Lagos, Nigeria’s richest subnational, plans to spend N1.38trn in 2022
Onome Amuge
November 24, 2021
Governor Sanwo-Olu presents budget to state assembly Lagos State, Nigeria’s richest subnational state and government, has put together an expenditure plan of N1.39 trillion as budget for the incoming 2022 fiscal year. Governor Bababjide Sanwo-Olu of Lagos State presented the budget estimate of N1,388,285,459,990.51 for 2022 before members of the state House of […]
Nigeria central bank gives N864bn to 4.1m farmers in 5 years, says Governor Emefiele
Charles AbuedeNovember 24, 2021
Manufacturers got N1.08trn for over 42 projects The Central Bank of Nigeria (CBN) says it has so far paid out the total sum of N864 billion to 4.1 million farmers to cultivate 5.02 million hectares of land under its Anchor Borrowers’ Programme (ABP) since inception in November 2015. Godwin Emefiele, the governor […]
Nigerian govt. confirms paying N56.84bn survival fund to 835,161 MSMEs
Onome AmugeNovember 23, 2021
Nigeria’s central government said it has alloted N56.84 billion to 835,161 beneficiaries under its MSME Survival Fund scheme, covering an estimated 76 percent payment of its N75 billion target. Evelyn Ngige, permanent secretary, Federal Ministry of Industry, Trade and Investment (FMITI), made the disclosure during the technical session of the 13th meeting of the […]
NGX tasks government on capital market exploitation to tackle infrastructure deficit
Onome AmugeNovember 23, 2021
The Nigerian Exchange Ltd (NGX) has enjoined the federal government and the private sector to utilise capital market instruments in accessing long-term funds capable of addressing the country’s infrastructure and employment deficits rather than focusing on external borrowings. Temi Popoola, chief executive officer of NGX, made the assertion in preparation of the inaugural edition […]
How P&ID got $10bn judgement against Nigeria using bribery, perjured evidence
Ben EguzozieNovember 23, 2021
By Ben Eguzozie UK anti-corruption charity publishes case summary Paid $1.4m in bribes to win contract Won Nigeria gas processing facility in Niger Delta without competitive tender Procured contract through bribes paid to insiders as part of larger scheme to defraud Nigeria No assets, website, handful of employees Could profit 7,150 times bribes paid […]
Nigerian Police benefits from ASR Africa’s N4bn 150-bed hospital philanthropy
Businessam StaffNovember 23, 2021
The Nigerian Police Force has become the latest beneficiary of the philanthropic gesture of the Abdul Samad Rabiu Africa Initiative (ASR Africa), a philanthropic organisation founded by Abdul Samad Rabiu, founder and chairman of BUA Group, with the donation and handing over of a newly built 150-bed hospital in Abuja, the country’s capital. The […]
Kano plans upgrade of cattle production, milk delivery centres
Adeola AjakaiyeNovember 18, 2021
By Adeola Ajakaiye, in Kano Kano State Agro-Pastoral Development Project (KSADP), an initiative being financed in partnership with the Islamic Development Bank, has concluded plans to renovate and upgrade Falgore Cattle market situated in Doguwa Local Government Area, and four other such markets across the state. Work to be conducted in the markets […]
Kogi Assembly extends appearance ultimatum for Sterling Bank’s CEO over N20bn bailout fund
Charles AbuedeNovember 17, 2021
The Kogi State House of Assembly has extended the appearance ultimatum it gave to Abubakar Suleiman, managing director of Sterling Bank, to December 8 following his unavailability at the earlier summoning and sequel to the assembly’s plans to issue a warrant of arrest against him. The House of Assembly stated that the extension of the […]
Akwa Ibom woos German investors, positions $3bn free trade zone as bait
Ben EguzozieNovember 15, 2021
Akwa Ibom, a littoral oil-rich state, which also picks the biggest federal revenue allocation, is positioning its incoming $3 billion free trade zone as a bait to woo German investors, the target being to secure sizable foreign direct investment (FDI) from Europe’s biggest economy. A recent survey indicated that the South-South region, despite being […]
How did Nigerian states generate N849.1bn as IGR in 6 months?
Charles AbuedeNovember 10, 2021
Nigeria’s 36 states and the Federal Capital Territory (FCT) generated the sum of N849.12 billion within the first six months in 2021. Lagos alone accounted for 31.5 percent of the amount or exactly N267.23 billion, almost four times what the Federal Capital Territory (8.1%) generated, which trailed with N69.07 billion. Rivers State reported N57.32 billion […]