News

Obaseki Signs N404bn Revised 2024 Budget Into Law

Published

2 years ago

May 22, 2024

Editor

Edo State Governor, Mr. Godwin Obaseki (right); Speaker, Edo State House of Assembly, Rt. Hon. Blessing Agbebaku (middle), and Edo State Deputy Governor, Omobayo Marvelous Godwins, during the signing of the budget at the Government House, Benin City, Wednesday, May 22, 2024.

… ‘Inflationary trend, new N70,000 minimum wage influenced increase’

The Edo State Governor, Mr. Godwin Obaseki, has signed into law the 2024 revised supplementary budget of N404bn with an increase of 22 percent.

Speaking during the signing of the budget at the Government House, Benin City, Obaseki said the revised budget has become necessary following the inflationary trend in the economy as the adjustments have to reflect new realities.

According to him, “I have signed into law the revised supplementary budget for Edo State. We have to amend the 2024 Appropriation Act which was passed late last year because of developments that have occurred in the economy in the first five months of the year.

“We have to increase our budget by about 22 percent, to about N404 billion from the earlier projected figures. The reason we had to do this is because from the first quarter of this year, we saw a 100 percent budget performance for that period.

“Also, because of the inflationary trend in the economy, we have had to adjust our capital budget to reflect the new trend we are seeing. We also had to make a decision on the minimum wage which has financial implications. We didn’t anticipate that in the earlier appropriation law which we have had to amend.”

He added, “We expect that even with the revised and supplementary appropriation bill, we will meet the target which is N404 billion, which is now the proposed budget for the year. What is important to note is that we are still spending more on capital than recurrent expenditure.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

5 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.