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Lagos Rakes in N503.7b IGR in 2017

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Internal revenue
  • Lagos Rakes in N503.7b IGR

Lagos State government generated N503.7 billion revenue in 2017, the Governor, Akinwunmi Ambode, has said.

Ambode, who spoke at the first quarter Town Hall Meeting yesterday, at De Blue Roof, LTV Complex in Agidingbi, Ikeja, said the achievement came despite the tough prevailing economic environment.

He said the state was entering the new year with confidence, of being on a solid prosperity footing and interesting prospects for all Lagosians, and commended the residents for supporting his administration to deliver on key projects in various sectors and sections, “despite the harsh economic climate in the country.”

He said: “As we celebrate entering a new year, we thank you all for your support and cooperation last year. It was your backing that enabled us to achieve the modest successes we recorded last year and commence the transformation of the landscape of our state.

“Despite the harsh economy, our State budget performed at 82 per cent. Total revenue generated was N503.7billion, representing a performance of 78 per cent; Total Recurrent Expenditure was N281.33billion, representing a performance of 92 per cent, while Total Capital Expenditure was N387.60billion or 76 per cent performance.”

Ambode listed some of the key projects delivered last year to include, the new Tafawa Balewa Square Bus Terminal, new Ojota Pedestrian bridge, Aboru – Abesan link Bridge and the adjoining inner roads.

Others are Ojodu Berger Slip Road and Pedestrian Bridge, Jubilee Bridges in Ajah and Abule Egba, Freedom and Admiralty Road in Lekki, new Lands Registry, and newly upgraded Jubilee Chalet in Epe, among others.

He said as at December 2017, the Lagos State Employment Trust Fund (ETF), had disbursed N4.5billion to 5,500 beneficiaries, who also received training on financial literacy and business management.

He said keys were presented to beneficiaries of the first set of allottees of Lagos State Rent-To-Own Housing Scheme, as well as the creation of Neighbourhood Safety Corps and beautification of the state, with the erection of monuments, parks and gardens.

Ambode said within the review period, the State Government inaugurated the first State-owned DNA Forensic Centre in Nigeria and West Africa, saying that in the coming weeks, he would sign a contract to upgrade the facility to offer toxicology services, which will make it the first of its kind in Sub-Saharan Africa.

In respect of Lagos State students in tertiary institutions, Ambode said his administration disbursed N635.5million to 8,419 students across the State.

He said the government acquired healthcare equipment worth N2.5 billion, saying the equipment will strengthen the capacity of “our health facilities to render improved health services and also facilitate the smooth take off of the Lagos State Health Scheme which is designed to enable residents enjoy unfettered access to qualitative healthcare.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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