The Federal Mortgage Bank of Nigeria (FMBN) secures a N100 billion Offtaker Guarantee to support the Karsana Renewed Hope City project in Abuja. This initiative is part of the Renewed Hope Cities and Estates Programme, which operates under a Public-Private Partnership (PPP) framework to address Nigeria’s housing deficit.
The Minister of Housing and Urban Development, Musa Dangiwa, announces this development during a presentation at the State House Gallery, Aso Villa. He reveals that the guarantee enables developers to mobilize over N40 billion in financing, marking a significant step in resolving housing challenges in Nigeria.
“The Ministry facilitates a N100 billion Bankable Offtaker Guarantee by the Federal Mortgage Bank of Nigeria (FMBN) for the Karsana Renewed Hope City. This has enabled developers to mobilize over N40 billion in financing—a first in the history of Nigeria’s housing sector,” Dangiwa states.
Enhancing Affordability and Delivery
Dangiwa highlights the importance of the Offtaker Guarantee in addressing issues like high land costs and double-digit interest rates on construction loans. He explains that the guarantee reduces financial risks for developers, ensures timely project delivery, and improves housing affordability for low- and middle-income earners.
“The biggest intervention is the N100 billion Bankable Offtaker Guarantee that the Bank provides for the Renewed Hope Cities project,” he adds.
FMBN’s Wider Contributions
Dangiwa outlines additional efforts by FMBN to enhance housing delivery across Nigeria. Since May 2023, the bank disburses N59.3 billion in housing loans, constructs 2,465 housing units, and generates 61,625 construction jobs.
Under the current administration, FMBN introduces several initiatives to make housing more accessible. These include single-digit long-term loans, home renovation loans, rent-to-own schemes, and Cooperative Housing Development Loans. The Rent Assistance product also helps Nigerians manage rent payments by spreading costs into affordable monthly installments.
Renewed Hope Cities Programme
The Renewed Hope Estates and Cities Programme, launched in February 2024, aims to deliver 100,000 housing units nationwide through a PPP model. Developers handle land acquisition and financing, while the government provides an enabling environment for execution.
The flagship project, the 3,112-unit Renewed Hope City in Karsana District, Abuja, leads the initiative, with similar projects underway in Lagos and Kano. The programme seeks to balance commercial viability with social impact by offering some units at market rates while providing others at concessionary prices for low- and middle-income earners, including members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
The Renewed Hope Cities Programme represents a bold and innovative step toward addressing Nigeria’s housing deficit, leveraging partnerships and financial innovation to deliver affordable, high-quality housing for Nigerians.
The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, emphasizes the need for fair and transparent tax policies in Nigeria to ensure individuals and businesses are not overburdened. Abbas makes this statement during The People’s House Interactive Session on Tax Reform Bills, held in Abuja on Monday.
The event gathers key stakeholders, including the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele; the Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji; and the Director-General of the Budget Office, Tanimu Yakubu, among others.
Tax Reform Bills Under Scrutiny
Speaker Abbas assures Nigerians that the House of Representatives is thoroughly reviewing the Tax Reform Bills submitted by the Federal Government, prioritizing the interests of the people. While acknowledging the debates surrounding the bills, he describes them as a healthy part of the democratic process.
According to Abbas, the proposed reforms aim to diversify the nation’s revenue base, promote equity, and create an environment conducive to investment and innovation. However, he stresses that lawmakers are carefully examining the bills to ensure they align with the Constitution and address public concerns.
“Taxes must be fair, transparent, and justifiable, balancing the need for public revenue with the burden they impose on individuals and businesses,” Abbas states.
He adds that the session provides an opportunity to identify areas needing clarification or amendment to ensure the reforms are compatible with existing laws and protect the interests of all Nigerians.
Nigeria’s Tax Challenges
Abbas highlights Nigeria’s low tax-to-GDP ratio of 6%, far below the global average and the World Bank’s recommended minimum of 15%. He notes that improving tax revenue is crucial for reducing reliance on debt financing and achieving fiscal stability.
“Taxes are the foundation of public revenue in modern societies. We must address this issue to secure a stable future for Nigeria,” the Speaker remarks.
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, reassures stakeholders, stating that the proposed reforms strengthen Nigeria’s economic framework and provide more resources for states and local governments.
Ongoing Legislative Process
The National Economic Council (NEC), chaired by Vice President Kashim Shettima, recently recommends the withdrawal of the Tax Reform Bills to allow for broader stakeholder consultations. However, President Bola Ahmed Tinubu insists the legislative process should proceed, with stakeholder input incorporated during public hearings.
President Tinubu commends NEC members, including state governors, for their contributions and emphasizes the importance of legislative procedures in addressing concerns. The tax reforms, introduced under the Renewed Hope Administration, aim to broaden Nigeria’s revenue base, stabilize the economy, and reduce dependence on specific sectors.
Key Stakeholder Concerns
Governors of Northern states and other regional stakeholders express reservations about certain aspects of the proposed reforms, particularly regarding the Value Added Tax (VAT) distribution model. The Vice President notes that these reforms present an opportunity to address such concerns while fostering alignment on broader economic goals.
Conclusion
As debates around the Tax Reform Bills continue, Speaker Abbas reiterates the House’s commitment to a transparent and thorough review process that serves the best interests of Nigerians. He assures the public that the reforms promote equity, encourage investment, and ensure sustainable development.
The legislative process remains critical in shaping a fair and efficient tax system that supports Nigeria’s growth and stability.
According to Broadstreet statistics, Nigerian deposit money banks (DMBs) borrowed almost ₦1.8 trillion from the CBN’s Standing Lending Facility (SLF) to resolve liquidity gaps. The majority of these borrowings came from smaller banks, as cash-rich lenders held onto surplus liquidity and demanded higher interest rates for its release.
Afrinvest Limited saw a liquidity outflow of about ₦180 billion from the Standing Deposit Facility, offset by borrowings from the SLF. Despite intermittent inflows into the financial system, liquidity conditions remained tight for the majority of the week, with little alleviation until considerable inflows were observed later.
Inflows of ₦143 billion from Remita payments and FGN bond coupon distributions eased the liquidity bottleneck in the financial system. The system deficit decreased to ₦57.7 billion, a significant improvement over the previous week’s shortfall of ₦361.1 billion.
TrustBanc Capital Limited said that DMBs borrowed ₦1.78 trillion through the CBN’s SLF, alleviating liquidity strains in the banking sector. However, interbank rates remained elevated owing to liquidity-reducing actions such as foreign exchange sales to authorized dealer banks and cash reserve ratio (CRR) debits.
Funding pressures were generally lighter ahead of scheduled bond and Treasury bill auctions for the new week. Some banks adjusted their investments in debt securities in response to their liquidity positions.
Liquidity levels began the week with a deficit of about ₦60 billion and remained negative for most of the period. By the end of the week, however, the system recorded a positive balance of ₦396.75 billion, primarily driven by substantial Remita inflows and FGN bond coupon payments.
During the week, additional liquidity drains occurred due to the CBN’s foreign exchange interventions and CRR-related activities. Despite these, interbank rates fell sharply as funding demand eased.
The overnight policy rate dropped by 5.86 percentage points to 26.09%, while the overnight lending rate decreased by 5.60 percentage points to 26.88%, reflecting improved market conditions compared to the previous week.
Africa Tech Festival (www.AfricaTechFestival.com) 2024 wrapped up last week, marking the most successful edition in the event’s 27-year history. Organised by Informa Tech, the event is Africa’s most extensive showcase of enterprise tech innovation, bringing together influential founders, business leaders, policymakers, investors, and startups.
Building on the momentum of the event’s first two days, the final day kicked off with an opening address by Alderman James Vos, Mayoral Committee Member for Economic Growth, City of Cape Town. Commenting on the host city’s standing as a leading tech hub hosting 51% of South Africa’s startups, he emphasised Cape Town’s focus on skills development in AI and tech in particular, reiterating his excitement at “making Cape Town a focal point for African innovation and setting an example of how tech can empower communities and social change.”
LeadersIn Africa Summit
Preceding the main event, the by-invitation LeadersIn Africa Summit was an exclusive VIP series of executive discussions designed to facilitate actionable dialogue between 100 of the continent’s most influential tech players. Panel sessions, fireside chats, networking events, and roundtables provided a platform for sharing insights and collaborating on solutions to Africa’s tech challenges. Topics ranged from emerging technologies to AI for startups, ESG, regulatory frameworks, fundraising strategies, and support for founders and investors.
Skills development and knowledge sharing
The final day of Africa Tech Festival 2024 also featured several keynote fireside discussions across the various event streams. Skills development was a theme of the day, including a masterclass session on AI content creation, a security fundamentals certification training session, and a technical workshop where participants worked in groups to develop scaling strategies for AI pilot projects.
Key Highlights
The USAID Young African Leaders Initiative(YALI) hosted the YALI Alumni Expo and Trade Show running alongside Africa Tech Festival. The YALI Expo connected and celebrated YALI alumni making positive change in their communities by creating these networking opportunities and showcasing innovations for sustainable impact.
One of the key topics focused on the gender gap and a panel discussion on day 4 centred around Empowering Female Founders: Narrowing the Gender Gap in Venture Capital. The challenge that female-founded companies face is that only 16% of tech funding and 8% of total funding go to these companies due to bias, lack of female representation among venture capital decision-makers or insufficient diversity in teams and investment criteria. It was proposed that female representation in venture capital leadership needed to be increased, more training and support was essential to encourage female founders to build networks and strengthen pitch preparation and business strategies.
The Africa Tech Festival Awards took place on the penultimate night, at the Bay Hotel in Camps Bay, Cape Town. The awards celebrated the exceptional technological advancements and expertise across the continent and highlighted the pioneering work that is transforming lives and industries across Africa, inspiring future innovation and growth. Some of the winners included:
Telco of the Year: MTN Ghana
Innovation for Impact: WIOCC Group
CXO of the Year: Patrick Benon, Orange Cameroon
Changing Lives Award: Orange Burkina Faso
Creative Visionary Award: Brighton Mhlongo
AIConics Award: GRIT – Gender Rights in Tech
“Africa Tech Festival 2024 exceeded our expectations in terms of engagement, active participation by key industry stakeholders, and the sheer scale of the event. As we wrap up the 2024 event, we’d like to express our gratitude to all our sponsors and supporters, with special mention to the Department of Communications and Digital Technologies and the City of Cape Town.
As the largest and most influential telecoms and technology event in Africa, with an audience that spans the entire ICT ecosystem, we’re proud of the progress made in opening dialogue, sharing insights, and working together to advance Africa’s digital transformation journey,” said Informa’s James Williams, Event Director of Africa Tech Festival.
Visit the AfricaTech Festival website (https://apo-opa.co/4hPy9P7) for more details.
Crude oil prices rose somewhat in early trade, recovering after significant losses at the close of the previous week amidst a cautious increase in market mood.
Geopolitical concerns have raised supply risks, while China’s poor imports continue to dampen demand forecasts. The slowdown in US drilling efforts, along with a World Bank prediction of a supply surplus, has put doubt on oil prices for 2024 and 2025.
As of today, ICE Brent crude traded above $71 per barrel, while U.S. West Texas Intermediate (WTI) traded above $67 per barrel. Despite these advances, continuing worries about slowing Chinese demand and a strong global supply outlook have limited further price rises.
The international benchmark Brent crude rose by 0.18% to $70.98 per barrel, while WTI increased by 0.3%, settling at $66.98 per barrel, slightly up from its previous close of $66.78.
China’s Export Tax Rebate Cuts
According to OilChem, China’s move to limit export tax rebates on refined oil products had little influence on exports, which are more reliant on export quotas. ING commodity strategists highlighted that comparable tax cuts in 2018 and 2016 did not reduce exports, which increased in both years.
Last Friday, China announced that the export tax refund for gasoline, diesel, and jet fuel will be reduced from 13% to 9% beginning December 1.
U.S. Drilling Activity Declines
In the U.S., drilling activity slowed last week, with Baker Hughes reporting a one-rig decline in active oil rigs, bringing the total to 478. This marks the lowest count since mid-July 2024. Combined oil and gas rigs stood at 584, down from 585 the previous week and 5% lower year-on-year.
Speculative Selling and Geopolitical Influence
Recent statistics show an increase in speculative selling of ICE Brent futures last week. Meanwhile, the ongoing confrontation between Russia and Ukraine continues to put upward pressure on oil prices, with market investors worried about supply interruptions.
Russia launched large-scale airstrikes across Ukraine over the weekend, targeting crucial energy facilities. Ukrainian President Volodymyr Zelenskyy stated that Russia launched roughly 120 missiles and 90 drones, using a variety of modern weapons such as Shaheds, Zircons, and Iskanders.
Ukraine’s air defenses stopped more than 140 of these strikes, while other installations received direct hits, resulting in extensive power outages. Zelenskyy acknowledged that efforts to restore electricity services are currently ongoing.
The oil market remains caught between geopolitical uncertainties and a challenging demand outlook, leaving prices vulnerable to both upward and downward pressures in the near term.
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Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, reiterated President Bola Tinubu’s commitment to reduce poverty in Nigeria via smart economic reforms and investments.
On Monday, Edun spoke at the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, emphasizing the administration’s goal on promoting economic growth through local and foreign private sector investments. These initiatives seek to increase productivity, create employment, and promote sustainable development.
Tackling Economic Challenges
Edun acknowledged that the Tinubu administration inherited both assets and liabilities but has taken bold measures to stabilize the economy.
“President Tinubu is leaving no stone unturned in ensuring that Nigerians experience improved living conditions through policies and programs designed to benefit all,” Edun said. “The administration is working tirelessly to attract investments, enhance productivity, and lift millions out of poverty.”
Ending Inefficient Subsidies
The Minister emphasized the significance of recent macroeconomic reforms, including the removal of fuel and foreign exchange subsidies.
“These subsidies, which previously consumed 5% of the nation’s GDP annually, disproportionately benefited a select few individuals and neighboring countries while offering little value to most Nigerians. Their removal has freed up resources now flowing to federal, state, and local governments,” he explained.
According to Edun, the funds saved from these reforms are being redirected to critical sectors such as infrastructure, education, and healthcare, which will ultimately enhance the quality of life for Nigerians.
Attracting Investments for Growth
Edun highlighted Nigeria’s efforts to create a stable and sustainable economic environment attractive to private investors. He noted that the industrial sector, in particular, stands to benefit as the country advances toward local refining of crude oil.
“This shift will not only meet domestic petroleum needs but also provide raw materials for industries, allowing businesses to compete effectively in both domestic and export markets,” Edun stated.
Building Partnerships for Progress
Bauchi State Governor, Bala Mohammed, also addressed the conference, describing it as a crucial platform for addressing Nigeria’s economic challenges through collaboration.
“Hosting the NACOFED conference is a privilege that underscores the collective commitment of stakeholders to advancing Nigeria’s financial and economic landscape,” Mohammed said. “I encourage participants to contribute constructively for the betterment of all Nigerians.”
He assured attendees that Bauchi’s administration made every effort to ensure a successful event, reflecting the state’s hospitality and commitment to national development.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” brought together key stakeholders to discuss innovative strategies for overcoming Nigeria’s economic challenges.
The naira fell sharply on the Nigerian Autonomous Foreign Exchange Market (NAFEM) due to deteriorating foreign exchange (FX) liquidity concerns and higher spot rate pricing. As the official exchange rate deteriorates, the Central Bank of Nigeria (CBN) has continued to boost spot prices during FX auction sales, indicating a weakening commitment to defending the naira.
The naira fell by 2.31% on the FMDQ platform, closing at ₦1,690.37 per US dollar on the official market. Despite interventions and significant foreign reserves, the local currency has remained volatile.
The CBN appears to be aligning its FX sales to commercial banks with higher rates, signaling a potential acceptance of the naira’s valuation at the higher end of the spectrum. At a recent FX auction, approximately $144 million was sold to banks, with spot rates ranging between ₦1,640 and ₦1,650 per dollar. This indicates a shift in the monetary authority’s expectations, as analysts suggest the naira is unlikely to fall below ₦1,000 without significant policy interventions.
However, FX sales to banks have not been adequate to maintain the official exchange rate. Interestingly, variations in the parallel market have grown less volatile than the official rate. On the same day, the parallel market saw the naira closing at ₦1,735 per dollar, down by ₦5, spurred by minor increase in demand.
Meanwhile, global oil prices rose as tensions between Russia and Ukraine escalated over the weekend. Brent crude jumped to $73.10 per barrel, while West Texas Intermediate (WTI) reached $68.98 per barrel. However, fears about lower gasoline consumption in China and the prospect of a global oil glut continue to weigh on the market.
Gold prices also rebounded after six consecutive sessions of losses, supported by a pause in the U.S. dollar’s rally. Investors are awaiting guidance from Federal Reserve officials on potential changes in interest rates. Gold traded at approximately $2,617.70 per ounce.
African Development Bank (www.AfDB.org) President Akinwumi Adesina is in Rio de Janeiro where he will reaffirm his commitment to ending hunger and malnutrition.
The theme of the G20 Rio Summit is “Building a just world and a sustainable planet”. It will be held from 18-19 November, and a major focus here will the G20’s Global Alliance against Hunger and Poverty, an ambitious initiative led by the current G20 Chair Brazil, which seeks to unite developed and developing nations in eradicating hunger and addressing inequalities.
The Alliance will launch a range of coordinated actions which include expanding the production of healthy food and developing sustainable agriculture. Africa, which accounts for more than a third of the world’s hungry people is central to that. According to the 2024 State of Food security and Nutrition in the world 20.4% of Africa’s population are facing hunger.
“In Africa over 280 million people suffer from hunger, some 38% of the hungry people in the world” African Development Bank President Adesina stated at the 2024 World Food Prize Norman Borlaug Dialogue in Iowa last month.
“Hunger is the worst form of deprivation. The mind, the body, and the soul are shrivelled by hunger. Hunger strips away human dignity,” he said.
The African Development Bank, along with the World Bank and several other development institutions have affirmed support for the new Global Alliance initiative. Specifically, the African Development Bank and the Inter-American Development Bank have launched a campaign to use IMF Special Drawing Rights (SDRs) channelled through multilateral development banks under a hybrid financing mechanism, to scale up financing to back the effort.
The African Development Bank’s Feed Africa (http://apo-opa.co/3ZazvNe) strategy under its High Five priority blueprint, steadfastly continues to bolster its objective of food security and resilience in Africa.
The Brazilian Presidency is building upon the progress achieved under the Indonesian and Indian G20 Presidencies in strengthening multilateral development Banks to become bigger, better and more effective institutions.
Brazil will hand over the baton of the chair of the G20 to South Africa at the end of the Rio summit. The Group of Twenty or G20, comprises 19 countries and two regional bodies: the European Union and the African Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
In a world where life moves fast and every second counts, PalmPay has become more than just a financial platform—it’s a lifeline for millions of Nigerians seeking reliability, convenience, and a stress-free payment experience As PalmPay celebrates five years in Nigeria, it has touched the lives of people across the country, helping to bring ease and efficiency to daily transactions.
For Tunde, a small business owner in Lagos, PalmPay, has been a game-changer. He runs his store with confidence, knowing that with PalmPay’s 99.9% transaction success rate, he won’t face disruptions that could cost him sales. Tunde’s customers leave satisfied, not just because of his products but because their payments go through smoothly every time.
PalmPay’s commitment to reliability extends even further, with a network monitor feature on its app and POS devices that shows the network strength of various banks. This allows users to pick the best times to transact, taking control of their payments with transparency and trust. And for those who worry about transaction fees eating into their hard-earned money, PalmPay has them covered—unlimited free transfers to other banks, which means that every naira goes further.
The recent launch of PalmPay’s USSD feature, *861#, is especially significant for people in rural areas or places where internet access isn’t guaranteed. For Grace, a market vendor in Kano, this means she can still make payments and transfers reliably, even without an internet connection, making her workday a little less challenging.
Backed by a team that understands the importance of support, PalmPay’s 24/7 customer service is always ready to help. Whether it’s through the helpdesk, email, social media, or any of the 36 state offices, there’s always someone ready to assist, making users feel seen, heard, and valued.
Today, with over 35 million users and a growing network of over 1.2 million merchants and agents, PalmPay is not just a payment network—it’s a trusted companion in Nigerians’ lives, meeting their needs with the dependability they deserve. So, whether you’re a business owner, a student, or simply someone trying to make life a bit easier, PalmPay is there to help you move forward, one reliable transaction at a time.
Australia has announced plans to reduce international student enrolment quotas across 15 of its 38 public universities, including esteemed institutions like the Australian National University and the University of Melbourne.
This proposal, tied to amendments in the Education Services for Overseas Students (ESOS) Act, is set for discussion in the Australian Senate today, November 18.
The proposed changes have already triggered significant adjustments in university admissions. The Australian Catholic University halted international student admissions for 2025 earlier this year, citing capacity concerns, while the University of New South Wales (UNSW) introduced a merit-based waitlist for its 2025 intake.
Under the proposed regulations, UNSW faces a 14% reduction in new international student enrolments, limiting the number to 9,500, a stark contrast to its anticipated intake of over 17,000 for this year. A university spokesperson attributed the decision to “unprecedented demand,” which, if unmanaged, could lead to exceeding the new caps.
UNSW, ranked third in Australia and 19th globally in the 2025 QS World University Rankings, emphasised that demand has surged due to its high-quality programmes and growing global reputation.
Australia remains a leading destination for international students, attracting nearly 944,000 students as of July, a 14% increase from the previous year, according to the Department of Education. Among these, Nigerian students rank the country among their top 10 study-abroad choices.
The Nigeria Civil Aviation Authority (NCAA) has reinforced its commitment to protecting air travellers’ rights by sensitising passengers about compensation entitlements for lost luggage and other travel inconveniences.
The campaign, part of the NCAA Consumer Protection Department’s ongoing efforts, aims to foster a culture of accountability within Nigeria’s aviation industry.
During a roadshow at Lagos’ General Aviation Terminal (GAT) on Monday, Michael Achimugu, NCAA’s Director of Public Relations and Consumer Protection, outlined passengers’ rights under current regulations. He explained that passengers on international flights are entitled to $170 immediately if their luggage goes missing, with the airline given a 21-day window to locate it. If the luggage remains unaccounted for, the airline must pay further damages as claimed by the passenger.
For domestic flights, passengers are entitled to ₦10,000 in initial compensation, with a seven-day grace period for airlines to recover lost items or face penalties.
“The NCAA has zero tolerance for unruly behaviour but urges passengers to report grievances professionally,” Achimugu stated. He encouraged passengers to approach NCAA Consumer Protection Officers, stationed at 23 terminals nationwide, for immediate assistance. These officers, identifiable by their uniforms, are tasked with resolving passengers’ complaints and ensuring compliance by airlines.
Educating Passengers on Rights and Responsibilities
The roadshow also focused on addressing passengers’ responsibilities. Achimugu reminded travellers to adhere to recommended check-in times—two hours for domestic flights and three hours for international ones to avoid disruptions.
The campaign will expand to other airports, including Port Harcourt on December 1, aligning with the festive travel surge. The NCAA’s outreach aims to equip passengers with knowledge about their rights while ensuring they fulfil their obligations.
“By educating passengers and collaborating with airlines, we are creating a balanced aviation ecosystem that promotes harmonious travel experiences,” Achimugu said.
This initiative underscores the NCAA’s commitment to empowering passengers and holding airlines accountable, ensuring better service delivery during one of the busiest travel periods of the year.
Nigeria’s cryptocurrency sector welcomes a proposed bill aiming to crack down on Ponzi scheme operators and fraudulent activities within the financial space. The Investment and Securities Bill (ISB) 2024, introduced by the Nigerian Securities and Exchange Commission (SEC), outlines severe penalties, including a 10-year prison sentence and fines of ₦20 million (approximately $12,000) for offenders.
The SEC’s initiative, led by Mr. Emomotimi Agama, seeks to modernize Nigeria’s securities market and curb financial crimes. The bill, previously presented to former President Muhammadu Buhari, has garnered widespread support from stakeholders in Nigeria’s crypto community. They believe it will address the prevalence of scammers exploiting cryptocurrency to deceive the public.
Nathaniel Luiz, CEO of Flincap and a crypto advocate, views the bill as a necessary step to clean up the industry. “This is a solid move to eliminate bad actors and build a healthy financial ecosystem,” Luiz stated.
Web3 analyst and crypto enthusiast Rume Ophi echoed similar sentiments, emphasizing that the bill will deter potential fraudsters and hold past offenders accountable. He added that its implementation could help rebuild trust in cryptocurrency, transforming its image from a scam-laden space to a legitimate investment platform.
Supporters believe the bill will not only deter fraud but also boost investor confidence, promote transparency, and align Nigeria’s financial system with global standards. However, portions of the proposal have faced scrutiny from the Central Bank of Nigeria (CBN) and the Ministry of Finance. Despite this, Senator Osita Izunaso, Chair of the Senate Committee on Capital Markets, describes the bill as a potential game-changer for Nigeria’s capital market.
Nigeria, a leader in cryptocurrency adoption in Africa, struggles with a reputation as a hotspot for scammers. The industry has seen multiple cases of fraud, with some celebrities promoting dubious crypto projects that have cost investors significant losses. If passed, the new bill will impose strict penalties for such acts, signaling a major shift in Nigeria’s approach to cryptocurrency regulation.
The bill represents a turning point for Nigeria’s financial sector. By curbing fraudulent activities, it aims to create a safer and more transparent crypto environment while enhancing the country’s position as a competitive player in the global financial market.
The Nigerian Electricity Regulatory Commission (NERC) instructs electricity distribution companies (DisCos) to replace outdated or faulty meters for customers at no cost. This directive, issued on Monday, emphasizes that DisCos are fully responsible for covering replacement expenses and prohibits the use of estimated billing for metered customers.
NERC confirms that some DisCos have been asking customers to pay for meter replacements, particularly Unistar prepaid meters. The commission clarifies that this practice violates Order No. NERC/246/2021, which mandates the structured and cost-free replacement of defective or obsolete meters.
“No customer with a functioning meter should be transitioned to estimated billing under any circumstance,” the statement reads. “If a meter is deemed faulty or outdated by DisCos, it is their obligation to replace it without charging the customer, as long as the issue was not caused by the customer.”
Earlier, the Federal Competition and Consumer Protection Commission (FCCPC) had ordered Ikeja Electricity Distribution Company (IKEDC) and Eko Electricity Distribution Company (EKEDP) to halt their ongoing replacement of Unistar prepaid meters. This action followed their failure to comply with NERC’s guidelines on proper meter replacement procedures.
FCCPC’s Executive Vice Chairman, Mr. Tunji Bello, reiterated during a stakeholders’ meeting in Abuja that both NERC and the Nigerian Electricity Management Services Agency (NEMSA) support this stance. He also emphasized that DisCos must consult with consumers before assigning them to tariff bands and must adhere to strict billing guidelines for unmetered customers.
Consumers experiencing non-compliance from DisCos are encouraged to report such cases by contacting FCCPC’s electricity helpline at 08119877785.
This order is part of ongoing efforts to ensure fair practices in Nigeria’s electricity sector and protect consumers from exploitative policies. The directive highlights the government’s commitment to enforcing accountability within the power distribution industry.
The Federal Government anticipates a substantial increase in personnel and pension expenditures in 2025, driven by the implementation of the new minimum wage and related adjustments. This projection is outlined in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027.
According to the document, personnel and pension costs are set to rise from ₦6.07 trillion in 2024 to ₦9.64 trillion in 2025, marking a significant 58.7% increase. The report attributes this surge to the financial impact of the new wage structure and consequential salary adjustments for government workers.
Rising Fiscal Pressure on Government Operations
The MTEF/FSP highlights an expected rise in Nigeria’s total recurrent (non-debt) expenditure from ₦11.27 trillion in 2024 to ₦14.21 trillion in 2025—a 26% growth. This category, which encompasses personnel costs, pensions, and administrative expenses, is forecasted to reach ₦14.59 trillion by 2027, reflecting the sustained financial burden of government operations.
Personnel costs for Ministries, Departments, and Agencies (MDAs) are projected to grow by 49.7%, from ₦4.79 trillion in 2024 to ₦7.17 trillion in 2025. Government-Owned Enterprises (GOEs) will see an even sharper rise of 67.2%, with personnel costs increasing from ₦608 billion in 2024 to ₦1.02 trillion in 2025. Combined personnel expenses will climb from ₦5.4 trillion in 2024 to ₦8.19 trillion in 2025, a 51.7% rise, and are expected to continue growing through 2027.
Pensions and Benefits Also on the Rise
Pension obligations are expected to nearly double, from ₦673 billion in 2024 to ₦1.44 trillion in 2025. This figure is projected to remain stable through 2026 and 2027. The document highlights that revised pension rates, effective since June 2023, have increased by 20% to 28% for eligible pensioners. These adjustments will be reflected in the 2025 budget to ensure compliance with updated rates.
Implications for Fiscal Sustainability
The sharp rise in personnel and pension costs raises concerns about Nigeria’s fiscal sustainability, particularly as the country grapples with revenue challenges and competing development needs. The World Bank has also weighed in on the issue, noting that the new minimum wage will have a limited impact, benefiting only 4.1% of the working-age population, primarily in the formal sector.
Alex Sienaert, the World Bank’s lead economist for Nigeria, emphasizes that while the wage increase is important, addressing poverty requires broader measures, such as creating productive jobs that provide sustainable livelihoods.
Looking Ahead
As Nigeria adjusts to the financial implications of the new wage policy, the Federal Government faces mounting pressure to balance employee compensation with other critical expenditures. The projected surge in costs underscores the need for strategic fiscal management to maintain sustainability while addressing the economic challenges facing the country.
The recent announcement by the Federal Government to increase the National Youth Service Corps (NYSC) monthly allowance to ₦77,000 has stirred mixed reactions among Corps members and the general public. While many Corps members are excited at the prospect of a significant pay raise, there are growing concerns about whether this promise will be fulfilled or if it’s just another case of “audio money”—a popular term used to describe government promises that are never implemented.
This article examines the current state of the proposed allowance increase, the history of NYSC stipends, and the reactions from stakeholders.
The Long Journey of NYSC Allowance: From ₦60 to ₦33,000
The NYSC scheme was established in 1973 by General Yakubu Gowon to foster national unity and integration. At the inception of the program, corps members received a modest stipend of about ₦60 per month, which was increased over the years in response to inflation and economic realities. Before 2011, the allowance was set at ₦9,775 but was increased to ₦19,800 during former President Goodluck Jonathan’s administration. In 2020, amidst demands for better compensation, the allowance was further increased to ₦33,000 following the implementation of the new minimum wage of ₦30,000 for federal civil servants.
The recent proposal to raise the allowance to ₦77,000 aligns with the new national minimum wage announced by President Bola Ahmed Tinubu, which took effect in July 2024. While civil servants have started receiving their updated salaries, NYSC members are yet to benefit from this increase, leading to frustration among corps members who feel left behind. Many corps members have expressed disappointment over the delay, especially given the rising cost of living in Nigeria.
However, the economic realities of 2024 are far different from what they were four years ago. Inflation, skyrocketing food prices, and the removal of fuel subsidies have rendered the current ₦33,000 allowance inadequate, prompting calls for another review to reflect the current cost of living.
The ₦77,000 Minimum Wage Promise: A Ray of Hope?
On October 6, 2024, NYSC’s Director-General, Brigadier General Yushau Dogara Ahmed, addressed the issue during an interview with the BBC Hausa Service. He explained that although the increase has been approved, the necessary funds have not yet been released by the government. He stated, “Not only the corps members, even our staff members’ salary has been increased about four to five months ago, but it has not been implemented yet. We are hopeful that the new pay will be implemented soon, but the funds have not been released to us yet”.
This delay has caused widespread disappointment among corps members, many of whom were counting on the increased allowance to cope with rising living costs. The NYSC DG further mentioned that the approval came through a letter from the National Salaries, Incomes, and Wages Commission dated September 25, 2024, signed by the Commission’s Chairman, Mr. Ekpo Nta. Despite this, the increased allowance was not reflected in the October payment, leading to confusion among corps members nationwide.
Reactions from Corps Members and Stakeholders
The delay in implementing the new allowance has left many Corps members feeling frustrated and disillusioned.
Maryam Yusuf, a Corps member serving in Lagos, expressed her disappointment: “It’s unfair that the Federal Government has started paying civil servants the new minimum wage, but we Corps members are left out. They say we are the leaders of tomorrow, but how can we focus on our duties when we can barely afford basic necessities?”
Blessing Ojo, a Batch ‘B’ corps member serving in Lagos, shared her frustration: “We have been receiving ₦33,000 despite the government’s promise. It’s difficult to sustain oneself on this amount, especially in expensive cities like Lagos.
Musa Ibrahim, serving in Abuja, added, “We feel left out, especially when other federal workers are already benefiting from the new minimum wage. It feels like we’re not a priority”.
Similarly, Adekunle Bayo, serving in Kano, voiced his skepticism: “We’ve seen this movie before. They make grand promises, but when it comes to NYSC, they always find an excuse. We are still waiting, but many of us are not holding our breath.”
On the other hand, some stakeholders are urging patience. A senior official at the Ministry of Youth and Sports Development, who requested anonymity, noted that the government is dealing with multiple financial commitments and is working to ensure that the new allowance is implemented as soon as possible.
Analysis of the Situation: Realistic Expectations or Mere Promises?
The proposed increment to ₦77,000 is seen by many as a step in the right direction, reflecting the government’s acknowledgment of the financial struggles faced by Corps members. However, the delay in implementation has fueled concerns that this could become another unfulfilled promise.
The recent implementation of the new minimum wage for civil servants without including Corps members has only heightened these fears. According to reports, several states have already started paying the new wage, while Corps members continue to receive the old ₦33,000 allowance. This disparity has led to growing calls for the government to prioritize the welfare of Corps members, who are often posted to remote areas and face challenging living conditions.
Public Reactions and Analysis
Critics have questioned the government’s commitment to the welfare of corps members, arguing that the delay undermines the promise of youth empowerment. Some analysts also believe that the government needs to address underlying bureaucratic bottlenecks that delay the implementation of financial policies.
Meanwhile, Brigadier General Ahmed has urged corps members to remain patient, promising that the NYSC is working with relevant authorities to ensure that the funds are released soon. He assured that once funds are made available, the increment would be implemented retroactively to cover the months missed.
The delay in paying the new allowance has broader economic implications. Analysts suggest that timely implementation of the new stipend could boost corps members’ purchasing power, thereby stimulating economic activities in their various places of primary assignment. The Nigeria Labour Congress (NLC) has urged the government to expedite the process, emphasizing that corps members deserve to be fairly compensated for their service to the nation.
Economists argue that the delay could further erode trust in government policies, especially among the youth. The staggered implementation of the new minimum wage, with some federal employees receiving their increased pay while others, including corps members, are left out, highlights the challenges of fiscal management in Nigeria.
The Need for Urgent Action
As a serving corps member at Bizwatch Nigeria and a firsthand observer of the situation, I can attest that the government’s delay in implementing the new NYSC allowance is creating undue hardship for young Nigerians dedicating their time to national service. It is deeply troubling that while civil servants are already benefiting from the new minimum wage, corps members are left to struggle with an insufficient ₦33,000 in the face of today’s challenging economic realities.
The delay in disbursing the new allowance is not just a financial issue but also a matter of morale and motivation. The NYSC scheme is supposed to be a period of service and national integration, but how can we be expected to serve diligently when we are struggling to meet our basic needs? The government must prioritize the welfare of corps members, who play a vital role in community development and nation-building.
The Federal Government must act swiftly to disburse the promised funds and ensure that Corps members receive the ₦77,000 allowance without further delay. It’s not just a matter of fulfilling a promise; it’s about honoring the dedication and hard work of thousands of young graduates who sacrifice their time and comfort to serve the nation.
A Call to Fulfill Promises
The proposed increment to ₦77,000 is a beacon of hope for Corps members struggling to survive in a challenging economic environment. However, the delay in disbursement raises critical questions about the government’s commitment to its youth.
As the nation awaits the final implementation of this allowance, one thing is clear: it’s high time for the government to walk the talk. The youth are watching, and the government’s actions—or inactions—will significantly impact the trust and confidence of the next generation of leaders.
The ball is now in the government’s court. Will they deliver on their promise, or will the ₦77,000 allowance become another audio policy? Only time will tell, but one thing is certain: Nigeria’s Corps members deserve better.
Stanbic IBTC Pension Managers has again made a significant mark on Nigeria’s cultural landscape by sponsoring the highly successful ninth edition of ART X, West Africa’s premier international art fair recently held in Lagos.
The event showcased a vibrant display of African artistic expression, reinforcing the Pension Fund Administrator’s commitment to blending its pension expertise with promoting the continent’s rich cultural heritage. The collaboration highlights the importance of arts in society and emphasises the firm’s dedication to supporting creativity in Nigeria and beyond.
Since its inception, Stanbic IBTC Pension Managers has provided innovative pension solutions while championing financial literacy in Nigeria. As a subsidiary of Stanbic IBTC Holdings, and a member of the renowned 162-year-old Standard Bank Group, the organisation has consistently demonstrated its commitment to financial empowerment and the cultural enrichment of the Nigerian society.
Recognising the transformative power of art and its ability to inspire communities, Stanbic IBTC Pension Managers began its partnership with ART X Lagos shortly after the fair’s launch in 2016. This collaboration has evolved beyond just sponsorship to a strategic alliance aimed at nurturing the arts and elevating African voices in the global art scene. Through its continuous support, Stanbic IBTC Pension Managers has played an instrumental role in shaping key initiatives such as kids tours to the annual event, and ART X Talks, both of which foster dialogue about the importance of art in societal development.
During the event, Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, invited attendees to reflect on their current state, and aspirations for the future. He emphasised the incredible power individuals possess to shape their outcomes. He reiterated this year’s theme, ‘Promised Lands’, which encourages attendees to envision new possibilities and the transformative potential that lies ahead.
He explained that art can inspire, provoke thought, and ignite change; bridging the past and future. This year, as before, artists, curators, and cultural advocates who work tirelessly to enrich the artistic landscape were recognised; and their dedication, passion, and resilience commended as essential to the creative community.
Stanbic IBTC Pension Managers’ Chief Executive further expressed pride in sponsoring a unique project titled ‘Mark Makers: Unsung Pioneers’, which honours extraordinary Nigerians whose contributions may have been overlooked but whose legacies resonate in the collective consciousness. By highlighting unsung heroes, the programme aims to acknowledge their impact and inspire future generations to embrace creativity and courage in their endeavours.
Oyetan urged everyone to immerse themselves in the exhibitions and stories of resilience showcased during the event. He highlighted the journeys of unsung pioneers, including Nana Asma’u, who was instrumental in changing the landscape of women’s education; Oladunni Oduguwa, who boldly reshaped the music industry for women; Professor Augustine Njoku-Obi, whose work in developing a cholera vaccine has saved many lives; and Mohammed Bah-Abba, who has made significant contributions to food preservation in rural communities. He noted that these stories serve as inspiration to think beyond personal limitations, collaborate, and break barriers in pursuit of dreams.
He further expressed Stanbic IBTC Pension Managers’ deep appreciation for the resilience and innovation inherent in Africans. He stated that the organisation’s commitment to driving growth on the continent reflects a belief in the potential within each individual to create change and foster a better tomorrow. The Stanbic IBTC Pension Managers’ Chief Executive concluded by encouraging everyone to celebrate the rich tapestry of their culture and the promise of what is yet to come.
During the well-attended event, a select group of Stanbic IBTC Pension Managers’ high-net-worth clients were treated to an exclusive and immersive exhibition tour. This carefully curated showcase featured an array of impressive canvases and sustainable art, highlighting the talent of both established and emerging artists. The clients had the opportunity to engage with the artwork on display, deepening their appreciation for the creativity and craftsmanship involved in each piece.
In addition to the client tour, the event included a heartwarming initiative, the signature Kids Tour, which welcomed 60 eager students from local schools: Lisabi Grammar School, Abeokuta; Mile High International School (Ikotun), and Roy Dek Academy, (Makoko, Yaba – Lagos). These young participants embarked on a guided exploration of the art exhibition, designed to spark their interest in visual arts and provide them with insights into the art world. This educational experience aimed to enhance their understanding of various artistic media and techniques; and inspire a new generation of art enthusiasts and potential creators. The combination of both tours made the event a significant occasion, fostering connections between art, education, and community engagement.
As ART X Lagos grows, Stanbic IBTC Pension Managers remains a steadfast supporter of artists, curators and cultural advocates contributing to this vibrant tapestry. Through this collaboration, the organisation actively champions the idea that art should be accessible and celebrated as a vital part of society.
Looking ahead, Stanbic IBTC Pension Managers is committed to enhancing its support for the arts in Nigeria; and as the collaboration with ART X Lagos enters a new chapter, the organisation looks forward to fostering more initiatives that highlight the importance of culture, creativity, and diversity.
In a significant move to celebrate its 75th anniversary, United Bank for Africa (UBA) Plc has teamed up with global payments technology company, Mastercard, to launch a special commemorative debit card.
This exclusive card is set to enhance the banking experience of UBA customers, offering a range of exciting discounts and deals across multiple platforms.
Unveiled at UBA’s corporate headquarters in Marina, Lagos, the commemorative card is designed not just as a token of appreciation for loyal customers but also as a symbol of UBA’s long-standing commitment to innovation and customer satisfaction. The card comes loaded with impressive benefits, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.
UBA’s Group Managing Director/CEO, Oliver Alawuba, highlighted the significance of the card during its launch, noting that it represents a deepening partnership between UBA and Mastercard. Alawuba emphasized that the collaboration underscores both companies’ shared mission to empower Africans through secure and convenient financial transactions.
“This new card reflects our vision to enhance customer experience, and we’re excited to offer more value to millions of our customers across Africa,”
“As we celebrate 75 years of delivering exceptional banking services, we remain committed to providing our customers with the best tools for seamless financial empowerment.” He added.
Mark Elliot, President of Mastercard for Africa, also expressed his excitement about the partnership. “We are proud to work with UBA, a leading bank on the continent. Together, we aim to digitize the African payment landscape and deliver secure, convenient transactions that empower people across the region,” Elliot said.
The new commemorative card is not just a celebration of UBA’s 75-year journey, but also part of a broader vision to continue expanding digital financial services across Africa. UBA has promised that similar innovative products will be rolled out through its subsidiaries in the coming months.
UBA, one of Africa’s largest financial institutions, currently serves over 35 million customers across 1,000 locations in 20 African countries and has a presence in key international cities, including New York, London, Paris, and Dubai. Through partnerships like this, UBA continues to connect people and businesses across Africa, providing cutting-edge solutions in retail, commercial, and corporate banking, as well as cross-border payments, trade finance, and remittances.
The Federal Government announces that one-bedroom apartments under its Renewed Hope Estates cost between N8 million and N9 million, while similar units in Renewed Hope Cities, developed through public-private partnerships (PPP), are priced at N22 million.
Housing Minister Musa Dangiwa explains the cost difference stems from funding models. Renewed Hope Estates are subsidized by the government, with funding from budget allocations, free land from state governments, and infrastructure subsidies. This ensures affordability for lower-income groups.
In contrast, Renewed Hope Cities rely on private developers who shoulder land purchase costs and secure loans at high interest rates. These expenses, combined with infrastructure costs, drive up prices.
“A one-bedroom apartment in Karsana’s Renewed Hope City, developed through PPP, costs around N22 million. Meanwhile, the same unit under Renewed Hope Estates costs N8–9 million, thanks to government subsidies and interest-free funding,” Dangiwa states during a presentation at the State House Gallery on November 17, 2024.
Dangiwa underscores the need for PPPs to tackle Nigeria’s housing deficit, which requires 550,000 new units annually over the next decade, at an estimated N5.5 trillion yearly. He notes that budgetary allocations alone are insufficient, making PPPs essential for scaling housing delivery.
Renewed Hope Cities primarily target middle- and high-income earners who can afford market-priced housing, while Renewed Hope Estates focus on providing affordable options for low-income groups.
To expand the housing program’s reach, Dangiwa advocates for a significant increase in Nigeria’s housing budget. He reveals that the Ministry has gained National Assembly support to raise the annual housing allocation from the current N50 billion to at least N500 billion, starting in 2025.
This funding boost aims to double housing unit capacity per state from 250 to 500 and extend projects to all 36 states, ensuring broader coverage and meeting the diverse housing needs of Nigerians.
“The current budget is grossly inadequate to address the housing deficit. Increasing the allocation will ensure the Renewed Hope Housing Programme delivers affordable homes to underserved communities nationwide,” Dangiwa concludes.
With these measures, the government seeks to balance affordability with inclusivity, catering to both low-income earners and middle-class Nigerians. The Renewed Hope Programme remains central to bridging the nation’s housing gap while addressing its infrastructure challenges.
The Nigeria’s civil service under the Federal Government has revealed that its spending on personnel costs is expected to rise by at least 60% in 2025.
This surge is largely due to the implementation of the newly approved national minimum wage and consequential adjustments across all cadres of the federal civil service.
For many Nigerians, especially public sector workers, this announcement is a step towards improved wages, but it also has wider economic implications. A detailed look at the numbers shows that the Federal Government had already budgeted N4.1 trillion for personnel expenditure in 2024. With a 60% increase, this amount is set to balloon to N6.56 trillion, an additional N2.46 trillion.
The increase comes in the wake of President Bola Tinubu’s approval in July 2024, which saw the national minimum wage raised from N30,000 to N70,000 per month. This new wage structure has already begun to take effect for federal workers, while many state governments are still in the process of implementing the wage increase. Despite this, over 20 states have confirmed that they will meet the N70,000 minimum wage requirement, with a few even offering amounts higher than the federal benchmark.
While federal workers are beginning to benefit from the wage increase, the situation is different in many states, where the Nigerian Labour Congress (NLC) has given non-compliant state governments a December 1, 2024 deadline to implement the new minimum wage.
Impact on the Budget
According to the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, the government projects that personnel costs will be a significant driver of the 2025 budget deficit, which is expected to rise to N13.08 trillion, up from N9.18 trillion in 2024. This represents about 38% of the total Federal Government revenues and 3.87% of Nigeria’s Gross Domestic Product (GDP). The deficit is largely attributed to the new minimum wage and pension obligations, as well as increased debt servicing costs.
The 2025 budget has allocated N9.64 trillion for personnel and pension costs, marking an increase of N3.56 trillion from the previous year. This allocation includes N1.02 trillion for government-owned enterprises (GOEs) and reflects the impact of the new wage structure.
While these increased expenditures are seen as necessary to uplift public sector workers, they also put additional pressure on the government’s finances, already strained by the need for large-scale infrastructural investments and other economic challenges.
A Balancing Act: Economic Growth vs. Expenditure
The government has emphasized that the projected deficit is a result of the minimum wage adjustments, pension obligations, and rising debt costs. While the aim is to lower deficit levels over time, the administration will largely rely on domestic borrowing to finance the deficit, as there is limited room for external borrowing.
For Nigerian workers, especially those in the federal civil service, the wage increase is a welcome development, but it comes at a time when the country’s financial challenges are growing. The government’s efforts to reduce the deficit and stimulate economic growth will need to balance the need for wage increases with fiscal responsibility.
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