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Naira Sees First Appreciation Against Dollar Since Last Week

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The Nigerian naira saw a rise in value against the US dollar across both official and parallel foreign exchange markets, marking its first appreciation since the previous week.

According to FMDQ data, the naira strengthened slightly to N1,554.65 against the dollar on Thursday, up from N1,561.98 on Wednesday, indicating a gain of N7.33 compared to the previous day.

Similarly, in the parallel market, the naira improved to N1,550 on Thursday from N1,560 the day before.

This positive trend coincided with a foreign currency transaction turnover of $348.82 million on Thursday.

Despite recent depreciation over the past week, the naira’s recent gains suggest a potential stabilization in its exchange rate dynamics.

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Business

Glo Launches Affordable Health Insurance Scheme for Subscribers

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KGlobacom, in partnership with AXA Mansard Health Insurance, has introduced the Glo Health Insurance package.

This plan provides Glo subscribers with affordable healthcare, including tele-consultations and free drugs at pharmacies nationwide.

Subscribers can choose daily (N50), weekly (N300), or monthly (N750) plans via SMS, USSD, or the web. The package also includes a lottery, offering a chance to win up to One Million Naira each month.

Chief Marketing Officer of AXA Mansard, Surakat Adebola, emphasized the goal of making healthcare accessible and affordable for all Nigerians.


 

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Lagos State Plans to Tax Remote Workers to Boost Revenue to N5 Trillion

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The Lagos State government has unveiled a plan to impose taxes on remote workers, aiming to generate approximately N200 billion from the digital sector and other revenue sources.

This initiative is part of a broader strategy outlined in a recent document released at the Eko Revenue Plus Summit.

The government’s objective is to boost Lagos State’s internally generated revenue (IGR) to N5 trillion during the current administration.

Achieving this ambitious goal requires a multifaceted approach that includes harnessing technology, enhancing tax administration, broadening the tax base, and exploring new sources of revenue, particularly within the digital ecosystem.

The strategy also involves optimizing existing processes and seeking innovative non-tax revenue opportunities.

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In recent years, Lagos has consistently led in IGR performance. According to the National Bureau of Statistics, the state achieved the highest internal revenue collection in 2022, totaling N651 billion.

This new plan reflects the government’s commitment to leveraging technological advancements and expanding revenue streams to sustain and grow its financial resources.


 

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Controversy Surrounds Nigeria’s Oil Subsidy Scheme: Allegations of Financial Exploitation

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A major controversy has emerged surrounding Nigeria’s oil subsidy scheme, with accusations that President Tinubu is personally benefiting from the subsidy payments.

Despite the official removal of the subsidy, reports suggest it is still being secretly paid, effectively allowing Tinubu to pay himself. Critics argue this represents an extraordinary level of financial exploitation.

Additionally, allegations have surfaced that the government will continue to subsidize Tinubu even after he leaves office, ensuring his monopoly over Nigeria’s oil sector remains intact.

In 2023 alone, Nigeria reportedly imported over $2 billion worth of petroleum products through the Malta refinery. This stark increase in petroleum importation highlights a troubling trend in Nigeria’s oil importation future.

Historical data shows that Nigeria’s petroleum import from Malta was minimal from 2013 to 2022, with a sudden spike to $2.08 billion in 2023, raising concerns about potential financial manipulation and exploitation within the sector.

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