E-Financial
FG Targets N7.50Trn Revenue in 2014 Budget

Dr Ngozi Okonjo- Iweala, Minister of Finance, said that the 2014 budget envisaged a net collectible revenue of N7.50 trillion.
Okonjo-Iweala, who is the coordinating minister for the Economy, said this at the public presentation of the 2014 budget, in Abuja on Monday.
She said that N3.73 trillion of the expected collectible revenue would be used to fund the 2014 budget, which focuses on boosting job creation and inclusive growth.
“The budget has been underpinned by the parameter of oil benchmark of 2.39 million barrels per day compared to 2.53 million barrel per day in 2013. It was also underpinned by a benchmark oil price of 77.5 dollar per barrel, projected real GDP growth of 6.75 per cent and average exchange rate of N160 per dollar. Based on this, the 2014 budget envisages a net federally collectible revenue of N7.50 trillion, out of which N3.73 trillion is expected to fund the Federal Government budget,” she said.
She said the figure represented a 9 per cent reduction from the N4.1 trillion in 2013. She said the budget reflected “a total of expenditure of N4.64 trillion representing about 7 per cent reduction from the N4.99 trillion budget in 2013.
“It is made up of various categories of N399 billion for statutory transfer, N712 billion for debt servicing, N2.41 trillion recurrent non-debt expenditure and N1.25 trillion for capital expenditure,” she said.
On key allocations, she said that N655.47 billion was allocated to Education sector, including UBEC and TETfund, while the Ministry of Defence got N340.33 billion.
Similarly, she said the Ministry of Police Affairs, and the Police Service Commission got N301 billion.
According to her, the Federal Ministry of Health received N262.74 billion, while the Ministry of Works had N128. 65 billion.
The minister said the ministerial allocation showed that the Federal Ministry of Power was allocated N102.45 billion, while the Federal Ministry of Agriculture received N66. 64 billion.
“These amounts also leverage additional resources from the donor community which will add to our ability to implement the budget.”
Okonjo-Iweala said N268.37 billion comprising Federal Government was budgeted for SURE-P in 2014.
The minister said the fund was made up of savings from the partial removal of fuel subsidy of N180 billion augmented by 2013 unspent funds of about N88.37.
According to her, the Federal Government aggregate spending of 2014 is estimated to rise to N4.91 trillion out of which N1.53 trillion set aside for capital expenditure.
She said that fiscal deficit would rise marginally to about 1.9 per cent of the GDP in 2014 budget as against 1.85 per cent in 2013.
The minister pointed out that the figure was within 3 per cent of GDP threshold stipulated in Fiscal Responsibility Act of 2007.
E-Financial
Africa Launches PAPSSCARD, First Pan-African Card Scheme

Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,
Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.
Speaking at the launch, Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.
“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.
This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
E-Financial
Polaris Bank Backs Ethical Journalism with Strategic Media Support

Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM. This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.
Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.
The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.
Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.
Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.
Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
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