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Category: Economy

  • Kano govt earmarks N2.5b for mass weddings

    Kano govt earmarks N2.5b for mass weddings

    Kano State government has earmarked N2.5 billion for mass weddings across its 44 Local Government Areas .
    Commissioner for Planning and Budget, Musa Shanono, said this while breaking down the state’s N719.7 billion budget for 2025.

    Shanono also said the sum of N4 billion was set aside for free education programme and N2.2 billion for free school feeding scheme.

    He said the education sector received N205.9 billion, which would represent 29 percent of the total budget.

    His words: “The proposed budget had a total size of N549, 1 billion as presented to the state House of Assembly. The House, in line with the provision of the law has gone into the processes of scrutiny, consultations and public hearing. The budget was passed into Law on Thursday, December 20, 2024, and assented by the governor on December 31, 2024. The 2025 approved budget has a total size of N719,7 billion , representing an increase of N170,595,000,000 equivalents of 31 per cent over what was initially submitted by His Excellency to the State House of Assembly. The Total Recurrent expenditure is N262.6 billion and the total capital expenditure is N457 billion.

    “The ratio of recurrent to capital expenditure is 36:64. The Budget is higher than 2024 by N282,4 billion which represents a 65 percent increase.

    The approved budget is above the state projected available resources as contained in the 2025 – 2027 Medium Term Expenditure Frameworks, MTEF, due to improvement of new Sources of Revenue from FAAC as a result of subsidy removal and other capital receipts.

    “The total approved Recurrent Revenue for the fiscal year 2025 budget stands at N617 billion consisting of N85.8 billion Internally Generated Revenue (IGR) and N531billion expected revenues from Federation Account Allocation Committee, FAAC, as against the 2024 Total recurrent revenue of N 379.7 billion. By extension, the 2025 recurrent revenue is higher than that of the year 2024 by 237 Million representing an increase of 62.5 percent. It is equally important to note that the projected Internally Generated Revenue (IGR) is less than that of 2024 by N16 billion representing 15.8 percent decrease. Capital receipts for the year 2025 stands at N73.7 billion While the Treasury Opening Balance is to the tune of N29 billion.

  • FG expresses commitment to resolving issues at ALSCON

    FG expresses commitment to resolving issues at ALSCON

    The Federal Government has reiterated its commitment to resolving the challenges that led to the shutdown of operations at the Aluminum Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, over a decade ago.

    According to a statement issued on Thursday by ALSCON’s Managing Director, Zavlyalov Dmitriy, the Minister of Steel Development, Prince Shuaibu Audu, made this pledge during his visit to the plant on Monday.

    Audu noted that consultations and stakeholder engagements are ongoing to address the gas supply issues and the lingering ownership dispute between BFIG and RUSAL.

    “There is a need to resolve the ownership tussle very quickly so that production can resume at the plant,” he emphasized.

    He continued, “As you can see, this plant has been shut down for over a decade, and we have massive resources wasting away. I have inspected the plant, and as a government, we will do everything humanly possible to bring it back to life.

    “There is a blueprint for the plant to bounce back in a few years. However, certain issues must be resolved. As the Minister overseeing the steel industry, I am committed to resolving these issues, particularly the ownership tussle between BFIG and RUSAL.

    “This must be resolved quickly. The issue of gas supply must also be addressed, along with the need to dredge the Imo River.”

    Audu emphasized that companies like ALSCON, which have the potential to create massive job opportunities and generate substantial revenue, are critical to growing Nigeria’s economy in line with President Bola Tinubu’s Renewed Hope Agenda.

    Despite the prolonged shutdown, the Minister expressed satisfaction with the condition of the plant’s equipment and facilities.

    Speaking during the visit, Zavlyalov Dmitriy, the Managing Director of ALSCON, reiterated the company’s readiness to resume operations once the challenges are resolved.

    He noted that RUSAL has been maintaining the facilities and equipment since the plant was shut down, ensuring they remain in good condition.

  • Diaspora remittances up 79% to $4bn in 9M’24 — Cardoso

    Diaspora remittances up 79% to $4bn in 9M’24 — Cardoso

    Diaspora remittances through International Money Transfers Operators (IMTOs) rose massively to $4.18 billion in the first three quarters of 2024 (9M’24), about 79.4 percent above the $2.33 billion in the same period of 2023.

    Governor of the Central Bank of Bank (CBN), Mr. Olayemi Cardoso, disclosed this at the Monetary Policy Stakeholders Forum, in Abuja, yesterday.

    He attributed the positive development to the various reforms introduced by apex bank in the past one year.

    He stated: “Beyond monetary policy, the bank undertook critical reforms to strengthen the financial system and ensure macroeconomic stability.

    “This reform yielded tangible results, with remittances through IMTOs rising 79.4 percent in the first three quarters of 2024 to US$4.18 billion, compared to US$2.33 billion in the same period of 2023.”

    The CBN boss said the past year presented significant challenges, including persistent inflationary pressures exacerbated by global and domestic shocks.

    He explained: “The liquidity injections associated with unorthodox monetary policies, particularly since the COVID-19 pandemic, have created a significant overhang. While these measures were intended to cushion immediate shocks, they did not translate into commensurate productivity growth, fueling inflationary pressures and heightened foreign exchange volatility.

    “Excess naira liquidity in the system has amplified demand-driven inflation, further exacerbated by supply-side constraints stemming from structural deficits. These dynamics underscore the importance of a disciplined and coordinated approach to monetary policy to restore stability.

    “In response, the Monetary Policy Committee initiated a tightening cycle using orthodox approaches. Throughout 2024, the bank implemented several bold policy measures across six MPC meetings, including raising the Monetary Policy Rate (MPR) by a cumulative 875 basis points to 27.50 percent, increasing the Cash Reserve Ratio (CRR) of Other Depository Corporations (ODCs) by 1750 basis points to 50.00 percent, and adjusting the asymmetric corridor around the MPR.

    “Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81 percent by December 2024.”

    He stressed that despite the headwinds his commitment to price and monetary stability has yielded measurable progress.

    Cardoso noted that inflation erodes purchasing power, discourages investment, and exacerbates inequality but that managing the disinflation process requires a careful balance of policies that mitigate short-term costs while anchoring long-term stability. “CBN is fully committed to ensuring price stability while minimizing adverse effects on growth and livelihoods,” he added.

  • Plans underway to construct additional dams across Nigeria — Minister

    Plans underway to construct additional dams across Nigeria — Minister

    The Minister of Water Resources and Sanitation, Professor Joseph Utsev, has announced plans to construct additional dams across Nigeria to enhance water storage capacity, control flooding, and boost food security through irrigation.

    Speaking on Thursday in Uyo, Akwa Ibom State, during the 31st Regular Meeting of the National Council on Water Resources and Sanitation (NCWRS) themed “Water and Food Security: Challenges and Opportunities in the Face of Daunting Climate Change”, Professor Utsev highlighted the critical role of irrigation in food security, economic growth, job creation, and poverty reduction.

    He disclosed that new irrigation projects had been procured, including:

    Ikoya Irrigation Project, Ondo State

    Duku Lade Drip Irrigation Project, Kwara State

    Makurdi Drip Irrigation, Benue State

    Kebbi Drip Irrigation Project

    Edo Micro Irrigation Project

    Adamawa Micro Irrigation Project

    Additional works for Ipapo Micro Irrigation Projects, Oyo State

    Professor Utsev emphasized the Ministry’s commitment to revitalizing and sustaining the water supply sector while providing strategic guidance for water, sanitation, and hygiene services across the country.

    “We are conducting a nationwide dam infrastructure safety assessment through an inter-ministerial technical committee to determine the structural integrity of dams following the Maiduguri flood incident in September 2024,” he stated.

    The Minister also noted that design and rehabilitation studies for dams, including Dura Dam (Benue State), Lafia Dam (Nasarawa State), Ado Awaye Dam (Oyo State), and Galmara Dam (Bauchi State), were underway. Priority has been placed on completing dams such as Mangu Dam (Plateau State) and Ogbesse Dam (Ekiti State) by 2025.

    The Ministry has evaluated dam structures nationwide to mitigate flood risks and completed 44 projects under the Partnership for Expanded Water Supply, Sanitation, and Hygiene (PEWASH) program. Additionally, 64 projects funded by the African Development Bank (AfDB) are in progress under the Inclusive Basic Delivery System for Development and Livelihood Empowerment Improvement Project.

    Utsev further announced that 113 water supply contracts are at various stages of construction, with the completion of the Asaba and Umuahia National Water Quality Reference Laboratories underway.

    The Minister appreciated President Bola Ahmed Tinubu for his support and Akwa Ibom State for hosting the event, expressing confidence that the meeting would yield enforceable policies to advance the Renewed Hope Agenda and Sustainable Development Goals (SDGs)

    Governor Umo Eno Calls for Reactivation of Abandoned Dams

    In his remarks, Governor Umo Eno appealed to the federal government to reactivate the abandoned Nkari and Ibiono Ibom dams in Akwa Ibom State.

    “These dams, once envisioned to drive agricultural growth and economic prosperity, now lie dormant. I am heartened by the Honourable Minister’s assurance that they will soon be reactivated,” Eno stated.

    He highlighted the state’s commitment to the Sustainable Power and Irrigation in Nigeria (SPIN) project, pledging N200 million and collaboration with the Cross River Basin Development Authority.

    “We look forward to partnering with the federal government and development partners to bring this project to fruition,” Eno said.

    The event featured an inspection of exhibition stands and a keynote paper titled “Securing Nigeria’s Future: A Water-Food Nexus Approach in the Face of Climate Change.”

  • Minimum Wage: Labour gives defaulters till March to implement

    Minimum Wage: Labour gives defaulters till March to implement

    The Nigeria Labour Congress (NLC) said that stringent measures are in place to ensure that states and employers implement the national minimum wage and the consequential adjustment before the end of March.

    Mr Mohammed Ibrahim, President Senior Staff Association of Nigerian Universities (SSANU) said this at its one-day National Leadership Retreat organised for the union’s National Administrative Committee Members on Wednesday in Abuja.

    The theme of the retreat was, ” Leadership Challenges amongst Activists”.

    Ibrahim, who is also the National internal Auditor of the NLC, said that the measures were imperative due to the continuous delay by states and institutions to manipulate wage payments.

    According to him, one of the issues in the implementation of the minimum wage is that of insincerity.

    “The national minimum wage has been signed into law, and payments should have commenced nationwide.

    “But in most institutions and states, what they did was just to award a certain amount or a figure they are merely using to play with the intelligence of workers as minimum wage.

    “But I am happy that the NLC is not sleeping on this matter and we have been engaging.

    “But going forward, I can assure you that we are taking very stringent measures to ensure that between now and the end of this first quarter, that the minimum wage and consequential adjustment will be implemented.

    “Any state or employer of labour that refuses to implement the national minimum wage and the adjustment in workers’ salaries accordingly will face the consequences.

    “The labour laws are there and we have all that it takes to enforce our rights against those employers,” he said.

    Ibrahim, while speaking on the theme of the retreat, said that some members sabotaged strike actions, weakening the effectiveness of industrial actions.

    “Unfortunately, some of our own members work against our collective struggle. They engage in blackmail and underhand dealings to derail strike actions.

    “But this is not unique to SSANU; it happens in every sector. Part of why we are holding this retreat is to educate our members on the importance of unity and discipline within the union,” he said.

    Ibrahim also admitted that industrial actions had lost their effectiveness due to government indifference and worker fatigue.

    He noted that while strikes remained a last resort, the union would explore alternative negotiation strategies.

    He emphasised the need for continuous training of university staff and better funding of tertiary institutions.

    The SSANU president, however, said that universities must remain the centers of learning and innovation, requiring continuous capacity building for staff.

    “As leaders of this great union, we must ensure that our national executives are equipped with the latest global trends.

    ”SSANU is an affiliate of NLC, and we have benefited from international training programmes.

    “It is important that we bring this knowledge back home and share it at all levels,” he said.

    Those present at the retreat include the former NLC President Ayuba Wabba, former SSANU President Chief Promise Adeusi, and the Director-General of the Institute of Mentoring and Coaching, Mr Rotimi Mathew

  • Naira appreciates to N1,640/$ in parallel market

    Naira appreciates to N1,640/$ in parallel market

    The Naira today appreciated to N1,640 per dollar in the parallel market from N1,655 per dollar on Monday
    Similarly, the Naira appreciated to N1,526.3 per dollar in the official foreign exchange market.

    Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1,526.3 per dollar from N1,533.5 per dollar on Monday , indicating N7.2 appreciation for the naira.

    Consequently, the margin between the parallel market and NFEM rate narrowed to N113.7 per dollar from N121.5 per dollar on Monday.

  • FG issues 10 gas distribution licences to companies for 25 years

    FG issues 10 gas distribution licences to companies for 25 years

    The Federal Government yesterday issued 25-years gas distribution licences to companies covering 10 franchise areas in Lagos, Ibadan, Port Harcourt and Benin for the establishment, construction and operations of gas distribution networks.

    Benefiting companies include NNPC, Shell, Central Horizon Gas Company, Falcon, Axxela and NIPCO.

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, which issued the licences said it received over 30 applications from companies, adding that areas awarded were those already connected to the Escravos-Lagos Pipeline System, ELPS.

    Speaking at the award ceremony in Abuja, the Minister of State,   Petroleum Resources (Gas), Hon. Ekperikpe Ekpo said the licence regime which is part of the “last mile” gas expansion programme of the Federal Government is expected to bring gas supply closer to Nigerians across the country.

    Ekpo noted that the licences provide “an exclusive right to establish, construct, and operate gas distribution systems and ensure the non-discriminatory distribution and sale of natural gas within designated local distribution zones. Today’s event is a testament to our commitment to implementing the PIA in full alignment with the Gas Distribution Regulations of 2023.

    He pointed out that the “issuance of the Gas Distribution License comes at a pivotal moment as we intensify efforts to harness the potential of gas as a critical resource for Nigeria’s energy transition and economic transformation”.

    Speaking earlier, the Chief Executive, NMDPRA, Engr. Farouk Ahmed disclosed that the licences would enable the distribution of over 1.5 billion cubic feet of gas per day through a 1,200km of gas pipeline

    network and more than 500 customer stations.

    Ahmed stated, “this licence regime holds a significant opportunity of supporting the development of our domestic gas market through the supply of gas to our energy and testing industries, industrial parks, special economic zones, embedded captive power generation, mobility CNG schemes, and any other downstream gas utilization program.

    “We appreciate that this licence regime shall not only support the accelerated development of our domestic gas market, but that it shall create opportunities for profitable investment for various classes of stakeholders, improve the socio-economic impact of gas resources across Nigeria, and support our national energy processing sectors.

    Ahmed explained that the gas distribution licence regime “is expected to lay a solid foundation for long-term growth and prosperity, unlock the full potential of our natural gas reserves, enable the development of new and tech markets, and create new sources of revenue and employment for our nation.”

    NNPC, partners invest $500m in Kogi

    Also, speaking at the event, Group CEO, NNPC Limited, Mallam Mele Kyari disclosed that as part of efforts to boost gas distribution, the company and its partners would be investing about $500 million to set up five Liquefied Natural Gas plants in Ajaokuta, Kogi State.

    Kyari who was represented at the event by Executive Vice President, Gas and Power, Ogunleye Olalekan assured the licence holders of adequate supply of gas across the franchise zones.

    He urged stakeholders, investors and companies operating in the sector to get on board the Federal Government’s plans to improve gas supply and utilisation, adding that the gas sector “is a huge opportunity space”.

  • CBN waives non-refundable license renewal fee for BDCs

    CBN waives non-refundable license renewal fee for BDCs

    The Central Bank of Nigeria,  CBN, yesterday announced that it has approved the waiver of non refundable annual license renewal fees for existing Bureaux De Change (BDCs) in the country.

    The apex bank disclosed this in a circular to all BDC operators and stakeholders in the financial services industry.

    The circular signed by the Acting Director,   Financial Policy and Regulations Department,   CBN, John Onojah stated: “This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately.”

    The Bank also advised any bureau that has paid for 2025 licence renewal   to apply to the Director, Financial Policy and Regulation Department, CBN, for refund to its account from which the payment emanated.

    “Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.

    “The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework.”

  • 19.8m poor Nigerians on social register — Minister

    19.8m poor Nigerians on social register — Minister

    No fewer than 19.8 million poor Nigerians are currently on the social register created by the Federal Government to facilitate cash transfer to beneficiaries.

    The Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, who disclosed this in an interview on Channels Television’s Sunrise Daily programme yesterday, also revealed that some politicians were trying hard to influence poor Nigerians who make the social register to enjoy the government’s conditional cash transfer.

    He, however, said though 19.8 million poor Nigerians were captured on the nation’s social register to qualify for social safety funds, only the identities of 1.2 million poor Nigerians had been validated by the government.

    He said:  “Currently, we have a social register; we have 19.8 people on the social register but when you have a list, you need to validate that list.

    “For now, the people that have been validated are only about 1.2 million people. We need to validate the entire register, so we can get the actual people who are supposed to benefit from it, authenticate their locations; their houses where they are, and capture on GPS location — the location of their homes.

    “This is to be sure they exist and be sure that these people are as poor as they claim because there are social indices for judging poverty, such as access to water, access to health, access to education, and access to economic facilities, so you can now pick the poorest of the poor in the society.”

    The minister said some persons wanted his ministry to bend for political reasons but noted that  “unfortunately it’s a partnership between us and the international community – the World Bank is involved, CSOs (civil society organisations) are involved and it’s not just a ministry’s activity.

    “Some people want us to bend and allow the governors or the states to just generate the list and send. It’s a conditional transfer; conditions are attached to qualifying to benefit from the social safety net.

    “So, we will not bend to allowing any political affiliation or attachment to this conditional cash transfer. Poverty doesn’t know political party, poverty doesn’t know tribe, poverty doesn’t even understand the grammar we are blowing. A poor person is a poor person.”

    The minister said he suspended cash transfers, adding that National Identification Number, NIN, and Bank Verification Number, BVN, were now compulsory for all digital transfers for audit and transparency purposes.

    “It is going to be clearly digital. This time around, we are carrying the CSOs along so that all payments, we will ask them to verify, they can do follow-ups and we can have some levels of transparency in what we are doing,” he said.

    He said the government has targeted 15 million poor households with N75,000 per household.

    Recall that the humanitarian ministry has courted controversies since its establishment by former President Muhammadu Buhari.

    In October 2024, President Bola Tinubu appointed Yilwatda as replacement Betta Edu who was suspended in Janaury 2024 before her removal.

    Controversy had enveloped Edu’s alleged involvement in the approval of N585,198,500.00 to be disbursed into a personal account but she denied the allegation and said there were  plans to tarnish her image, and that she wouldn’t embezzle government funds.

    Incidentally, Edu’s predecessor, Sadiya Farouq, was also probed over  an alleged laundering of N37.1 billion  during her tenure as a minister under the administration of ex-President Muhammadu Buhari.

  • Just In: FG generates N2.4b from marriages in 2024

    Just In: FG generates N2.4b from marriages in 2024

    ABUJA: The Federal Government said it generated about N2.4 billion in 2024 from marriage contracts via its marriage registry at the Ministry of Interior.

    Minister of Interior, Dr Olubunmi Tunji-Ojo disclosed this on Tuesday in Abuja during a media interface.

    According to him, the ministry also generated over N3.2 billion from expatriate quota applications, saying overall, there was a 150 per cent increase in revenue generated.

    Details later…