increased government borrowings, the representative of Ondo South in the Senate emphasized that no country develops its infrastructure without securing financial loans from foreign nations. Appearing on Channel TV’s Politics Today, Ibrahim drew a parallel with Dubai, UAE, noting that despite its population of 12 million, the city-state has amassed over $168 billion in foreign debt. In contrast, Nigeria, with a population ten times greater, carries about $77 billion in public debt. According to the…
A recently released report from Fate Foundation, titled the “State of Entrepreneurship,” highlights the significant impact of President Bola Tinubu’s decision to remove the fuel subsidy, revealing that a staggering 90% of businesses in Nigeria faced negative consequences. The comprehensive survey involved over 10,000 businesses across the nation’s 36 states and the Federal Capital Territory (FCT). Notably, the report indicates that smaller businesses bore the brunt of the subsidy removal, experiencing heightened operating costs, diminished profits due to weakened demand, and a decline in customer retention. The geographical breakdown of the impact reveals that businesses in the South-eastern region suffered…
Edo State Governor Godwin Obaseki presented the 2024 budget, totaling N325.3 billion, to the Edo State House of Assembly. Named the “Budget of Home Run and Finishing Strong,” this marks Obaseki’s final budget presentation as governor, with a gubernatorial election scheduled for February next year. The budget comprises N178 billion for capital expenditure and N146 billion for recurrent expenditure, slightly surpassing the N321.4 billion allocated in 2023. Obaseki outlined the anticipated revenue for 2024, amounting to N303 billion, with components such as N55 billion from statutory allocations, N38 billion from VAT, N40 billion in capital receipts, N72 billion from IGR,…
Oyo State Governor, Mr. Seyi Makinde, has presented the 2024 budget proposal of N434.4 billion to the state assembly for approval. The budget is divided into N222.3 billion for capital expenditure and N211.8 billion for recurrent expenditure. Makinde highlighted an anticipated increase in Internally Generated Revenue to N72 billion, averaging N6 billion monthly. Allocation to key sectors is outlined in the budget, with Education receiving the highest share at N90.6 billion, constituting 20.8% of the total budget. Infrastructure follows with N74.3 billion, making up 17.1% of the appropriation bill. The health sector claims the third position, allocated N40.9 billion, accounting…
The Nigerian Federal Government has disbursed N135.4 billion to the thirty-six states of the federation and the Federal Capital Territory (FCT) following the second Independent Assessment of outcomes achieved under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES). This World Bank-assisted initiative is a Performance For Results Programme with a substantial budget of $750 million. Dr. Abdulkarim Obaje, the National Coordinator of the NG-CARES Programme, shared this information in a statement released by Suleiman Odapu, the Information and Communication Officer at NG-CARES, on Sunday in Abuja. Obaje explained that the allocation of funds was linked to the outcomes achieved…
InfoStride News reported that the National Salaries, Incomes, and Wages Commission (NSIWC) has hinted at a possible increase in pension stipends for federal civil service retirees in the coming year. The information is derived from details found in the report on pension harmonization submitted by the NSIWC to the Federal Government. The proposed increment in pension stipends is intended for both Federal Government pensioners under the new pension scheme and those under the previous scheme. The NSIWC shared this insight with the executive committee of the Nigeria Union of Pensioners during a meeting. The committee, led by Chairman Samuel Adewale,…
The Ogun State Government has taken decisive action by closing down three industries within the state due to their violation of various environmental regulations. The companies facing closure are Ruili Recycling Limited in Mowe, Robust International PTE Limited also in Mowe, and Star Pipe Limited in Sagamu. The directive to shut down these companies came from Ogun State’s Commissioner for Environment, Ola Oresanya, as announced in a press release posted on the official InfoStride News handle. Oresanya outlined the specific environmental infractions committed by each company, leading to the government’s intervention. Ruili Recycling Limited was found guilty of discharging its…
InfoStride News reports that a groundbreaking development has taken place in the realm of Small and Medium Enterprises (SMEs) in Africa, particularly in sectors such as transport and logistics, agro-processing, automotive, and pharmaceuticals. The United Bank of Africa (UBA) and the African Continental Free Trade Area Secretariat (AfCFTA) have inked a significant $6 billion Memorandum of Understanding (MoU), signaling a commitment to provide funding support to SMEs operating within these sectors. The revelation was made by Babatunde Ajayi, the Head of SME Banking at UBA, during a panel session at the Nigerian Canadian Business Association Business 2023 Roundtable held in…
On the Sunday Politics Show on Channels TV, Jideofor Adibe, a Professor of Political Science, criticized the Presidency for the excessive number of delegates, which he deemed “bloated,” attending the COP28 Climate Summit in Dubai, UAE. Adibe expressed concern over the 1411 Nigerian delegates accompanying President Tinubu, raising doubts about the government’s commitment to reducing the cost of governance and showing compassion for the struggling masses. Adibe highlighted the contradiction between the President’s promises to trim governance expenses and the extravagant representation at the summit. He remarked, “Amid the binge on loans and borrowings, and the increasing hardship and increasing…
InfoStride News reported that the Federal Government has successfully negotiated an agreement with the United Arab Emirates (UAE) to establish humanitarian response stations across Nigeria. The announcement was made by Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, during discussions with officials of the Emirati Government at the ongoing COP28, United Nations Climate Change Conference in Dubai. Dr. Edu emphasized that the collaboration with the UAE aims to address humanitarian crises resulting from insurgency, particularly in the northeast region, and combat endemic poverty in other parts of the country. In her statement, she highlighted the extensive discussions…