Wealthy Nigerians earning over N100 million per month may soon be taxed at a 25 per cent rate if a new bill proposed by the Presidential Fiscal Policy and Tax Reforms Committee is passed by the National Assembly.
The Committee Chairman, Taiwo Oyedele, said this move is part of a broader effort to create a more equitable tax system.
Speaking during a breakout session at the 30th Nigeria Economic Summit in Abuja on Monday, Oyedele revealed that the reforms would shift the tax burden towards the wealthiest citizens, while offering relief to lower and middle-income earners.
He pointed out that nearly 90 per cent of those currently paying taxes should not be, under the proposed system.
“We are targeting those who earn N100 million or more monthly, and they will be taxed up to 25 per cent. The aim is to balance the books and ensure those with the ability to pay are doing so fairly,” Oyedele explained.
The tax reforms, slated to take effect in January 2025, also propose a reduction in personal income tax for middle-income earners making N1.5 million or less per month. Those earning more will see gradual tax increases, with the wealthiest facing the highest rates. Lower-income earners would be completely exempt from personal income tax under the new structure.
In addition to addressing personal income taxes, the reforms include significant relief for businesses. Oyedele highlighted that businesses currently bear the cost of VAT on assets such as factories, vehicles, and equipment, which increases their operational costs and, in turn, raises prices for consumers.
Under the proposed changes, businesses will be able to claim full VAT credits on assets and services, thereby lowering their expenses and stabilising their pricing.
“This is a significant change for businesses,” Oyedele noted. “Today, companies are burdened with VAT on essential investments, which ultimately drives up their costs. Our reforms aim to change that, making it easier for businesses to thrive.”
The corporate income tax rate is also set to drop from 30 per cent to 25 per cent, a move Oyedele described as a “huge” boost for the business sector. Essential goods and services—such as food, healthcare, education, accommodation, and transportation—would benefit from reduced or eliminated VAT, easing the financial strain on households, particularly lower-income families.
However, Oyedele cautioned that not all sectors would benefit from reduced taxes. VAT on other goods and services would increase to help the government maintain revenue levels.
Addressing the broader economic context, Oyedele acknowledged that inflation had already acted as an informal tax, reducing the purchasing power of Nigerians without any formal legislation.
He emphasised that the committee’s reforms aim to redistribute the tax burden more fairly, targeting those most capable of contributing to the country’s revenue.
Regarding tax incentives, Oyedele was firm in his stance that excessive incentives have hurt the economy. He noted that removing unnecessary incentives would be a key part of the reforms, ensuring the government doesn’t lose revenue while making the business environment fairer.
“We can’t give out every incentive being requested, our priority is to remove harmful incentives, and that’s exactly what we are doing.” He concluded.
Sugar is a common ingredient in many foods and beverages, from soft drinks and baked goods to a wide array of processed products. While it adds sweetness and enhances flavor, consuming too much sugar can have serious health consequences.
Reducing sugar intake is one of the best steps you can take to improve your well-being. Here are seven key reasons to reconsider how much sugar you consume each day:
1. Contributes to Weight Gain and Obesity Added sugars, especially in sweetened drinks, snacks, and desserts, are a major factor in weight gain. When you eat more sugar than your body needs, the excess is stored as fat, which can lead to obesity. Sugary foods also cause quick spikes and crashes in blood sugar, often triggering overeating. Over time, this can disrupt metabolism and make weight management even more difficult.
2. Harms Heart Health High sugar intake is linked to an increased risk of heart disease. Research shows that excess sugar raises harmful cholesterol and triglyceride levels in the blood, which can lead to cardiovascular problems. Chronic inflammation and high blood pressure, both associated with a high-sugar diet, also contribute to heart disease. By cutting back on sugar, you can significantly lower your risk of these issues.
3. Increases the Risk of Type 2 Diabetes Consuming large amounts of sugar is a major contributor to Type 2 diabetes. Regularly eating sugary foods forces your body to produce more insulin to control blood sugar levels. Over time, this can lead to insulin resistance, a key risk factor for diabetes. By reducing sugar, particularly in beverages and processed foods, you can greatly reduce your risk of developing this chronic condition.
4. Damages Dental Health Sugar is one of the primary causes of cavities and tooth decay. When you consume sugary foods, the sugar interacts with bacteria in your mouth, producing acids that erode tooth enamel. Over time, this can lead to dental problems like cavities, gum disease, and even tooth loss. Cutting back on sugary snacks and drinks is essential for maintaining healthy teeth and gums.
5. Increases the Risk of Fatty Liver Disease The liver is responsible for processing fructose, a type of sugar found in many sweetened beverages and processed foods. Consuming too much fructose can lead to non-alcoholic fatty liver disease (NAFLD), where fat accumulates in the liver. This condition can cause inflammation, scarring, and even liver damage over time. Reducing fructose in your diet can help protect your liver and prevent this serious health issue.
6. Speeds Up Skin Aging A diet high in sugar can have a visible impact on your skin, accelerating the aging process. Excess sugar leads to the production of advanced glycation end-products (AGEs), which damage collagen and elastin—the proteins responsible for keeping skin firm and youthful. Over time, this results in wrinkles, sagging, and premature aging. Reducing sugar not only supports better internal health but also helps maintain youthful-looking skin.
7. Weakens the Immune System A high-sugar diet can compromise your immune system, leaving you more susceptible to infections. Studies have shown that consuming too much sugar suppresses the cells in your body that defend against harmful pathogens. This weakened immune response can last for several hours after eating sugary foods, increasing your vulnerability to colds, flu, and other illnesses. Cutting back on sugar supports a stronger immune system.
In Conclusion While sugar is hard to avoid and often difficult to resist, its harmful effects on your health are clear. From contributing to weight gain and heart disease to accelerating aging and weakening the immune system, excessive sugar intake comes with many risks. By reducing or eliminating added sugars from your daily diet, you can improve your health, lower the risk of chronic disease, and enhance your quality of life.
Sokoto State Governor, Dr. Ahmed Aliyu, on Monday, inaugurated a special committee to oversee the sale of food items at a 55% discount to alleviate economic pressures on the people of the state.
This initiative is part of a broader effort to mitigate the impact of fuel subsidy removal and the global economic downturn.
During the inauguration ceremony, Governor Aliyu emphasised that the discounted food sales are available to all residents, regardless of political affiliation or ethnicity. He noted that the state government had procured various essential commodities, which will be sold at significantly reduced prices to help families manage their daily needs.
Addressing the current economic climate, Aliyu acknowledged the challenges brought about by national and global financial disruptions. He cited the removal of fuel subsidies and rising electricity tariffs as factors that have exacerbated the hardships faced by citizens.
To counter these difficulties, the state government has implemented a series of palliative measures, including the provision of free commodities and the introduction of subsidized mass transit services.
“The Sokoto State government is committed to ensuring that every family in the state’s 244 wards has access to these essential food items,” the governor stated. “We will sustain this initiative until the economic situation in the country improves.”
In addition to the government’s efforts, Aliyu called on affluent individuals and corporate entities to support the programme by extending assistance to the less privileged in their communities.
The committee chairman, Chiso Dattijo, praised the governor’s initiative, describing it as a timely intervention. He assured the public that the committee would work diligently to ensure the programme’s success.
This initiative reflects Sokoto State’s dedication to addressing the economic challenges faced by its residents, providing much-needed relief during a time of financial strain.
Esomnofu Ifechukwu of Crown Grace School, Mararaba, Nasarawa State, has emerged the winner of the 10th edition of the coveted Maltina Teacher of the Year Competition at the Grand Finale held in Lagos on Friday, October 11, 2024.
Ifechukwu, who was adjudged the 2024 Maltina Teacher of the Year, received a cash prize of N10,000,000 (ten million naira). Additionally, he will be rewarded with an all-expense-paid capacity development training overseas and honoured with school infrastructure worth N30 million in his school.
Kehinde Olukayode from Molusi College, Oke-Sopen, Ijebu Igbo, Ogun State, won first runner-up position and received a cash prize of N3,000,000 (three million naira), while Aniefiok Udoh from Community Secondary Commercial School, Uyo LGA, Akwa Ibom State was second runner-up and went home with N2,000,000 (two million naira) cash prize. In addition, 34 other teachers who emerged State Champions from their respective states received N1,000,000 (one million naira) each.
In his goodwill message, the Executive Governor of Lagos State, Babajide Sanwo-Olu, who was represented by the Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, expressed profound gratitude to Nigerian Breweries-Felix Ohiwerei Education Trust Fund for their steady path and commitment to the education sector through the Maltina Teacher of the Year Competition. He also commended teachers for their enormous contribution to creating a brighter tomorrow despite their many challenges in performing their roles.
Sanwo-Olu noted that through the initiative, NB-FOETF has demonstrated immense support and uplifted the teaching profession in Nigeria with its enduring impact felt across groups and communities nationwide. He stated that the Maltina Teacher of the Year Competition has no doubt spotlighted the incredible contribution of teachers whose passion and dedication are shaping the future of Nigeria and the youths.
He disclosed that the State has been fortunate to benefit from the initiative, as the company recently donated a digital language laboratory to Keke Senior High School, Lagos, in honour of the 2023 Maltina Teacher of the Year, Adeola Adefemi. According to him, this monumental contribution, meant to enrich our students’ learning environment, would encourage literacy and promote academic excellence.
“This donation is one of the lasting legacies of the NB-Felix Ohiwerei Education Trust Fund. I applaud them for this impacting initiative. Since 2015, the initiative has continued to serve as a national platform to recognise, honour, and reward the outstanding efforts of teachers across the country,” he said.
Also speaking at the occasion, the Minister of State for Education, Dr. Yusuf Sununu, represented by the Director Yaba College of Technology, Adedotun Abdul, commended NB-Felix Ohiwerei Education Trust Fund for celebrating outstanding teachers and investing in educational resources and infrastructure through the Maltina Teacher of the Year Competition, stating that such an initiative would inspire teachers and help schools strive for excellence.
Sununu stated that the Federal Government, through the Ministry of Education, remains committed to the growing efforts to restore the dignity of the teaching profession in Nigeria as it recently developed a National Teaching Policy focused on their career path, remuneration, and teaching standards.
While congratulating all the awardees and other participants for their dedication and commitment to the teaching profession in Nigeria, he declared that the Ministry of Education was willing and ready to partner with Nigerian Breweries Plc to deliver quality education in the country.
In his keynote address, the Managing Director Nigerian Breweries Plc, Hans Essaadi, stated that the Maltina Teacher of the Year Competition is designed to recognise and eulogise teachers for their labour of love and for their role in shaping the minds through various ways to become noble human beings.
Essaadi commended Nigerian teachers for their unwavering commitment and deep desire to make a difference in their student’s lives. He noted that teachers’ crucial roles in instilling values, knowledge, and skills in their students have been instrumental to societal growth.
“This year’s edition is special because it is the tenth. We have reached this milestone because every teacher, parent, and student believes in the power of education. So, it is indeed heartwarming that we are gathered here to celebrate the role of teachers as society’s foundation stone on which all professions stand tall, ” he stated.
Also speaking, the Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan, stated that this year’s edition was remarkable as it recorded an unprecedented number of valid entries and state champions in the competition’s history. According to Morgan, 1,300 valid entries were recorded from 1,477 entries received, while all 37 States (including the FCT) produced champions.
Describing the feat as a demonstration of the exceptional talents and dedication of Nigerian teachers, the quality of participants, and the popularity of competition among teachers in Nigeria, she said “These remarkable results are the crowning jewel of our decade-long journey, validating our tireless efforts and demonstrating the profound impact of the Maltina Teacher of the Year awards on Nigeria’s education landscape.”
She expressed deep appreciation to all esteemed stakeholders and partners, including TRCN, NUT, Union Bank Plc, Woodhall Capital Foundation, Alert Group, and Air Peace, for their immense support in making this edition memorable.
She equally lauded the esteemed panel of judges for their dedication and painstaking efforts, which have been instrumental in upholding the integrity and prestige of the competition.
In his remarks, the Chairman, Panel of Judges for the Competition, Prof. Pat Utomi, noted that this year’s edition remains the most keenly contested since inception, adding that the quality of entries validates the versatility of our teachers and the rising standard of education in Nigeria.
In his response, the 2024 Maltina Teacher of the Year, Esomnofu Ifechukwu, praised the NB-Felix Ohiwerei Education Trust Fund for introducing the initiative to recognize and reward teachers for their contributions.
Ifechukwu said winning the competition was a dream come true, considering that he has been applying since 2020.
Since its inception, the Maltina Teacher of the Year Competition has produced ten grand winners: Rose Nkemdilim Obi (2015), Imoh Essien (2016), Felix Ariguzo (2017), Olasunkanmi Opeifa (2018), Ezem Collins (2019), Oluwabunmi Anani (2020), Abanika Taiye (2021), Alaku Ayiwulu (2022), Adeola Adefemi (2023) and Esomnofu Ifechukwu (2024).
After six months of rigorous semi-final rounds held globally, nearly 200 startups, including those from Nigeria, have converged in Dubai for the Supernova Challenge 2.0, the world’s largest early-stage startup pitch competition. These startups are vying for a share of the $200,000 (over N300 million) equity-free cash prize.
Nigeria has increasingly positioned itself as a major player in the global startup ecosystem, particularly within the technology sector. Despite economic challenges, the country’s startup scene has continued to flourish, thanks to a large population with access to technology and the emergence of strong support systems designed to bolster innovation.
The selected startups are evaluated across several criteria, including the innovativeness of their ideas, market opportunity, scalability, business model, revenue generation, customer base, and the strength of their teams. The competition aims to highlight the most promising startups globally and provide them with a platform to showcase their potential.
The prize breakdown includes $100,000 for the first-place winner, $60,000 for second place, and $35,000 for third place. In addition, special awards such as the Women in Tech Award ($10,000) and the Youth Award ($9,000) offer further incentives.
The Supernova Challenge 2.0 Finals will take place on Day 4 of the event, with more than 20 startups pitching in person for a chance to claim the top prizes. As competition heats up, Nigerian startups will be keen to make their mark on this prestigious global platform, which presents an unparalleled opportunity for visibility and growth.
This year’s Supernova Challenge offers startup founders not only the chance to take home equity-free cash prizes but also the prospect of gaining international recognition and networking with key players in the global innovation landscape.
However, Lagos State Government is set to helping Nigerian startups attract between $2 to $3 million in investments, the Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, outlines these goals, citing the success of startups supported by the government in last year’s event.
Alake highlights that Nigerian startups performed well at GITEX 2023, with some raising significant funds—one securing $100,000, another winning $50,000, and another in advanced talks to raise $1.5 million.
Nigeria launches ‘Project 10M,’ a nationwide health campaign focused on screening 10 million people for hypertension and diabetes, two major non-communicable diseases (NCDs). The initiative, driven by the Nigeria Health Commissioners Forum (NHCF), runs from October 28 to November 3, with the aim of raising awareness and reducing the country’s health burden from these conditions.
Hypertension and diabetes account for 27% of annual deaths in Nigeria, with a 17% likelihood of people aged 30-70 dying from these diseases. Dr. Oyebanji Filani, NHCF Chairman and Commissioner for Health in Ekiti State, stresses the importance of urgent action. “The increasing prevalence of these diseases calls for immediate intervention. Project 10M is our way of taking meaningful action to safeguard millions of lives,” Filani says.
The initiative has gained the full backing of the Nigeria Governors Forum, with all 36 states and the Federal Capital Territory (FCT) joining in. The project aims not only to increase awareness but also to ensure that Nigerians, especially those in underserved areas, have access to free screenings, counseling, and referrals for treatment. “This campaign is about equity in healthcare. People can visit public health centers or mobile outreach sites for screenings and follow-up care,” Filani explains, highlighting the campaign’s focus on reaching even the most remote communities.
Project 10M also focuses on improving Nigeria’s ability to track and address the prevalence of NCDs through comprehensive data collection. “By establishing hypertension and diabetes registers across the states, we’re building a foundation for informed healthcare planning and policy,” Filani states. This data will be critical in shaping future health interventions and developing policies aimed at reducing the national health burden.
In addition to screening, the initiative provides ongoing support by offering referrals and counseling for those with abnormal results. “Our goal is not only to detect these conditions but also to create a lasting framework for managing them, ultimately reducing the strain on our healthcare system,” says Filani. The project is set to open the door for more extensive healthcare interventions, showing Nigeria’s commitment to addressing long-term health challenges.
Project 10M marks a significant step in Nigeria’s fight against NCDs, focusing on nationwide screenings, enhanced data collection, and building sustainable healthcare systems. If successful, it could serve as a blueprint for future public health initiatives aimed at improving access and outcomes for millions of Nigerians.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1700.00 per $1 on Monday, October 14, 2024. Naira traded as high as 1626.00 to the dollar at the investors and exporters (I&E) window on Monday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1695 and sell at N1700 on Sunday 13th October 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1695
Selling Rate
N1700
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1625
Selling Rate
N1626
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
NiMet, Earth Networks Sign Pact On Early Warning Of Severe Weather
The Nigerian Meteorological Agency (NiMet) has issued a weather forecast predicting thunderstorms and rainfall across various regions of the country from Sunday to Tuesday.
According to the weather report released on Saturday in Abuja, parts of northern, central, and southern Nigeria are expected to experience significant weather activities.
In the northern region, NiMet forecasts thunderstorms and moderate rains on Sunday morning, particularly over parts of Gombe, Bauchi, Adamawa, and Taraba. As the day progresses, similar weather conditions are anticipated in Adamawa, Kaduna, Sokoto, Bauchi, Gombe, Taraba, Kebbi, southern Katsina, Kano, Zamfara, Borno, and Yobe.
The North-Central region is also expected to experience thunderstorms and moderate rainfall on Sunday morning, affecting areas such as the Federal Capital Territory (FCT), Niger, Nasarawa, Kwara, and Benue. These weather conditions are likely to continue into the afternoon and evening in the FCT, Benue, Kogi, Kwara, and Niger.
For the southern region, morning thunderstorms with light rains are predicted in areas including Oyo, Imo, Enugu, Ogun, Osun, Ondo, Edo, Delta, Rivers, Akwa Ibom, Cross River, and Lagos states.
NiMet advises the public, especially those in affected areas, to remain cautious and take necessary precautions as the weather patterns could potentially disrupt daily activities and transportation routes.
The forecast is part of NiMet’s ongoing efforts to provide timely and accurate weather updates, contributing to safety and preparedness across the country.
The Nigerian Electricity Regulatory Commission (NERC) has revealed that Benin Republic and Togo owe Nigeria a combined total of $5.79 million for electricity consumed in the second quarter of 2024.
According to NERC’s Q2 2024 report, international customers from the two nations paid $9.81 million out of the $15.60 million invoiced for electricity supplied between April and June.
The international customers involved include Para-SBEE and Transcorp-SBEE in Benin Republic, as well as Mainstream-NIGELEC and Odukpani-CEET in Togo.
Breakdown of payments shows that Para-SBEE in Benin Republic remitted 71.21% of its $4.29 million invoice, while Transcorp-SBEE achieved a 100% payment of its $4.25 million charge. Meanwhile, Mainstream-NIGELEC in Togo paid 69.72% of its $3.59 million invoice, and Odukpani-CEET in Togo did not remit any payment for the electricity consumed during the period.
NERC also noted that, in the first quarter of 2024, none of the four international customers made payments towards the $14.19 million worth of electricity consumed. However, over the second quarter, international customers made total payments amounting to $16.65 million.
“Transcorp-SBEE and Mainstream-NIGELEC have made payments towards all outstanding invoices from previous quarters,” NERC stated in its report.
The electricity regulator further explained that domestic customers in Nigeria paid a total of N1.30 billion against a cumulative invoice of N1.99 billion for the second quarter, representing a remittance performance of 65.07%.
In terms of electricity subsidies, NERC reported a significant reduction in the federal government’s subsidy obligation, which dropped from N633.30 billion in Q1 to N380.06 billion in Q2.
The reduction was attributed to a policy directive that implemented tariff reviews for Band A customers, while tariffs for Band B-E customers have remained frozen since December 2022.
Canadian families will receive their next Child Benefit (CCB) payment on October 18, 2024, two days earlier than the usual schedule. The increase, which took effect in July 2024, will result in slightly higher payments for eligible recipients, helping parents cope with rising living expenses.
The Canada Child Benefit is a tax-free monthly payment provided to families with children under 18. It was introduced in 2016, replacing previous programs like the Canada Child Tax Benefit and Universal Child Care Benefit. The amount is adjusted annually for inflation to help offset the cost of living.
In 2024, the remaining CCB payment dates are set for November 20 and December 20. Families can receive up to $7,787 per year for each child under six years old (about $648.91 monthly) and up to $6,570 annually for each child aged 6-17 (about $547.50 monthly). However, actual amounts may vary based on family income and the number of children.
Eligibility Criteria
To qualify for the CCB:
The child must be under 18 years old.
The parent or guardian must be a Canadian resident for tax purposes, including Canadian citizens, permanent residents, protected persons, and eligible temporary residents like international students or work permit holders.
Families must live in Canada for at least 18 months.
The amount is based on family income from the previous tax year, and tax returns must be filed on time to avoid delays.
How to Apply For Child Benefit
New immigrants and temporary residents can apply for the CCB by:
Registering a new birth through their province or territory, which may automatically trigger the CCB application.
Applying online through the Canada Revenue Agency’s My Account portal if a manual application is needed.
Families should ensure they file their taxes on time, report any significant income changes, and stay updated on CCB program modifications to maximize their benefit amounts.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for a significant meeting with the Dangote Petroleum Refinery between Tuesday and Wednesday to finalize agreements on the cost and logistics for lifting petrol from the $20bn Lekki-based facility.
This follows last week’s approval by the Federal Government, allowing marketers to source petrol directly from local refineries without involving the Nigerian National Petroleum Company (NNPC).
The agreement with Dangote is expected to mark a pivotal shift in the downstream petroleum sector, potentially leading to increased competition and a reduction in petrol prices. According to Chinedu Ukadike, the National Publicity Secretary of IPMAN, the association is optimistic about the benefits of this development and is ready to commence business with the refinery.
In an interview w, Ukadike revealed that IPMAN had overcome previous operational challenges, such as the lack of storage facilities, by acquiring tank farms to enhance distribution. He expressed confidence that competition in the market would drive prices down, stating, “We are prepared for healthy competition and are confident that this will lead to a reduction in the cost of petrol.”
Meanwhile, the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) is also in talks with the Dangote Refinery. PETROAN President, Billy Gillis-Harry, shared that they had been asked to resend their request for petrol lifting and were optimistic about reaching an agreement soon.
The refinery’s direct sale to marketers is part of a broader deregulation initiative by the government aimed at enhancing market efficiency. This development has been hailed by industry stakeholders as a crucial step towards achieving stability in Nigeria’s fuel supply chain.
Ukadike further disclosed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had issued bulk purchase licenses to independent marketers, allowing them to lift products directly from Dangote’s facility. Additionally, marketers have been promised import licenses to boost supply, fostering a competitive environment.
Despite the positive strides, challenges remain. Ukadike highlighted the high cost of purchasing petrol post-subsidy removal, with marketers now paying close to N50 million for a 45,000-litre truck of petrol, up from N8.1 million. He called on the government to establish an energy bank to provide financial assistance to marketers struggling under high-interest rates.
As negotiations progress, both IPMAN and PETROAN anticipate that the new arrangements will lead to increased petrol availability and potentially lower prices for Nigerian consumers.
Nigerian Air Force Distributes Relief Materials Amid 56th Anniversary
The Nigerian Air Force (NAF) is set to receive an additional 10 AW-109 Trekker helicopters and 24 M-346 Fighter Ground Attack (FGA) jets by 2026, as confirmed by the NAF’s Public Relations department. Chief of Air Staff, Air Marshal Hasan Abubakar, recently led a delegation to Italy to finalize the purchase from aerospace company Leonardo S.p.A.
The first three M-346 jets are expected by early 2025, with full delivery of all 24 jets by mid-2026. The NAF has already acquired two AW-109 Trekker helicopters, and the remaining 10 will arrive by early 2026. These acquisitions aim to bolster Nigeria’s air defense, particularly in combat roles like air-to-ground and air-to-air missions.
During a strategic meeting in Rome, Air Marshal Abubakar emphasized the importance of establishing a maintenance hub in Nigeria to support the M-346 fleet and proposed setting up a program Management Office to ensure the smooth implementation of this project.
These new aircraft will enhance NAF’s operational capabilities, including combat search and rescue, tactical airlift, and medical evacuations. The M-346 jets, in particular, will provide a significant boost to Nigeria’s air combat readiness.
Nigeria has been ramping up defense spending, allocating ₦3.3 trillion to the sector in its 2024 budget, as part of ongoing efforts to tackle security threats like Boko Haram in the Northeast, banditry in the Northwest, and criminal activities across other regions.
Dangote Group, the owner of West Africa’s largest refinery, plans to start crude oil production at its two Nigerian oil properties in the fourth quarter of 2024, according to an S&P Global Commodity Insights report published on October 10.
According to corporate sources, Dangote is actively looking for a floating production, storage, and offloading vessel with a capacity of 650,000 barrels of crude oil.
According to a business source, production at the company’s two Niger Delta upstream operations in Oil Mining Leases 71 and 72 will begin at roughly 20,000 barrels per day before increasing further in the first quarter of 2025.
Dangote Group holds an 85% stake in West African E&P Venture, which has a 45% working interest in the two blocks, while the Nigerian National Petroleum Company (NNPC) holds the remaining 55%. Another key stakeholder in West African E&P is Nigerian upstream company First E&P, which operates Oil Mining Leases (OMLs) 71 and 72.
The licenses for these blocks are located in shallow waters in the southeastern Niger Delta, approximately 22 km from the onshore Bonny terminal. The area contains the Kalaekule and Koronama oilfields.
The Federal Government generated N103.7 billion in revenue from the Electronic Money Transfer Levy (EMTL) in the first half of 2024, reflecting a 7.55% increase compared to the N96.44 billion collected in the same period in 2023.
This data, sourced from the Central Bank of Nigeria’s statistical bulletin, underscores the growing adoption of digital payment platforms and the rising volume of electronic transactions as Nigerians and businesses increasingly embrace digital banking.
The EMT levy, introduced in the Finance Act of 2020, amended the Stamp Duty Act to capitalize on the rapid growth of electronic funds transfers in Nigeria. It imposes a one-time charge of N50 on electronic receipts or transfers involving sums of N10,000 or more, deposited in any financial institution or deposit money bank.
In January 2024, EMTL revenue stood at N18.60 billion, marking a 26.57% decrease from N25.33 billion recorded in the same month in 2023. By February, revenue rose by 20.21% to N16.59 billion, compared to N13.80 billion in February 2023. The upward trend continued in March, with collections jumping 53.41% to N18.60 billion, surpassing the N12.13 billion recorded in the same period last year.
April’s figures showed a modest increase of 1.85%, with N15.37 billion collected, compared to N15.09 billion in April 2023. However, May saw a more significant year-on-year surge, reaching N18.78 billion, which was 24.24% higher than the N15.12 billion recorded in May 2023. While June’s revenue dropped slightly to N15.78 billion, it still represented a 5.40% increase from N14.97 billion in June 2023.
The surge in revenue coincides with an 86.44% increase in e-payment transactions in Nigeria, which totaled N566.39 trillion in the first half of 2024, up from N303.60 trillion during the same period in 2023, according to the Nigeria Inter-Bank Settlement System (NIBSS). The NIBSS Instant Payment (NIP) platform, launched in 2011, enables real-time interbank transfers and is now accessible to customers via internet banking, mobile apps, USSD codes, ATMs, POS terminals, and bank branches.
This rapid rise in electronic transactions is driven by the growing preference for digital payment methods, offering enhanced convenience and efficiency for both businesses and individuals. In 2023, e-payment transactions hit a record high of N600 trillion, a 55% increase from N387 trillion in 2022.
However, despite this growth, the mobile money sector in Africa faces a significant challenge with fraud. As telecom operators expand mobile money services, the continent’s mobile money industry lost over $1 billion to fraud, according to the Global System for Mobile Communications Association’s 2023 report. This has raised concerns that security issues could hinder the continued adoption of mobile money services across the region.
Petrol prices in Nigeria may decrease as the federal government permits marketers to buy directly from Dangote Refinery and import from other sources, according to James Tor, National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
In a recent interview, Tor discusses how this deregulation allows marketers to negotiate prices directly with the refinery, ending the Nigerian National Petroleum Corporation (NNPC) Limited’s monopoly as the only buyer of petrol products in the country. He notes that this shift will create a more competitive market, leading to lower prices.
Tor states, “With more sellers in the market, competition will drive prices down. Instead of relying solely on NNPC, we now have access to multiple suppliers, including Dangote, which gives us the flexibility to choose lower-priced options.” He emphasizes confidence in partnerships with both local and international suppliers, which will provide affordable products for Nigerians.
Previously, the government has authorized marketers to purchase petroleum products directly from Dangote Refinery, moving away from NNPC’s role as a middleman. Finance Minister Wale Edun highlights that this new direct purchasing model fosters competition and enhances the supply chain for petroleum products.
“This change allows marketers to negotiate terms directly with refineries, creating a more competitive market landscape,” Edun states.
The transition from NNPC being the sole purchaser to allowing direct purchases signifies a major step toward the full deregulation of Nigeria’s oil industry. In September, NNPC revealed it was buying petrol from Dangote at N898.78 per liter and selling it to marketers at N765.99 per liter, effectively subsidizing N133 per liter. However, this model is deemed unsustainable.
NNPC has increased petrol prices across its retail stations to over N1,000 per liter, with recent hikes reflecting prices above N900 in various states. In Lagos, prices reach approximately N998, while in Abuja, they hit N1,030. This new framework aims to stabilize petrol prices while enhancing market efficiency and availability for consumers.
The Lagos State Government sets its sights on helping Nigerian startups attract between $2 to $3 million in investments during GITEX Global 2024, currently taking place in Dubai, UAE.
Lagos State Commissioner for Innovation, Science, and Technology, Tunbosun Alake, outlines these goals, citing the success of startups supported by the government in last year’s event.
Alake highlights that Nigerian startups performed well at GITEX 2023, with some raising significant funds—one securing $100,000, another winning $50,000, and another in advanced talks to raise $1.5 million. “This year, we aim for even bigger investments, hoping to reach the $2 to $3 million mark,” he says.
The Lagos government has brought five promising startups and nine other companies to showcase their innovations at Expand North Star 2024, the startup-focused section of GITEX. These startups include an ag-tech company making fresh food more accessible, Seamfix, a digital identity platform, and RAIN (Robotics and Artificial Intelligence Nigeria), specializing in AI and robotics training. Other startups include Chao, a platform for quick and reliable food and medicine deliveries on campuses, and Shekel Mobility, which simplifies car financing in Africa.
Alake explains that the selection criteria for these startups focused on companies with unique value propositions, strong market fit, and Nigerian or Lagos-based founders. Many of the chosen startups are in their seed or pre-seed funding stages.
GITEX Global, organized by the Dubai World Trade Center, is one of the largest tech events worldwide, bringing together industry leaders, startups, investors, and governments. Expand North Star, the startup and investment arm of the event, hosts over 1,800 startups and more than 1,200 investors, collectively managing over $1 trillion in assets this year.
The Super Eagles of Nigeria have been stuck at Abraq International Airport in Libya, with less than 48 hours till their Africa Cup of Nations qualifier against the Mediterranean Knights on Tuesday. The Nigerian contingent departed Uyo for Libya on Sunday morning.
However, sports journalist Tobi Adepoju revealed in a post on Sunday night that the Super Eagles dilemma began when the host country made a last-minute change to their chartered flight.
He claimed that the federation has obtained permission for the team’s jet to land in Benghazi, only a short distance from the Benina Stadium, where the match is scheduled to take place. However, in the middle of the trip, the plane was redirected to Abraq International Airport, which is significantly farther away.
“The agreement and approval the NFF obtained was for the chartered flight to land in Benghazi, but the plane was unexpectedly diverted to Abraq,” Adepoju wrote.
To make matters worse, while the NFF’s transport arrangements were already in place in Benghazi, no buses were provided by the Libyan Football Association at Abraq to transport the team to their destination.
As a result, the team’s contingent has been left stranded at the airport, with the gates locked, preventing them from leaving. A video of the team seated in the waiting hall of Abraq Airport has gone viral on social media.
Another video from NFF TV has also gained popularity, showing some of the Nigerian officials speaking to the airport authorities regarding the closed gate. Nigeria leads Group D with seven points after defeating Tuesday’s hosts 1–0 in the reverse fixture in Uyo on Saturday.
The Federal Government aims to attract $1 billion in agricultural investments and create 500,000 jobs by 2027 through the Special Agro-Industrial Processing Zones (SAPZ) Programme, according to a SAPZ Fact Sheet.
In collaboration with major development finance institutions such as the African Development Bank (AfDB), the International Fund for Agricultural Development (IFAD), and the Islamic Development Bank (IsDB), the government has launched the first phase of the SAPZ in seven states.
This initial phase, SAPZ-1, is currently being rolled out in Cross River, Imo, Ogun, Oyo, Kaduna, Kano, and Kwara states. The goal is to generate $1 billion in private sector investment through agro-processing hubs and agricultural transformation centres while creating 500,000 jobs, categorized by age group and gender.
The National Programme Coordinator for SAPZ, Dr. Kabir Yusuf, outlined that the government plans to rehabilitate 190 feeder roads at the farm level, which will help reduce post-harvest losses in these areas. Additionally, 100,000 farmers are expected to receive training in climate-smart agricultural practices by 2027. The total cost of SAPZ-1 is projected at $538.05 million, excluding taxes.
According to the fact sheet, “The AfDB will contribute $160 million in loans (29.7% of the total cost), along with a $50 million loan (9.3%) from the Africa Growing Together Fund. The IsDB and IFAD will co-finance $150 million (27.9%) and $100 million (18.6%), respectively.
“Further funds amounting to $60 million (11.1%) will be sourced from the Green Climate Fund through IFAD’s IGREENFIN initiative. The Federal and State Governments will contribute $18.05 million (3.4%) in both cash and kind.”
The AfDB is funding all SAPZ-1 programme components in Ogun, Oyo, Kaduna, Cross River, and Imo States. Under parallel co-financing, IFAD will support Component 2 in Kano and Ogun States, covering related management costs. IsDB will fund activities in Kano, Kwara, and the Federal Capital Territory across all programme components.
Meanwhile, state governments have vowed to tackle food insecurity in Nigeria. During a Special Agro-Industrial Processing Zones High-Level Implementation Acceleration Dialogue hosted by the African Development Bank, state leaders reiterated their commitment to transforming the nation’s agricultural sector despite bureaucratic hurdles.
Prof. Banji Oyelaran, Senior Special Advisor to the President of AfDB on industrialisation, identified human-related challenges as the primary barrier to project execution. “The biggest obstacles we face aren’t technical but human,” he said, noting how bureaucratic delays and personal egos often slow down crucial initiatives. “It can take nine months to resolve issues caused by one person’s unwillingness to act.”
Oyelaran further elaborated on the SAPZ initiative, designed to localise agricultural development and enhance productivity. Despite securing over $540 million for the first phase, he warned that delays in fund disbursement could hinder progress. “No one will provide additional financing if the initial funds aren’t efficiently utilised,” he remarked.
He emphasized the importance of educating farmers on best practices, saying, “Knowledge is essential. Farmers need to understand when and how to plant to succeed.”
While challenges remain, Oyelaran expressed optimism, urging stakeholders to follow project guidelines and setting a December 20 deadline for compliance. “Anyone unwilling to follow the rules should step aside, or we will cancel their participation,” he warned.
He envisioned SAPZ as a game-changer for Nigeria’s economy, stating, “Imagine a single site employing 25,000 people, and replicating that across the country.”
Dr. Kabir Yusuf, the national coordinator of SAPZ, shared this optimism, highlighting the programme’s potential to diversify the Nigerian economy by positioning agriculture as a business opportunity, rather than merely a livelihood.
Sadi Ibrahim, Permanent Secretary of the Kano State Ministry of Agriculture, acknowledged the need to follow legal regulations, describing them as a significant bottleneck. “It’s crucial we comply with these guidelines to ensure successful implementation in our state,” he said, pledging to mobilise resources to meet targets.
Adebowale Akande, Executive Adviser on Agribusiness in Oyo State, noted the state’s focus on agricultural industrialisation. “We believe SAPZ will help us achieve our goal of industrialising agriculture,” he said, emphasizing the importance of value addition to local produce.
Akande also pointed out that environmental impact assessments and community engagement are integral to ensuring the project’s sustainability.
Kaduna State’s Commissioner for Agriculture, Murtala Dabo, stressed SAPZ’s role in boosting the export value of agricultural products. “The programme will create industrial hubs to process agro-produce, allowing smallholder farmers to benefit,” he said.
Dabo added that industries could process crops like ginger and cocoa, enhancing both farmers’ livelihoods and the national economy.
The average yield on Nigerian Treasury bills increased by 83 basis points week on week to 23.2% in the secondary market, owing to sell pressure on naira assets.
The market witnessed sell pressure ahead of auction sales and the September inflation data, which is slated to be announced this week. After two months of deceleration, the disinflationary situation has continued to face dangers that could reverse the trend. Spot rates on government borrowing instruments have risen in response to the benchmark interest rate increases, albeit gradually.
However, the market consensus on the path of inflation rates has begun to differ as the price of petroleum goods has increased. This has required investors to continue to alter their portfolio composition in order to optimise returns. Real return on investors is currently having a narrow gap of 4.9% after interest rate was adjusted to 27.25% to combat 32.15% inflation rate.
Last week, fixed income market traded negatively due to weak sentiment. Across the market segments, the average yield advanced by 42 basis points to 23.1% in the Treasury bills segment, according to Cordros Capital Limited
Fixed-interest securities analysts also noted that average yield increased by 192 basis points to 25.7% in the OMO bills segment.
In its note, Afrinvest Capital Limited stated that Treasury bills market performance was bearish as average yield across benchmark tenors trended higher, up 83 basis points week on week to close at 23.2%.
Across tenors, the long-term instrument recorded the most selloffs as yield rose 133 basis points week on week to 23.6%. Trailing, the medium and short-term instruments inched higher by 96bps and 21bps w/w, respectively, to 24.2% and 21.9%.
In the new week, the CBN would conduct an OMO auction to rein in part of the inflows; hence, analysts said they expect system liquidity to temper. On this backdrop, yield on naira asset is projected to trend higher in the secondary T-bills market.
Due to sell pressure, the average yield on Nigerian government bonds increased modestly to 19.10% in the secondary market on Friday, according to dealers’ separate notes.
Traders said that trading activity in the secondary market was largely modest last week, with the exception of a negative closing on Friday, resulting in a two basis point increase in the average yield to 19.10%.
Bond supply from the Debt Management Office (DMO) has slowed, with the current auction calendar indicating that the authority will provide N200 billion to investment-hungry investors at the October auction.
According to AIICO Capital Limited, the majority of trading activity last year was concentrated on bonds with maturities of April 2029, February 2031, May 2033, March 2050, and June 2053.
In its market update, Afrinvest Capital Limited said across the curve, short and mid-tenor instruments faced sell pressure as investors positioning ahead of the upcoming primary market auction.
The average yield increased at the mid-segment (+7bps) of the curve following selloffs of the FEB-2031 (+20bps) bond, Cordros Capital Limited said in a note. The yield remained unchanged at the short and long segments due to thin trading activities.
Notably, moderate interest was observed on the MAR-2025 bond (-14bps) but was limited to retail sizes, causing the average yield to hold steady at the short end of the curve, Cordros Capital told investors in a note.
“We attribute this to the weak naira liquidity, as evidenced by the banks excessive activities at the Central Bank of Nigeria (CBN) Standing Lending Facility (SLF) window totaling N4.40 trillion.
Analysts at Cordros Capital Limited, expect pockets of demand in the new week as the recently published Q4-24 bond calendar indicates that the DMO intends only to offer instruments worth c. NGN200.00 billion.
The debt office will raise N200 billion for Government through re-openings of the 19.30% FGN APR 2029 and 18.50% FGN FEB 2031 bonds, while the FGN MAY 2033 bond is now off-the-run.
“We maintain our medium-term expectation of elevated yields consequent on anticipated monetary policy administration globally and domestically and sustained imbalance in the demand and supply dynamics,” Cordros Capital Limited said.
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