Low Revenue Generation Forces Senate to Scrap Some MDAs in 2023 – Investors King Ltd

The Nigerian senate has unveiled its plan to scrap 400 out of 541 federal government ministries in 2023 following a recommendation by the presidential committee on agency rationalization.
Published
on
By
Due to low revenue generation in the country, the Nigerian senate has unveiled its plan to scrap 400 out of 541 federal government ministries in 2023 following a recommendation by the presidential committee on agency rationalization.
Chairman of the Senate Committee on Finance, Senator Olamilekan Adeola,  disclosed this at a 2-day interactive session with members of the Senate Committee on Finance and heads of Ministries, Departments & Agencies (MDA’s).
Nigeria reportedly has one of the lowest revenue-to-GDP ratios in Africa, and also one of the lowest globally.
Senator Olamilekan revealed this in a response to a presentation made by Dr. Rufus Ebegba, the director general of the National Biosafety Management Agency, on low revenue generation.
Dr. Rufus revealed how his agency generated N2 million against the N5 million yearly generated, he further disclosed that out of the N2.5billion appropriated for the capital budget this year, only N1.3 billion was released.
In response, the senator said the committee had recommended that 106 MDAs be retained and that one of the basic factors for their retention was revenue generation.
Displeased with the revelation made, the senator stated that it was inappropriate for an agency to be remitting N5 million yearly, meanwhile, it spends N500 million outside capital projects.
Speaking further he said, “There is no way of stopping the implementation of the Orosanye panel because of the economic situation at hand in the country.
“The government needs revenue for impactful budget implementation, particularly in the area of project execution, and can no longer afford to be dolling money to MDAs without corresponding returns on yearly basis.
“We in the Senate are in support of the implementation of the Orosanye-led panel report to save the economy from self-inflicted bleeding.”
Also, the Managing Director of Sokoto Rima River Basin Development Authority, Engineer Buhari Bature Mohammed revealed to the committee how his agency generated only N7 billion in 2022.
Following his presentation, the committee reached an agreement that the recommendation by the presidential committee on agency rationalization should be applied to agencies with yearly low revenue generation.
Senator Adeola further disclosed that in 2023, there will be zero budget allocation for any agency whose accounting officer refused to honor the ongoing interface on revenue generation.

Lagos State Encourages Export of Locally Manufactured Goods
Agricultural Firm Receives Over N10 Billion to Increase Maize Exports

Nigeria’s Economic Hub Lagos State, Named The Fourth Wealthiest City In Africa
NCC Projects N500 Billion Revenue From 5G Spectrums License
Nigeria Ranks 64th Most Entrepreneurial Country Globally, 5th in Africa
Ghost Workers: Federal Government to Investigate MDAs
President Buhari Inaugurates Data Banks For Job Seekers
Agricultural Firm Receives Over N10 Billion to Increase Maize Exports
Lagos state has been named the fourth wealthiest city in Africa with $97 billion of private wealth
Published
on
By
Nigeria’s most populous city and economic hub, Lagos state has been named the fourth wealthiest city in Africa with $97 billion of private wealth.
This is contained in the Africa Wealth Report 2022 released by Henley & Partners in partnership with New World Wealth.
The city of Lagos has been described as Nigeria’s most exclusive city to live in, attracting 77 new residents from other parts of Nigeria every hour coupled with a thriving startup ecosystem.
The report released by Henley and Partners reveals Johannesburg also known as ‘Joburg’ as the richest city in Africa with about 15,200 millionaires out of which two are billionaires.
In second place is Cairo, the capital city of Egypt with 7,800 millionaires.
Capetown, known as the legislative capital of South Africa, occupies the third position with a total wealth of $133 billion and a population of more than 3.5 million. The city has one dollar billionaire.
Lagos occupies the fourth position on the list with 6,300 persons worth over $1 million and three residents worth more than $1 billion.
Lagos has been described as the most populated city in Africa and a major contributor to the Nigerian economy. Largely due to its international seaports and airports.
The report further disclosed that the number of high-net-worth individuals in Lagos has increased by 22% while 330 people are said to now have fortunes worth more than $10 million and 20 residents are reportedly worth more than $100 million.
However, Lagos comes behind the likes of South Africa’s Johannesburg and Cape Town, as well as Egypt’s Cairo, in terms of wealth controlled.
In the same vein, Nigeria despite being the largest economy in Africa ranks third behind South Africa and Egypt with a total private wealth of $228 billion and 10,000 millionaires.
Meanwhile, on a per capita basis, Nigeria ranked 11th on the list with $1,100, while Mauritius was top on the list with $34,500.

With a Gross Domestic Product (GDP) of $25.35 trillion, the United States is by far the world’s largest economy in 2022. China followed with a GDP of $19.91 trillion.
Published
on
By
With a Gross Domestic Product (GDP) of $25.35 trillion, the United States is by far the world’s largest economy in 2022. China followed with a GDP of $19.91 trillion. 
According to the report released by CEOWorld Magazine, both the United States and China account for almost 50 percent of the world’s economy. 
Other countries with a large economy on the top 20 list include Japan which was ranked in third place with $4.91 trillion, Germany in fourth place with $4.26 trillion and India came fifth with $3.35 trillion. 
The United Kingdom took the sixth position with $3.38 trillion, followed by France with $2.94 trillion, Canada with $2.22 trillion, Italy with $2.06 trillion and Brazil with $1.83 trillion in the seventh, eighth, night and tenth positions respectively. 
Investors King learnt that the difference between Japan and China which stood in second place was about $15 trillion while the difference between Japan in third place and the United States in the first place was more than $20 trillion.  
A closer analysis shows that Germany maintains its leadership as the largest economy in Europe with a good prospect to beat Japan to third place. 
Some of the upsets in the full list include Switzerland which pull Taiwan off the top 20 and moved into the 20th position. 
Similarly, India finally overtakes the United Kingdom to become the world’s fifth largest economy. 
Global Gross Domestic Product (GGDP) amounts to almost $94 trillion with the United States making up more than one-fifth of this figure.
The combination of the economies of the United States and China accounts for $45.26 trillion, representing 47 percent of the world’s economy. 
The list of 20 largest economies has however created mixed feelings among analysts and economic observers. 
While some analysts welcome the consistency of countries like India and Switzerland, some are worried that the higher concentration of the world economy in the United States and China could pose an economic danger to the world if both or either of the two countries experienced an economic mishap. 

The Lagos State government has moved to increase the exportation of locally manufactured goods by extending support to Micro, Small, and medium enterprises (MSMEs) in the state.
Published
on
By
In an effort to reduce the nation’s dependency on oil, the Lagos State government has moved to increase the exportation of locally manufactured goods by extending support to Micro, Small, and medium enterprises (MSMEs) in the state.
The state government has so far provided these MSMEs with platforms for them to showcase their products and services to the world and also assured them of continuous support.
The Commissioner for Commerce, Industry and Cooperatives, Dr. (Mrs.) Lola Akande assured that Lagos state will play a pivotal role in ensuring that there is an increase in the exportation of local goods, adding that this will be achieved by leveraging on the state’s two major seaports, the Apapa Port Terminals and The Tin Can Island.
She disclosed this when the leadership of the Chartered Institute of Export and Commodity Brokers of Nigeria (CIECOBON) paid a courtesy visit to the Ministry.
In her words: “Governor Babajide Sanwo-Olu is very keen at encouraging increased export of locally made goods, which is why the government has extended numerous support, especially to the Micro, Small and Medium Enterprises (MSMEs) and provided platforms such as the MSMEs Exclusive Fair and others for entrepreneurs to showcase their products and services to the world”.
“I believe that Lagos has a major role to play in reducing the nation’s dependency on crude oil revenue and we will continue to work with organizations such as yours to achieve this”.
Also, commenting on this is the President/Council Chairman of the Chartered Institute of Export and Commodity Brokers of Nigeria, Dr. Ayobami Omotoso, who stated that for the institute to tap into the abundant opportunities in export and community brokerage, it needs the support of the government.
Dr. Ayobami further stated that considering the fact that Lagos has huge economic activities and structure compared to other states, the state will play a big role in the nation’s export business.
He emphasized the need to concentrate on high-quality production of organic products for easier compliance with regulatory provisions of the destination countries.





Npower News: Federal Government Gives Reasons For Delayed Payment
Npower Beneficiaries Took To The Street To Protest Against Unpaid Allowances
Npower Beneficiaries to be Compensated as FG Approves NSIP Bill
Insurtech Startup, Turaco Secures $10 Million Series A Round Fund Raise
83 Percent Of New Sim Subscribers in July Chose Glo – NCC Report
Apple Gains Momentum In Digital Ads Market, Set To Disrupt Google And Facebook Duopoly
Eat ‘n’ Go Celebrates 10 Years of Operation In Nigeria; Assets Hits Over N26 Billion
Google Cloud, Pepkor IT Partner to Improve Shopping Experience in Southern Africa
COPYRIGHT 2022 | INVESTORS KING LTD | NIGERIA

source

Leave a Comment