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Lagos State Governor Akinwunmi Ambode presenting the 2018 budget to the state House of Assembly at Alausa, Ikeja… yesterday Lagos State Governor Akinwunmi Ambode yesterday presented N1.046 trillion 2018 budget estimates to the House of Assembly, saying the state hopes to generate on the average N60 billion monthly to finance it. The proposed budget, the governor said, represents an increase of 28.67 per cent over 2017 budget with recurrent expenditure of N347.039 billion and capital expenditure of N699 billion. Ambode, who stated that the estimate of total revenue for year 2018 is N897.423 billion of which N720.123 billion will be generated internally, said the state intends to improve on its Internally-Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, as well as sustain its vision on wealth creation and poverty alleviation. He said: “A total of N148.699 billion will be sourced through deficit financing within our m...

The federal government will soon release new sugar import quota for Dangote, BUA and other sugar refineries involved in Backward Integration Programme in the sugar sector of the economy. This was disclosed on Saturday in Abuja by the Executive Secretary of the National Sugar Development Council (NSDC), Dr. Latif Busari, while reviewing the activities of the council in 2017 and making projections for 2018. Dr. Busari revealed that the Council has reversed downward the 2018 sugar projection for the country to 1.58 million metric tons from the 1.6 million metric tons initially projected in the Sugar Master Plan. He also revealed that the council with relevant monitoring groups have concluded the review of the Backward Integration Programme implementation by participants and a new sugar import quota for participants will be released in January based on the approval of the President. The NSDC boss lamented that the sugar industry in the country is “bleeding” as a result of secu...

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has attributed the ongoing scarcity of fuel across the country on a cabal in the downstream sector. The group said that tanker drivers were not on strike. NUPENG, in a release yesterday, said its members were not responsible for the present shortage of petroleum products being experienced nationwide. According to its president, Mr Igwe Achese, Petroleum Tanker Drivers (PTD) branch of NUPENG are working and lifting products to the nooks and crannies of the country. Achese said, “NUPENG is not responsible for the present shortage of petroleum products being experienced nationwide. “Our members in the Petroleum Tanker Drivers, PTD, branch of NUPENG are working and lifting products to the nooks and crannies of the country.” The statement further blamed the policy makers of the country for not adhering to its calls for the urgent need to rehabilitate the nation’s four refineries to get them working optimally. ...

Member Institute of Islamic Finance Professionals of Nigeria (IIFP) Governing Council, Dr. Ganiyat Adeshina (left); Member IIFP Governing Council, Imam Abdulahi Shuaib; Acting President IIFP, Dr. Tajudeen Yusuf, Member IIFP Governing Council, Bar. Fatai Bakare and Member, IIFP Governing Council, Dr. Yahya Muritala during IIFP annual stakeholder forum in Lagos. The need for Nigerians to embrace the Islamic finance packages have been stressed in view of the current economic hardship and quest for finacial solutions by the corporate entities. Islamic scholars who gathered at the induction of 118 new members of the Institute of Islamic Finance Professionals of Nigeria (IIFP), said Islamic Finance is the only market that can provide ethical finance that can ultimately solve societal problems . Acting President, IIFP, Dr. Tajudeen Yusuf, urged Muslims to develop passion for Islamic finance by engaging in research, capacity building, structuring Islamic product to solve problems in th...

The Federal Government has said that toll gates will be re-introduced on major highways across the country. The Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN), disclosed this on Thursday, November 23, while appearing before the Senate Committee on Federal Roads Maintenance Agency. He said 38 points have been identified in the first phase of the re-introduction. "Clearly, tolling is coming," the minister told the lawmakers. According to him, the new toll gates will be situated at the old spots, adding that tolls will be collected after the roads have been made motorable. He said, "We are not going to ask road users to pay toll on a road that is not good. While the construction (of gates) is going on, we are working on the design. We want to standardise the design so that people when we ask people to come and bid for the construction, we can control what they are going to construct. They are going to construct the materials we have prescribed...

President Muhammadu Buhari on Thursday approved the appointment of a 30-member tripartite National Minimum Wage Committee for the negotiation of a new National Minimum Wage. The Committee will be inaugurated on Monday 27th November, 2017 at the Council Chambers, Aso Rock Presidential Villa, Sate House, Abuja. The committee is made up of persons from the public sector, (Federal and State Governments) and the private sector, made up of the largest private employer group, as well as the Nigeria Employers Consultative Association (NECA). Other members include the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) and Nigerian Association of Small and Medium Enterprises (NASME). A statement signed by Samuel Olowookere, Deputy Director, Press, Ministry of Labour and Employment stated that a former Minister of Lands and Housing, Ama Pepple, is to serve as Chairman of the Tripartite National Other members...

Jide Akintunde, managing editor and chief executive officer of Financial Nigeria Magazine, says the 2018 budget presented to a joint session of the national assembly by President Muhammadu Buhari, is “worse than nonsense.” Speaking in an interview with Osasu Igbinedion on the Osasu Show, Akintunde said the budget is grossly unrealistic, adding that it will only increase the debt bucket of the country. He said with over 50 percent of the 2017 budget unimplemented, the total appropriation of the 2018 budget will be more that the proposed N8.6trn. “My assessment is that the 2018 budget is worse than nonsense. This budget is exactly what it is given the fact that this government wants to revert to the January-December circle of budget making,” Akintunde said. “If you then look at the statement by the finance minister, that the 2017 budget will be rolled over into 2018, then I will tell you that the total budget that will be implemented in 2018 is not N8.6trn but somewhere around...

Despite its ability to produce four million tonnes of rice and cultivation of one million hectares in a year, the road to Zabarmari Community in Jere local government area of Borno State has remained a shadow of itself. According to the indigenes who are mostly rice farmers, apart from poor road network and absence of other basic amenities begging for government’s attention, the community with the population of over 300, 000 settlers also want government to assist the rice farmers with modern farm tools. Government’s intervention through the rehabilitation of the road linking Zabarmari to Maiduguri, the capital city of Borno State, as well as loans to the farmers , the indigenes said will increase production of rice that can feed the north east and by extension , Nigerians. Speaking yesterday in Maiduguri, the chairman Zabarmari Rice Processing and Farmers Association, and an indigene of Zabarmari, Hassan Mohammed, appealed to the federal government to replicate what it has do...

The Central Bank of Nigeria (CBN) has claimed success in checking Internet fraudsters in the banking sector through various measures to prevent hacking into customers’ accounts. The deputy governor of the apex bank in charge of operations, Mr. Bayo Adelabu, who spoke at the 2017 retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan, Oyo State capital, said the bank would continue to sanitise the financial sector. The event was attended by top officials of the Economic and Financial Crimes Commission (EFCC), U.S Consulate, Lagos, Consumers Protection Council (CPC) and some commercial banks. Chairman, Nigeria Electronic Fraud Forum, Dipo Fatokun said with the bank verification number in place, biometrics would soon be used for transactions. “That means if you want to transact with your ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabled, it will make our system to be more secure and make all ou...

The United Arab Emirate has opened new visa centers in Abuja to fastract good services for Nigerians who wishes to travel to united Arab Emirate. The Assistant Undersecretary for Consular Affairs,Amb. Ahmed Alham Al Dhaheri said during the ceremony that the opening of the visa centre in Abuja will contribute to the development of bilateral relations between the UAE and the Republic of Nigeria. According to him, the new visa centers has already accredited three medical examination centres to ascertain the medical conditions of intended travellers. He however said that the new procedures to be performed by the visa issuing centre will be in line with the leading global visa issuing practices, aiming at improving the quality of customer service. Adding that the Nigerians wishing to work. study, tourism visits and businesses in the UAE will provide the required documents and medical examination from the accredited medical centre in Nigrria. It is expected that this will keep up with...

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has released the apex bank’s economic forecast for 2018, even as he announced that the country’s external reserves would hit $40bn next year from $34.3bn as of November 3, 2017. Mr Emefiele made this known on Friday in the apex bank’s economic forecast for 2018, while also announcing that inflation rate might drop from the current 15.98 per cent to a single digit. The Punch reports that he hinged his forecasts on the foreign exchange and exchange rate management policies of the apex bank in recent months, which has led to a drop of 65 per cent in the monthly food import bill of the country from an average of $5.5bn to $1.9bn as of June 2017. The CBN governor released the forecasts at the Chartered Institute of Bankers of Nigeria Annual Bankers Dinner in Lagos in a speech tagged ‘Policy Options for Sustaining Nigeria’s Economic Upturn.’ According to the CBN governor, the economy has recorded some remarkab...

Vice President Yemi Osinbajo has disclosed that federal government paid about N50 billion to 62 contractors working on 149 projects this year in order to continue works on the nation’s  roads and bridges and sustain the workforce. This is even as he revealed that payments made to 103 construction companies executing 192 projects during the implementation of the 2016 budget resulted in the employment of 17,749 people directly and 52, 000 indirectly in works section. He stated this in Abuja yesterday at the 27th Biennial Conference of the Nigerian Institute of Quantity Surveyors (NIQS) with the theme, ‘Developing the Economy for Sustainable Growth: The Construction Industry as an Effective Stimulant. The Vice president observed that similar payments were extended to supervising consultants in the housing and powers sectors of the ministry of power, works and housing adding that increased spending led to recall of sacked workers and reopening of construction sites. “Through...

Unilever Nigeria Plc has listed additional 1.96 billion ordinary shares of 50 kobo on the Daily Official List of the Nigerian Stock Exchange (NSE). The additional shares arose from Unilever’s rights issue of 1.96 ordinary shares of 50 kobo at N30 per share in the ratio of 14 new shares for every 27 shares held as at June 28, 2017 at N30 per share. With this listing of 1.96 ordinary shares, the total issued and fully paid up shares of Unilever Nigeria Plc has now increased from 3.78 billion to 5.75 billion ordinary shares. The Company recently raised the sum of N58.85 billion rights issue, which was 120 percent subscribed. Unilever Nigeria stated that the proceeds of the rights issue would deepen the company’s capital to ensure financial flexibility and to repay foreign exchange liabilities. Recently the managing director of Unilever Nigeria, Mr. Yaw Nsarkoh at the facts behind issue of the Company on the NSE said that the N58.85 billion net proceeds of the offer would enable...

The Joint Mobile Sanitation Agency of Nigeria (JOMSAN) yesterday held a workshop in Abuja to sensitise its members on its preparedness to halt multiple mobile tax collection across the country. Dukeson Godwin, national chairman of JOMSAN, an umbrella body of local councils mobile advertisement revenue collectors, said the workshop would culminate in the inauguration of a special task force against multiple taxation of vehicles. He said the group, which is voluntary and independent of government, observed that advertisement-bearing vehicles were being made to pay multiple taxes in all 774 local government councils of the country. Godwin said JOMSAN was partnering with the Association of Local Governments of Nigeria (ALGON) and the National Union of Local Government Employees (NULGE) to ensure the success of the initiative. He added that the group’s task force in the six geo-political zones would enforce the new directive, which he said, is backed by the police. He explained ...

It has been revealed that the Federal Government is losing over N10billion daily, to the Apapa Wharf gridlock. According to The Sun News, President of Dangote Group, Alhaji Aliko Dangote, disclosed this at the end of a government/private sector meeting on how to resolve the Apapa traffic gridlock, presided over by Vice President, Yemi Osinbajo. Dangote also disclosed to State House Correspondents that reconstruction will start on the Apapa-Oworonshoki Expressway by next week. “Apapa-Oworoshoki Way is going to start next week. Everything, including the design, have been handed over. We will start work next week. “The bidding process is going to go on where four, five contractors will bid. Anyone who wins the contract, we will fund the project under the agreement that we have,” the business mogul said. Upon completion, Dangote said the federal government would save a lot of money as against the current loss of over N10 billion daily. “You have to understand that Apapa and Ti...

Alibaba raked in over $8 billion in sales in the first hour of its made-up marketing holiday, "Singles Day." Singles Day has its roots in an obscure Chinese holiday for students who had not married yet. Alibaba CEO Jack Ma capitalized expertly on the holiday, and now, Singles Day dwarfs traditional American shopping holidays like Black Friday, and is much larger than Amazon's "Prime Day." Alibaba turned Singles Day, the Chinese holiday for the single-set, into a huge economic opportunity through a savvy marketing blitz. The company raked in well over $8 billion during the first hour of this year's sale, largely through its online shopping platforms, Taobao.com and Tmall.com as well as a glitzy gala. Students at Nanjing University first celebrated Singles Day in 1993 as an appreciation of, you guessed it — being single. They picked November 11 (11/11) as an ode to the loneliness of the number one. But Single’s Day was never meant to be a somber aff...

The Nnamdi Azikiwe International Airport, Abuja has been certified by the Nigerian Civil Aviation Authority (NCAA). Mr Muktar Usman, the Director-General made this known while presenting the certificate to Mr Saleh Dunoma, the Managing Director of the Federal Airports Authority of Nigeria (FAAN) in Abuja on Friday. According to Usman, the certificate is in line with requirements of the International Civil Aviation Organisation (ICAO) Annex 14, and part 12 of the Nigerian Civil Aviation Regulations on safety of air navigation. He said the primary objective of global air navigation plan was to achieve a safe, efficient, secured and environmentally friendly global air transport system through the deployment of harmonised air navigation facilities. According to him, it is a global strategy for fostering standards and uniformity in the maintenance of aerodrome and air navigation infrastructure and associated services, with the aim of enhancing safety and efficiency. “You would ...

The Minister of State for Petroleum Resources, Ibe Kachikwu, said on Thursday the ministry had received applications to operate seven modular refineries in Edo. He said three of the applications were already in approval stage. The minister disclosed this at the Stakeholders Engagement and Enlightenment Campaign in Niger Delta states, organised by the Federal Ministry of Petroleum Resources, in collaboration with the Edo State Government in Benin. Mr. Kachikwu said the federal government was working to bring development to the Niger Delta region through establishment of modular refineries initiative, gas flare commercialisation programmes and collaborations with the Niger Delta region in the Amnesty Programme. He said establishment of the refineries was private sector driven and the designs, analysis and engineering work for three of the refineries had been done. Mr. Kachikwu commended the oil producing communities in Edo for being peaceful and urged them to continue to fol...

Jeff Bezos  During this past week --his first full week as the richest person in the world -- Amazon CEO Jeff Bezos sold one million of the company's shares, worth $1.1 billion, according to a filing with the Securities and Exchange Commission on Friday. After accounting for the stock sale and capital gains taxes, Bezos ended the day Friday with a net worth of $93.7 billion, $4.1 billion higher than Microsoft cofounder Bill Gates, now the second richest person in the world. It's the second time this year that Bezos has sold one million shares of Amazon. The first time was in May. This recent sale was $150 million more lucrative pre-tax than the first because Amazon's share price was 12% higher this go round. After paying capital gains taxes, Bezos will pocket an estimated $840 million from this week’s sale. At a space conference in April, Bezos explained that he was selling $1 billion of Amazon stock a year to finance his rocket company, Blue Origin. Bezos has no...

Senate President, Dr. Abubakar Bukola Saraki, has commended President Muhammadu Buhari for signing into law the North East Development Commission (NEDC) Bill. Saraki, in a statement by his Special Adviser (Media and Publicity), Yusuph Olaniyonu, described the Presidential Assent as a “major development in the efforts by the present administration to restore peace and normalcy in the North East and making the harrowing experience of the people as a result of the insurgency a thing of the past”. “I applaud President Buhari for signing the North East DevelopmentCommission Bill into law. Now, that the NEDC Act has the full force and effect of the law, it is my hope that we can collectively work towards the rehabilitation, reconstruction and rebuilding of the North East. “I believe the NEDC Act will help alleviate the suffering of the millions of Nigerians whose lives have been affected by the insurgency in the zone”, the Senate President stated. “You will recall that when I visit...