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2024 BUDGET: LAGOS TO INVEST N550.689 BILLION ON INFRASTRUCTURE

The Lagos State government has said it will invest N550.689 billion to develop and maintain its infrastructure in 2024.

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…Establishes a Capital to Recurrent ratio of 58:42

The Lagos State government has said it will invest N550.689 billion to develop and maintain its infrastructure in 2024.

Commissioner of Economic Planning and Budget, Ope George disclosed on Wednesday during the State 2024 Budget Analysis at the Bagauda Kaltho Press Centre, in Alausa-Ikeja.

George said the amount N550.689bn on Infrastructure represents 24.28percent of the entire budget is part of the ₦1.315trillion capital budget for the year.

While highlighting some of the infrastructure targeting the Budget, he said there would be the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, completion of the Blue and Red Lines, and other metro projects within the State.

The Commissioner said the Budget would also address development of affordable housing schemes and urban renewal projects in addressing the housing deficit in the State by injecting a total of N55.924billion representing 2.5percent of the entire Budget. Some of the social housing projects include Completion of 444 units of building Projects at Sangotedo Phase ll; Completion of 420 units of building Projects at Ajara, Badagry; Phase Two Construction of 136 units of building Projects at Ibeshe ll, among others.

He added that there would be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red lines etc. It should be noted that most of these projects will be prioritized.”

L-R: Permanent Secretary, Ministry of Economic Planning and Budget, Mr. Ibrahim Obajomo; Commissioners – Mr. Abayomi Oluyomi (Finance); Ms. Abisola Olusanya (Agriculture); Mr. Ope George (Economic Planning and Budget) and the Special Adviser to the Governor on Economic Planning and Budget, Mr. Lekan Balogun during the Lagos State govt 2024 Budget Breakdown at the Bagauda Kaltho Press Centre, the Secretariat, Alausa-Ikeja, on Wednesday, January 31, 2024

Meanwhile, this year budget according to the Commissioner intends to complete the front-loaded and ongoing infrastructure (such as the new Massey Children’s hospital, Omu Creek, Opebi-Mende-Ojota Link Bridge, Stadia, Rehabilitation of Public Schools, Lekki-Epe and Lagos-Badagry Expressways etc.) and commence the awaiting Fourth Mainland Bridge that will connect Ikorodu to the Island.

George said, “The State’s commitment and continuous support to agriculture will include increased funding for projects and programmes, comprehensive training programs, and incentives tailored for farmers. Simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remains a priority to stimulate economic growth and foster job creation.

“The State’s 5-year Agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance our overall food systems. This initiative prompted the State to allocate a total sum of N44.33 billion towards Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub & Market. These endeavors aim to elevate food quality, reduce prices, and optimize the Agricultural sector in the long run.”

In order to boost Human Capital Development through Education and Healthcare, which is of deep interest to the State due to the administration’s belief that a population that is healthy, skilled, and safe, can only convert the opportunities in the State to value. The State has allocated 13.35percent of the total budget to personnel cost in Y2024, an increase of 33percent compared to Y2023. The N180.693 billion in the Education Sector will allow continuous Investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities for every child in the State.

George has said that the total budget size of ₦2.267 trillion will be funded from a total revenue estimate of ₦1.880 trillion, comprises of Internally Generated Revenue (IGR): 1.189 trillion; Capital Receipts 94.605 billion and Federal Transfer 596.629 billion, adding that LIRS is expected to contribute 63% (N750 billon) of the projected TIGR, and about 23% (N283.567bn) is expected to be generated by other MDAs of government.

“We shall achieve this by deepening the revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives. There are huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade, he said.”

He also noted, “The deficit of ₦387.125bn is projected to be funded by a combination of Internal, External Loans and Bond Issuance.”

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Investors Affirm Support For Fidelity Bank Plc With 238% Oversubscription In The First Phase Of Equity Capital Raise

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Leading financial institution, Fidelity Bank Plc, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.

With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.

“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.

The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.

With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.

Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.

From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Video: I Won’t Apologise For Your ‘Forgetfulness’ – Naja’atu Muhammad dares Ribadu

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Founder and Chairman board of trustees of the Northern Star Youth Initiatives, Hajia Naja’atu Muhammad, has reacted to reports of the National Security Adviser (NSA), Nuhu Ribadu, demanding apology over her viral TikTok video.

Naja’atu, in a recent video sighted by our correspondent, dared the NSA to go to court if he has issues with her statement, saying she’s not ready to apologise for his ‘forgetfulness’.

Meanwhile, Hajia Muhammad, in the viral TikTok video, claimed that the current NSA is serving in President Bola Tinubu’s government, whom he had criticised as ‘corrupt’ when he was the Chairman of the Economic and Financial Crimes Commission (EFCC).

However, Tribune Online reports that the NSA Ribadu, through his lawyer, Dr Ahmed Raji (SAN), said he never publicly or privately accused Tinubu of being a corrupt government official.

The NSA therefore urged Naja’atu Muhammad to tender an unreserved apology, noting that the damage had been done to his reputation.

But Naja’atu Muhammad, while responding, said she stood by her original statement and would never be intimidated by those she referred to as “attack dogs” from the NSA.

She said, “There’s no retreat. No surrender. No apologies to Nuhu Ribadu. I’m speaking in response to the recent threats and intimidation by Nuhu Ribadu using his attack dogs and his lawyer, Ahmed Raji and Co.

“Regarding my statement that the then chairman of the EFCC had publicly accused the then Governor of Lagos State, Ahmed Bola Tinubu of being and I quote ‘a corrupt government official who will not escape justice’.”

Continuing, she noted her acknowledgment of the possibility of Nuhu Ribadu to have forgotten or retracted his past comment, but stated that her words accurately reflected her views on the matter already in public domain.

“While I acknowledged that Nuhu Ribadu might have forgotten or chosen to retract his comment from the past, I stand by my statement and do not believe an apology is warranted. Apology to whom exactly? To President Tinubu for the earlier comments made by his now National Security Advisor? Or apology to Nuhu Ribadu for his forgetfulness and master-serving mindset.

“I stand by my original statement and will not be retracting it. My words accurately reflect my views on the matter based on what is already in the public domain. And I do not believe an apology or retraction is necessary,” Naja’atu Muhammad added.

The Northern Star Youth Initiative leader urged the NSA to approach the court as he has threatened, saying, “I will not compromise my position to appease Nuhu Ribadu and his attack dogs. I will not retract my statement nor will I apologize for speaking the truth as I see it. You have issues, as you’ve threatened; please go straight to the court. But nothing will silence me.”

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Speaker Mojisola Meranda Calls For United Action To End Female Genital Mutilation

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Lagos Speaker Mojisola Lasbat Meranda has reaffirmed commitment to ending Female Genital Mutilation (FGM), calling for a united front against the practice.

In a statement marking the International Day of Zero Tolerance for Female Genital Mutilation, Meranda condemned the violation of human rights that affects millions of girls and women worldwide.

Meranda emphasised the need for accelerated efforts to end FGM, stressing that it’s a responsibility that goes beyond governments to every individual. She vowed to push for policies that raise awareness and protect potential victims, ensuring the health, dignity, and rights of young girls are safeguarded.

She said: “This year’s theme, #StepUpThePace, is a call to action. We must accelerate efforts to end this barbaric practice once and for all. It is not just the responsibility of government but of every individual – whether you are a legislator, a healthcare worker, a professional or simply a concerned human being.

“We must unite to protect the future of our daughters and ensure their health, dignity and rights are safeguarded. I commit to pushing for policies that protect girls, raise awareness and put an end to this atrocity.”

The Speaker urged everyone to take action in their respective capacities to put an end to FGM, emphasizing that together, a world free of this harmful practice is possible.

 

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