General News
FG Requires N350tn to Fund National Development Plan
Federal Government says it requires about N350 trillion to fund National Development Plan (NDP) for 2021 through 2025.
At a joint press briefing by the NESG and Federal Government on Wednesday in Abuja, the Ministry of State for Finance, Budget and National Planning, Prince Clem Agba said the scheduled Summit would hold on October 25-26, 2021
Minister of State for Budget and National Planning, Prince Clem Agba, disclosed this at a joint press briefing by the NESG and Federal Government on Wednesday to kickoff the 2021 edition of the National Economic Summit (#27NES) scheduled to hold from October 25th-26th, 2021 in Abuja.
Agba, who said the N350 trillion targeted fund has already been captured in the 2022 Budget, explained that out of the amount, N300 trillion is expected to come from the private sector while the rest of N50 trillion will come from the federal government.
“The N50 trillion is with regard to funding requirements for the National Development Plan capital project for 2021 to 2025. With the projects that have been projected and costed, there will be a requirement of about N350 trillion and out of this, N300 trillion is expected to flow in from the organised private sector in terms of investment and all of that.
“And that the government will be contributing about N50 trillion. The government here is federal and state. The portion of government is about N30 trillion. For the state (sub-nationals) it is about N20 trillion” he said.
It will be recalled that the 27th Economic Summit was earlier slated for October 25, 2021. The minister had on Wednesday, 28th July, 2021, the minister inaugurated the joint Planning Committee (JPC) for the 27th Summit. The inauguration midwived five sub-committees: Technical; fundraising; and mobilization; media and publicity; editorial and event planning to ensure effective delivery of the summit.
Agba expressed satisfaction with the gradual recovery of the economy and assured that the economy would continue in that positive trajectory.
“What I said was that for 17 months, inflation was rising and in the last five months it is still on a downward trend.
“For 17 years, it rose to 18.7 per cent. Currently, it is at 17.1 per cent. It is declining. And in the last one month, inflation also reduced for the first time. It shows that we are moving in the positive trajectory” he said.
For him, the measures put in place by government were enough to put Nigeria on a positive economic trajectory.
“Measures put in place by the government of Nigeria have ensured that both health and economic data have continued to be on the positive trajectory. Nigeria’s Gross Domestic Product (GDP) grew by 5.01 per cent (year-on-year) in real terms in the second quarter of 2021.
The Q2 2021 growth rate was higher than the -6.10 per cent decline recorded in Q2 2020 and the 0.51 per cent growth recorded in Q1 2021 year-on-year, indicating the return of business and economic activity levels seen prior to the nationwide implementation of COVID-19 related restrictions.
“To sustain this growth trajectory, the Special-Industrial Processing Zones (SAPZs), an Initiative by African Development Bank Group, public and private sector will be established in all 36 states of Nigeria including FCT.
It is a 10- year development programme to be financed under thea African Development Bank (AFDB) which will guarantee steady annual growth rate of about 5 per cent over the next 10 years from year 2023.
“The private sector has capacity if pursued with desired commitment by the Public and Private Sector to provide 25 million permanent employments and 25 million housing.
“The plan amongst others, is to add at least US$150 billion to the country’s foreign reserves cumulatively from non-oil exports over the next 10 years; create at least 500,000 additional export linked jobs annually due, principally to increase in productive export activities; lift at least 10 million Nigerians out of poverty and empower each state and its people by integrating them into the export value chain.
These efforts/initiatives, therefore, would unlock the potentials of each state in the development and promotion of at least one crop for export,” Agba said.
In his remarks, the Chairman of Nigerian Economic Summit (NES #27), Mr Asue Ighodalo, who regretted the earlier postponement of the summit date, descried the huge economic woes currently facing the country which include, currency devaluation, foreign exchange shortages, trade imbalances, budget deficits, mounting debts, high inflation especially food inflation and food insecurity.
He further listed low manufacturing capacity, port inaccessibility, delays and high costs of moving goods and machinery through the ports as other economic challenges facing the nation.
‘‘At NESG, we are pleased with government for heading to recommendations of previous summits,’’ he said.
The summit is expected to provide a platform for effective collaboration between the private and public sectors and also bring together development partners, the Civil Society and representatives of the academia as well as provides participants the unique opportunity to deliberate on contemporary economic and social issues.
The Summit with the theme: Securing the future: The Fierce Urgency of Now, will seek to explore potential opportunities that will accelerate economic development and build on conversations from last year’s summit, which emphasized the importance of harnessing critical and strategic partnership to navigate the economy towards recovery and resilience.
The theme is designed to assess the current state of the Nigerian economy; foster a people-centered approach to refocused economic, social, and political challenges; galvanize a renewed commitment of stakeholders to urgently and actively prioritize the pursuit of economic growth that can sustainably create jobs and lift millions out of poverty.
According to Agba, the summit discussions will be designed around five sub-themes: high and sustained growth; quality of life; national security political economy and digital transformation.
It is also expected to enable Nigeria to realize its economic potentials on the global stage and agree on compact that compels stakeholders to take critical and immediate actions and institute efficient monitoring mechanisms to ensure key recommendations at the NES #27.
The newly enacted Nigeria Tax Administration Act, 2025, has empowered the Federal Inland Revenue Service (FIRS), renamed Nigeria Revenue Service (NRS), to impose fines for individuals and companies for failing to register, file returns, use tax technology, or disclose basic information like a change of business address.
The Act is among the tax laws signed by President Bola Tinubu on June 26.
The tax administration law is expected to take effect from January 1, 2026, under a renamed agency — the Nigeria Revenue Service (NRS), currently known as the FIRS.
The Act, which is an updated version of previous fragmented tax enforcement provisions, outlines a comprehensive list of offences and corresponding penalties, with fines ranging from N10,000 to N10 million, as well as prison terms of up to 10 years for serious breaches.
Under the general offences and penalties section of the law, a taxable person who fails to register with the relevant tax authority is liable to a N50,000 fine in the first month and N25,000 for each subsequent month of default.
The Act stressed that companies that award contracts to unregistered vendors will face a N5 million penalty.
The law also imposes a N100,000 fine for failure to file tax returns, plus N50,000 monthly for as long as the failure continues.
“A taxable person who fails or refuses to file returns or knowingly files incomplete or inaccurate returns to the relevant tax authority in accordance with the provisions of this Act, shall be liable to pay an administrative penalty of (a) 100,000 in the first month in which the failure occurs; and (b) N50,000 for each subsequent month in which the failure continues,” the Act reads.
“A taxable person who Failure to books (a) fails to keep accounts, books and records of business transactions and income, to allow for the correct ascertainment of tax and filing of returns to the relevant tax authority; or (b) upon request by the relevant tax authority, fails to provide any record or book prescribed in this Act shall be liable to pay an administrative penalty of- (i) in the case of a person other than a company, N10,000, and (ii) in the case of a company, N50,000.”
Also, the law states that failure to notify the tax authority of a change of address within 30 days of such change, giving a wrong address, or failing to comply with the requirement for notification of permanent cessation of trade or business under the relevant tax laws shall be liable to an administrative penalty.
“A taxable person who fails to notify the relevant tax authority – Failure to notify change of address (a) N100,000 for the first month in which the failure occurs; and (b) 45,000 for each subsequent month failure persists,” the law reads.
In a bid to modernise tax compliance, the Act makes it compulsory for businesses to allow the Federal Inland Revenue Service (FIRS) to deploy fiscalisation technology or face a N1 million fine for the first day of refusal and N10,000 for each day after.
Any business that fails to process sales through the fiscalisation system will also be fined N200,000, pay 100 percent of the tax due, and accrue interest at the prevailing Central Bank of Nigeria (CBN) monetary policy rate.
The Act is especially punitive toward those who fail to deduct or remit taxes.
“A person that deducts, collects, or withholds any tax under this Act, and fails to remit the amount deducted, collected, or withheld by the 21st day of the month immediately succeeding the month in which the amount was deducted, collected, or withheld, is liable to pay,” it added.
“Failure to remit tax deducted source or self-account (a) the amount deducted, collected or withheld but not remitted; (b) an administrative penalty of 10% per annum of the tax deducted, collected or withheld but not remitted; and (c) interest at the prevailing Central Bank of Nigeria monetary policy rate. “A person convicted of any of the offences under this section shall be liable to a term of imprisonment not exceeding three years, or a fine of not less than the principal amount due plus a penalty of not more than 50% of the sum, or both.
“A person who (a) fails to comply with the requirements of a notice served under this Act or any other tax law; (b) fails to attend or provide answers to a notice, summons or process served under this Act or any other tax law; or (c) having attended, fails to answer any question lawfully put to him, is liable to an administrative penalty of N100,000 in the first day of default and N10,000 for every subsequent day where the default.”
Lagos State Environmental and Special Offences Enforcement Unit (Taskforce) has apprehended six suspects allegedly involved in a fraudulent lottery scheme that targeted unsuspecting residents at Iyana-Ipaja.
Those arrested include Amaike Nelson, Kenneth Opuana, Oguntade Olusegun, Ogologo Obi, Goodluck Abel, and Oluwafunmilayo Adebimpe. The syndicate was tracked down following intelligence reports about their activities.
According to the taskforce, the suspects lured a 19-year-old student, identified as Rukayat Kamilu, into a manipulated street game. During the encounter, the group reportedly coerced her into surrendering her mobile phone and personal belongings.
The victim said one of the suspects, later identified as Oguntade Olusegun, posed as a confused passer-by seeking help to pick a “winning number.” After she got involved, her phone was seized, and she was allegedly pressured to pay N100,000 to retrieve it.
Acting on a tip-off, operatives led by CSP Adetayo Akerele, chairman, stormed the area and arrested the suspects. Several empty Android phone boxes, allegedly used as props in the scam, were recovered during the operation.
Condemning the criminal act, Akerele assured residents that the agency is intensifying its crackdown on street scams across the state.
“Our responsibility is to safeguard the lives and property of Lagosians. We will leave no room for such fraudulent activities to thrive,” he stated.
The suspects were subsequently arraigned before a Magistrates’ Court on charges bordering on gambling, extortion, theft, and conspiracy.
They all pleaded guilty. The court ordered that they remain in custody pending further hearing, scheduled for August 7, 2025.
In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
Edun, Finance Minister Inaugurates NDIC New Management
Court Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
New Tax Law Empowers NRS to Fine Offenders up to N10m
General News3 days agoFG Plans N50m STEEM Grant to Support Student Innovation in August
E-Business3 days agoTranscorp Hotels Delivers Stellar H1 Results, Declares Over ₦1Bn Dividend
E-Financial3 days agoCardoso, CBN Boss Risks Arrest over Alleged N5.2 Trillion Unremitted Funds
Telecom3 days agoMTN Media Innovation Programme Fellows Gain Insight into Nigeria’s Connectivity Backbone
E-Financial3 days agoNIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m
General News3 days agoExperts Champion Sustainability at Lagos Green Economy Forum
Telecom3 days agoDriving Digital Inclusion: Anambra’s Mobile Tech Hub Brings Free WiFi to the People
Broadcasting3 days agoNDPC Hides MultiChoice Privacy Violation Details Despite FOI Request- FIJ