The Senate officially granted approval to the Medium-Term Economic Framework (MTEF) and Fiscal Strategy Paper (FSP) for the fiscal years 2024 to 2026. This milestone came following a comprehensive presentation by Senator Sani Musa, the chairman of the Joint Committee on Finance, which was tasked with overseeing the MTEF/FSP. One of the pivotal recommendations endorsed by the Senate pertains to the inflation rate projections. For the year 2024, the Senate greenlit an inflation rate of 21.4%, followed by 20.3% in 2025 and a further decrease to 18.6% in 2026. It’s noteworthy that the current inflation rate, as reported by the…
Author: Temitope Nlewemchi
Nigeria, Ghana, South Africa, and several other nations within the United Nations have chosen to assert a more prominent role in international tax matters, challenging the traditional dominance of the Organization for Economic Cooperation and Development (OECD). The OECD, based in Paris, has historically spearheaded global tax negotiations, but developing nations, growing increasingly frustrated, are advocating for greater involvement from the United Nations. The year 2021 witnessed an unprecedented agreement among over 130 countries, a landmark deal aimed at mitigating corporate tax avoidance by multinational corporations. However, developing nations express discontent, contending that they stand to gain disproportionately less revenue…
Infostride News reports that the appointment of Haruna Musa, a former Executive Director at GT Bank, as the Managing Director/CEO of Jaiz Bank Plc has been approved by the Central Bank of Nigeria (CBN). This corporate development was disclosed through a filing on the NGX website. Musa is slated to succeed Ahmed A. Hassan, who is set to retire at the close of 2023, concluding his tenure as the current CEO of Jaiz Bank. Haruna Musa brings an extensive banking background of over 28 years to his new role, with a significant portion of his career spent at GT Bank.…
The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari, recently unveiled ambitious targets for the state-owned oil giant. In a press statement by the Chief Corporate Communications Officer of NNPC, Olufemi Soneye, Kyari disclosed that the company is eyeing a significant increase in profits, aiming for N2 trillion in the upcoming audited financial statements for the year 2022. This revelation came during a courtesy visit by Kyari and a delegation from NNPC Ltd to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja on Wednesday, November 22, 2023. Highlighting the…
The recent strategic moves by the newly appointed management of the Nigerian Communications Satellite company, under the leadership of Jane Nkechi Egerton-Idehen, signal a renewed effort to maximize the potential of the country’s satellite infrastructure. Despite these endeavors, the clock is ticking, with only three years left for the NigComSat-1R satellite to complete its 15-year lifespan. Launched in 2011, the NigComSat-1R satellite was envisioned as a cost-saving solution for Nigerian telecom operators and broadcast stations, aiming to reduce the need for sourcing satellite services abroad. Additionally, it was anticipated to enhance the country’s broadband penetration and contribute to economic growth.…
The Federal Government of Nigeria is actively seeking the collaboration of the private sector to spearhead an ambitious Artificial Intelligence (AI) fund. The goal is to elevate the country’s technological prowess and position it as a global leader in AI within the next four years. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, shared this vision during the inaugural session of the Zenith Bank Tech Fair 2023 in Lagos, highlighting the crucial role of private sector involvement. Tijani expressed concern about Nigeria’s lag in AI development, attributing it to the absence of substantial recent investments in the…
The unveiling of two pivotal policy documents and the inauguration of a National Mental Health Technical Working Group mark a significant stride by the Federal Government in combating the rising prevalence of suicide and mental health conditions in Nigeria. In an effort to address this pressing issue, Prof. Ali Pate, the Minister of Health and Social Welfare, formally introduced the National Suicide Prevention Strategic Framework (NSPSF) for the period 2023-2030 and the National Mental Health Policy spanning from 2022 to 2027 during a ministerial roundtable on mental health in Abuja. Prof. Pate emphasized that these documents are designed not only…
The Bauchi State Government has recently unveiled ambitious plans for infrastructural development, earmarking a substantial N100 billion for the construction and rehabilitation of a vast network of roads spanning 200 kilometers across the state. This significant announcement came to light during a press briefing by the Bauchi State Commissioner for Information and Communication, Mr. Usman Garba, who shared the outcomes of the State Executive Council meeting held on Thursday. Governor Bala Mohammed has given the green light for the commencement of these crucial projects, with a keen focus on 16 strategically selected roads. Among the noteworthy additions are two flyovers…
Soap manufacturer PZ Cussons has initiated the process of repatriating funds to its holding company in the United Kingdom in recent weeks, as disclosed in a trading statement leading up to its Annual General Meeting (AGM) scheduled for today. The FMCG giant has indicated that this repatriation, coupled with robust underlying free cash flow, is anticipated to lead to a reduction of approximately £20 million in Group gross debt since May 31, 2023. According to the company, its current naira cash balance stands at an estimated £80-100 million, and it foresees returning £30-50 million before the conclusion of the 2024…
Infostride News has proudly reported that Google’s Hustle Academy has allocated a collective sum of N75 million to support 15 small and medium-sized businesses (SMBs) in Nigeria. This financial injection is coupled with an invaluable offering of mentorship and ongoing assistance through Google’s initiative. In an official statement released on Thursday, Infostride News highlighted Google’s commitment to fostering the growth of Nigerian SMBs. The statement declared, “Alongside the graduation, 15 SMBs have been chosen to receive support from the 75 Million Naira Hustle Academy Fund. This initiative aims to provide a combination of financial assistance, mentorship, and business tool access…
The Defense headquarters has announced a remarkable feat in its operations, stating that over 500,000 liters of stolen crude oil were recovered within the span of just one week. Maj.-Gen. Edward Buba, the Director of Defense Media Operations, disclosed these significant developments on Thursday, November 23, during a press briefing in Abuja, providing insights into the military’s actions as reported by Infostride News. In the preceding week, the troops of Operation Delta Safe demonstrated commendable efficiency, reclaiming a substantial amount of stolen crude oil, specifically totaling 578,900 liters. Additionally, they seized 454,330 liters of illegally refined diesel, commonly referred to…
The 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) received the nod from the House of Representatives on Tuesday, marking a significant step in shaping Nigeria’s economic trajectory. In this pivotal document, a borrowing plan of N7.8 trillion for 2024 emerged as a cornerstone of the nation’s financial strategy. Delving into the specifics, the House set benchmark oil prices for the years 2024, 2025, and 2026 at $73.96, $73.76, and $69.90 per barrel, respectively. This deliberate calibration is indicative of a meticulous approach to forecasting in the volatile global oil market. Correspondingly, daily crude oil production levels were…
Infostride News reports that Ghana’s cocoa marketing board, COCOBOD, has recently entered into its annual loan agreement with international banks, securing funds for cocoa purchases at a record-high interest rate of 8%, as disclosed by Bloomberg. This development follows Ghana’s debt restructuring earlier in the year, which had a negative impact on its appeal to investors. This particular loan agreement is noted to be the most expensive the board has agreed upon since the initiation of such arrangements in 1992-93. The timing of the signing is also noteworthy, as it is the first instance where the agreement has been finalized…
The Federal Government has recently unveiled plans to revive the National Shipping Line, anticipating a substantial boost of $10 billion to Nigeria’s economy annually. This announcement came from Adegboyega Oyetola, the Minister of Marine and Blue Economy, during a Stakeholders’ Roundtable discussion on ‘Advancing Sustainable Development in Nigeria’s Marine and Blue Economy’ held at the Continental Hotel in Lagos. Oyetola emphasized the government’s intention to operate the Ministry of Marine and Blue Economy under a Public-Private Partnership (PPP) arrangement. This strategic move aims to formulate and implement policies that will drive significant developments in the maritime sector, fostering job creation…
Infostride News reported that the Federation Account Allocation Committee (FAAC) has announced the disbursement of N906.96 billion among the three tiers of the government for October 2023. The disclosure was made in a communiqué issued at the conclusion of the latest FAAC meeting, as stated by the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, on Wednesday. This disbursement represents a slight increase of N3.48 billion compared to the N903.48 billion shared in September 2023, indicating a recovery from the previous month’s decrease. The total amount encompasses various sources, including gross statutory revenue, Value Added Tax…
Infostride News reported that the Nigerian Sovereign Investment Authority (NSIA) has recently entered into a partnership with the U.S.-based private equity firm Z Capital Group (ZCG) to establish an investment infrastructure fund specifically tailored for Africa. This collaboration, as detailed by Bloomberg, outlines plans to invest in a diverse range of financial instruments across sectors such as healthcare, digital and social infrastructure, renewable energy, and climate-smart agriculture. According to the reports, ZCG and NSIA are aiming for a substantial fundraising target of $1 billion to $2 billion for this venture. The CEO of Z Capital Group, James Zenni, expressed optimism…
The November 2023 Africa Energy Review report by PricewaterhouseCoopers, as reported by Infostride News, unveils a stark reality in Nigeria’s energy landscape. The cost of running diesel generators in the country is alarmingly four times higher than the electricity tariff per kilowatt hour. Despite this significant financial disparity, businesses and affluent families often find it economically feasible to resort to their own generators. This preference is attributed to the instability and insufficient capacity of the national grid, which results in frequent power outages and system collapses throughout the year. The PwC report sheds light on the persistent challenges faced by…
The Ministry of Solid Minerals Development, under the auspices of the Federal Government, has taken decisive action by revoking 1633 mineral titles due to the non-payment of annual fees. Dr. Oladele Alake, the minister overseeing the ministry, made this announcement during a press briefing held in Abuja on Tuesday. This move follows a similar but more extensive revocation of 3,402 mineral titles late last year, signaling the government’s commitment to enforcing compliance with the Nigerian Minerals and Mining Act (NMMA) of 2007. Dr. Alake emphasized that the NMMA mandates mining operators to remit an annual service fee at a fixed…
Nigeria has recently inked a groundbreaking $500 million gas export deal with Germany, marking a significant stride in the burgeoning economic partnership between the two nations. The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, announced this development on November 21 via a statement on Twitter. The agreement involves the signing of two Memoranda of Understanding (MoUs), solidifying collaboration on gas exports and renewable energy initiatives. The first MoU was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, focusing on the supply of gas from Nigeria to Germany. The second pact involved Union Bank…
Infostride News has reported that Access Holdings Plc recently disclosed the vesting of 15,509,331 units of shares, valued at N267.536 million, to eight top executives within the company. This revelation came through a notification of the vesting of Access Holdings Plc’s shares submitted to the Nigerian Exchange Limited. Vesting, as explained in the statement signed by Sunday Ekwochi, the Company Secretary, is the process by which employees acquire a “vested interest” or stock option in their company. Typically, these stock options, equities, or employer-specific contributions are granted by the company after the employee has completed a specified number of years…