Economy

By Iyabo Adebisi

Oyo Government says the 2024 proposed budget will cushion inflation and sustain the state’s economy.

The state’s Commissioner for Budget and Economic Planning, Professor Musibau Babatunde said this during a 5-hour 2024 budget breakdown and analysis held at the Conference Room, Ministry of Finance, Secretariat, Ibadan.

Professor Babatunde said the outgoing 2023 budget of the state had been adjudged better economically as it had helped the state in achieving its key pillars by over 70 per cent.

He noted that the 2024 Budget proposal of 434 billion naira would better the state economically based on the inputs of the citizens, government officials executives and civil society organizations as it dwells on economic recovery plans. 

According to Professor Babatunde, the recovery plans included plans towards reviving economic and agriculture units of the state with 1 billion naira and 300 million earmarked to smallholder farmers, agric-business trainees and small and medium enterprises with a singular digit.

Professor Babatunde said with the 2024 proposed budget there would be no industrial strikes through the cooperation of the civil servants, while the state state would ensure every taxable entity in person and organizations are moderately taxed for an eventful sustainable development plan of the state.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Mojisola Oladele  

As the Budget defence exercise continues at the Osun State House of Assembly, the Commissioner for Commerce and Industry, Reverend Bunmi Jenyo says efforts are in top gear to give Aiyegbaju International Market a standard facelift.

Reverend Jenyo stated this during the ongoing exercise held at the Assembly Complex, Osogbo.

He explained that owners of locked-up shops in Aiyegbaju, Aje and New Orisumbare International Markets in the State capital had been contacted to open the shops for use else it would be withdrawn from them.

The Commissioner for Commerce and Industry stressed that plans were underway to construct a shopping mall in Aiyegbaju International Market, Osogbo to boost the business activities of the Market.

In his remarks, the Chairman House Committee on Finance and Appropriation, Mr. Olumide Fatunmise emphasized the importance of Ministries, Departments and agencies doing well by working around the clock in actualizing the 2024 budget estimates.

Mr. Fatunmise called on the  Ministry of Cooperative and Empowerment to

Engage more youths meaningfully in skills acquisition to reduce youth restiveness.

While reacting to the budget presented to Ministries, Departments and Agencies, lawmakers including; Mr. Laide Ajibola, Prince Adekunle Oladimeji, Prince Kasope Abolarin, Mr. Lawal Bamidele, Mr. Elisha Oderinwale, Mr. Abiodun Ibrahim and Mr. Waheed Ibrahim stressed the need for the Ministry of Rural Development and Community affairs to see the pressing plight of the dwellers of the rural communities.

They also called on the Osun State Sports Council to improve sports activities to generate more income for the State Government.

Ministry of Rural Affairs and Community Development, Ministry of Home Affairs, Ministry of Commerce and Industries, Ministry of Youth Affairs, Ministry of Sports and Special Needs, Osun State Sports Council, Ministry of Cooperative and Empowerment and the Osun Micro Credit Agency appeared for the budget defence exercise.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Omolara Adasofunjo

Ogun State House of Assembly has passed a resolution requesting that the State Government put machinery in place to check the subtle take-over of Adire Kampala local industry by foreigners.

The resolution was passed after the motion moved by the Majority Leader, Mr Yusuf Sheriff and seconded by the Minority Leader, Mr Lukman Adeleye with the support of other lawmakers at a plenary presided over by Speaker, Mr Olakunle Oluomo.

Opening debate on the motion, the sponsor, Mr Babatunde Tella, said the influx of foreign adire into the local market was eroding the rich cultural heritage of the people and threatening their source of livelihood. 

He called on the Ministries of Trade and Investment, Culture and Tourism as well as Women Affairs to investigate the matter, while pleading with the State Government to partner the Federal Government in assisting the local adire fabric makers to export their products to boost the nation’s growing economy.

Other lawmakers while supporting the motion commended Governor Dapo Abiodun and notable traditional rulers in the state for always adorning the indigenous adire in support of local patronage, pointing that if not checked the influx of imported Adire would continue to fuel unemployment, imitation of the people’s creativity and reduction in the state’s revenue. 

The lawmakers solicited the support of the National Assembly in the efforts to consider the classification of imported Adire as contraband goods.

Responding, the Speaker, Mr Oluomo, who commended the sponsor of the resolution, equally acknowledged Governor Dapo Abiodun’s untiring efforts at promoting the rich cultural heritage of the State, assuring that the Assembly would work towards enacting a bill to further strengthen and protect the local economy for the benefit of the people.

Similarly, Ogun State Magistrates’ Court, Amendment Law, 2023 has scaled second reading on the floor of the Assembly.

 The Sponsor of the bill, mr Oluseun Adesanya, led other contributors to the debate in emphasizing that the amendment of the law would increase the financial jurisdictions of the magistrates courts to take more cases, thereby reducing the burden of cases taken to the high courts.

Mr Oluomo equally affirmed that the amendment of the bill would assist in quickening justice dispensation before committing the document to the House Committee on Justice, Ethics and Public Petitions for further legislative actions.

Also, 2024 Appropriation Bill for Ogun State, tagged “Budget of Sustained Growth and Development” was successfully for the second time. 

Opening debate on the second reading of the bill, the Chairman, House Committee on Finance and Appropriation, Mr Musefiu Lamidi, said that the percentage allotted to each sector of the economy had shown the government’s resolve to sustain the growth and development of the State.

Other lawmakers who spoke in the same vein also affirmed that the proposed budget was achievable and advised that the 30% allocation to infrastructure should be evenly spread across the three Senatorial Districts of the State, particularly the rural areas.

The State lawmakers also called for increase on the percentage given to agriculture to empower farmers to boost food security and create job opportunities.

In a remark, the Speaker of the House, Mr Olakunle Oluomo who commended the lawmakers for the robust debate, urged them to do justice to the bill during the budget defence process and thereafter committed the bill to the House Committee on Finance and Appropriation for further legislative actions.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Folake Oye

The Ooni of Ife, Oba Enitan Ogunwusi has emphasised the need for leaders to embrace the use of local products.

Oba Ogunwusi made the call in his palace in Ile-Ife when he received two vehicles and three motorbikes from an indigenous vehicle manufacturing company in commemoration of his 8th year on the throne.

He said the sure way to grow the nation’s economy was for all to cultivate the habit of using more local content, urging leaders at various levels to show examples.

Oba Ogunwusi called on political leaders to desist from promoting foreign commodities, adding that Nigerian lawmakers should make it mandatory for anyone having any business with the parliament to wear and make use of indigenous products.

The monarch also charged President Bola Tinubu, governors and federal lawmakers to include locally made and assembled vehicles in their fleet.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Rabi Momoh

The Senate Committees on Appropriation and Solid Minerals pledge an upward review of the budgetary allocation to the Ministry of Solid Minerals Development to enable it carry out its mandate effectively for the good of the economy and the country at large.

The lawmakers who made this known during the budget defense of the ministry in Abuja affirmed that, scaling up the allocation to the sector would, enable it generate at least 50 billion naira revenue for 2024, as against the proposed 12 billion naira. 

They frowned at the paltry budgetary proposals of the ministry, emphasising that it was grossly inadequate to make the requisite impact of making the mining sector contribute immensely to the nation’s Gross Domestic Product (GDP), pledging that the committee will make a case for increased allocations.

The Chairman, Senate Committee on Appropriations, Senator Olamilekan Adeola-Yayi and his counterpart of the Senate Committee on Solid Minerals, Senator Ekong Samson expressed their commitment to support the ministry in its efforts to diversify the economy and increase the revenue base of the country.

The lawmakers, who also pledged to work closely with the ministry to ensure the sector reaches its full potential, stressed the need for proper monitoring of the nation’s abundant resources especially against illegal miners.

Presenting the budget to committee, the Minister of Solid Minerals Development, Dr. Dele Alake said the foundation for the diversification of country’s economy had been laid through its articulated policies and programmes.

Dr Alake told the lawmakers that with the ministry’s favorable policies and programmes, with government’s commitment, both domestic and international investors had begun to indicate interest to invest in the mining industry.

“My team and I recently had a meeting with the British Deputy Prime Minister, Oliver Dowden at Downing Street, on the sidelines of the Mines and Money Conference, based on some of the activities that we have been able to put in place in the last three months and he expressed his interest in our Lithium, promising to mobilise a consortium of British investors to invest in the value chain”. He said

Dr Alake explained that with vested interest of global investment in Nigeria’s solid minerals, geo-scientific data had become crucial to guide investors in making informed decisions or projections on available mineral resources.  

“For instance, previous work in the geo-data section has shown that we have about 44 minerals that are in demand, globally. However, we do not have data that will tell us the quantum of what we have across the country. What the investors or operators are doing now are partly speculative, and no big player will come into our sector, based on speculation. All of these are contingent on the geo-scientific data we can generate, and these things don’t come cheap. We don’t have equipment locally, we don’t have certain technical personnel. This means that we rely on international assistance. This means distinguished senators that we need your assistance in terms of budgetary allocations”, the minister added.

Dr Alake was therefore optimistic that with support from government and the senate, the mining sector would soon take its rightful place in the development process of the country.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Oluwakayode Banjo

The Economic and Financial Crimes Commission, EFCC, on Tuesday, December 5, 2023, presented a budget of N76.586billion (Seventy Six Billion, Five Hundred and Eighty-Six Million Naira) as its budget proposal for 2024 to the House of Representatives Committee on Financial Crimes.

The proposed budget represents a 53.48% increase over and above the Commission’s 2023 appropriation of N49.901 billion (Forty-Nine Billion, Nine Hundred and One Million Naira).  In the budget estimate,  a total sum of N37.074 billion(Thirty-Seven Billion, Seventy Four Million Naira) was proposed as personnel cost, N14.513billion( Fourteen Billion, Five Hundred and Thirteen Million Naira) as overhead cost and N25.000( Twenty Five Billion Naira) as capital cost.

Presenting the budget to the House of Representatives Committee on Financial Crimes,  Executive Chairman of the EFCC, Ola Olukoyede stated that the 2024 proposed estimate of N76.486 billion represented a significant increase over  2023’s N49.901 billion budget owing to additional funds needed for overhead, personnel and capital costs.

“This increase is solely attributable to the increase in personnel cost from N36.834billion to N37.074billion in 2024, overhead cost from N10.535billion to 14.513billion in 2024 and capital cost from N2.531billion to N25.000billion in 2024,” he said.

Commenting on the 2023 budget performance, Olukoyede explained that the sum of N36.835billion was appropriated as the Commission’s personnel cost for the year, “out of this figure, the sum of N28.452billion representing 77% has been released for the payment of salary and allowances of staff on the Commission’s payroll between January and November 2023. He added that “the sum of N7.024 billion representing 67% of the N10.535 billion appropriated for the Commission for its overhead cost in 2023 has so far been released.”

The EFCC Chairman further stated that the Commission’s request for additional funds for overhead is due to the high cost of air travel tickets, motor vehicle fuel cost, diesel cost and the high cost of maintenance of buildings, operational vehicles and office equipment in the headquarters and fourteen Zonal Commands.

 He appreciated the Committee’s support for the Commission in the discharge of its duties and the successes it is achieving in the fight against economic and financial crimes and other acts of corruption.

Responding, Chairman, the House  Committee on Financial Crimes, Ginger Obinna stated that financial crimes pose a significant threat to the stability and progress of any economy. “In recent years, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defense mechanisms.  From money laundering to cybercrimes, the challenges are multifaceted and ever-evolving. It is our duty to stay ahead of these threats, adapt our strategies and equip ourselves adequately to counteract the forces that seek to undermine our economic well-being and that of our nation.” He stated that the budget’s defence and discussions on issues related to it were a reflection of the Committee’s commitment to creating an environment where citizens can trust the financial institutions that drive the economy and which will empower the EFCC to carry out its vital duty. “It is a pledge to provide the necessary resources to empower the Economic and Financial Crimes Commission to carry out its vital mission effectively,” he said.

Economy

The Federal Government has started discussions about deep-sea mining in the country’s coastal waters.

This is part of efforts to make use of the profitable opportunities and abundant mineral resources available.

During a visit to the Commonwealth Secretariat, Minister of Solid Minerals Development, Dr. Oladele Alake, led a Nigerian delegation and highlighted this action as a priority, emphasizing that the government intends to seek international assistance to enhance the solid minerals sector’s competitiveness on a global scale.

”President Bola Ahmed Tinubu has identified the solid minerals sector as a fundamental component of Nigeria’s ongoing economic diversification efforts. To support this objective, the Ministry of Solid Minerals Development has established a seven-point agenda. This agenda encompasses the establishment of a solid minerals company, collecting comprehensive data on mineral reserves to minimize investment risks, ensuring better security measures for the mines, and promoting socio-economic development in mining communities through effective community development agreements.”

Dr. Alake emphasized that the Commonwealth, with its wealth of expertise, should support the Tinubu administration’s endeavours.

In response, Paul Kautoke, the Senior Director of the Trade, Oceans, and Natural Resources Department, welcomed the Nigerian delegation and acknowledged Nigeria’s potential to explore deep-sea mineral extractions like copper, cobalt, nickel, gold, and rare earth elements.

He highlighted how other Commonwealth countries in the Pacific region are making progress in deep-sea mining and assured Nigeria of the Commonwealth’s assistance in developing a policy in this regard.

Other speakers at the forum, including Victor Kitange, Director of Natural Resources, Opeyemi Abebe, Trade and Investment Adviser, Daniel Wilder, Economic Adviser of Trade, Oceans, and Natural Resources; and Allison Swaddling, Adviser on Ocean Governance, expressed their concerns regarding the slower progress of African countries in deep sea mining.

They also mentioned that the department’s online training programs could enhance Nigeria’s capabilities in this field.

Dr. Alake responded by acknowledging the importance of the discussion and ensuring that the Ministry of Solid Minerals Development would collaborate with other ministries to assess the potential for deep-sea mining.

He added that they would present a proposal for the country’s consideration based on this new dimension of mineral development.

FRCN Abuja/Adetutu Adetule

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Mojisola Oladele 

Residents of Osun State have expressed dissatisfaction over the Naira Scarcity which had lingered on for weeks in Commercial Banks across the State.

Radio Nigeria Correspondent who monitored the situation in Osogbo the State Capital, Ile-Ife and Ilesa towns indicated that ATMs of commercial banks were dispensing a limit of #10000 cash to customers and characterized with long queues.

Speaking, a businessman based in Osogbo, Mr. Adio Olaoye said his experience in Banks and ATM points in the last three weeks had been horrible saying the nature of his business required more cash.

He explained that the Supreme Court had ordered that the old N200, N500, and N1000 notes should continue to co-exist with the new notes till further notice, in its ruling last week Thursday.

Mr. Olaoye appealed to the concerned authorities to make available more cash for customers to reduce the untold hardship.

Also corroborating his view, a student in Ilesa, Miss Aisat Adeleke who observed that few banks loaded the ATMS with cash and the dispensing is limited to #5000 or #10000 explained that , she needed to make some payments in school with cash and couldn’t afford to pay the exorbitant charges of POS operators.

In his response, A Banker working with a new generation Bank in Osogbo, who preferred to be anonymous, said Bank officials cannot say when normalcy would return, hence the need for Nigerians to bear with them.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

The Socio-Economic Rights and Accountability Project, SERAP, has urged the World Bank President, Mr Ajay Banga, to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds, including loans obtained from the institution.

It also urged the World Bank to probe the spending of over $8.5 billion in loans and other facilities by the 36 state governors in Nigeria.

SERAP, in a statement by its Deputy Director, Kolawole Oluwadare, said: “The World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds.

We are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.”

The letter, read in part: “The World Bank’s lending and support for these states may create the impression of complicity in the allegations of mismanagement or diversion of public funds by the states which may include loans from the Bank and its partners, and federal allocations.

“We would consider the option of pursuing legal action should the World Bank fail or fail to implement the recommendations contained in this letter, and we may join the country’s 36 states in any such suit.

“According to Nigeria’s Debt Management Office, the total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion. The Federal Government’s public debt portfolio is N78.2 trillion.

“We also urge you to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states and provide guarantees that loans and funding from the Bank and its partners would not be used to fund the luxurious lifestyles of politicians.

“We urge the Bank to send independent monitors to the 36 states to monitor the spending of the loans and other funding obtained from the Bank and its partners to remove the risks of mismanagement or diversion of public funds by these states.

“The World Bank currently has a portfolio of about $8.5 billion spread across the country. The bank has also approved several loans and other funding facilities to the country’s 36 states, including the recent $750 million credit line meant for the states to carry out reforms to attract investment and create jobs.

“The accounts of Nigeria’s 36 states are generally not open to public scrutiny as many of them continue to refuse freedom of information requests seeking transparency and accountability in the spending of public funds.

“The World Bank and its partners need to make clear to Nigeria’s state governors that it would not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.”

Vanguard/ Oluwayemisi Owonikoko

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Folake Oye

Osun State Government says women’s empowerment is a powerful tool for the reduction of poverty geared towards improving the overall well-being of the people in any given community.

Commissioner for Women, Children and Social Affairs, Mrs Ayobola Awolowo stated this during an empowerment programme for indigent women at Atakunmosa East Local Government Area of Osun State organized by the Ministry of Women, Children and Social Affairs in conjunction with the World Bank. 

Mrs Awolowo stressed the resolve of Ademola Adeleke’s administration to prioritize the welfare of women.

According to her, the distribution of the poverty alleviation programme being supported by the World Bank, would no doubt provide a necessary soft landing in the form of essential support to the most vulnerable of women in the society.

Mrs Awolowo also expressed her gratitude to Governor Adeleke and the World Bank for teaming up to fight the ugly menace of poverty among women. 

She advised the beneficiaries to use the items for the purposes they are intended for and not to sell them, noting  that the representatives of the World Bank are on the ground and would be monitoring how the items are being utilized effectively or otherwise

Some of the beneficiaries including Mrs Folakemi Ojoade and Mrs Ajimopo thanked the Governor of Osun state and the World Bank bank for the humanitarian gestures

Items distributed include grinding machines, deep freezers, and generators among others

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Lilian Ibomor

The Oyo State Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, has said that Oyo State will compete favourably with developed economies within the next 10 years if the Seyi Makinde’s developmental template is sustained by the administration coming after 2027.

Prince Oyelade made this projection while addressing media stakeholders at the 8th edition of the NBC/Yemi Sonde Broadcast Media Stakeholders Forum at the University of Ibadan Alumni Hall.

Citing the World Population Review of the United Nations World Urbanization Prospects, Prince Oyelade explained that the population of Ibadan was a mere 450,000 in 1950, and in 2019 when Governor Seyi Makinde came into power, the population had increased to about 3.4million. 

He said since 2019 Oyo State’s population ratio had jumped by about half a million, which meant that in the past 73 years, the last four years had witnessed the highest number of migrants into the city.

Earlier, the convener of the forum, Mr Yemi Sonde, in his welcome address,  emphasized the importance of continued collaboration between the media industry, government and civil society for national development.

The forum brought together prominent figures from the broadcast industry, including the Zonal Director FRCN, Mr Dominic Mokikan, who was represented by the Deputy Director FRCN, Engineer Gabriel Ajayi, government officials, academics and media enthusiasts.

The theme of the 8th edition of the stakeholders’ forum is ‘The Role of Mass Media.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

President Bola Tinubu has informed international investors that Nigerians are highly educated, highly skilled, and naturally industrious, are the primary asset and advantage the country wields.

The president  made the speech at a panel discussion in Berlin, Germany, titled, ‘Fostering Local Value Chains and Investments in Africa: The Role of the German Private Sector at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz.

President Tinubu said Nigeria’s energetic youth population and well-educated populace represent the greatest incentive towards replication of China’s economic resurgence.

“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination. But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments. We are eager and ready to partner with you”. President Tinubu stated.

We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership. Africa has moved beyond the false past notions of barriers to business and poor adherence to the rule of law. We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts. We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception”, the president stated.

President Tinubu emphasized the need to develop its economy for massive job creation, technological progress and new opportunities in Nigeria’s expanding information and communications technology space.

“Nigeria has consolidated on its democracy with several consecutive handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment. Your money is safe. Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance,” the President affirmed.

While persuading German automobile firms to establish manufacturing plants in Nigeria, President Tinubu invited German businesses to take advantage of investment opportunities in multiple sectors identified during the visit of the German Chancellor to Nigeria in October.

German Chancellor Olaf Scholz had said the dynamic economic relations between the developed and developing nations of the world positioned Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.

“To be clear, this is not about traditional development aid with donor-recipient schemes. Instead, we now focus on investments that yield benefits for both parties. In Germany, as we strive for climate neutrality by 2045, we anticipate a substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa. Many African countries possess larger potentials for renewable energy and competitive hydrogen production than we do. I am convinced that there are fantastic opportunities for expanding cooperation between German and African companies in this context. I highlighted this during my visit to Nigeria, where we already operate a hydrogen office and aspire to be a partner in the ambitious expansion of renewable energies,” the Chancellor stated.

Other panelists at the event were the President Alassane Ouattara of Côte d’Ivoire; Prime Minister Aziz Akhannouch of Morocco; President Macky Sall of Senegal; Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.

FRCN Abuja/Adetutu Adetule

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Folake Oye

Osun State Governor, Senator Ademola Adeleke says his administration will continue to be passionate about changing the narrative of the state from a civil service economy to a thriving industrial hub. 

Senator Adeleke made this known while declaring open the 2023 Osun Trade Fair organized by the Ministry of Commerce and Industry. 

Represented by the state Deputy Governor, Prince Kola Adewusi, the Governor expressed happiness that the state under his watch, is gradually becoming an industrial hub open to many opportunities that abound in the state. 

He said the state was ready to welcome investors from other states and countries who are well prepared and ready to establish their business in the state for improved activities and better utilization of resources to bring about a robust and more profitable economy. 

Earlier, the Commissioner for Commerce and Industry, Reverend Bunmi Jenyo described the choice of this year’s theme “Unlocking the industrialization potentials of Osun state with focus on Agriculture, Mining and Micro, Small and Medium industries” as good and timely. 

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Abimbola Bamgbose 

Ogun State Government has commenced the second phase of the disbursement of the 1 billion naira grant to micro and small enterprises (MSEs).

The initiative aims to alleviate poverty and mitigate the impact of COVID-19 on businesses in the state.

Commissioner for Industry, Trade, and Investment and a member of the Ogun State COVID-19 Action Recovery and Economic Stimulus (OGUN CARES) Steering Committee, Mr. Adebola Sofela, in a statement on Monday, announced that Governor Dapo Abiodun has directed the immediate commencement of the disbursement process for the second phase of the grants. 

Mr Sofela said the phase will benefit entrepreneurs across the state.

He said a stakeholder engagement session will be held for legitimate business owners in the Ogun Central Senatorial District at the Obas Complex Hall, Ministry of Local Government and Chieftaincy Affairs, Oke-Mosan, Abeokuta, on Tuesday, November 21, 2023, to kick-start the second phase.

The objective of the sessions, according to the commissioner, is to provide participants with information about the application process and criteria for eligibility.

Sofela added that the date and time for the stakeholder engagement sessions in Ogun West and East Senatorial Districts will be communicated at a later date.

 It will be recalled that in the first batch, over N120 million was disbursed by the state government to more than 1,000 micro and small entrepreneurs across the twenty (20) local government areas of the state.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group 

Economy

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke has directed all public officials, appointed and elected, to start wearing Adire Osun every Wednesday to boost the industry and enhance the cultural strength of the state.

In a circular issued by the Head of Service, Mr. Ayanleye Aina, Governor Adeleke noted that the directive affected all categories of public servants across ministries, departments and agencies of government including tertiary institutions, local governments, local development councils and area offices.

Consequently, every Wednesday is adopted as the Adire Osun Day with all officers and heads of agencies expected to comply with the directive as also with all political appointees too.

Governor Adeleke had presented the subject at the last State Executive Council meeting with a unanimous approval and adoption.

He noted that Adire actually has its source from Osun State, stressing that the new decision will reassert the traditional claim of the state to the Adire genre.

Governor Ademola Adeleke of Osun State (Centre-Left) and Prince Dapo Abiodun of Ogun State (Centre-Right) discussing a joint Ogun-Osun Cultural Festival

The governor, while recalling the bilateral meeting with the Ogun State governor, Dapo Abiodun where both governors resolved to host an annual celebration of Adire Day, announced his administration’s plan to create mini-industrial clusters to support the Adire industry and other craft sub-sectors in the state.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Mojisola Oladele 

Osun State Governor, Senator Ademola Adeleke has presented 2024 Appropriation Bill with an estimate of  Two Hundred and Seventy – Three Billion naira tagged  ” Budget of Reconstruction and Recovery”.

Senator Adeleke who led other Cabinet members of the Executive made the abridged version of the Budget presentation at the floor of the State House of Assembly.

He explained that the figure is made up of recurrent expenditure of One Hundred and Sixty – Five Billion, Six Hundred and Fifty – Four Million, Nine Hundred and Seventy – Six Thousand, Seven Hundred Naira (N165,654,976,700.00) and capital expenditure of One Hundred and Eight Billion, Two Hundred and Fifty – Four Million, Twenty Thousand, Seven Hundred and Ten Naira (N108,254,020,710.00).

The Governor who noted that the tag of the budget reflects the current focus of rebuilding the battered state of Economy his administration inherited therefore all hands must be on deck to successfully revamp all sectors of Osun society.

Senator Adeleke assured the Legislators that the executive arm had the will and the determination to ensure achievements of budgetary goals as soon as the proposal is passed into Appropriation Act.

In his Speech, The Speaker of the House, Prince Adewale Egbedun said the event marks an historic occasion as it is the first budget presentation by Governor Ademola Jackson Nurudeen Adeleke and the first time the 8th Assembly will convene for this purpose.

Prince Egbedun emphasized that the top priority of government is to find solutions to the prevalent economic challenges in the state to ease the burden of Residents.

He assured that the 8th Assembly under his leadership would work diligently to ensure the timely passage of the Budget and perform oversight functions aimed public funds are utilized efficiently and effectively, with maximum benefit accruing to the people of Osun State. 

In a remark after recieving the Budget Proposal from the Governor, The Chairman, Osun State House of Assembly  Committee on Finance and Appropriation, Mr. Saheed Fatunmise assured that the 8th Assembly would continue to make Laws and policies in line with the Governor’s Five points agenda.

In the meantime, Prince Egbedun announced the nominees of Chairmen and members of Osun Civil Service Commission, Judiciary Service Commission, Osun Independent Electoral Commission and Osun House of Assembly Service Commission has contained in a letter from the Executive Governor of the State, Senator Ademola Adeleke.

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Oluwatoyin Adegoke

The Federal government has announced it’s readiness to support locally produced fabric, Adire with subsidy, as part of measures to stop the infiltration of foreign Adire into the fabric market.

The Minister for Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu made this known when she visited Adire Mall at Itoku and Asero Market in Abeokuta, the Ogun State capital.

Dr Edu stressed that government was ready to utilize opportunities in Adire production to lift millions of vulnerable Nigerians out of poverty as well as provide jobs for thousands of Nigerians.

The minister added that federal government had promised to create an industrial hub across the country to further boost revenue generation for market women.

She also assured the market women of government’s intentions to ensure the fabric becomes known around the world, adding that there was need for government to ban importation of foreign Adire products.

The minister who later visited location of displaced persons as a result of recent flood in the state, assured that the federal government would ensure there was permanent solution.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Economy

President Bola Tinubu on Sunday received the German Chancellor Olaf Scholz at the Presidential Villa in Abuja.

Scholz, who arrived at the Villa’s forecourt at 03:40 pm (local time), is visiting Nigeria for the first time since assuming office in December 2021.

The chancellor, who is on a two-day visit to Nigeria, is said to have been accompanied by a delegation of high-ranking German business people including Chief Executive Officers (CEOs) of some of the highest-valued companies in the country as well as by a cultural delegation.

The two leaders are expected to explore ways of fortifying the bilateral relations between the two countries.

This is the third major visit of Chancellor Scholz to Africa and his first visit to Nigeria since the inauguration of President Tinubu’s administration on May 29, 2023.

Both leaders met at the 18th G20 Summit in India where the German helmsman told Tinubu, “We acknowledge the business-friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives.”

Scholz is scheduled to meet business leaders in Lagos on Monday, October 30.

Channels/Adebukola Aluko

Subscribe to our Telegram and YouTube Channels and also join our Whatsapp Update Group

Economy

By Folake Oye

Osun State Governor, Senator Ademola Adeleke has flagged off the distribution of relief items to the 2022 flood victims and vulnerable persons in the state.

Speaking at the ceremony in Osogbo, the governor, who was represented by the state Deputy Governor, Prince Kola Adewusi, said the distribution of Special National Economic and Livelihood Emergency Intervention Items( SNELEI) was designed by the Federal Government to provide immediate and sustained assistance to the flood victims and vulnerable individuals in the state through the National Emergency Management Agency,  NEMA.

Prince Adewusi while commending the federal government for its prompt support assistance over the years advised the beneficiaries to make judicious use of the items. The state governor states:-

“I urge all stakeholders to ensure that the aid reaches the intended beneficiaries promptly and transparently. Let us work hand in hand to ensure that the support provided today leads to the recovery and rebuilding of the lives of those who have been affected” Ended the Governor 

Earlier, the General Manager, Osun State Emergency Management Agency, OSEMA Mr. Jide Falade observed that a total of  5,305 people  have been identified to benefit from the gesture

He described  Governor Adeleke’s compassionate intervention in support and provision of succours to those affected by the 2022 flood disasters and vulnerable as a welcome development, especially at this trying period.

Also speaking, the team leader of NEMA representative, Mr. Yohanna Aliyu who appreciated the support of the Osun state government advised the beneficiaries to make use of the items for the purposes meant in order to improve their socio-economic condition, saying the gesture is not only limited to Osun but all states across Nigeria.

Items to be distributed included sewing machines, grinding machines, farm inputs and food items.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Economy

By Abimbola Bamgbose 

Ogun State Governor, Prince Dapo Abiodun, has approved the extension of the ten thousand naira transport allowance granted to the state’s civil servants to cushion the effect of the removal of fuel subsidy by the Federal Government.

The allowance, which was part of various interventions adopted by the state government at the wake of the deregulation policy in July ought to have ended last month.

Speaking during a meeting with Permanent Secretaries in the state, Governor  Abiodun, who  disclosed that the allowance had been extended by another six months, said the decision was to  allow the state workforce to continue to cope with the effects of the subsidy removal.

He described the allowance as part of the temporary immediate-term interventions to allow the government to come up with appropriate medium and long-term intervention plans for all categories of people in the state.

Apart from the ten thousand naira which also covers  pensioners, the Governor said his administration had also approved hazard allowance for health and medical personnel, immediate release of letters of promotion in respect of 2021 and 2022, payment of March and April 2023 leave bonuses for public servants and  immediate cash-backing for the quarterly payment of gratuities to pensioners.

Governor Abiodun, however added that efforts are in top gear to improve mobility in the state by identifying and rehabilitating critical roads across the state.

It would be recalled that Ogun State was the first state to introduce E-Mobility and Gas Mobility Programme with Compressed Natural Gas (CNG) enabled buses and electric-powered tricycles and motorcycles.

Subscribe to our Telegram and YouTubeChannels also join our Whatsapp Update Group

Economy

By Olusegun Folarin

Ogun State Government has pledged to further open up the State for business opportunities by putting all machineries in motion to attract more investors.

The Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela gave the assurance in an interview with Journalists in Abeokuta

Mr Sofela said that the present administration would consolidate its position as the industrial capital of Nigeria, pointing out that efforts would be put in place to make Ogun the preferred investors destination. 

He said the State would be committed to improving the ease of doing business index, noting that reforms that would enhance business activities would be executed. 

Mr Sofela said the government would be committed to its promises of transforming the business environment and processes from initiation in terms of business registration, obtaining construction permits, getting land titles for properties, to ensure that, building permits for construction works were facilitated at reduced time.

Subscribe to our Telegram and YouTubeChannels also join our Whatsapp Update Group

Economy

By Egheweree Oghenero

The Delta State Government says the administration has earmarked the sum of three point five billion naira aimed at reactivating the COVID-19 Action Recovery and Economic Stimulus Program CARES, as s short-term response to the current economic difficulties and the coronavirus pandemic.

The State Commissioner for Economic Planning and Chairman of the CARES Steering Committee Mr. Sonny Ekedayen, disclosed this at the end of a Two Day Pre Mid-Term Review visit to the state by partners.

Mr. Ekedayen said the fund which was the first in the life of the new dispensation would enable the programme to reach out to more beneficiaries and in return attract more funding from the World Bank.

The Team Lead from the Federal CARES Support Unit Mr. Edebeatu Chetachi, commended the execution of the project in the state, which he noted was according to the World Bank specifications and called for more funds to be released to consolidate the gains achieved.

The Commissioner for Agricultural Resources Mr Perez Omuon and his counterpart in the Ministry of Humanitarian Support Services Miss Orode Uduaghan, alongside the Delta CARES Coordinator Dr Patience Ugbewe, in their separate remarks lauded the impact of the initiative in the state.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Economy

By Segun Folarin

The Federal government has inducted an HND 2 Taxation student of Federal Polytechnic, Ilaro, Mr Opeyemi Babatunde into the Presidential Committee on Fiscal Policy and Tax Reforms.

Mr Babatunde is currently the National President, the Association of Nigerian Taxation Students as well as the current President of the Association of Nigerian Taxation Students, Federal Polytechnic, Ilaro Chapter.

He is expected to join any batch of the secretariat of the Committee after his final examinations.

Reacting to the development, The Rector Federal Polytechnic, Ilaro,, Dr Mukail  Akinde, expressed excitement over the induction of the student into the Presidential Committee on Fiscal Policy and Tax Reforms.

While congratulating management, staff and students of the institution, Dr Akinde also felicitated Mr Babatunde for the landmark achievement.

Mr Babatunde, on successful completion of his attachment and on passing the prescribed test will be made a student ambassador of the Committee.

Olusegun Folarin

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Economy

By Kazeem Ayodeji

Ekiti State Governor, Mr Biodun Oyebanji, has presented the 2024 budget estimate of about one hundred and sixty billion Naira to the State House of Assembly.

Presenting the annual budget, tagged “Budget of sustainable growth and development” at the assembly complex in Ado Ekiti, governor Oyebanji, said the proposed expenditure was prepared towards achieving his administration’s six points transformation agenda.

He said the budget would enable the government to fulfill its social contract signed with the people by focussing more on Capacity building for youth and women, agriculture, urban and rural electrification, roads construction, health, renovation of schools and construction of indoor sports complex among others.

The governor who highlighted various achievements of his administration in the last one year, proposed the capital expenditure of over seventy billion Naira while about ninety billion Naira is estimated for Recurrent expenditure for the 2024 budget.

The speaker of the House Mr Adeoye Aribasoye passed a vote of confidence on the performance of the governor and the budget, with a promise that the 7th assembly would give the proposed financial appropriation the deserved consideration and speedy passage.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group

Economy

By Segun Folarin

Notable employers of labour and wealth creation experts have converged on Abeokuta, the Ogun State capital to fashion out ways of addressing the challenge of unemployment among Nigerians. 

The conference, put together by the Ogun State Government in collaboration with the German Agency for International Cooperation was also aimed at exploring public and private sectors collaboration to boost employment generation. 

The theme of the two – day event, tagged the maiden edition of Ogun State Employment Conference, is “Addressing Employment and Job Creation in Ogun state: Tapping into Local and Global Opportunities”. 

Addressing the participants, the Director, Employment and Wages, Federal Ministry of Labour and Employment, Dr John Nyamali emphasized the need to strengthen the relevant employment policies in the bid to check the trend of mass unemployment. 

In a presentation entitled”  understanding the role of policy frameworks in stimulating growth and Job creation: pathways to sustainable employment and decent jobs” Dr Nyamali described the recent review of the National Employment policy as a veritable way to balance the country’s economic growth and address low capacity within the economy.

Dr Nyamali maintained that the high level of unemployment and chronic poverty were caused by flaws and contradictions in running a macro economic policy regime in a predominantly informal economic structure.

Declaring the conference open, Governor Dapo Abiodun of Ogun State who was represented by his Deputy, Mrs Noimot Salako Oyedele said actionable steps and strategies must be taken to reduce unemployment to the barest minimum, both on the short and long-term basis. 

Governor Abiodun reiterated his administration’s commitment to the implementation of policies and programmes that would lift thousands of the State indigenes out of poverty, before the end of his tenure in office. 

In a remark, the team leader, Skills Development for Youth Employment, Detlef Barth explained that the conference was designed to propose policy recommendations that would foster inclusive and sustainable employment through the promotion of conducive employment framework. 

Dr Barth expressed the hope that the conference would foster a comprehensive understanding of the dynamics of Employment and job creation in the context of global and current realities in Ogun state.

Earlier, the Permanent Secretary, Ministry of  Industry, Trade And Investment, Dr. Olu-Ola Aikulola had described the situation of unemployment in the country as dreadful, hence the need for governments to devise pragmatic policies and rally the private sector to mobilize investments in the productive sectors for job creation.

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group