Business

Obaseki Presents N214.2bn 2022 Budget Of ‘Renewal’ To Edo Assembly

Published

4 years ago

December 1, 2021

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.

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 Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

2 days ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.