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DBN  Disburses N150bn to  MSMEs in 2023

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The Development Bank of Nigeria (DBN), says it plans to disburse N150 billion to Micro Small and Medium Enterprises (MSMEs) across the country in 2023.

Prof. Joseph Nnanna, Chief Economist in DBN said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.

Nnanna said that the disbursement would be done through participating financial institutions for onward lending to MSMEs across various sectors of the economy.

According to him, the objective is to enlist 120 000 MSMEs in 2023.

“I think we are on track to get there so we have a target to disburse around N150 billion this year and so far we are making some good progress but the year isn’t over yet and the state of the economy is a bit influx.

“A lot of Nigerians are challenged, a lot of businesses are challenged, the interest rate is increasing and as a result we know that these business owners will need some able room to breathe,’’ Nnanna said.

Nnanna, however, said that DBN had recorded growth in the MSME sector with the increasing employment rate.

”If you look at what we have done across the country, we have been able to impact over 300, 000 MSMEs and this cuts across trade, education, manufacturing, agriculture and ICT.

“By and large we have seen some growth across the MSME space because we measure the job creation levels of the money we disburse through our participating financial institutions.

“Over 240, 000 jobs have been created so far and that is commendable,’’ he said.

Nnanna urged the participating financial institutions to provide the needed aid for MSMEs to continue to grow amidst the prevailing economic challenges in the country.

“We know we are trying to create jobs and we know that the economy is a bit challenged now, the high interest rates and uncertainty with the agriculture sector given that the Cameroon government is going to open up the dam.

“This might increase flooding risks which will basically damage a lot of crop production, and this is the peak when we should be harvesting crops.

“Consequently, I sincerely believe there is probably more now than ever development financial institutions have to spring into action to come to their aid.

“So our commercial banks and micro finance banks will surely intervene and support those actors in their space who need some cushion to continue to grow,’’ Nnanna said.

The economist said that DBN would strengthen collaborations with stakeholders in the sector to achieve its target on financial inclusion.

“With support from the regulators, with support from our partner institutions; we need support broadly because in the end I will restate that we suddenly need to collaborate more to achieve inclusive growth.

“Without collaboration and if we are competing among ourselves, it is never going to work because somebody will feel cheated whether it is in the MSME lanes, commercial or micro finance bank lanes or even the regulators will feel like you guys are breaking the rules to achieve some targets.

“So that is why we have to collaborate, we have to keep on revisiting the things that are working and tweaking them to ensure they are fit for purpose that ultimately becomes the key to success,’’ Nnanna said.

He said that DBN’s Financial Inclusion Project (FIP) with Ubola Rural Community Foundation (URCF) targets to reach more rural Nigerians with a simple financial tools approach and create a financial inclusive sustainability system.

NAN recalls that in Feb. DBN in collaboration with Ubola Rural Community Foundation commenced the Financial Inclusion Project in the North East region.

The Executive Chairman of URCF, Mr Musa Etubi said that the project targets 1000 rural beneficiaries on financial inclusion.

Etubi said that over 73 per cent of the population financially excluded live in the rural areas.

While expressing hope that the FIP project would be scaled up to other geopolitical zones, Etubi said that so far. 110 indigent farmers and petty traders were supported financially and materially through the initiative.

According to him, materials such as water pumping machines for agricultural irrigation and improved seedlings with organic fertilizer that also serve as pesticides were provided to improve and increase farm yield.

“The traders, who are mainly women and girls were also sensitised and provided with starter packs for their petty trading,’’ he said. (NAN)

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Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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Tinubu Congratulates Dangote on World Bank Appointment

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By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

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Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

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By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

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