Posts in category: News

In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira

Represented by the Executive Chairman Federal Inland Revenue Service (FIRS) Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

“Recall that the FEC under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira
This initiative will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country
Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval

I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September
From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira
In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira
Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now.
All associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.

We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in NPA, Lagos.

We thank everyone for the hard work and patriotism exhibited over the last couple of weeks.

We would sincerely like to thank Mr. President for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision”, the Minister said.

This initiative marks a significant milestone in Nigeria’s journey towards energy self-sufficiency and economic growth.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 13, 2024

In a significant step towards transforming Nigeria’s power sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has met with Guangzhe Chen, Vice President for Infrastructure at the World Bank, to discuss bold reforms aimed at improving electricity access across the nation in order to accelerate infrastructure development and economic growth

During the meeting, which focused on addressing ongoing challenges in the sector, HM Edun emphasised President Bola Ahmed Tinubu’s commitment to the Mission 300 project, a joint initiative by the World Bank and the African Development Bank , aimed at providing electricity access to 300 million people across Africa by 2030.

Both parties highlighted the need for reforms that would improve efficiency, expand access, and ensure sustainable energy solutions for Nigeria’s growing population.

Present at the meeting included Ndiame Diop, World Bank Country Director for Nigeria; Franz Drees-Gross, Director of Infrastructure for West Africa; Taimur Samad, Operations Manager at the World Bank; and representatives from the Office of the Special Adviser on Energy to the President, among others.

With a shared commitment to achieving the ambitious goals of the Mission 300 project, and through the collaborative efforts and a focus on sustainable energy solutions, Nigeria is set to unlock its full potential and provide electricity access to millions, driving economic growth and prosperity for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 13, 2024

In its avowed determination to improve economic growth and development in Nigeria, the Federal Government has called on Public Servants in the country to embrace digitization
and innovation in their workplaces as key drivers in the promotion of service delivery as well as effective implementation of government policies and programmes

Speaking at a town hall meeting with staff of the Federal Ministry of Finance, the Permanent Secretary, Mrs. Lydia Shehu Jafiya emphasized the importance of leveraging technology and adopting modern work ethics to enhance productivity, efficiency, and transparency.

She stated that the
world has gone digital, and as such, civil servants must not be left behind in the global transformation.

Digitization and innovation are critical to improving our service delivery, and we must all be on board so as to ensure full implementation of the policies and programmes of the Federal Government aimed at boosting socio-economic development of our nation, Mrs. Jafiya said

The Permanent Secretary assured staff that the Ministry was determined to provide the necessary training and support as well as conducive work environment within the limited resources
to ensure a seamless transition to digital processes and innovative work practices for effective realization of the policy objectives of government.

She informed that the town hall meeting with staff was to be chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, but for the exigencies of other state functions, the Minister has directed that I should stand in for him, he has also emphasized the importance of digitization and innovation in achieving the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Administration

Quoting the Minister, Mrs Jafiya said, We are committed to creating a digital economy that works for all Nigerians, our workers are key to achieving this vision, and we urge them to embrace digitization and innovation with enthusiasm.

The Permanent Secretary commended the Office of the Head of the Civil Service of the Federation and the Head of Service, Mrs Esther Walson-Jack in particular, for the unwavering commitment in driving the digitization of the Federal Public Service for improved service delivery as well as economic growth and development of Nigeria.

While commending the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, for his sterling leadership and commitment to capacity building of staff in order to enable for effective coordination of the nation’s economy, Mrs Lydia explained that the town hall meeting was part of the Ministry’s efforts to engage with its workers and ensure a collaborative approach to improving service delivery.

Mrs. Jafiya emphasized the Ministry’s commitment to leveraging technology to drive reforms and enhance service delivery. She assured staff that their welfare and capacity training would be prioritized and a conducive working environment created to support their operations.

The Permanent Secretary who applauded the Directors for their tireless efforts in ensuring the realization of the mandate of the Ministry, emphasized the importance of staff development, recognition and reward of outstanding performances while also highlighting the Ministry’s commitment to providing a supportive work environment.

This town hall meeting marks a significant step towards creating a more supportive and productive work environment in the Ministry of Finance. Under the leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Ministry is poised to achieve greater heights in service delivery and economic growth, Jafiya noted

Speaking earlier, the Chairman Joint Union, Mr Abubakar Nuhu, commended the Permanent Secretary for initiating the town hall meeting, stressing the need for regular interactions between management and staff.

He also highlighted the Union’s role in advocating for staff welfare and training, emphasizing the importance of collaboration between it and the Management.

The Ministry’s Director of Human Resources, Mrs Olusola Dada, while delivering the vote of thanks also pledged the staff’s unwavering commitment to ensuring that they key into the policy of digitization in order to ensure the realization of the mandate of the Ministry.

She thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya for graciously approving the town hall meeting with the staff.

The town hall meeting, held at the Ministry’s Headquarters, Abuja
brought together staff from various departments to discuss pressing matters related to their welfare and training.

Key issues discussed during the meeting included staff training and development programs, promotion and career advancement opportunities, welfare packages as well as initiatives to enhance their overall work experience.

The meeting marked a significant step towards creating a more inclusive and supportive work environment in the Ministry of Finance. By prioritizing staff welfare and training, the Permanent Secretary has demonstrated a commitment to empowering staff to deliver their best.

As the Ministry continues to work towards achieving its goals, the importance of a motivated and skilled workforce can not be overstated.

With open communication channels and a willingness to address staff concerns, the Ministry is poised for greater success in the years to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 13, 2024

In a groundbreaking achievement, Nigeria has successfully launched its first domestic dollar-denominated bond, shattering records and signalling a new era of financial innovation and economic growth.

With over $900 million raised, this milestone marks a significant turning point in the country’s financial strategy, bolstering its economic resilience and cementing its position as a leader in Africa’s financial markets.

It also signals a new chapter in the country’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

Led by the Africa Finance Corporation (AFC), the initiative garnered significant interest from both local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans. The success of this bond sets a new precedent for other African nations, highlighting the potential of Africa’s financial markets on the global stage.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has praised the outcome, stating, I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies.

The overwhelming response from investors reflects the growing interest in Nigeria’s economic opportunities and the broader investment potential of Africa. With this bond issuance, Nigeria is positioning itself as a leader in financial innovation, driving both national and regional growth through strategic economic measures.

The funds raised from this bond will be directed toward critical infrastructure projects and development programmes, further strengthening key sectors of Nigeria’s economy.

As Nigeria celebrates this groundbreaking achievement, it is clear that the country is poised for a brighter economic future especially with the successful launch of its first domestic dollar-denominated bond, the country has not only bolstered its economic resilience but also paved the way for other African nations to follow suit.

The overwhelming response from investors is a testament to the growing confidence in President Tinubu’s economic policies and development plans. As the funds raised from this bond are directed towards critical infrastructure projects and development programs, Nigerians can expect tangible improvements in their standard of living and a stronger economy for generations to come.

This milestone marks a new era of financial innovation and economic growth, solidifying Nigeria’s position as a leader in Africa’s financial markets and a beacon of hope for the continent’s economic future.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 11, 2024

In a decisive move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This strategic initiative announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun aims to increase food availability, reduce prices as well as provide immediate relief to citizens.

The Honourable Minister disclosed this shortly after chairing the closed-door session of a pivotal meeting with the Nigeria Customs Service Board in Abuja.

HM Edun stated that the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor to inflation across the country.

We discussed how to collaborate effectively to make food more affordable and accessible in the short term, the Minister explained.

He assured that while this initiative offers immediate relief, President Bola Ahmed Tinubu remains focused on long-term solutions, particularly boosting domestic food production.

The Minister highlighted ongoing efforts by government to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure availability in the long run.

In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Agency’s financial performance and operational activities. He praised the Comptroller General of the Nigeria Customs Service, Mr Bashir Adewale Adeniyi
and the Top Management of the Service for upholding the core values of Transparency, Integrity, and Merit, noting that these values are essential for effective governance and operations of the Service.

The Minister reaffirmed the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other relevant stakeholders to ensure smooth implementation of key policies of the Federal Government that have direct impact on the lives of millions of Nigerians.

With this bold move, the Federal Government under President Tinubu’s leadership demonstrates its unwavering commitment to addressing the pressing concerns of Nigerians.

Thus, by implementing a temporary zero-duty on food imports and working tirelessly to boost home grown produce, the administration is taking comprehensive steps to ensure food security, reduce inflation, and promote economic growth thereby improving the lives of the citizenry in line with the Renewed Hope Agenda of the present administration

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 10, 2024

In a significant stride towards making home ownership a reality for millions of Nigerians, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today in his office in Abuja, convened a high-level meeting to discuss the launch of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF). This innovative initiative aims to provide low-cost mortgage financing options for eligible Nigerians, marking a major milestone in the One Million Homes Presidential Initiative.

In his opening remarks, the Honourable Minister emphasized the potential of the fund to provide cost-effective mortgage options for a large segment of pension account holders. He underscored the significance of the meeting as an opportunity for open dialogue, enabling key stakeholders to exchange ideas and contribute to the initiative’s success.

Dr. Armstrong UME Takang, CEO of the Ministry of Finance Incorporated (MOFI), further elaborated on the initiative, noting that the MREIF is designed to be market-driven while adhering to all regulatory standards.

The meeting brought together prominent leaders from the pension and financial sectors, including:

1.Dr. Oluwatoyin Maiden, Accountant General of the Federation
2.Wale Odutola, ARM Pensions
3.Funmi Ekundayo, CEO, STC Trustees
4.Sani Yakubu, Co-Coordinator, MREIF
5.Temitayo Ajayi, Vetiva Advisory
6.Saadu Jijji, MD, PAL Pensions
7.Tony Odutola, DCIO, FCMB Pensions LTD
8.Nuhu Modibbo, Executive Director, Access Pensions
9.Victor Bisong, MD/CEO, Trustfund
10.Emmanuel Thomas, Executive Director, NUPEMCO
11.Oluwakemi Ugwu, MD/CEO, NUPEMCO and
12.Christopher Bajowa, MD/CEO, Access Pensions

As the Mortgage Finance Fund takes shape, the Honourable Minister’s leadership and commitment to ensuring the realization of the Presidential initiatives on
affordable housing for eligible Nigerians
have set the stage for a transformative impact on Nigeria’s housing market especially with the alignment of key stakeholders and a clear vision in place, the MREIF is poised to unlock unprecedented opportunities for Nigerians to own their homes.

Thus, as the initiative moves forward, the Ministry of Finance remains dedicated to ensuring its success, paving the way for a brighter future for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 10, 2024

The Federal Government has officially debunked reports suggesting that the President Bola Ahmed Tinubu-led Administration plans to raise Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%.

In a statement issued earlier this morning, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun clarified that there is no such proposal under consideration, emphasising President Tinubu’s commitment to fiscal stability.

HM Edun highlighted that the current VAT rate remains unchanged, and that the Federal Government is focused on strengthening the economy through sustainable policies aimed at reducing inflationary pressures without burdening citizens. He also stressed that recent fiscal measures, such as suspensions on import duties for key goods, are part of President Tinubu’s efforts to alleviate economic hardship.

The Federal Ministry of Finance remains committed to transparent communication on all tax and economic policy matters, ensuring that citizens are well-informed and not misled by unfounded reports.

The Minister assured the public that any future tax reforms would be announced through official government channels to avoid misinformation.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 9, 2024

*1. FOOD INFLATION SEEN REVERSING ON FUEL PRICE HIKE
Business Day, Page 1-31*

In July 2024, food inflation declined to 39.53 percent from 40.87 percent in June. It was a relief for many families who were spending most of their incomes on food. However, the excitement may be temporary given the recent increase in petrol price, according to data analysed by BusinessDay. Data shows that each time the price of premium motor spirit (PMS) or petrol increases, food inflation moves in the same direction.
Food inflation rose from 24.8 percent in May to 25.25 percent in June 2023 when petrol price increased from N200 to N525 per litre after President Tinubu ended the country’s gasoline subsidies on May 29. When the pump petrol price further increased to an average of N617 per litre in July 2023, food inflation rose to 29.3 percent in August 2023 from 26.9 percent in July 2023.

*2. HOW NIGERIA CAN BOOST REVENUES WITHOUT RAISING TAXES
Business Day, Page 1*

Nigeria has one or two lessons to draw from the United Arab Emirates (UAE) on how a nation raises its revenue base without necessarily increasing taxes. The United Arab Emirates (UAE) is one of the lowest tax nations in the world. It does not impose income tax on citizens, but they only need to pay 5 percent value added tax (VAT) for goods purchased or services rendered, according to the UAE government official website.
The UAE’s corporate tax is nine percent, which it only started implementing in June 2023. This is against 32 percent corporate tax in Portugal, 30 percent in Germany, and 30 percent for Nigeria (large companies), Statista said. Yet, the UAE’s revenue stood at 463.9 billion dirhams ($126.3 billion) in 2021, up 26 percent from 2020, WAM. Its revenue in the fourth quarter of 2023 was $42.45 billion, an 8 percent increase from the further quarter of 2022.

*3. INVESTORS TAKE FGN $500M BOND TO OVERSUBSCRIPTION
The Nation, Page 1-2*

Nigeria’s first domestic foreign currency-denominated bond recorded significant oversubscription, underlining investors’ confidence in the country’s economic outlook. It was learnt at the weekend that the medium-term $500 million bond witnessed overwhelming subscriptions from local and foreign investors.
It closed as a landmark transaction that ushered in a new window of foreign exchange (forex) to governments and companies. The Debt Management Office (DMO), which oversees the government’s debt issuances and management, is expected to make final allotment results this week.

*4. NIGERIAN, CHINESE FIRMS SIGN $1B IRON ORE-TO-STEEL PROJECT PACT
The Nation, Page 1*

Efforts by the Federal Government to make local value addition the model of development in the solid minerals sector are yielding the desired results. This followed the signing of a $1 billion Memorandum of Understanding (MoU) by two firms on the establishment of an iron ore-to-steel project in Kogi State.
A statement by Kehinde Bamigbetan, the Special Adviser to Solid Minerals Development Minister, Oladele Alake, said the minister was excited by the development.
According to the statement, Dr. Alake hailed the feat in China during one of the sidelines activities of the just concluded visit of President Bola Ahmed Tinubu to Beijing.

*5. N342B RECOVERED FROM NIRSAL MFB DEBTORS
The Nation, Page 4*

The paper reported that the more than 65 per cent of the N528.1 billion given out as loans to Nigerians by NIRSAL Microfinance Bank (NMFB) has been recovered. The bank has recovered over N342.6 billion of the facility from debtors, who benefitted from the loans disbursed on behalf of the Federal Government.
It also ruled out any arbitrariness in the increment of interest rates on the loans from five to nine per cent, describing it as s response to changes in the Central Bank of Nigeria’s (CBN) benchmark rate. The government introduced the loans in 2020 under the COVID-19 pandemic economic recovery scheme.

*6. CRYPTO: SEC SHARPENS FOCUS ON ILLEGAL FUNDS, INFRACTIONS
The Nation, Page 15*

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has said that it would commence stringent reviews of activities in the digital assets segment of the capital market to protect investors and forestall the use of the segment for illegal inflows. Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, said the Commission is committed to protecting investors including those in the crypto space and therefore enjoined participants in the market to play by the rules.
He warned that the regulator would deploy the full weight of the law against individuals and entities that engage in activities that are contrary to laid down regulations in the capital market. “We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated. This also applies to those in the crypto space.

*7. FOREX INFLOWS RISE TO $2.34B ON NON-BANK SURGE
The Nation, Page 15*

Total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose by 21.4 per cent to $2.34 billion amid increased inflows from individuals and non-bank institutions. The latest report on NAFEM obtained yesterday showed that inflows saw appreciable increases across all segments, with the exception from the inflows from the Central Bank of Nigeria (CBN), which declined during the period.
The data, obtained from the FMDQ Securities Exchange, indicated that total inflows rose from $1.92 billion in July 2024 to $2.34 billion in August 2024. The increase was driven broadly by stronger inflows from both domestic and foreign sources. Inflows from domestic sources grew by 15.5 per cent from $1.68 billion in July 2024 to $1.94 billion in August. Also, inflows from foreign sources jumped by 62.1 per cent to $394.50 million as against $243.30 million in previous month.

*8. CBN’S AFRIGO JOINS FORCES WITH SECUREID ON CARD ADOPTION, FINANCIAL INCLUSION
The Nation, Page 17*

The National Domestic Card Scheme of the Central Bank of Nigeria (CBN), known as AfriGo, has joined forces with smart card manufacturing company, SecureID, on card adoption and financial inclusion.
Managing Director, AfriGOPay Financial Services Limited (AFSL), Ebehijie Momoh, spoke when she led the management team on a tour of SecureID’s plant in Lagos. AfriGo is a subsidiary of the Nigeria Inter-Bank Settlement System Plc (NIBSS) owned by all licensed banks and the CBN.
Momoh said: “The cards that our clients issue come from companies like SecureID. “There is a huge opportunity to ensure that the AfriGo card is in every Nigerian’s hand.

*9. NIGERIA, CHINA SEAL $3.3BN BRASS INDUSTRIAL PARK DEAL
Vanguard, Page 22*

Nigeria, China have signed a $3.3 billion deal to develop the Brass Industrial Park and Methanol Complex, in Bayelsa State. The Director of Information and Public Relations of the Federal Ministry of Finance, Mr. Mohammed Manga, in a statement last night, disclosed that the deal was signed on the sidelines of Africa-China Conference in Beijing. He said the “transformative project” was expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.”
The director described the deal as a reaffirmation of the two nations’ “commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.” “The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has set the stage for unprecedented collaboration and growth between the two countries,” he added. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, was said to have underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals.

*10. N50 TRANSFER LEVY MAY GROUND FINTECH, ECONOMISTS WARN
The Punch, Page 27*

The Federal Government’s recent move to deduct a N50 Electronic Money Transfer Levy from customers’ transactions has sparked criticism from economists, who warn that the move may discourage digital transactions and harm the economy. The levy, which is set to take effect soon, will apply to every inflow of N10,000 and above received by customers of fintech companies, including OPay and Moniepoint.
According to Former Chief Economist at Zenith Bank, Marcel Okeke, that the move was ill-timed and could have far-reaching negative consequences for the economy, particularly in the fintech sector, which has been growing rapidly in recent years. Okeke argued that the government’s desire to boost revenue through this measure may have unintended consequences, potentially harming the economy and stifling innovation in the fintech sector.

*11. EQUITY MARKET LOSES N83BN IN ONE WEEK
The Punch, Page 30*

The Nigerian Exchange lost N83bn last week as both the All-Share Index and market capitalisation depreciated by 0.15 per cent due to sell-offs in big stocks. The ASI closed the week at 96,433.53 points, while the market capitalisation settled at N55.39tn. Despite a downward trend, the NGX Oil and Gas Index bucked the market’s performance with a 1.52 per cent gain. During the week, investors traded 2.14 billion shares worth N51.22bn in 55,603 deals, decreasing from the previous week’s 2.82 billion shares valued at N53.048bn traded in 50,488 deals.So This Happened (246) Reviews Sirika’s Arrest Over Alleged N8bn Air Fraud, Food Prices Rise, Others
The financial services industry led activity, accounting for 1.23 billion shares valued at N19.98bn, representing 57.40 per cent of total equity turnover volume and 39 per cent of value. Following closely was the oil and gas industry, which traded 262.484 million shares worth N18bn in 14,275 deals.

*12. VAT INCREASE’LL DEEPEN ECONOMIC WOES, ATIKU WARNS FG
Daily Sun, Page 6*

Former vice president and 2023 presidential candidate of the peoples Democratic Party (PDP), Atiku Abubakar, has warned that the plan by the Federal Government to increase the Value Added Tax (VAT) from 7.5 per cent to 10 percent would worsen the cost of living in the country. Atiku, in a statement, yesterday, alleged that President Bola Tinubu and his wife have resorted to overburdening impoverished citizens while ignoring their own extravagant excesses.
According to him, the endless rise in taxes and interest rates under the present administration is weakening businesses across the country, leading to job losses and increasing the sufferings of the people. He said: “President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5 percent to 10 percent, even as the NNPCL has announced a soaring PMS price increase at the pump. This move unveils a new era of regressive and punitive policies, and its impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.

*13. FG IMPOSES ELECTRONIC LEVY ON OPAY, MONIEPOINT USERS, OTHERS
Daily Trust, Page 23*

The paper reported that the Customers of financial technology (fintech) companies including Opay, Moniepoint and Kuda are grumbling over the implementation of the Electronic Money Transfer Levy (EMTL) on their transactions.
The implementation which takes effect today (Monday) imposes N50 on transfer from N10,000 on fintech account holders as obtained with Deposit Money Banks (DMBs). EMTL, introduced under the Finance Act 2020, places a singular and one-off levy of ₦50 on the recipient of any electronic receipt or transfer of ₦10,000 or above.
DMB account holders have been paying this transfer levy on transfer receipts above N10,000; forcing some of them to register with any of the fintechs with the hope of bypassing the charges.
However, it appears there is no escape route as the federal government has widened its dragnet in its bid to rake in more revenue.

*14. BANKS COLLUDING WITH STATES TO BYPASS FISCAL LAW — FRC
Daily Trust, Page 23*

The Fiscal Responsibility Commission (FRC) has decried the rampant collusion between banks and state governments in violating the provisions of the Fiscal Responsibility Act. Speaking at the National Summit of Fiscal Responsibility in Abuja, the Chairman of FRC, Barrister Victor Muruako, noted that banks had been aiding state governments in circumventing the law, particularly with respect to borrowing.
Muruako cited Section 44.1 of the Fiscal Responsibility Act which mandates that any government or its agencies intending to borrow funds must present a detailed cost-benefit analysis of the proposed borrowing. He said, “We are witnessing a troubling decline in accountability. In one instance, a state government’s secretary simply signed a declaration claiming compliance with the Act, which then allowed the government to proceed with borrowing.

*15. EQUITY MARKET OPENS WEEK WITH N84BN LOSS
Daily Trust, Page 23*

The Nigerian equity market closed the first trading week of September on a negative note with a 0.15% decline, falling from 96,580 points to 96,433 points. Market capitalisation lost N84 billion week-on-week (W-o-W) to close at N55.394 trillion.
The index dropped by 0.15%, falling from its opening value of 96,580 points to close at 96,433 points, marking the beginning of September on a bearish note. Across the sectoral spectrum, performance was in the mixed bag. The NGX Oil & Gas index recorded a weekly gain of 1.48 per cent, while NGX Banking index lost 0.23 per cent W-o-W.

*16. UTM FLNG GETS FG’S NOD TO CONSTRUCT 1ST FLOATING LNG PLANT
Daily Trust, Page 24*

The federal government has officially granted UTM FLNG Limited “License to Construct (LTC)” Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility, expected to be Africa’s largest crude oil producer, in the global gas market. The issuance of the LTC to UTM FLNG by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) last Friday came as a major fulfilment of the assurance by President Bola Tinubu in July, 2023, to give all necessary support to the Nigerian company to ensure the actualisation of the landmark gas project.
Tinubu had during an audience with the management of the company and its foreign partners at the State House, Abuja, pledged to remove all impediments to the timely completion of the facility. Meanwhile, the UTM FLNG plant, with a capacity of 2.8 million tonnes per annum (MTPA), will produce Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG) and condensate from re-injected gas at the OML 104 Yoho Field.

*17. SEC WARNS AGAINST CAPITAL MARKET INFRACTIONS
Daily Trust, Page 24, Leadership, Page 23*

The Papers reported that the Securities and Exchange Commission has said that it will deploy the full weight of the law against individuals and entities that engage in activities that are contrary to laid down regulations in the capital market. The Director General of the SEC, Dr. Emomotimi Agama in an interview, said the Commission is committed to protecting investors including those in the crypto space and therefore enjoined participants in the market to play by the rules.
“We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated. This also applies to those in the crypto space. We are sending this signal to all those that want to play by the books that they are welcome to our space. But for those that do not want to play by the books, of course we definitely will not allow them operate within our space,” Agama said. The DG disclosed that the Commission decided to take the recent step of issuing Approval-in-Principle to two crypto exchanges because it observed that Nigerian youths were becoming increasingly interested in the digital space and so it was important to provide regulation, clarity and indeed the protection of investors which is its primary responsibility.

*18. INVESTORS’ RETURN DEPRECIATE BY N1.12TN IN TWO MONTHS
This Day, Page 26*

The Paper reported Nigerian equities market depreciated by N1.12 trillion between July and August 2024, as investors’ profit-taking persisted in some blue-chip companies listed on the Nigerian Exchange Limited (NGX). The downward trend in the two months under review is coming on the backdrop of a hike in the Monetary Policy Rate, leading investors to divest into lucrative high yield Treasury Bills (T-Bills).
An investigation by paper revealed that the market capitalisation in July 2024 dropped by N1.09 trillion or -1.92 per cent to close at N55.514 trillion from N56.602 trillion it opened for trading, while in August 2024, it dropped further by N36.04 billion or 0.06 per cent to close at N55.478 trillion from N55.514 trillion.
According to capital market analysts, investors in the local market sustained profit-take based on the sentiment, stressing that Nigeria’s capital market is still one of the best performing Exchanges in Africa and World at large.

*19. NAIRA DEVALUATION, SUBSIDY REMOVAL CRIPPLE MANUFACTURERS
Leadership, Page 1-7*

The recent removal of fuel subsidy and the devaluation of the Naira have severely impacted manufacturers in Nigeria, leading to a significant decline in tax revenues as well as operational challenges. Since the removal of fuel subsidies on May 29, 2023, fuel prices have surged by approximately 193 per cent, causing a ripple effects across various sectors.
Manufacturers are particularly affected as the rising costs of fuel and raw materials have led to increased production expenses. Reports indicate that tax revenue from manufacturers plummeted by over 70 per cent in the first quarter of 2024, highlighting the financial strain on the industry.

*Felicia Odanwu
Principal Information/PRO
For: Director Information/PR
9th September, 2024.*

In a landmark event chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun that heralds a new era of economic cooperation, Nigeria and China have reaffirmed their commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.

The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has set the stage for unprecedented collaboration and growth between the two countries

In his keynote address, the Honourable Minister underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals. As chair of the event, he also guided discussions that focused on critical areas of collaboration between the two nations.

HM Edun emphasized President Bola Ahmed Tinubu’s dedication to fostering a business-friendly environment that attracts increased investment, particularly in key sectors such as infrastructure, energy, and industry. One of the conference’s standout outcomes was the signing of a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex, a transformative project expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.

Infrastructure development—a cornerstone of the China-Nigeria partnership—was a major focus of the discussions. Both nations reiterated their commitment to joint infrastructure projects, including roads, bridges, and energy systems, aimed at accelerating industrialization and driving long-term economic growth in Nigeria.

Financial and security cooperation also took center stage, with both countries agreeing to enhance intelligence sharing to combat money laundering and financial crimes. This marked a critical step toward ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration.

As chair of the event, the Honourable Minister also highlighted President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path. He stressed the importance of leveraging both domestic resources and international partnerships, such as those with China, to ensure that these collaborations deliver tangible benefits to the Nigerian people.

Key infrastructure and security initiatives are seen as pivotal to achieving Nigeria’s economic objectives under the Renewed Hope Agenda, while also advancing China’s Belt and Road Initiative.

As the curtains close on this groundbreaking conference, Nigeria and China emerge as beacons of hope for a brighter economic future, especially as the conference concluded with a strong mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation. With the signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement, the stage is set for transformative growth, job creation, and sustainable development.

This historic partnership will undoubtedly propel Nigeria’s economic agenda forward while reinforcing China’s Belt and Road Initiative. As both nations embark on this extraordinary journey together, the world watches with bated breath, eager to witness the remarkable achievements that will unfold from this unbreakable bond.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 6, 2024

The Federal Government has inaugurated the new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA), tasked with the critical mandate of steering the nation’s economic growth and stability.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the Board today in his office in Abuja, charged them to leverage their expertise and wealth of experience to bear in driving the NSIA’s mission of creating a sustainable future for generations to come.

The newly appointed Board of Directors for the NSIA comprises distinguished professionals from various sectors, carefully selected through deliberations and recommendations made by the Executive Nominations Committee. The final approval was given by the President, His Excellency Bola Ahmed Tinubu, GCFR, following endorsement by the Vice President, His Excellency, Senator Kashim Shettima, GCON, who serves as the Chairman of the National Economic Council (NEC).

The new Board
Members include:

• Mr. Segun Ogunsanya – Chairman
• Mr. Aminu Umar-Sadiq – Managing Director/Chief Executive Officer
• Prof. Fabian Ajogwu
• Mr. Abdullahi Mahmud Gaya
• Mr. Ahmed Goniri
• Ms. Ada Osakwe
• Dr. Suleyman Ndanusa
• Ms. Ijeoma Taylaur
• Mr. Kola Owodunni

In his inaugural remarks, Mr. Segun Ogunsanya, the newly appointed Chairman of the Board, affirmed his commitment to fostering a prosperous future for the next generation in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

Our mandate is clear—we are here to enhance the wealth of our nation and ensure that future generations do not face the specter of poverty he stated.

Mr. Ogunsanya also highlighted the Board’s ambition to significantly grow the fund under its management.

Reflecting on the NSIA’s 11-year journey since inception, the Honourable Minister praised the Institution’s outstanding progress in achieving its mandate. He described the NSIA as an essential Institution for our nation’s economic stability and growth.

As the NSIA new Board of Directors sets out to write the next chapter in the NSIA’s story, they are reminded that the nation’s economic future rests on their shoulders. With their combined expertise and the Minister’s charge, they are poised to make a significant impact on Nigeria’s economic landscape.

Thus, the nation looks forward to the Board’s innovative strategies and bold initiatives that will propel the NSIA to new heights and create a brighter future for all Nigerians.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
August 29, 2024