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 Business › Dangote Invests $280M To Support Fg’s CNG Initiative by Veegil(op): 12:52pm On Oct 28, 2024 |
The Dangote Group has announced an investment of over $280 million in Compressed Natural Gas (CNG) technology and infrastructure. This move is part of the company’s commitment to supporting President Bola Ahmed Tinubu’s CNG initiative, which aims to offer more affordable and cleaner fuel options for Nigerians. In a statement, the company emphasized that this significant investment not only reinforces its leadership in the CNG sector but also underscores its commitment to combating climate change and facilitating a transition to a low-carbon economy. President Tinubu has designated gas as Nigeria’s transition fuel, reinforcing his administration’s commitment to fostering a favorable environment for private sector investments and expanding the country’s CNG infrastructure. This initiative aims to boost energy efficiency and stimulate economic growth. In support of this initiative, he ordered the distribution of one million free CNG conversion kits for commercial vehicles involved in transporting people, food, and goods. Dangote Cement has embraced the initiative by committing to convert its trucks to CNG power. Arvind Pathak, Group Managing Director of Dangote Cement Plc, stated that the $280 million investment is focused on acquiring a fully CNG-powered fleet as part of a long-term strategy to transition all its vehicles to CNG. According to the Managing Director, “This move marks a significant milestone in Dangote’s clean energy transition, to operate most of its fleet on CNG by mid-2026. As of October, the company has received its first batch of 1,500 mono-fuel CNG trucks while expecting an additional 1,600 CNG trucks; totaling 3,100 before the end of the year. He further stated that “By mid-2026, Dangote Cement aims to operate a fleet predominantly powered by CNG. To facilitate this transformation, we are investing in expanding our CNG fueling infrastructure, ensuring that our growing fleet has reliable access to CNG as our fuel,” Pathak stated. He said plans are afoot to aggressively pursue this timeline of deployment, beginning from the first quarter of 2025. “We are keeping our eyes on the ball to ensure that we do not miss our target dates of full compliance”. Mr Arvind added that the company’s CNG infrastructure investments have positively influenced Nigeria’s transition to cleaner fuels. According to him, the CNG station at Obajana, capable of refueling over 3,000 trucks, exemplifies this commitment, with a second station currently under development in Ibese to further support fleet operations. President/chief executive, Dangote Group, Aliko Dangote said the company’s investments in CNG are also in line with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which aims for net-zero emissions by 2060. “In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation’s drive towards energy efficiency. This presupposes private sector intervention to support this noble idea initiated by the President,” Dangote added. Aliko Dangote, President and Chief Executive of the Dangote Group, stated that the company’s investments in CNG align with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which targets achieving net-zero emissions by 2060. He stated that “In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation’s drive towards energy efficiency. This presupposes private sector intervention to support this noble idea initiated by the President.” He highlighted that the company’s early embrace of CNG has positioned it as the largest operator of CNG trucks in Nigeria. This initiative supports President Tinubu’s efforts to improve the nation’s energy independence and foster a more secure energy future. “According to him: “We are now using CNG vehicles, especially with the new policy of the federal government, launched under the Renewed Hope Agenda by His Excellency, President Bola Ahmed Tinubu. We are committed to a cleaner and greener future.”
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| Business › IFC And CBN Sign Agreement To Enhance Local Currency Financing In Nigeria by Veegil(op): 12:40pm On Oct 28, 2024 |
The International Finance Corporation, a member of the World Bank Group and the Central Bank of Nigeria have announced an agreement aimed at increasing local currency financing. This initiative is set to unlock over $1 billion in investments across vital sectors of the Nigerian economy. In a joint press statement released by the IFC and CBN, the new agreement is aimed at providing naira-based financing to key sectors, including agriculture, infrastructure, housing, energy, small and medium enterprises, and Nigeria’s youth and creative industries. The agreement, signed by IFC Managing Director Makhtar Diop and CBN Governor Yemi Cardoso, seeks to enhance private sector growth by improving access to long-term, affordable funding in local currency, which is crucial for mitigating currency risks. The IFC plans to significantly increase its financing for critical sectors in Nigeria, targeting over $1 billion in the coming years. The statement read, “IFC, a member of the World Bank Group, and the Central Bank of Nigeria have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive. “The partnership will allow IFC to manage currency risks and increase its investment in Nigerian naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy. In the statement, Cardoso described the partnership as a “pioneering initiative” that reflects CBN’s shift towards innovative financing solutions through collaboration with reputable global institutions. He highlighted that the agreement supports the Federal Government’s agenda to diversify the economy and catalyze sustainable growth. Diop also reaffirmed the IFC’s commitment to promoting economic growth, noting,“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk. “Our partnership with the Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and creating jobs across the country.” The statement further indicated that with a portfolio of $2.13bn, Nigeria is the second-largest beneficiary of IFC’s financing in Africa.
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| Business › Debt Servicing Impeding Nigeria’s Socio-economic Growth – IMF by Veegil(op): 12:34pm On Oct 25, 2024 |
The International Monetary Fund (IMF) has revealed that Nigeria allocates a substantial portion of its revenue to debt servicing, which restricts funding for essential development initiatives In a recent Fiscal Monitor press briefing at the ongoing IMF/World Bank Annual Meetings in Washington, DC, Davide Furceri, Chief of the IMF’s Fiscal Affairs Department, underscored the urgent need for Nigeria to adopt more effective revenue mobilization strategies to ease this financial pressure. He pointed out that Nigeria’s debt service-to-revenue ratio is around 60 percent, significantly hampering the government’s ability to invest in essential social and economic programs. Although the debt service-to-GDP ratio has declined from nearly 100 per cent to 60 percent, he stressed that the country must further reduce the share of its revenue allocated to debt repayments by focusing on broadening its tax base. He explained that , “There is a need to grow the revenue-to-GDP ratio. For a country Like Nigeria, the Debt Service-to-Revenue is about 60 per cent. What that means is that a larger part of the revenue of the country goes into debt servicing. What we recommend for countries like Nigeria, if they can improve their revenue mobilization, they will be able to reduce the portion of the revenue that goes into debt servicing. “It is important to broaden the tax base in order to have more revenue and especially in Nigeria to put in place a system and mechanism that is transparent and efficient to assist the government in collecting more revenue.” Furceri also pointed to the impact of rising food prices and droughts on Nigeria’s economy, calling for transparent mechanisms to ensure that government resources reach the most vulnerable populations. He stressed the importance of balancing revenue growth with targeted social safety nets, especially in countries like Nigeria that are facing both fiscal and humanitarian challenges. The IMF’s Fiscal Monitor Report, projected that Nigeria’s debt-to-GDP ratio, currently at 50.7%, is anticipated to decrease to 49.6% by 2025. The report noted that Nigeria’s public debt includes overdrafts from the Central Bank of Nigeria and liabilities from the Asset Management Corporation of Nigeria. Further forecasts predict the debt-to-GDP ratio will decline to 48.5% in 2026 and 48.2% in 2027, with a slight increase to 48.8% in 2028 and 49.1% in 2029. The IMF emphasized that, in addition to revenue growth, the government should implement targeted social safety nets to protect vulnerable populations from the impacts of inflation and environmental challenges.
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| Politics › Tinubu’s Cabinet Shake-up, Politics Over Competence – Adebayo Shittu by Veegil(op): 12:27pm On Oct 25, 2024 |
Adebayo Shittu who was the former Minister of Communications, says President Bola Tinubu’s cabinet overhaul isn’t great. As stated by the former minister, the cabinet shake-up was more politically roused than acquiring predominant personalities as ministers into the Federal Executive Council (FEC). “If you look at the changes we had yesterday (Wednesday), I doubt whether it is necessarily bringing in superior minds or better minds, in terms of governance, in terms of expectations, in terms of performance,” Shittu said. “Taking everything into account, it is just a case of some Nigerians being asked to move on, some other Nigerians are being brought in, which does not guarantee that those who have been pushed aside are substandard compared to the new people being brought in.” Tinubu appointed 48 ministers in August 2023, around 90 days after he was inaugurated as Nigeria’s president. One of the ministers, Betta Edu, was suspended in January 2024, while another, Simon Lalong, resigned and joined the Senate. With Nigeria’s wobbling economy, soaring expansion and worsening security, Tinubu, former Lagos governor, has faced so many criticisms over his ministers’ performance in the last 15 months since they were appointment. The President capitulated to the calls for him to shake up his cabinet on Wednesday, with the termination of five ministers, the reapportionment of 10 others and seven fresh appointments. No Time For Error Be that as it may, Shittu, a minister during the administration of Tinubu’s predecessor, Muhammadu Buhari, said the cabinet shake-up was a simple political custom to mollify disappointed citizens. “As a rule, not every person who is appointed as a minister that fits in,” the former minister expressed. “You’ll concur with me that because of the Nigerian factor, a ton of decisions have political undertones rather than meritocracy in figuring out who who becomes a minister.” He mentioned that ministerial nominees must be exhaustively screened by the Senate as Nigerians don’t have the tolerance for trial-and-error ministers. Shittu said, “I would rather prefer that people are taken through a screening process to know their suitability. “For example, I make bold to say that today, we have an engineer as a minister of works. Any key watchers of events in the Ministry of Works would concur that the way that the occupant of that position is a civil engineer influences decidedly on the task. “In the event that, I, as a lawyer, who has not had any preparation or any comprehension of engineering, assuming I am to be posted to the works’ ministry, obviously, it would require a ton of investment to learn and Nigerians surely have very little time in such growing experience.”
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| Business › World Bank Increases Agribusiness Funding To $9 Billion by Veegil(op): 11:48am On Oct 24, 2024 |
The World Bank Group has announced plans to enhance its financial commitment to agribusiness with a goal to double its annual funding to $9 billion by 2030. This initiative aims to develop a comprehensive ecosystem for the agribusiness sector, tackling key challenges and seizing opportunities within the industry. Mr. Ajay Banga, President of the World Bank, made this announcement at the Agriculture Flagship Event during the ongoing IMF/World Bank Annual Meetings in Washington, DC. He stressed the importance of decisive actions from both governments and private sector investors to tackle persistent challenges in food production. The funding boost responds to transformative trends affecting agribusiness, such as climate change, advancements in financial technology, and the demand for digital solutions. According to the World Bank Group President Ajay Banga: “We stand at a crossroads, and the path we choose today will determine the future. The World Bank’s ecosystem approach moves us beyond fragmented efforts to a constellation of solutions that includes everything from warehousing to logistics to production, but with smallholder farmers and producer organizations at the Centre.” The fund stated that the ecosystem was made possible because of the work it had advanced over the past 16 months to become a better, simpler, more coordinated institution. It further stated that the more integrated approach will bring together all the institution’s resources to offer comprehensive support and tailored solutions Mr Banga added that the World Bank’s International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) will concentrate on enhancing public sector capacity, while the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will focus on providing financing and facilitating access to the private sector. It added that this collaborative approach will be recognized and experienced by both business and government partners, with the aim of mobilizing $5 billion by 2030. The bank also noted that increasing agricultural productivity—and incomes—will help generate jobs, enhance revenues, and improve food quality and nutrition. It further explained that Climate-smart production practices will lead to lower emissions and cleaner air and water, resulting in an overall better quality of life. As part of its ongoing support for Nigeria, the World Bank has launched initiatives like the Agro-Climatic Resilience in Semi-Arid Landscapes project, which has already made progress in boosting agricultural productivity in the Federal Capital Territory. This project includes the procurement of tractors and the construction of solar-powered boreholes to enhance irrigation capabilities and provide sustainable water sources for local communities. It further disclosed that the increase in agricultural inputs will also help create jobs, boost revenue and improve crop yields. It will also address the challenges posed by climate change, promote food security and economic development in the region.
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| Politics › SERAP Vows To Take Wike To Court Over Beggar Ultimatum by Veegil(op): 11:40am On Oct 24, 2024 |
The Socio-Economic Rights Accountability Project has vowed to take the Minister of the FCT, Nyesom Wike to court, in the event that he doesn’t pull out the final proposal he issued to beggars in the Federal Capital Territory (FCT). Wike during the flag-off ceremony for access road construction in the Katampe District of the Federal Capital on Tuesday, said FG would begin capturing beggars seen in the city of Abuja from the following week Monday. SERAP, but in a post on social media on Wednesday, expressed that nobody ought to be condemned for their socio-economic status. The group admonished the minister to rather give chances to assist the beggars with modifying their lives. “Allow me to state obviously that we have declared war; Abuja is turning into a beggar city. If you know you have a sister or brother who is a beggar, please, from next week, we will take them away. It is embarrassing that people will come in and the first thing they will see are just beggars on the road. “Sometimes, they may be criminals pretending to be beggars. We will not allow that. So, I’m giving you a public holiday from now until Sunday. From Monday, we will remove them,” he affirmed. SERAP nonetheless said it wouldn’t hold back to file a lawsuit against the minister in the event that he carried out the danger. “The Minister of the FCT, Nyesom Wike, should withdraw his apparently unlawful threat to arrest beggars in Abuja with immediate effect or face legal action. Nobody ought to be condemned for participating in life-sustaining economic activities or because of their economic or social status. “As opposed to capturing and taking action against beggars, Mr Wike ought to give them the potential chance to revamp their lives and completely coordinate into society while regarding their poise and human rights. Mr Wike should begin to address the root causes of poverty and the violations of the economic and social rights of especially marginalized individuals in Abuja with immediate effect. “He must address the plight of those experiencing homelessness and those living in poverty in Abuja and not demonize and criminalize them.”
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| Politics › House Of Reps Commences Investigation Into National Grid Instability by Veegil(op): 11:31am On Oct 24, 2024 |
The House of Representatives has directed its Committee on Power to investigate the frequent national grid implodes and give a report in three weeks or less.https://www.google.com/amp/s/www.channelstv.com/2024/10/23/reps-to-investigate-frequent-national-grid-collapse/amp/ 2 Likes 2 Shares
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| Business › IMF Downgrades Nigeria’s Economic Growth Forecast In 2024 by Veegil(op): 11:24am On Oct 23, 2024 |
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast for 2024 down to 2.9 percent, citing factors such as insecurity in oil-producing regions, the impact of flooding, and lower-than-expected economic activity in the first half of the year. This adjustment, detailed in the latest World Economic Outlook. The IMF highlighted that this revision also impacts the broader Sub-Saharan Africa growth outlook, which decreased from 3.8 per cent to 3.7 per cent. The report was presented by IMF’s economic counselor and director of Research, Pierre-Olivier Gourinchas, during a press conference unveiling the World Economic Outlook (WEO) at the ongoing IMF/World Bank annual meetings in Washington, D.C. Earlier in April, the IMF had projected Nigeria’s growth at 3.3 percent for 2024, which was subsequently adjusted to 3.1 percent in July. In recent weeks, devastating floods have claimed the lives of hundreds of Nigerians, destroyed homes and farmland while posing a significant threat to food supplies, particularly in the severely affected northern region. According to the National Emergency Management Agency, the floods—largely attributed to inadequate infrastructure and dam management—resulted in 185 fatalities and displaced approximately 208,000 people across 28 of Nigeria’s 36 states. Additionally, ongoing unrest in the Niger Delta region has further impacted oil production, which is Nigeria’s primary source of revenue. The IMF stressed the need for governments to strike a delicate balance between curbing inflation and providing necessary support to vulnerable populations. Using Nigeria as an example, Gourinchas explained, “Fiscal consolidation becomes difficult when governments must also allocate resources for relief efforts, such as responding to flooding or supporting the poor and vulnerable.” Debt sustainability remains a persistent issue across the region. “Although some progress has been made in controlling debt, it is still too high, and the debt service burden remains significant,” Gourinchas added. He expressed optimism, however, that the region could make further strides toward stabilizing its economies if the right policy mix is maintained. The report noted that global growth is expected to remain stable yet underwhelming in the year. “However, notable revisions have taken place beneath the surface since April 2024, with upgrades to the forecast for the United States offsetting downgrades to those for other advanced economies, in particular, the largest European countries. Likewise, in emerging markets and developing economies, disruptions to production and shipping of commodities—especially oil—conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the Middle East and Central Asia and that for sub-Saharan Africa. “These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence, has bolstered growth, a trend supported by substantial public investment in China and India. Five years from now, global growth should reach 3.1 per cent—a mediocre performance compared with the pre pandemic average.”
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| Politics › Critics Envious Of My Success – Gov Adeleke by Veegil(op): 12:54pm On Oct 21, 2024 |
Osun State Governor, Senator Ademola Adeleke, has blamed critics of his administration, said they are envious of his accomplishments. The governor in a statement by his spokesman, Olawale Rasheed, said within the last 23 months, he has brought in good governance in the South-Western state. “Governor Adeleke said his focus on delivering good governance and serving only public interest worries and confound the opposition which had failed woefully when it was given the opportunity to govern the state,” the assertion read. He likewise jeered the opposition All Progressives Congress (APC) in the state, saying his strides in government have made the party resentful. The governor’s administration made it a mark of obligation to follow through big and small service issues confronting the people of the state across the sectors, explaining that the methodology consolidates imagining something truly mind-blowing and little simultaneously to the greatest interest of the people. Governor Adeleke expressed that the opposition cannot comprehend how his administration has accomplished so much within such a little time, thus they resort to outright fake news, personal assaults and erring against God by condemning his praise worshiping the giver of power and life. He additionally called on religious institutions to constantly speak truth to power, focusing on the significance of constructive engagement with political leaders. “To my faultfinders, I empathize and sympathize with them. At the point when someone succeeds where you fail, you are likely to be envious and even bitter. That is human nature. But I encourage them to place public interest above private agenda. As for me, I have no option than to succeed”, the governor said. “Silence by the church and clerics generally is not an option. Clerics should speak loud about free and fair elections, the nobility of all human beings, the prevalence of public good over private interests, regard for the supremacy of the constitution, recognition of the rule of law and equality of all citizens under the watchful eye of the law. “As a sitting governor, I firmly believe the clerics should mount advocacy on what impedes good governance namely autocracy, dictatorship, arbitrariness, the culture of impunity, self-perpetuation in office, suppression of opposition, corruption and failure to respond to aspirations of the people,” he concluded.
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| Business › N’assembly Proposes 5% Excise Duty On Telecommunications And Other Services by Veegil(op): 12:38pm On Oct 21, 2024 |
The National Assembly has proposed a move to reinstate a 5% excise duty on telecommunications services as well as gaming and betting activities, in an effort to reform Nigeria’s tax framework. This tax initiative follows President Bola Tinubu’s executive orders on July 6, 2023, which included a suspension of the 5% excise tax on telecommunications aimed at reducing the financial burden on businesses and households. The proposal is detailed in an executive bill titled the “Nigeria Tax Bill 2024,” which aims to reintroduce the excise duty. The bill states, “The amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth. “Services, including telecommunications, gaming, gambling, betting, and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.” A detailed overview of the excise duty structure outlined in the bill reveals that telecommunications services, including both postpaid and prepaid offerings regulated by the Nigerian Communications Commission, will incur a five percent duty. This same rate will also be applicable to gaming, gambling, betting, and lottery services. In addition, the legislation addresses currency exchange transactions involving the naira, specifying that these transactions must not exceed the prevailing official market rate set by the Central Bank of Nigeria (CBN). If the exchange rate for any transaction exceeds the official rate, the excess amount will be subject to excise duty, which will be assessed on a self-assessment basis in accordance with the Nigeria Tax Administration Act. The new tax regime is a crucial aspect of the government’s strategy to increase non-oil revenue in light of ongoing fiscal pressures. Given the rapid growth in the telecommunications and betting sectors, authorities are seeking to expand the revenue base.
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| Politics › Neda Imasuen To FG- Nigerians Struggling, Give Working Class Relief by Veegil(op): 12:24pm On Oct 21, 2024 |
Neda Imasuen, a Labour Party (LP) Senator who represents Edo South in the National Assembly has blamed the twin policies of petroleum subsidy removal and unification of forex windows by the President Bola Tinubu administration. He said Nigerians, particularly the working class, are paying too much a price for the supposed changes of the All Progressives Congress (APC) government led by Tinubu. The lawmaker said the lawmaking body “can only support them (the executive) and trust that their plan takes us to the destination”. Imasuen expressed, “This is not the time to trade blame; it’s time to sit down and say, look, our people are suffering, how do we sort out the situation we have found ourselves? “The steps that are being taken, I’m afraid that the suffering that Nigerians are going through presently is an excess of a cost to pay for it. “Presently, this is a country that we don’t produce, we import, and we are depreciating our naira. I fail to understand how that will help us. Everything is attached to the dollar, and the dollar keeps going up. “How about we foster our enterprises. These SMEs work a lot if we can strengthen small and medium enterprises and give the middle class breathing space to do what he has to do. “On this inquiry of subsidy, there is no country that does not subsidize, especially particularly in the area of agriculture. Our farmers need access to funding and they need government intervention to produce the food that we need. Today, many can’t buy a bag of rice; it’s about N100,000.” Imasuen likewise said state governments have parts to play in alleviating the suffering of the people but they are not playing their parts. Nigerians are confronted with the worst economic crises in many years, with soaring inflation fueled by skyrocketing energy and food costs. The working class is the most hit, with a significant number of them forfeiting their vehicles to endure the uncommon difficulty in the country. Pundits have blamed Tinubu’s twin policies of petrol subsidy removal and unification of the foreign exchange rates which numerous Nigerians believed were responsible for the unfathomable inflation and high cost of living and energy costs in the country. Multitude of Nigerians have raged the streets in recent times to protest what they depicted as an deplorable economic circumstance in the country. During his second Independence Day Anniversary Broadcast on October 1, 2024, the former Lagos governor sympathized with Nigerians over the economic hardship his changes might have caused whilst he guaranteed them that his administration had been busy implementing measures to cut down the high cost of living. Tinubu pleaded for additional persistence and time, saying his administration is retooling its economic policies to ultimately benefit common Nigerians.
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| Politics › ‘police Completely Dedicated To Unprejudiced Nature’ – IGP | Ondo Guber by Veegil(op): 3:27pm On Oct 16, 2024 |
The Nigerian Police Force (NPF) has said it would guarantee that the forthcoming gubernatorial election in Ondo State is drained of unprejudiced nature. The Inspector General of Police (IGP), Kayode Egbetokun, guaranteed in a meeting convened with AIG’s and CP’s from all formations, zonal and state commands. The meeting was pointed toward considering achievements, portraying future systems, and building up the responsibility of the Power to keeping up with the rule of law the country over. An assertion by Force Public Relations Officer, ACP Olumiyiwa Adejobi said during the meeting, huge accentuation was put on the impending gubernatorial political race Ondo State, scheduled for November 16th 2024. Egbetokun said the NPF is completely dedicated to “unprejudiced nature, incredible skill, and the best expectations of direct to shield a majority rule government.” He mentioned that thorough training sessions will be conducted for police personnel to set them up for their obligations, with an emphasis on compromise and keeping public order during the election. The IGP further reported the senior police officers’ conference and retreat which would take place from November 25th to 28th, 2024, in Abeokuta, Ogun State. He focused on the essential worth of kinship, cooperation, and mutual perspective inside the Power, emphasizing the significance of cooperative endeavours with important legislative and non-administrative organizations, as well as local area partners, in accomplishing the country’s shared objectives. “A united front is imperative in tackling the multifaceted security challenges faced by our nation. “The Nigeria Police Force remains committed to transparency and effective communication with the public and will continue to work diligently to ensure the safety and security of all citizens and maintain law and order across the country,” he asserted. The IGP’s commitment to the successful outcome of the Ondo poll comes after the Independent National Electoral Commission (INEC), announced that collection of the Permanent voters’ cards by registered voters will commence on Thursday. The INEC National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, reported this in a proclamation on Monday. As per the assertion, a total of 89,777 new PVCs were printed and delivered to INEC’s state office in Akure. This incorporates 58,708 new voters and 31,069 individuals who applied for transfers, updates, or substitutions of lost and damaged PVCs. PVC collection will be accessible at two levels across 221 centres in the state.
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| Business › FG To Financially Assist 20 Million Nigerians- Wale Edun by Veegil(op): 3:17pm On Oct 16, 2024 |
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the increase in Nigeria’s revenue for the 2024 fiscal year is being directed towards various social intervention programs designed to enhance the living standards of citizens and address urgent societal challenges. Speaking at the panel session titled “Fiscal Reforms for a More Secure Future” at the 30th Nigeria Economic Summit Group (NESG), Wale noted that the increased revenue is mainly allocated to fund social programs designed to alleviate the impact of essential yet challenging reforms on the cost of living. The minister noted that the social investment program aims to benefit 60 percent of the country’s poorest population, impacting 20 million persons. He also revealed a comprehensive proposed agenda for economic reform, which aims to reduce inflation, create jobs, and stimulate growth in key sectors of the economy. He noted that during President Bola Tinubu’s address on October 1, 2024, the president announced that government revenue for the first half of 2024 (January to June) surpassed N9.1 trillion, more than doubling the N4.06 trillion generated in the same period in 2023. According to the minister “In terms of revenue, the number one place to look was inwards, domestic resource mobilization. That’s where the government started. By the first half of this year, revenue had doubled. Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly. “We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to the government. He further added that “The social investment programme is spearheaded by direct transfers to reach 60 per cent of the poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government. That is how President Tinubu’s government is spending the money which is being yielded from better oil production”. Edun highlighted the government’s emphasis on agriculture, manufacturing, oil, and housing as key sectors for Nigeria’s economic growth. He stated that enhancing food production is a priority to help reduce inflation, with the goal of making food more accessible and affordable to lower the cost of living for Nigerians. He added that the government is partnering with the African Development Bank (AfDB) to create agricultural processing zones, which will ensure a steady supply of raw materials for domestic industries to support these initiatives.
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| Politics › PDP Flags Off Campaign, Vows To Unseat APC | Ondo Guber by Veegil(op): 2:36pm On Oct 16, 2024 |
Ahead of the November 16 gubernatorial election in Ondo State, the state chapter of the Peoples Democratic Party (PDP) on Tuesday kicked off its campaign in the state. Many of the party faithful assembled at the Oyemekun Road, Akure, the state capital, in various branded party uniforms and caps amid fanfare. The flag of the party was given to the party candidate, Mr. Agboola Ajayi, by the National Chairman of the party, Alhaji Umar Damagun. The rally was attended by the national, state and local government leaders of the party, which conprised, the Lead Representatives of Oyo, Osun and Bauchi States, Seyi Makinde, Senator Ademola Adeleke and Bala Mohammed respectively, the senate minority leader, Senator Abba Moro, a former Lead Representative of Ebonyi State, Mr. Sam Egwu, a former deputy governor of Ondo State, Ambassador Omolade Oluwateru, among others. Presenting the party flag to the candidate, the National Chairman, Damagun, said the party was united to go to the impending political race and reclaim the state. He charged individuals to safeguard their votes and deliver themselves from the government of All Progressives Congress (APC), which, as indicated by him, had brought difficulty to the people. Damagun said, ” It is a known fact that APC has brought hunger to this nation. This is the time to pay them back. This is the opportunity for you to change the narrative. “Agboola Ajayi is the person to do it for you. They are thieves, don’t trust them, and don’t allow them to steal your votes. They did it in Edo but don’t allow them in Ondo here, come out on November 16 and vote for PDP. ” The PDP candidate, Ajayi, who was flanked by his running mate and member of the Lower Chamber, Festus Akingbaso, and other national leaders of the party, requested the Chairman of the Independent National Electoral Commission, Prof. Mahmood Yakubu to remove the Residents Electoral Commissioner in Ondo State, saying they did not trust the REC. “We want the Chairman of INEC to redeploy Ondo REC because she was born and bred in Akure, we don’t have confidence in her,” Ajayi said. In his own speech, for the benefit of the PDP Governors’ Forum, Bauchi Governor, Mohammed Bala, made known that there was no more crisis in the party, stating that the leadership crisis in the party had been settled. He asked the people to vote for Ajayi in the election. “Ondo State is a place where everyone knows his rights. All the 13 governors are behind you. We are one in the PDP, there is no faction. Every responsible person belongs to PDP, we must deliver ourselves from hunger, from the hardship of the APC”, he charged. Makinde, in his comments, encouraged the people not to sell their votes. He likewise called on the INEC to guarantee the election was conducted in a free, fair and credible climate. Makinde stated, “I want to implore you, don’t sell your votes, this is the beginning of victory in Ondo State. INEC should play the game according to the rules. What happened in the Edo election should not happen in Ondo.” Egwu who represented the Chairman Board of Trustees of the PDP, Senator Adolphus Wabara urged the people to vote and protect their votes. “I want you to hold your ground, this state belongs to PDP. We should not allow Nigeria to turn to one party. A one-party system is not a tenet of democracy. This election must be free and fair. The last election in Edo State is a fraud, everyone knows that, and we would not allow that in Ondo State. Make sure you protect your votes.” 5 Likes 2 Shares
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| Business › SON Implements 88 Safety Standards For CNG Vehicles by Veegil(op): 3:39pm On Oct 14, 2024 |
The Standards Organisation of Nigeria (SON) has announced the adoption of 88 international standards for Compressed Natural Gas (CNG) products to support the ongoing rollout of various CNG initiatives nationwide. This measure aims to facilitate the effective implementation of CNG systems in vehicles and ensure the use of high-quality products throughout Nigeria. Dr. Ifeanyi Okeke, the Director-General of the Standards Organization of Nigeria, shared this information in a statement marking the World Standards Day celebration in Abuja, which was themed “Our Shared Vision for a Better World: Standards for Changing the Climate”. He added that the event was aimed at raising awareness about the impact of standards on industrialization and economic growth. There has been an increasing concern about the transition to CNG vehicles, particularly regarding the risks of explosions and other safety hazards associated with using CNG as a fuel source. These concerns arise from reports of incidents involving improperly installed or maintained CNG systems, which have resulted in dangerous situations. This has raised questions about the adequacy of existing safety regulations and the necessity for more stringent oversight. The SON Director-General noted that the government has adopted international standards to ensure that CNG products comply with stringent safety and quality benchmarks, thereby facilitating the broader transition to sustainable energy solutions. He stated that “Standards are crucial in achieving these goals and in facilitating the development of renewable energy, energy efficiency, and sustainable practices. SON, in line with President Bola Ahmed Tinubu’s agenda, has adopted 88 international standards for Compressed Natural Gas products to support the success of CNG initiatives”. He emphasized that SON is a member of the committee responsible for developing the Natural Gas Vehicles Monitoring System, which aims to oversee the implementation of CNG systems in vehicles and ensure the use of quality products in Nigeria. The SON Director-General also added that the organization has conducted factory visits to China and India to certify CNG components and kits, with a focus on safety and quality assurance. According to Okeke, the agency is dedicated to improving life through standardization and quality assurance, fostering consumer confidence, and enhancing the global competitiveness of Made-in-Nigeria products.
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| Politics › Makinde Urges PDP To Implement Recommendations by Veegil(op): 3:39pm On Oct 10, 2024 |
As reconciliation endeavours within the Peoples Democratic Party (PDP) go on across the country, the Oyo State Lead Representative, Seyi Makinde, has encouraged the national leadership of the party to take on a comprehensive approach in executing the recommendations of its reconciliation committee. The Lead Representative lauded the national body of the party for setting up such a reconciliation committee made up of highly respected leaders of PDP with broad political experiences within and outside of government. He communicated good faith that the reconciliation committee with former two-term Lead Representatives of Osun and Gombe states, Olagunsoye Oyinlola, and Ibrahim Dankwambo as the Chairman and Secretary of the committee respectively and other well-known personalities, would emerge with recommendations that would assist the party reinforcing it and reposition it for future political races. Speaking at the PDP National Reconciliation Committee’s (NRC) press briefing held at the Agodi Government House in Ibadan over the finalization of its assignment in Southwest, the Oyo State Deputy Lead Representative, Bayo Lawal, who represented Makinde, stressed the importance of unity and aggregate exertion within the party to accomplish the primary goal of the committee. The deputy Lead Representative, who noted that problems affecting the party differ from state to state, focused on the need for the national body of the party to guarantee that the outcome of the committee’s task was duly and comprehensively executed to avoid any misfortune in the endeavours to reposition the party ahead of future political races. Earlier in his address, Oyinlola revealed that the mandate of the committee and the essence of its assignment in the South-West was to look into the health of the party, draw in stakeholders with the end goal of reconciling aggrieved members, and strengthen the party’s cohesiveness. Oyinlola criticized what has become of the party’s fortune as of late while regretting how internal wrangling and what was depicted as primordial opinions have antagonistically impacted the party’s growth regardless of its wide reach and presence across the 774 local government areas in the nation. He, in any case, communicated optimism over the reconciliation move as elders of the PDP in the state consented to sitting together for the first time in a long while to resolve their disparities.
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| Business › FG Unveils Application Website For CNG Vehicle Conversion by Veegil(op): 3:06pm On Oct 10, 2024 |
The Federal Government has introduced an application portal aimed at Nigerians interested in converting their vehicles from the use of Premium Motor Spirit to Compressed Natural Gas. This was contained in a statement by the National Orientation Agency titled “Payment plan to make it easier to switch to CNG.” According to the statement, Nigerians who wished to make the switch can now apply through this portal. The initiative includes flexible payment plans, allowing applicants to spread their payments over several months. The agency emphasized that applicants will receive support through the process to ensure a smooth and hassle-free experience. The agency emphasized the ease of the process, stating that: “Switching to Compressed Natural Gas is now more accessible than ever. With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable. “These payment options allow you to convert your vehicle now and pay later with affordable monthly installments at competitive rates. With an easy online application and quick approval process, you’ll receive support every step of the way to ensure a hassle-free experience”. “The benefits of CNG include Cost Savings, Environmental Impact, Enhanced Engine Life, Safety and Reliability, Proven technology with a track record of safety and dependable performance”. The NOA encouraged those interested to visit the website gocng.ng to submit their applications. This development follows the government’s recent launch on October 7 of a portal that allows youths to access CNG-powered tricycles as part of the Presidential CNG Initiative (P-CNGi). Michael Oluwagbemi, Project Director and CEO of P-CNGi, noted that the initiative aims to enhance the economic well-being of Nigerians by decreasing dependence on petrol and encouraging cleaner, more sustainable energy alternatives.
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| Politics › No Regret Neutralizing PDP – Wike by Veegil(op): 2:36pm On Oct 09, 2024 |
FCT Minister, Nyesom Wike, on Tuesday said he has no regret Neutralizing the Peoples Democratic Party (PDP) in the 2023 presidential election. Wike, who spoke on a televised show, denied participating in anti-party activities by declining to support Atiku Abubakar, the then PDP presidential candidate. He defended his decision, saying it was taken for the sake of justice and fairness. “For the presidential election, I said I am going to support equity, fairness and justice. In the other one, I am going to support my party and that is why we won the governor, National Assembly election,” Wike said. “For presidential, I have no apologies because I don’t believe in injustice. Today people say ‘discipline Wike, he did anti-party.’ I did not do anti-party,” Wike said. In the build up the 2023 general elections, Wike, then Lead Representative of Rivers State, teamed up with four other aggrieved PDP governors, including Samuel Ortom (Benue), Seyi Makinde (Oyo), Okezie Ikpeazu (Abia), and Ifeanyi Ugwuanyi (Enugu) against Atiku’s ambition. The five Lead Representatives had been consistent in their demand that Senator Iyorchia Ayu withdraw as PDP national chairman as a precondition for them to support the presidential ambition of the party’s flag bearer, Atiku Abubakar. Atiku later lost the presidential election to the then candidate of the All Progressives Congress (APC), Bola Tinubu, under whose government he is filling in as minister.
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| Politics › Wike Blames Fubara Of Supporting APP by Veegil(op): 2:30pm On Oct 09, 2024 |
Former governor of Rivers Nyesom Wike has blamed his successor Siminalayi Fubara of supporting the Action Peoples Party (APP) in the just concluded local government election in the oil-rich state. Lead Representative Fubara had days ago sworn in local government chairpersons in Rivers State. APP won 22 of the 23 chairmanship positions in the election. The chairman of the Peoples Democratic Party (PDP) Governors’ Forum Bala Mohammed of Bauchi State likewise attended the event. Leading the pack to the poll, Fubara who is a member of the PDP said he is the “greatest loser” since his party was not on the ballot. In any case, Wike who is now the Minister of the Federal Capital Territory (FCT) claims Fubara sponsored the APP for the election. “Today, people say ‘Discipline Wike, he did anti-party’. I did not do anti-party; I said we must stand for equity, fairness, and justice’,” he said on Tuesday’s edition of Channels Television’s Sunday Politics about his support of President Bola Tinubu of the All Progressives Congress (APC) in the 2023 election. “Today, what happened? The governor, Fubara is the one who sponsored the APP. The chairman of the [PDP] governors’ forum was the one who attended the swearing-in”.
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| Politics › Reps Plan Formal Review On Delay In Justice Delivery by Veegil(op): 2:18pm On Oct 09, 2024 |
The House of Representatives has directed its constitution review Committees, to organize public hearings with end goal of tending to permanently the delay in justice delivery in the country and re-establishing the confidence in the judiciary. This is in line with a motion on the need to tend to the delay in the legal framework in the midst of worries of sabotaging the public’s confidence in the judiciary. The motion, which was raised by Honourable Ganiyu Ayuba, tweaked the ears of some states of the federation where cases in preliminary courts that ought to be settled in no time, last four to five years before judgement is delivered, particularly long-term incarceration of suspects, delayed chieftain disputes, and unsettled commercial litigation, which present critical challenges to democratic and economic advancement. The lawmakers likewise discredited the blockage of correctional facilities with an extraordinary level of occupants awaiting trial. Meanwhile, the house has directed its Committee on Works to find out the causes of incessant structural collapse and proffer enduring solutions to curb the hazard.
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| Business › Okonjo-iweala Advocates For Reduced Cotton Subsidies For Developing Nation by Veegil(op): 12:40pm On Oct 09, 2024 |
Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), emphasized the need to create a fairer competitive environment by cutting cotton subsidies, currently totaling $8 billion. She noted that this reduction would enhance market access for developing countries and help them gain more from trade. She spoke at the ongoing World Cotton Day 2024 opening ceremony in Cotonou, Benin Republic, where she highlighted the WTO’s progress in supporting the cotton sector. She noted that WTO members have worked hard and will continue advancing negotiations to achieve this goal. The WTO Director-General expressed concern that, despite the high quality and eco-friendly characteristics of African cotton, the sector is grappling with considerable challenges, including market distortions and the impacts of climate change. She underscored the critical role of cotton in the economies of West and Central Africa, particularly in countries like Benin, Burkina Faso, Chad, Mali, and Côte d’Ivoire, collectively referred to as the Cotton 4+ nations. She added that these countries as the largest cotton- producing region in Africa produce over one million tons of cotton annually, accounting for 50 per cent of Africa’s total output and 4 per cent of global production. The WTO DG also praised the Benin Republic for hosting the event, which is being held in Africa for the first time and emphasized Africa’s growing cotton investment opportunities. “I hope this World Cotton Day serves as a platform to coordinate our efforts to improve the conditions for cotton farmers and supports transformation of the sector, focusing on sustainable development and maximizing gains in growth, jobs and opportunities,” she stated Okonjo-Iweala highlighted that West and Central Africa rank as the third-largest exporters of cotton, following the United States and Brazil, making a substantial contribution to global trade, which increased from $8.2 billion in 2003 to $23 billion in 2022. However, she pointed out that, despite the high quality and eco-friendly characteristics of African cotton, the sector is facing significant challenges, including market distortions and the effects of climate change. According to Okonjo-Iweala “The African market for cotton alone is worth USD 12 billion. We are also exploring external opportunities, including the sports apparel value chain, which is expected to reach USD 250 billion by 2026”.
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| Business › SEC To Implement Fintech Regulations To Safeguard Investors’ Funds by Veegil(op): 12:24pm On Oct 09, 2024 |
The Securities and Exchange Commission (SEC) is taking steps to regulate the fintech sector, aiming to prevent fund mismanagement and ensure compliance among operators. The Director General of the Nigeria Securities and Exchange Commission (SEC) Mr Agama disclosed this at the Nigeria Fintech Week themed “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth”. Mr Agama stated that this initiative, alongside an Accelerated Regulatory Innovation Program that helps fintech companies pilot their solutions within a structured setting before they fully enter the market seeks to position Nigeria as a leading fintech hub in Africa and worldwide. He emphasized that this is to protect investors’ funds while fostering the growth of the startup ecosystem. In 2023, seven Nigerian startups announced their closures, resulting in a loss of $79.15 million in funding for investors. The majority of these shutdowns stemmed from difficulties in securing additional funding, with some attributed to inadequate corporate governance practices. According to Agama “We are focused on smart regulation—an approach that encourages innovation without compromising security or market standards”. The SEC DG highlighted that the program has already produced significant results, with several recent approvals and additional applications currently undergoing thorough assessment. Agama urged the government to promote fintech through initiatives like digital infrastructure development, public-private partnerships, or educational programs to build digital skills in fintech, the SEC DG also urged fintech innovators to continue developing solutions that address Africa’s unique challenges, particularly in the areas of financial inclusion, access to capital, and wealth creation for underserved populations. SEC is promoting a smart regulation framework to foster a regulated environment that encourages innovation which adapts existing capital laws to meet the specific needs of fintech operators. The capital market regulator has established an innovation and fintech portal, known as FinPort, to help both new and existing fintech companies navigate the regulatory requirements relevant to the capital market. The Commission has implemented a three-pronged strategy to regulate innovation in the Nigerian capital market, prioritizing safety, market expansion, and problem-solving. This proactive approach is designed to ensure regulatory compliance, enhance stakeholder confidence, and create value for innovators seeking legitimacy. President of the Fintech Association of Nigeria (FinTech GR), Ade Bajomo, emphasized the importance of having a regulator that fosters a supportive environment for innovation in the fintech sector. He pointed out that investment in the industry has sharply declined, falling to $186 million in the first half of 2024, down from $826 million in the same period in 2023. “We believe fintech is essential to unlocking Africa’s potential, but we cannot achieve this alone. We need investors who recognize the long-term value of our continent,” he stated. He further added that the group will continue to strengthen relationships with regulators to collaboratively develop policies and proactively address issues affecting the fintech ecosystem.
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| Politics › INEC Kicks Off Ondo Election Prep: Materials Distribution Begins by Veegil(op): 3:39pm On Oct 07, 2024 |
Ondo State office of the Independent National Electoral Commission (INEC) has started the dissemination of the non-delicate political race materials for the November 16, off-cycle governorship political race in the state. Oluwatoyin Babalola, the Electoral Commissioner of the state, expressed this at a media briefing in Akure on the readiness of the commission for the political race. Babalola noticed that an enormous level of the non-sensitive election materials for the November 16, 2024 poll have been gotten. She uncovered that the non-sensitive election materials got have been conveyed to the 18 local government areas of the state. As per her, the materials are kept in safe spots as the commission is working intimately with security offices to safeguard the materials. She explained that the non-sensitive election materials would be clustered into RAs and polling units and would be dispatched just before the election. Citing her: “I am pleased to inform you that a large percentage of the non-sensitive election materials required for the election have been received and deployed to the 18 Local Government Offices, where they are batched to RAs and Pus levels. “We are working closely with the relevant security agencies and stakeholders to ensure safe storage and timely distribution of these materials on the eve of election.” The Ondo REC further revealed that the absolute number of enrolled voters in the state is presently 2,053,061. This is in the wake of blending the new enrolled citizens with the old enlisted electors. She also mentioned that there is a total of 1,034,006 male registered voters in the state which shaped 50.36 per cent of the all out enlisted voters in the state. The quantity of registered voters who are female in the state is 1,019,055, which structures 49.64 per cent of all out enrolled voters in the state. Youths who enlisted as voters in the state are 726,944 and constituted 35.41 per cent of the complete enrolled voters in the state. Middle-aged individuals who enrolled as voters are 721,982 and they shaped 35.17 per cent of the absolute guideline voters. The older citizens who enlisted are 441,516 and they represent 21.51 percent of total registered voters. Elderly people who enrolled are 162,619, comprising 7.92 per cent of the all out enlisted voters in the state. People living with disabilities who registered as voters are 1,782 and simply 0.09 per cent of the absolute enrolled voters in the state. Oluwatoyin Babalola affirmed the enrolled voters in the state, express that their votes would count. She guaranteed that all security organizations are working with INEC to guarantee a sans hitch, free, fair and trustworthy political race in Ondo State. Babolola reiterates that BVAS will be used in all Three thousand nine hundred and thirty-three (3,933) Polling units in the state.
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| Business › FG Considers Tax-incentive For Gas Investors by Veegil(op): 3:31pm On Oct 07, 2024 |
The Federal Government through the Federal Executive Council has approved the framework of a new tax incentive to attract gas investors which will now move to the National Assembly to be passed into law According to the Special Adviser to the President on Energy, Olu Verheijen, the new policy framework seeks to speed up developments in Nigeria’s offshore gas sector, where an estimated 67% of the resource remains undeveloped, by providing tax credits for new investments. Since assuming office in May 2023, Tinubu has implemented a series of reforms that he said have attracted more than $30 billion in foreign direct investment. By January 1, 2029, Nigeria (Africa’s top crude producer) also plans a gas-production allowance for greenfield developments in onshore and shallow-water locations that start producing. According to Olu, she stated that “We intend to unlock between $5 billion to $10 billion of new investments in Nigeria in the near- to medium-term. Once passed into law, the policy is expected to fast-track the development of natural gas, displace fossil fuels for transportation and bolster the country’s energy security. Global companies will spend an estimated $90 billion on deep-water oil and gas projects in the coming years. This is the pool of funds that our reforms are targeting”.
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| Business › FG Targets 4 Million Bpd Crude,10 Billion Cf Gas Output In 2030 by Veegil(op): 11:22am On Oct 04, 2024 |
The federal government has revealed its goal of targeting 4 million barrels per day oil production and 10 billion cubic feet of gas by 2030 following the recent offshore oil and gas incentives. This was disclosed in a statement signed by Mrs. Olu Verheijen the Special Adviser to the President on Energy and Head of the Energy Office of the Presidency, who is also overseeing the implementation of the reforms. She noted that this goal is supported by new fiscal incentives designed to encourage investment in the oil and gas sector. Olu stressed that “Since Nigeria’s last deepwater project – the Egina project – was approved in 2013, International Oil Companies operating in Nigeria have committed more than $82 billion in deepwater investments to other countries that they deem more competitive. She further added that “Over the next few years, they plan to spend another $90 billion to develop deepwater oil and gas projects. This is the pool of funds that our reforms are targeting, and we intend to unlock between $5 billion to $10 billion of new investments in Nigeria in the near- to medium-term”. Verheijen noted that these reforms are designed to generate numerous new jobs, boost foreign exchange earnings, and increase tax revenues. She added that, with around 76 percent of Nigeria’s gas resources remaining untapped, the government aims to strengthen energy security and drive economic growth. Osagie Okunbor, Chairman of the Oil Producers Trade Section (OPTS) Section, expressed her optimism, stating, “The level of coordination and policy coherence we’re seeing today is unprecedented. The accelerated pace of reforms over the past year has renewed our interest in Nigeria. “For the first time in a long while, we’re seeing positive momentum in our industry in Nigeria, thanks to the Presidential Directives and the government’s deliberate efforts to engage the service sector.
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| Business › CBN Introduces Electronic Matching System To Curb Speculation In Forex Market by Veegil(op): 10:48am On Oct 04, 2024 |
The Central Bank of Nigeria (CBN) has announced the launch of the Electronic Foreign Exchange Matching System (EFEMS) to address distortions in the forex market, eliminate speculative activities, and promote transparency, all with the goal of transforming the country’s foreign exchange market. According to the circular signed by the Director of Financial Markets Department, Omolara Duke the EFEMS will require all authorized dealers to conduct FX transactions using the platform approved by CBN, ensuring that these transactions are promptly reflected in the market. “CBN will publish real-time prices and buy/sell orders data from the system, and in collaboration with the Financial Markets Dealers Association, publish the rules for the EFEMS. It further reads that “The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants.” The partnership between the CBN and the Financial Markets Dealers Association will ensure that the rules governing EFEMS are clearly defined, supported by updated Market Operating Guidelines and the Nigerian FX Code, which will offer additional clarity to participants. This new policy is expected to be operational in the Nigerian Foreign Exchange Market by December 1, 2024, with a two-week test run scheduled for November. The EFEMS is expected to improve governance and transparency while promoting a market-driven exchange rate that will be accessible to the public. The Apex bank noted that the introduction of EFEMS is seen as a strategy to strengthen regulatory oversight, ensuring the Nigerian FX market functions more smoothly and efficiently. CBN stated that all authorized dealers are required to adhere to existing regulations and ensure that all necessary documentation, training, and system integrations are completed before the go-live date. This new policy is being introduced at a critical time as Nigeria faces challenges with currency instability and speculative trading, which have contributed to market distortions. By utilizing the EFEMS, the CBN aims to reduce these speculative activities while providing real-time data on exchange rates, including buy and sell orders.
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| Business › FG Introduces Tax Reliefs To Strengthen Oil And Gas Sectors by Veegil(op): 1:31pm On Oct 03, 2024 |
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has disclosed that the Federal Government has introduced a range of fiscal incentives intended to strengthen operations in both the oil and gas sectors of the economy. The Tax exemptions include Value Added Tax (VAT) Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemptions, Remission, etc.) Order 2024. A statement issued by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga stated that the VAT Modification Order 2024 exempts essential energy products, including diesel, feed gas, liquefied petroleum gas (LPG), compressed natural gas (CNG), and clean energy infrastructure like electric vehicles and clean cooking equipment, from VAT. These exemptions aim to lower the cost of living, strengthen energy security, and speed up Nigeria’s transition to cleaner energy sources. Additionally, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces new tax reliefs for deep offshore projects. This initiative seeks to establish Nigeria’s deep offshore basin as a leading destination for global oil and gas investments. According to a statement by the ministry “These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42. “They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production”. “With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market. These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.”
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| Business › World Bank Approves $1.57 Billion Funding For Nigeria by Veegil(op): 12:57pm On Sep 30, 2024 |
The World Bank disclosed that it has approved a total of $1.57 billion to support three projects and this new funding will strengthen human capital in Nigeria through better health for women, children and adolescents and increasing resilience to climate change such as floods and droughts by improving dam safety and irrigation systems. This financing package, consisting of a $1.5 billion loan and a $70 million grant, is part of a larger initiative aimed at enhancing critical sectors like education, healthcare, and water management, as well as addressing poverty and increasing productivity. The new financing is divided across three projects: The first is HOPE-GOV which will receive $500 million for addressing governance issues that constrain the delivery of education and health. The goal is to improve transparency and accountability while ensuring that essential services, such as basic education and primary healthcare, are accessible to the most vulnerable populations. Another $570 million is allocated for the Primary Healthcare Provision Strengthening Program (HOPE-PHC),This program centers on reducing maternal and under-five mortality rates in Nigeria’s health infrastructure and The Sustainable Power and Irrigation for Nigeria Project (SPIN) will receive $500 million which aims to protect Nigeria from climate-induced challenges such as floods and drought and also support improving the safety of dams and the management of water resources for hydropower and irrigation in selected areas of Nigeria. The SPIN Program will further enhance irrigation and drainage services across 40,000 hectares benefiting up to 950,000 people including households, farmers, and livestock breeders. This initiative aims to provide more reliable climate-resilient, and efficient irrigation, water supply ultimately increasing agricultural productivity through improved irrigation water management. Additionally, the SPIN project will enable the government to create a master plan for hydropower and establish a structured public-private partnership for a hydropower initiative. Dr. Ndiamé Diop, the World Bank Country Director for Nigeria stated that Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable. This new financing for human capital and primary health care will help to address the complex difficulties faced by Nigerians especially women and girls around access and quality of services, but also the governance arrangements that also explain these difficulties”. He further added that “The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation. The direct positive impact of this project on people and livelihoods is enormous, The World Bank is pleased to work with the government and other stakeholders to deliver this program”. The World Bank stated that the HOPE-GOV Program will help Nigeria in addressing financial and human resource management in the basic education and primary healthcare sectors. Additionally, the World Bank noted that the HOPE-PHC project will enhance the quality and use of essential reproductive, maternal, newborn, child, and adolescent health and nutrition services.
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| Politics › Electricity Tariff Hike Looms, Reaching N181.63 Billion by Veegil(op): 2:36pm On Sep 23, 2024 |
Electricity consumers on Band A feeders may encounter a potential tariff increase due to a significant rise in power subsidies, which reached N181.63 billion in September 2024. The Nigerian Electricity Regulatory Commission (NERC) noted that the government’s subsidy burden grew from N102.30 billion in May, raising concerns about another tariff hike if power generation costs do not stabilize. Government records show that electricity subsidy has grown significantly over the past few months as the subsidy stood at N140.7 billion in April but surged up to N181.63 billion in September and this can be attributed to foreign exchange fluctuation and rising inflation rates To maintain liquidity in the sector, the government ceased subsidies for Band A customers, who receive a minimum of 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour. This decision has led to significant backlash from various groups, including labour unions and educational and health institutions, as many have seen their electricity bills triple following the subsidy removal. In May, the government reduced the Band A tariff to N206.80/kWh when the subsidy dropped to N102.30 billion. However, in early July, the tariff was increased to N209/kWh as the subsidy rose again to N158 billion in June. As indicated by the NERC, the subsidy increased to N163.87 billion in July, N173.88 billion in August, and N181.63 billion in September. This trend has raised concerns about a potential tariff increase in the upcoming October Multi-Year Tariff Order, unless power generation costs decrease. The ongoing foreign exchange crisis has been identified as a key factor driving the electricity subsidy. The Minister of Power, Adebayo Adelabu, expressed concern over the rejection of power by electricity distribution companies. He noted that power generation recently exceeded 5,000 megawatts, but 1,400 MW had to be reduced because the distribution companies (Discos) could not accept the supply. Adelabu emphasized the importance of the Discos accepting more energy to avoid grid collapse, especially as the government aims to increase generation to 6,000 MW by year-end.
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| Politics › Why DSS Won’t Permit Ajaero To Visit London – Ex-director by Veegil(op): 10:05am On Sep 12, 2024 |
Former Assistant Director of the Department of State Services (DSS), Dennis Amachree, says labour leader Joe Ajaero is under investigation for supposed terrorism financing and related offences and shouldn’t leave Nigeria. “There is an ongoing investigation, he (Ajaero) cannot leave the country,” Amachree said on a television show on Tuesday. “Let him remain in the country whilst investigations are going on.” “For terrorism financing which he (Ajaero) has been accused of, and which is under investigation, he cannot leave the country. Even if he is leaving the country, where is he going? “Remember, the main man (Andrew Wynne) that was suspected of financing terrorism is his tenant and I don’t think Ajaero is going to go to London without talking to that person because he is in London running his mouth,” Amachree said. The ex-DSS chief said the person of Ajaero is not the same as the office of the president of the Nigeria Labour Congress (NLC) which he currently occupies. He said Ajaero is being investigated on a personal note and not as the NLC chief. Amachree said Ajaero must have been on the watch list of security agencies for him to be stopped and apprehended at the Nnamdi Azikiwe International Airport in Abuja on Monday morning. The former DSS chief asserted that the labour leader might have fled Nigeria like wanted Binance executive Nadeem Anjarwalla if permitted to travel to the United Kingdom (UK) on Monday. “Joe Ajaero has a terrorism case to answer, and he is not above the law,” he said, adding that the intelligence agencies in Nigeria ought to be doing everything to repatriate Wynne from Britain to Nigeria. The secret police apprehended Ajaero on Monday morning and released him around midnight. The labour leader was en route to the United Kingdom (UK) on Monday for a Trade Union Congress (TUC) event when he was apprehended at Abuja airport. The labour leader said however he was confined by the DSS, some police officers likewise came around to grill him at the DSS office in Abuja over the #EndBadGovernance nationwide dissent which took place in August. Ajaero said he was quizzed over supposed terrorism funding involving Wynne, who has been proclaimed wanted by the police. Both Ajaero and Wynne denied claims levelled against them by security agencies. 1 Like
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| Politics › CDS Vows To Apprehend Killers Of 17 Officers by Veegil(op): 9:50am On Sep 12, 2024 |
The Defence Headquarters has promised to apprehend the killers of the 17 officers and soldiers, who were on a legitimate duty to guarantee peace and security in the Delta State community, regardless of how long it takes.https://www.channelstv.com/2024/09/11/okuama-cds-vows-to-arrest-killers-of-17-officers-soldiers/ 4 Likes
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| Politics › NEC Gives States Deadline To Make Submissions On State Police by Veegil(op): 4:25pm On Sep 05, 2024 |
The National Economic Council (NEC) has given all states until September 9, 2024, to make their stand known on the establishment of State Police.https://www.channelstv.com/2024/09/04/state-police-nec-gives-states-deadline-to-make-submissions/ 5 Likes
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