Business
Obaseki Presents N214.2bn 2022 Budget Of ‘Renewal’ To Edo Assembly
Edo State governor, Godwin Obaseki on Wednesday presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval.
The budget christened ‘Budget of Renewal, Hope and Growth’ showed an increase of 32.9 percent over the 2021 approved budget of N161 billion.
Presenting the budget, Obaseki said that it was made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.
“Mr Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhancing and stimulating the ease of doing business.
“Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion
“The proposed capital and recurrent expenditures ratios is put at 55 percent to 45 percent respectively.
“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.
“Value added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” he said.
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During the presentation, the Governor proposed N24.6 billion for Education, Health N14.1 billion, Government buildings N21 billion, Road/Bridges N30 billion, Youth/Social Development N5 billion and Environment N8 billion.
Others are Agriculture, N4.6 billion; water, N1.2 billion; Electricity, N2.7 billion and public safety and security N9.2 billion.
The budget proposal also included Technology enhancement, N7.6 billion, enhancing working environment, N15 billion, Tourism and development of Benin cultural districts N2 billion and administration of justice N5 billion among others.
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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