The Presidency through the State House has spent at least N16.06 billion to buy foreign currencies for international trips in the past one year under the administration of President Bola Tinubu. This is according to an analysis of data from GovSpend, a platform by BudgIT, which tracks, analyses and presents Federal Government spending over time. Covering a period from June 23, 2023, to May 25, 2024, the data includes spending by the president, vice president, First Lady, and the Chief of Staff to the President. It also includes the purchase of foreign exchange (forex) for the Presidential Air Fleet. In the…
Author: Temitope N.
As the presidential campaign heats up in the United States, there are palpable concerns among national governments around the world that have strong economic relationships with the country including Nigeria. Analysts believe that a second presidency of Donald Trump would bring a series of potential impacts on the Nigerian economy, driven by his distinct approach to international trade, foreign policy, and immigration. Trump’s first term was marked by a preference for protectionist trade policies, including tariffs and renegotiated trade agreements aimed at prioritizing American industries. Should he pursue similar policies in a second term, Nigerian exports to the United States…
The ECOWAS Bank for Investment and Development says it is issuing sustainable bonds worth N175 billion (FCFA 70 billion) aimed at boosting the economy of West African countries. The ECOWAS Bank disclosed this via its X page on July 12, 2024. The bank says the funds will support agriculture, renewable energy, health, and industry projects in the region resulting in high social impact. Financing Africa’s private sector FCFA are currencies or units of account used within the West African Monetary Union(WAEMU) by ECOWAS bank. One CFA sells at N2.5 according to the official exchange rate of the Central Bank of Nigeria. The bank…
On 13th July, 2023 the administration of President Bola Tinubu which was barely two months old announced a state of emergency on food security and declared that matters about food and water availability be under the purview of the National Security Council. The state of emergency declaration on food security then follows concerns by the President over the escalating prices of food items in the market following the removal of fuel subsidy. According to the National Bureau of Statistics (NBS), food inflation in July 2023 stood at 26.98%– an increase of 1.73% from the figure recorded in the previous month of…
The Federation Accounts Allocation Committee (FAAC) distributed N1.354 trillion in June revenue among the Federal Government, states, and Local Government Councils (LGCs). This distribution took place during the July FAAC meeting in Abuja, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. According to a communiqué issued by FAAC, the N1.354 trillion total revenue included statutory revenue of N142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and an augmentation of N200 billion. The communiqué…
The African Union(AU) Executive session is set to be held in Ghana between July 18 and 19, 2024, for deliberation on the “Continental Artificial Intelligence (AI) Strategy” and “African Digital Compact”. The strategy was unanimously endorsed by the African ICT and Communications Ministers of the AU, last month, among others. This was disclosed by the AU via its X page on Tuesday, July 17, 2024, ahead of the final adoption of the strategy. The strategy is aimed at accelerating “Africa’s digital transformation” by unlocking the potential of the new digital technologies in Nigeria and other African countries. It was previously reported that over…
African bondholders have, for the first time ever, come together to form a unified negotiating bloc, a decisive step towards protecting the interests of its members. This is happening in the wake of Ghana’s Eurobond default in 2021. This is according to information gathered from a reliable source with knowledge of the block’s formation and negotiations. The coalition, known as the Regional Eurobond Investor Group, ensured that African bondholders had a strong voice in the restructuring process, a domain traditionally dominated by European and Western creditors. The Group was advised by Renaissance Capital Africa. Historically, the Paris Club has been the…
President Tinubu has asked the Senate to amend the 2023 Finance Act to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements. The President in a letter to the Senate explained that the funds generated from this tax would be used to support capital infrastructure development, education, healthcare access, and public welfare initiatives. According to the President, these projects are essential components of the administration’s renewed hope agenda. The letter reads, “Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains…
The International Monetary Fund (IMF) has downgraded Nigeria’s real GDP growth in 2024 from 3.3% in its earlier projection in April to 3.1%. The IMF disclosed this in a recent update to the global economic outlook titled “Global Economy in a Sticky Spot” published on Tuesday. According to the report, the downgrade in the country’s economic growth stems from weaker-than-expected activities between January and March 2024. The IMF further downgraded economic growth projections for Sub-Saharan Africa (SSA) on the back of a decline in economic activities in Nigeria from 3.8% to 3.7%. The report reads, “The forecast for growth in sub-Saharan…
Ghana’s cocoa marketing board, COCOBOD has recorded a profit of 2.3 billion Ghana cedis ($150 million) in the 2022/2023 planting season. According to reports from the Ghanaian auditor general, the profit posted in the planting season marks the end of a six-year losing streak. The profit was occasioned by the restructuring of cocoa bills worth about 7.9 billion Ghana Cedis ($511 million) in 2023. In 2023, COCOBOD initiated a debt securities exchange program aimed at restructuring its cocoa bills. As part of this initiative, the board extended an invitation to holders of its short-term debt securities, known as Cocoa Bills,…
KuCoin, a leading cryptocurrency exchange in Nigeria, announced it would resume a 7.5% Value Added Tax (VAT) on all crypto transactions starting July 8, 2024. The decision, communicated to registered users via email, has sparked significant backlash within the Nigerian crypto community. The reintroduction of the VAT is seen as a move by Nigeria’s Federal Inland Revenue Service (FIRS) to intensify its oversight and regulation of the country’s burgeoning crypto industry. This has raised concerns among crypto enthusiasts who question the rationale behind taxing an industry that has previously been subject to stringent government policies. Historical Context and Current Policies…
U.S. Consul-General, Will Stevens has announced that the United States will increase its investment in Nigeria’s diaspora-led sectors. Stevens stated that the U.S. government has expressed a willingness to invest more in Nigeria’s tech and education sectors to foster mutual development for both countries. He made this announcement during a visit led by President Biden’s Advisory Council on African Diaspora Engagement Team (PAC-ADE) held at the Vibranium Valley Tech City in Ikeja, Lagos. Stevens explained that to better understand the African market, the U.S. government sent the PAC-ADE team to strengthen economic, technology, cultural, and educational ties in Nigeria. The diaspora…
The Lagos State government has dismissed claims about implementing a monthly environmental sanitation exercise and movement restrictions starting in July. In a statement on Wednesday, Adekunle Adeshina, Director of Public Affairs for the Commissioner of Environment, Tokunbo Wahab, said the report is false and that the state has no plans to introduce such measures. According to the statement, Wahab said the viral news is the work of mischief makers intent on confusing residents. He urged all residents to disregard the false information and continue their lawful activities, emphasizing that there will be no movement restrictions on the last Saturday of…
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said it is partnering with the Nigeria Postal Service (NIPOST) to bring down the cost of logistics for SMEs in the country. The Director General of SMEDAN, Mr. Charles Odii, disclosed this via a post on his X handle after a meeting with the Postmaster General and CEO of NIPOST, Mrs. Tola Odeyemi. According to Odii, the cost of logistics has been a major challenge for many SMEs in Nigeria as the costs of goods delivery, in some cases, are higher than the costs of the goods. He said…
The African Group has requested World Trade Organization (WTO) chief Ngozi Okonjo-Iweala to run for a second term as head of the global trade watchdog, according to a document released on Friday as reported by Reuters. A document sent by Chad stated the need to advance outcomes achieved under her tenure before the next major ministerial meeting, which will be hosted by Cameroon. It stated, “The African Group is of the view that it would be in the best interest of the Organization if the process of reappointment were to start early.” Some WTO delegates have privately speculated that Okonjo-Iweala may…
Gender parity for women in the workplace could take five generations or 134 years to achieve worldwide as a result of ongoing signs of post-pandemic recovery in economies and labour markets. This was reported by the World Economic Forum based on its Global Gender Gap Report 2024. According to calculations by the World Bank Chief Economist, Indermit Gill women can greatly boost the struggling global economy by increasing global gross domestic product by 20%; but noted that this can happen only when policies are accelerated and other reforms to remove the many barriers to their progress are made. He stated this at the launch…
The Hollywood action-packed adventure “Bad Boys: Ride or Die” is edging closer to N400 million in box office ticket sales. According to Filmoneng, a West African movie distribution company, the film has grossed N360 million in the Nigerian box office since its release on June 7. Last week, it was the most-watched movie in Nigeria, maintaining a three-week streak at the top of the box office after four weeks in cinemas. The Nigerian box office reports that “Bad Boys: Ride or Die” is the highest-grossing Hollywood movie in Nigeria, as stated by Film One Entertainment. In its first 11 days, the…
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, announced that the state government has disbursed approximately N25 billion in grants and single-digit loans to Small and Medium Enterprises (SMEs) through the Lagos State Employment Trust Fund (LSETF) over the past six years to boost productivity and economic growth. He disclosed this on Thursday at the 2024 Business Day Newspaper CEO Forum held at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, according to a statement on the Lagos State Government’s website. The Governor, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, stated that the grants and loans have empowered entrepreneurs to…
President Bola Tinubu’s appointment of Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom), does not align with the relevant laws that founded the pension industry. This is according to comments from lawyers who spoke exclusively to Nairametrics and suggested that the appointee may not have met the minimum required to be the head of the PENCOM commission. Ajuri Ngelale, Special Adviser to the President, announced on Saturday that Ms. Oloworaran is “a finance and banking expert with many years of experience”. She will succeed Aisha Dahir-Umar. While the appointment is subject to the confirmation…
The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has ordered an immediate suspension of the proposed enforcement of the e-CMR, initially scheduled to commence on July 29, 2024. This directive comes barely 24 hours after the Nigeria Police Force (NPF) had given vehicle owners until July 29 to register for the digitalized Central Motor Registry (e-CMR), which costs N5,375 per vehicle. The announcement was made in a statement by ACP Olumuyiwa Adejobi, Force Public Relations Officer, on behalf of the Inspector-General of Police at Force Headquarters, Abuja. The statement reveals that the suspension aims to provide ample opportunity for mass…