The Federal Government on Tuesday said it is targeting an increase in revenue to Gross Domestic Product (GDP) Ratio from 8 per cent in 2023 to 25 per cent by 2026. Wale Edun, minister of finance and coordinating minister of economy, disclosed this on Tuesday at the unveiling of the Nigerian banking sector report by Afrinvest West Africa, in Lagos. In terms of Tax to GDP Ratio, he said the FG is planning to increase it from 10 per cent in 2023 to 18 per cent by 2026. Edun was represented by Armstrong Takang, managing director/CEO of Ministry of Finance…
Author: Elvis Eromosele
About N8.4 billion loan has been disbursed to support over 12,710 micro, small, and medium enterprises (MSMEs) over the last four years, Babajide Sanwo-Olu, Lagos State Governor has said. The intervention comes as part of an effort targeted at boosting the ease of doing business and improving the potential of local production to maximize profit, he said, speaking at the closing event of the Lagos International Trade Fair. “We have been promoting locally made products by facilitating access to the market for entrepreneurs. For instance, the State continues to organize the MSMEs Exclusive Trade Fair and Exhibition, among several other…
With 889 million and 607 million followers respectively, Cristiano Ronaldo of Portugal and Lionel Messi of Argentina led all other top global soccer players in terms of their combined followership on Instagram, Facebook and X (formerly called Twitter), as of November 7, 2023. These are some of the facts contained in a compilation of the social media followers of the leading global soccer players who must not be older than 45 years as of September 30, 2023, and who must play for the national team of a member-country of any of the six FIFA continental soccer federations: AFC (Asia), CAF…
By Elvis Eromosele The Nigerian economy depends largely on hydrocarbons. Yet, in the wake of the Russian-Ukrainian war and the subsequent energy crisis that gripped European countries due to a reduction in gas supply from Russia, Nigeria found itself ill-prepared to seize the opportunity presented by the surge in demand for natural gas. Despite possessing more than 200 trillion cubic feet of natural gas reserves, Nigeria failed to capitalize on the unprecedented rise in global gas demand. This lack of foresight and inadequate investments have significant implications for the nation’s energy sector and its economic development. Experts are quick to…
The Oyo State Government last week began the distribution of over Sixteen thousand (16,000) bags of grains (maize) to poultry farmers across the state, under the Sustainable Action for Economic Recovery (SAfER). According to the Commissioner for Agriculture and Rural Development, Olasunkanmi Olaleye the grains are being distributed to 1,691 farmers. He said it will cushion the hardship induced by the removal of fuel subsidy and increase in the pump price of petrol. Unveiling the distribution of the grains at Ibadan South West Local Government premises, Olaleye revealed that the move was for food security under SAfER programme to alleviate…
Nigeria experienced a remarkable surge in Spotify streams during October. The data unveils an impressive contribution of approximately 115 million streams distributed across over 250 songs. This represents a substantial 7.9 per cent month-on-month growth, and when broken down, averages to a staggering 28.9 million streams per week and 3.8 million streams each day. Though historical data for comparison is unavailable, these figures are certainly commendable, especially when considering the broader context of emerging markets. Amidst the plethora of musical offerings, three tracks emerged as the reigning champions in popularity among Nigerian throughout October. “Blood On The Dance Floor” by…
More than 7,000 pharmacists emigrated from Nigeria in the last two years, the Pharmaceutical Society of Nigeria (PSN), has revealed. Prof. Cyril Usifoh, President of the society who made this known to newsmen in Gombe, Tuesday, noted that the pharmacists left Nigeria for a better practice environment abroad. He stated that the issue of brain drain, which remained one of the major challenges in the health sector, needed serious attention in the interest of the well-being of Nigerians. Usifoh said the government needed to create an environment conducive for pharmacists to work to reverse the trend and to encourage pharmacists…
The Lagos State Internal Revenue Service (LIRS) has taken stringent action by closing down 34 corporate organizations in Lagos for their failure to remit Personal Income Taxes owed by their employees and their non-remittance of Consumption Taxes to the Lagos State Government. Among the notable companies affected by this enforcement action are NTS Nigeria Ltd., Med-In Hospital & Pharma Services Ltd., Danvic Petroleum Int’l Ltd., Business Intelligence Technology, Avaya Nigeria Ltd., Gladstone Tech Ltd., Courier Plus Services Ltd., Kurioucity Ltd., Medilag Ventures Ltd., Future Oilfields, and Seven Six & Ten Limited. Furthermore, 23 hotels, restaurants, and event facilities were also…
The National Human Rights Commission (NHRC) has confirmed that it has received reports from 16 states in Nigeria regarding the #EndSARS judicial panels. This announcement was made by Anthony Ojukwu, the executive secretary of NHRC, during an event organized by the civil society organization, Enough is Enough (EiE), to mark the third anniversary of the #EndSARS protests against police brutality and human rights violations by the disbanded Special Anti-Robbery Squad (SARS). In November 2020, the federal government, led by former Vice-President Yemi Osinbajo through the National Economic Council (NEC), directed the establishment of #EndSARS panels. These judicial panels were set…
By Elvis Eromosele The United Nations Sustainable Development Goals (SDGs) aim to transform our world. The 17 goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. Achieving the SDGs may save the world. One critical element to drive the fulfilment of the SDGs is financial inclusion. Financial inclusion has been identified as an enabler for, at least, 7 of the 17 SDGs. It provides the tools and resources for individuals and communities to break free from poverty, access education and healthcare, create sustainable livelihoods, and contribute to…