Business
Edu Begs National Assembly not to Thrash Tax Bill
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, urged the National Assembly to iron out the contending issues in the Tax Reform Bill rather than dumping it in its entirety.
Edun also disclosed that a total sum of ₦16.1 billion was disbursed to 22 manufacturing concerns from the ₦75 billion set aside by the Federal Government to stimulate real sector growth.
Mr Edun stated this, weekend in Abuja, during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024.
In his analyses, Edun stated that ₦3.5 billion was disbursed to 11,000 beneficiaries in five days from the Consumer Credit Scheme, which is targeting over 80 million Nigerians. In the same vein, he disclosed that 25 million people have so far been reached under the direct benefits transfer.
Edun projected that Nigeria needs to invest at least $20 billion per annum to achieve its economic targets and record a growth rate of about 6.3 percent by 2027.
Edun said, “We need significantly more growth. An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”
He highlighted that the government would rely primarily on increased revenue to meet this ambitious target and stressed the need for a robust tax revenue framework to secure the necessary funding, noting that sustainable economic growth hinges on this strategy.
He further stated that “To achieve this target and grow the economy, the government can only secure the funds from revenue.
Tax revenue needs to be increased to reach the desired levels.
“We are moving from stabilisation to accelerated growth with budget 2025 and the underlying Medium Term Expenditure Framework (MTEF) as our baseline,” he said.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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