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…
Author: Temitope Nlewemchi
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…
Construction giant Julius Berger, the contractor responsible for the Second Niger Bridge, has officially handed over the completed bridge to the Federal Government. Stretching over 1.6 kilometers, the bridge connects Anambra and Delta states and came with an estimated cost of ₦336 billion. Initiated on May 23, 2023, during the final days of former President Muhammad Buhari’s tenure, the project required additional work on ancillary roads and other construction activities post-inauguration. In a brief ceremony at the bridge’s toll area, Minister of Works Dave Umahi expressed satisfaction with the project. He confirmed that the contractor successfully repaired vandalized sections of…
A research study conducted by the Department for Education in the U.K., as reported by InfoStride News, has identified certain occupations that are more susceptible to influence from artificial intelligence (AI) and chatbots. In contrast, jobs such as construction workers are deemed less likely to be impacted by AI. InfoStride News reports that the analysis covered 365 job categories and their associated skill sets. Each skill was then compared against the top 10 applications of AI to assess compatibility. The study revealed that professions requiring higher levels of formal education face a higher likelihood of being replaced by AI, with…
The latest addition to the Marvel Cinematic Universe (MCU), ‘The Marvels,’ is facing a significant setback, officially claiming the title of the lowest-grossing installment. After four weeks in theaters, the film has only amassed a mere $197 million globally, falling far short of expectations considering its budget exceeded $220 million. As it continues its theatrical run until New Year’s, industry experts anticipate that ‘The Marvels’ will conclude its box office journey with lackluster revenues in December, putting it at a financial loss. Acknowledging the diminishing box office performance, Disney has decided to cease weekend reporting for ‘The Marvels,’ indicating the…
Prof. Benedict Oramah, the President of the African Export-Import Bank (Afreximbank), has been named the FORBES AFRICA Person of the Year for 2023, as announced during an award ceremony held in Cairo, Egypt. The prestigious recognition was part of the unveiling of FORBES AFRICA’s December 2023/January 2024 edition, featuring Prof. Oramah on the cover. The Founder and Publisher of FORBES AFRICA, Dr. Rakesh Wahi, and the Managing Director, Roberta Naicker, emphasized that the award celebrates exceptional Africans dedicated to the continent’s development. Managing Editor Renuka Methil praised Prof. Oramah as a true pan-Africanist, commending his three-decade career at Afreximbank. In…
The head of Dubai Chamber, Mohammad Lootah, revealed that the non-oil bilateral trade between Nigeria and Dubai hit $2.1 billion in 2022 during the New Horizons Trade Mission in Nigeria. This event, titled “Doing Business with Nigeria,” took place in Lagos in collaboration with the Lagos Chamber of Commerce. Lootah emphasized that establishing a presence in Nigeria marked a significant achievement for Dubai International Chamber. Highlighting the strategic importance of this move, Lootah described it as a crucial platform for fostering cross-border partnerships in one of Africa’s leading economies. He highlighted the existing strong economic ties between Dubai and Nigeria,…
In a recent development reported by InfoStride News, the Manufacturers Association of Nigeria (MAN) has highlighted the detrimental impact of the harsh business climate on Nigeria’s industrialization prospects. The association’s President, Francis Meshioye, conveyed these concerns at the 2023 Annual Nigeria Manufacturing and Equipment Expo, organized in collaboration with the Nigerian Raw Materials Exposition. The expo, titled “Future Manufacturing: Building a Sustainable Roadmap to the Industrialization of Nigeria,” spanned three days and aimed to provide a platform for stakeholders in the raw materials supply chain to collaborate, showcase, and trade available resources and raw materials. Meshioye emphasized the need for…