Author: The Nation

  • UBA is The Banker’s African Bank of the Year

    UBA is The Banker’s African Bank of the Year

    • Wins Best Bank in 8 subsidiaries

    United Bank for Africa (UBA) Plc has been named the African Bank of the Year at The Bankers Awards 2023.

    The awards was organised by The Banker Magazine – a publication of Financial Times of London, the world’s leading business newspaper.

    The bank also won Best Bank in its eight subsidiaries, bringing the total number of awards to nine.

    The prestigious awards, presented to the bank in London, United Kingdom (UK) last week.

    The Bank of the Year Africa 2023 award solidified UBA’s position as the leading financial institution on the African continent.

    UBA subsidiaries also emerged as the Bank of the Year in eight of the 20 countries where it operates in Africa.

    The winning subsidiaries are: UBA Cameroon, UBA Chad, UBA Ghana, UBA Cote d’Ivoire, UBA Mozambique, UBA Congo, UBA Sierra Leone, and UBA Tanzania, underscoring the bank’s dominance and impact across diverse African markets.

    It is noteworthy that this would be the second time in the past three years that the UBA has won the regional award as the best bank in Africa, as it had emerged winner in 2021.

    UBA’s Group Managing Director, Oliver Alawuba, who received the awards, expressed gratitude over the awards.

    He said the recognitions came as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.

    Alawuba said: “UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

    “We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”

    Speaking earlier about the bank’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said: “As always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

    “In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets.”

    The Banker Awards is widely recognised as a benchmark for banking excellence globally, and UBA’s multiple victories underscore the institution’s commitment to providing exceptional financial services and superior financial intermediation on the continent.

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    As Africa’s Bank of the Year, UBA has demonstrated its ability to navigate the complexities of the African banking landscape and emerge as a leading force in driving economic growth and financial inclusion.

    Since 1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence.

    Just recently, the UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider, Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to the Nigerian financial market even in the face of harsh economic realities. Despite the headwinds, UBA Group has consistently maintained its position as Nigeria’s leading financial institution.

    In June, the banking group announced impressive half-year financial results, and further increased the performance in Quarter 3, with profit before tax (PBT) soared to N502.01 billion, Shareholders’ Funds standing strong at N1.778 trillion, and total assets, reaching N16.24 trillion.

    These outstanding figures not only reflect UBA’s institutional strength, but also demonstrate its position as a corporate role model in Nigeria and across Africa.

  • NDLEA stops export of drugs hidden in clothes, dolls

    NDLEA stops export of drugs hidden in clothes, dolls

    • Nabs drug kingpin in Lagos hotel

    The National Drug Law Enforcement Agency (NDLEA) has thwarted attempts by drug syndicates to export various illicit substances, including methamphetamine and opioids, concealed in hems of jeans trousers, dolls, buttons, local soap and tins of beverage to Europe, United Arab Emirate and Asia.

    A statement yesterday by the spokesman, Femi Babafemi, said some of the consignments were intercepted at courier houses in Lagos. They include tramadol 225mg concealed in hems of new jeans trousers heading to Cyprus; cannabis sativa hidden in heads of dolls going to Dubai, UAE; and sachets of tramadol 225mg buried in tins of milo beverage going to UAE.

    He said another set of tramadol hidden in local soap also going to UAE, as well as a consignment of methamphetamine concealed in buttons heading to Hong Kong, were also intercepted.

    According to Babafemi, a shipment of illicit substance coming from Florida, USA, was equally intercepted at a courier firm, while the recipient, Daniel Ogi, was arrested at 5, Akeem Shittu Street, Ajao Estate, on November 24.

    The statement reads: “Operatives in Lagos, on December 1, also arrested a drug kingpin, Okechukwu Ogala (56), who specialises in exploiting and recruiting young persons to export meth to Asian countries. He was arrested at Blue Moon Hotel, Okota, with 60 wraps of methamphetamine weighing 1.009 kilograms.

    “In another operation in Lagos on December 1, operatives recovered 393kgs of cannabis in a shop at Akala, Mushin, while a suspect, Justin Enuonye, who deals in Canadian Loud, was arrested by the police at Victoria Island and transferred to the Lagos Command of NDLEA on December 1 with 154 parcels weighing 92kgs. A team of NDLEA operatives also intercepted a vehicle at Oyingbo area of Lagos and recovered 108kgs of cannabis from it, while 675 kilograms of the same substance were recovered from the store of a wanted dealer, Wahab Olota at Adedoja area of Mushin, Lagos.

    In Edo State, NDLEA operatives on November 29, stormed the Ujiogba forest, Esan West council, and recovered 5,988 kilograms of cannabis already processed and ready for distribution. A 22-year-old, Mson Bunde (a.k.a Tete Peter Joseph), found in a hut on the cannabis farm was arrested.

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    “No less than 120,000 capsules of tramadol concealed in new sound systems packed in a Jos, Plateau State-bound bus were seized by NDLEA officers acting on intelligence on the Onitsha-Awka road, Anambra State on November 27, while 123 blocks of cannabis weighing 73kgs were recovered from a suspect, Abdullahi Muhammad Bello, along Gombe-Bauchi road, Gombe State, on November 29. Operatives in Abuja seized 168 blocks of same psychoactive substance with a total weight of 101kgs from the store of a fleeing drug dealer in Kabusa area of the FCT.

    “No fewer than 8,000 bottles of codeine syrup were recovered by NDLEA operatives on December 1 when they intercepted a vehicle transporting the opioid along Abuja- Kaduna road, with the driver, Shamsu Isiyaku and his conductor, Muhammad Maina, arrested. Same day, operatives also arrested Ernest Esechie (30), with 44.4 kilograms of compressed cannabis sativa along Gwantu- Sanga road, Kaduna.

    “In Kogi, NDLEA officers arrested Ahmad Umar, 18, with 46.4kgs cannabis at a check point in Kabba, while Jamilu Zakari, 32, was nabbed at Kofar Idi, Kandahar, Bauchi town, Bauchi state with 125 blocks of same substance that weighed 146kgs. At least, 542.3kgs of cannabis were recovered from a suspect, Festus Egeogoli, 32, when his base at Jakpa road, Warri, Delta state was raided by NDLEA operatives on Wednesday 29th Nov, while 125.9kgs of same substance were also seized from a store in the same area.

  • APC clears all seats in Ekiti council poll

    APC clears all seats in Ekiti council poll

    • Ruling party takes 38 chairmanship, 177 councillorship positions

    All Progressives Congress (APC) has cleared all the 38 chairmanship and 177 councillorship seats in last Saturday’s local government election in Ekiti State.

    The election was held in the 16 local governments and 22 local council development areas (LCDAs), and across 177 wards.

    Announcing the result yesterday in Ado-Ekiti, the Chairman of the State Independent Electoral Commission, Justice Cornelius Akintayo (rtd), said the ruling APC won all the 38 chairmanship and 177 councillorship seats.

    Akintayo, who said the poll was conducted in line with the electoral law, hailed the people for their peaceful conduct during and after the election.

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    He also commended the eight political parties that participated in the poll for their sportsmanship and the electoral officials for exhibiting professionalism in the conduct of the election.

    The parties on the ballot include the APC, Action Alliance Action Democratic Party, New Nigerian People’s Party, African Democratic Party, Labour Party, People’s Redemption Party and Zenith Labour Party.

    The main opposition, Peoples Democratic Party (PDP) and Social Democratic Party boycotted the poll.

  • Ogun shuts three factories over environmental infractions

    Ogun shuts three factories over environmental infractions

    • By Okwy lroegbu-Chikezie

    Ogun State government has shut three companies for environmental infractions.

    It said this is part of its efforts to lay a solid foundation for environmental best practices.

    The companies are Ruili Recycling Ltd, Mowe; Robust International PTE Ltd also in Mowe and Star Pipe Ltd, Sagamu.

    Commissioner for Environment, Ola Oresanya, said Ruili Recycling, a pet bottle recycling company, was found guilty of discharging its wastes and storm water into the environment, especially on the premises of Christopher University.

    He said the action and the company’s refusal to obtain a drainage approval to channel unwanted water to the appropriate place, exposed the students to danger.

    Said he: “Besides, the firm is also discovered to be burning solid wastes on its premises, contrary to the Environmental Laws, thereby exposing its workers and residents to toxic and hazardous pollution, as well as operating in a filthy environment.”

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    For Robust International PTE, Oresanya said the company illegally demolished a fence bounding it with Christopher University, to reclaim some portions of land and subsequently divert storm water to the premises of the institution, as well as its failure to heed government’s directives for proper remediation.

    He said the government would not watch the two industries expose the students and residents to suffer from their careless environmental infractions, while they feel unconcerned.

    Oresanya said Star Pipe Ltd, Sagamu was shut after it refused entreaties to install effluent treatment plants in its facilities, as they discharged raw and hydrolic acid into their environment.

    This, he said, had led to contamination of ground water of the communities, which had made the water unsafe and unhygienic.

    The commissioner added that the three companies will remain shut until they correct the lapses.

  • First Hausa Bishop

    First Hausa Bishop

    Over the years, some have wondered at the semiotics of his name, especially in the course of ten years when he taught at the Catholic Institute of West Africa (CIWA) in Port Harcourt. Mamman Musa is not supposed to evangelise Christ, administer sacraments or applaud the virtues of the Holy Bible.

    It did not matter that his first name is Gerald. He is Hausa and close to 99 percent of them are Muslims. How come he turned out a Christian? Not only that, a priest. Not only that, a cleric with an elite profile, who thrived in the Lord’s vineyard for decades inside Hausaland, survived scorns, shunned alienation, parried persecution even. On December 12, he will make history as the first Hausa man to become a bishop of the Catholic Church not in Lagos or Abia, where he once taught, but in Katsina in  Hausaland. The investiture will not just be about renaming a place or person, but a revolution of identity. Like the novel, A New Name, by Jon Fosse who just won the Nobel Prize. Just as Fosse with his writings is Catholic, so is Bishop Musa.

    He is 52, which is young in episcopal years. So, he could be a cardinal with a chance not only to select the pontiff but to become one. Monsignor Musa – that is how is addressed now. He is not a bishop yet, but a bishop-elect until the solemnity of his elevation.

    The Katsina Diocese is excised from the Sokoto Diocese under the beloved Bishop Matthew Kukah, who broke the news to me casually during a phone dialogue.

    “Do you see yourself as a Hausa Bishop?” I asked with some mischief.

    “I see myself as a Catholic bishop who has a Hausa background,” he replies, and peps it with a sardonic line. “If I call myself an Igbo priest, or Yoruba priest or Hausa priest, they may mistake me for a traditional Hausa priest,” he adds.

    Yet he admits the historic hue of his new posting. “It comes with privilege and corresponding responsibility,” he says with sobriety.

     How did he become a priest, or, more poignantly, a Christian? No one proselitised him into the faith. That lot fell on his grandparents when missionaries known as the Society of Missionaries of Africa (SMA) landed northern Nigeria in 1934 in Gobirawa in Argungu district of today’s Kebbi State. Argungu, famous for its hefty fishes and festival, was a spiritual stream for fishers of men. His grandfather was a catch, and his parents inherited the dragnet.

    They were minorities in faith. His father, a Hausa man, was named Emmanuel Musa and fell under the arms of the white missionaries after his parents died and he dropped out of school. “The missionaries brought him back to school and he became a Catholic and a teacher.”

    Emmanuel Musa became not only literate, he turned torchbearer. He translated the Bible from English to Hausa as well as books of Christian doctrines like the Africa Our Way series by Michael McGrath and Nicole Gregoire. His father who worked in government ministry suffered alienation for his belief. It was a hostile atmosphere for a Christian, said the Bishop. Some routine privileges were out of reach. “No one would give you his daughter to marry,” he noted. Emmanuel was denied promotion in the government ministry if he did not become Muslim. He rebuffed the blackmails. His mother, Christiana Asabe, a nurse, hailed from Shendam in today’s Plateau State, and she descends from a family of converts as well.

    The family moved over to Malumfashi in today’s Katsina state. It was there Gerald Mamman Musa grew. He was surrounded with seminarians, was immersed in church activity and fell in love with it. He even was an altar server and presided at mass. In primary two, Rev. Father Lawrence Agu impressed him with the beauty of Catholic mystique in his devotion and zest.

    But he attended a public primary school – Tunau Primary School – with over 90 percent Muslims. However, he did not suffer any alienation then. He still has robust friendship with his classmates today, some of them in prominent positions in the state. They bond on a WhatsApp platform. He says that in Malumfashi, Christians enjoyed an atmosphere of religious toleration even if some Muslim clerics stoked fanatic odium for the other faith.

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    He attended St. Joseph Minor Seminary in Zaria, St. Thomas Aquinas Major Seminary in Makurdi and St Augustine major Seminary in Jos. He earned his master’s degree from the Pontifical Gregorian University and a doctorate from the School of Journalism and Communication of the University of Queensland in Brisbane, Australia. He is also a professor as director of the Centre for Studies of African Culture and Communications at the CIWA, Port Harcourt.

    Has anyone called him maguzawa? It’s a slur and it means a runaway, a term of contempt for Christians in the north. “Yes,” he says. “I trace the origin to those who care to listen. I tell them Muslims were once not Muslims.” The north did not embrace Islam until the 1804 Jihad, and even then, it was a faith of the official majority only. After a while, many who did not embrace Islam had to flee places like Kano and Katsina further south like today’s Abuja and Nasarawa State where their faiths did not stir resentment. Bishop Musa says, bamaguje is the term for men and bamaguza for female. “I often say, everybody is a bamaguje.”

    But he says he has not suffered much persecution. He said he has suffered alienation but “not always persecution.”  As a person who attended Catholic institutions and rose amidst seminarians and had shunned secular work, his calling might have cocooned him in a bubble. He admits that pressure forces some Christians to change their names and others to renounce their faith. I recall as a teacher at the Aminu Kano College in Kano, I was stunned that most of the students bore northern names but were from the south and Christian.

    Was that why he followed the clerical path? He admits it could make a person make “such unconscious decision.” But he believes it is not the case with him, otherwise he would not thrive or find joy in his calling. His favorite books are The Pedagogy of the Oppressed by Paulo Freire, Franz Fanon’s The Wretched of the Earth for nonfiction. For fiction, he hauls Victor Hugo’s Le Miserable. They all emphasise the suffering of the masses. He said that is where his soul is. It translates to music as well. He thrills to the revolutionary pathos of Bob Marley’s Redemption Songs, War and Exodus.

    Is he keen on liberation theology? Yes indeed, quoting its founder Gustavo Guitierrez, the Peruvian priest and philosopher. Musa says the poor must be central to his work, invoking the 19th century Swiss theologian who said, “take your Bible and take your newspaper and read both. But interpret the newspaper from the Bible.” I added that today, he would interface the Bible and social media. Musa defers his views on the feudal north. That is not for now, he restrains himself.

    On the last election, he condemned the abuse of religion, although he said faith was deployed as a cloak over ethnicism. “The religious component was just a façade,” he noted, although I disagree. It was as potent. He said, though, that “some religious leaders were bought over.” He insisted that religious leaders should never take sides. On the Pentecostals, he said there was good and bad sides to any brand of faith. The Pentecostals, he lamented, have privileged prosperity over holiness, personality cult over Christ. “Some have pushed it beyond limit.”

    He describes Bishop Kukah as a role model, committed to his faith and his episcopal vocation. “We have not seen a cleric of that influence in this society,” he extols, adding he is shorn of ethnic or religious prejudices. On Mbaka, he is less charitable. He said a cleric should “stand at the intersection without taking sides. He has not done that. Sometimes the temptation is to take sides.” He quotes Aristotle that the “virtue is in the middle.” He his not the only Hausa cleric. They have a platform of about 36 priests of varying ranks.

    Will he be vocal? Yes, but he will be guided by wisdom that restrains. “You have to know when to speak and when to be silent,” tilting “the strength of silence against the dictatorship of noise.”

  • A Sheriff of restraint

    A Sheriff of restraint

    The budgetary tradition in this country is to spend more than the previous year. It is a manic ritual of the spendthrift. If I spent ten naira last year, I should spend fifteen or fifty this year. The excuses are predictable. Inflation, population growth, expanding communities and demands and, of course, ambitious projects. While inflation is one major cause, we might conclude that budgets create double jeopardy. We increase budgets to match inflation, inflation soars to match budget. The other one is ambitious projects. Ego and fraud sometimes meet there on balance sheets. It is therefore a cheer that someone has bucked the trend.

    Delta State Governor Sheriff Oborevwori has rolled out a budget less than last year’s by as much N94.9 billion, 12 percent drop from 2023. Last year’s budget was N809.4 billion while this year’s is 714.4. This is in spite of the mammoth infrastructure project for Warri whose groundbreaking took place last week as the first ever contract the state government has had with the German bulwark, Julius Berger. The budget assigns N150 billion for road infrastructure, Warri being one of such ambitious works. The Sheriff is policing the money. This column has looked at it a few weeks ago. It is cheering to see a promise and work go into action in short order. I will monitor it. Warri is the city of my birth and childhood. I still recall my walks through rain and heat from St. Andrews Primary School to our Okumagba Layout abode. But the Warri I saw recently is a city in distress, crying for a lift and the mercy of modernity. A city shouldered by oil wealth but smolders in neglect. Not Warri alone in the state. Happily, work is on as one travels from Warri to Asaba as contractors like Levante and the Chinese firms are turning potholes and craters into express.

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    Let Warri rise. Governor Oborewvori has a Warri State of mind. He, as a private citizen, built its Osubi Airport in the military era.  Other cities will follow suit. Asaba has enjoyed much. It should not be abandoned but Warri and environs should shout, emilokan!

  • Poor security, tragic murder

    Poor security, tragic murder

    Tragically, the man died. He was fatally shot by unidentified armed robbers in Abeokuta, Ogun State. The victim, Taiwo Oyekanmi, was the Director of Finance and Accounts in the office of Ogun State Governor Dapo Abiodun.

    The Commissioner of Police in the state, Abiodun Alamutu, said Oyekanmi was in “a homemade bullion van” with a driver and one other person, and they were returning to their office from a Fidelity Bank branch where they had gone to withdraw money when the armed robbery happened on November 29. “They were supposed to have a police escort, but for certain reasons, the person (policeman) was permitted to travel to attend to some issues,” he stated.

    According to another version, the mobile police officer, Inspector Rasheed Adegbite, who was supposed to be with the bullion van, had travelled to Igbo-Ora in Oyo State the previous day, without permission. The police said he has been arrested for investigation.

    The police boss said the armed robbers’ vehicle had blocked the bullion van, and “five occupants of the vehicle came down, shot at the director and from their vehicle, they brought out a sledgehammer to force the receptacle where the money was kept open and they left with the money.”

    Oyekanmi, the only fatality, was said to have withdrawn N97.335m from Fidelity Bank and N15m from Sterling Bank. The bullion van was said to be carrying N112.335m at the time of the attack.

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    Alamutu said: “It was an in-house (thing). We have this feeling because, how did they know that they would need a hammer to break the receptacle?” He also said “they must have had information that he was going to take a large amount of money from the bank.”

    The armed robbery exposed poor security arrangements. It is curious that the absent police escort was not replaced by another guard, and those in the bullion van were without protection.

    Apart from this, it is puzzling that there was only one guard attached to the bullion van, who happened to be unavailable on the day. If he was available, or if someone else had replaced him, would one guard have been able to protect the occupants of the bullion van from the said five attackers? 

    Such an approach to security is not only questionable but also condemnable. It should be reviewed. Also, the state government and the police must ensure that the armed robbers who killed Oyekanmi do not get away with armed robbery and murder.    

  • Budget funding: Govt eyes 338% rise in dividends

    Budget funding: Govt eyes 338% rise in dividends

    • Set to cut borrowing by 40%

    The Federal Government has projected a 338 per cent rise in dividends accruable from its major shareholdings in key companies in 2024 as part of efforts to extract greater values from government’s assets and reduce dependency on borrowings.

    A breakdown of the N27.5 trillion 2024 budget reviewed yesterday indicated that government plans to cut down its borrowings by 40 per cent in the coming year.

    The government will bridge funding gaps with increased dividends, public private partnerships, privatisation and monetisation of assets.

    Total dividend accruable to government is projected at N357.92 billion in 2024, an increase of 337.6 per cent on N81.79 billion received in the previous.

    The dividends are expected from Nigeria LNG (NLNG) Limited, Bank of Industry (BoI), Development Bank of Nigeria (DBN), Galaxy Backbone and Bank of Agriculture (BoA).

    The government is implementing a dual-strategy to cut debt burden while simultaneously sweating its assets to fund the envisaged gap, due to reduction in borrowings. Consecutive increase in borrowings had been one of the mainstays of the previous budgets.

    According to the budget proposal, government plans to reduce domestic borrowings from a total of N10.04 trillion in 2023 to N6.06 trillion in 2024.

    While foreign borrowings are expected to increase marginally at N1.768 trillion in 2024 as against N1.761 trillion in 2023, multilateral, bilateral and project-tied loans are projected to drop from N1.771 trillion this year to N1.052 trillion in 2024.

    NLNG is owned by four major shareholders including Nigerian National Petroleum Company Limited (NNPCL), 49 per cent; Shell Gas B.V, 25.6 per cent; TotalEnegies Gaz & Electricité? Holdings, 15 per cent and Eni International N.A. N.V. S.àr.l, which holds 10.4 per cent.

    Debt servicing is a major headline item for Nigeria’s budget. Government planned to service its debts with N8.49 trillion in 2024, as against N8.25 trillion.

    The breakdown of the debt servicing allocation included domestic debts, including ways and means securitised in 2023, N5.5 trillion; foreign debts, N2.75 trillion and sinking fund to retire maturing promissory notes at N243.66 billion.

    The government had outlined that it would combine a variety of fiscal, economic and accounting strategies to reduce the country’s budget deficit by nearly half, in a major move aimed at blocking leakages and redirecting financing to long-term economic growth.

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    Nigeria’s budget deficit stands at 6.11 per cent of the Gross Domestic Product (GDP).

    A comprehensive revenue-investment generation and management strategy being deployed by the government is expected to cut budget deficit to 3.88 per cent as from next year.

    The strategy is a major anchor of the N27.5 trillion budget proposal. President Bola Tinubu had in his first full budget projected to close deficit gap to within the threshold of three per cent set by the Fiscal Responsibility Act, 2007.

    With declining revenues and stubbornly high expenditures, especially recurrent expenditures, Nigeria’s budget deficit has widened over the years, significantly above the guide set by extant laws.

    Budget deficit in 2024 is projected at N9.18 trillion or 3.88 per cent of GDP. In 2023, budget deficit was N13.78 trillion, some 6.11 per cent of GDP.

    Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun outlined the comprehensive strategy that will underpin the implementation of the 2024 budget, with the overall aims of reducing deficit, enhancing revenue and locking in significant values into expenditures.

    To achieve these objectives, the government will be implanting a variety of strategies including a thorough review of recurrent expenditure and prioritising essential spending and eliminating wasteful or unproductive expenditures. These may include streamlining administrative processes, reducing travel costs, and consolidating certain functions.

    Also, there will be efficient allocation of capital expenditure which is crucial for driving economic growth. The government will prioritize capital projects that have a high impact on productivity, job creation, and infrastructure development. These include investing in energy, transportation, and other critical sectors.

    In the area of revenue generation, the government will expand the tax base by identifying and incorporating new sources of revenue, such as the informal sector and digital transactions. These may involve simplifying tax laws, improving tax administration, and implementing targeted compliance measures.

    The government will also improve tax collection efficiency to maximize revenue generation while investing in technology, strengthening tax administration systems, and enhancing taxpayer education to improve compliance and reduce tax evasion.

    It will explore alternative revenue sources beyond traditional taxation, such as asset monetization and privatisation, public-private partnerships, and targeted fees for specific services.

    The government plans to incentivise investment and economic growth by implementing tax breaks or other incentives for priority sectors.

    The strategies have been planned to attract domestic and foreign investments, thus fostering job creation and economic expansion.

  • Fed Govt unveils debt servicing, financing plans for 2024

    Fed Govt unveils debt servicing, financing plans for 2024

    The Federal Government has allocated N8,490,960,606,831 for debt servicing in 2024.

    A major strategy highlight is repaying N23 trillion it owes the Central Bank of Nigeria (CBN).

    Details are in the budget President Bola Ahmed Tinubu presented to the National Assembly last week.

    The allocation sum represents a significant increase from the N8,250,000,000,000 budgeted for debt servicing in 2023.

    The breakdown of the debt servicing allocation is as follows: domestic debts (including ways and means): N5,499,702,927,540.091; foreign debts, N2,747,595,527,533 and sinking fund to retire maturing promissory notes, N243,662,151,758.

    The government has pledged to prioritise debt servicing to ensure the country’s financial stability and creditworthiness.

    The allocation for domestic debts constitutes the largest portion of the debt servicing budget, reflecting the government’s focus on domestic debt management.

    The government has expressed its commitment to reducing reliance on foreign borrowing and promoting domestic debt financing.

    By prioritising debt servicing, the government aims to maintain investor confidence and attract foreign capital.

    Regarding the 2024 Budget Financing Plan, the Federal Government has outlined its financing strategy for the 2024 budget, with a total allocation of N9,178,930,385,914.

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    The breakdown of the financing allocation shows that debt financing will gulp N7,828,529,477,860; asset sales/privatisation N298,486,421,740 and multi-lateral/bi-lateral project-tied loans, N1,051,914,486,314

    The increase in the overall financing allocation is attributed to the government’s ambitious plans for infrastructure development and economic diversification.

    The government has pledged to prioritise capital expenditure to stimulate economic growth and create employment opportunities.

    The allocation for debt financing constitutes the largest portion of the financing budget, showing that the government will occasionally be borrowing to meet its financial obligations.

    The allocation for asset sales/privatisation highlights the government’s efforts to generate non-oil revenue.

    The government has identified several assets for potential sale, earmarking N20 billion to recapitalise the Ministry of Finance Incorporated (MOFI) to facilitate it.

    The allocation for multi-lateral/bi-lateral project-tied loans underscores the government’s engagement with international partners to finance critical infrastructure projects.

  • Firm secures N19.41b to build 10,000MT LPG storage facility, jetty

    Firm secures N19.41b to build 10,000MT LPG storage facility, jetty

    An energy solutions company, Falcon Corporation Limited, has secured a N19.41 billion facility from the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).

    Proceeds of the loan are earmarked for the development of a state-of-the-art 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Port Harcourt, the Rivers State capital.

    The project, which has reached an advanced stage, is being carried out in two phases.

    The first phase is the construction of 10,000 metric ton spherical tanks, a dedicated jetty and other associated infrastructure.

    That will be followed by the development of an additional 5,000 metric tons of storage at a later date.

    Managing Director, Prof. Joe Ezigbo, said: “At Falcon, we consider our investments in the gas industry as a national service first.

    “This is why over the past almost thirty years, we have continued to expand our footprints within the industry, despite the various challenges within the environment.

    “Gas development is our contribution to nation-building and we remain unrelenting in this regard.

    “We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes.

    “The project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs.

    “Beyond economic gains, we anticipate significant social benefits including job creation, income growth, health improvements, and environmental sustainability as our customers and communities transition to cleaner fuel options on a larger scale.”

    Deputy Managing Director and Co-Founder of Falcon, Mrs Audrey Joe-Ezigbo, said the company was committed to the growth of Nigeria’s domestic gas industry.

    She said: “We are fully aligned with the nation’s aspirations to leverage gas for industrialisation, and our primary energy transition fuel, with the strong focus on its use for power and cooking.

    “LPG’s characteristics, such as portability, high energy value, low emissions, and reduced carbon footprint, make it an ideal choice for cooking and other industrial uses.

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    “The project aims to ensure the availability of LPG and deepen its market penetration and adoption within the catchment areas, contributing to the mitigation of ecosystem damage and greenhouse emissions caused by the use of other traditional fuels.”

    Chief Executive Officer of Chapel Hill Denham, Mr. Bolaji Balogun, said the firm was pleased to support the integrated LPG infrastructure in Rivers State.

    “This will not only increase domestic LPG consumption but also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households.

    “The project is also in line with the Federal Government of Nigeria’s objective of increasing the adoption of LPG as auto fuel and a replacement of diesel for power generation,” he said.

    Funded by debt obtained from NIDF and the Bank of Industry (BOI), coupled with internally generated funds, the project has hit a number of critical milestones, with a recorded completion rate of 65 per cent as of October 2023.

    Operational since 1994, Falcon is a wholly indigenous integrated player across the energy value chain in Nigeria, with expertise in delivering energy solutions across the midstream and downstream sectors of the industry.

    The company is the licensed local distribution company charged with the infrastructure build-out, distribution and supply of natural gas.