APA – Lagos (Nigeria)
The report that Nigerian telecom subscribers spent N2.59 trillion in the first nine months of 2023 on airtime and data is one of the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that the amount spent on airtime and data by Nigerian telecom subscribers rose to at least N2.59tn in the first nine months of 2023.
This is according to the financial statements of MTN Nigeria and Airtel Africa. This was a 32.57 per cent increase from the N1.95tn both telcos recorded from both income sources in the corresponding period of 2022.
The increase in voice and data venue was partially driven by rising data subscriptions and the devaluation of the naira on Airtel’s part. In the first nine months of 2022, Airtel made $1.41bn from airtime and data. When converted at the exchange rate of N461/$ which was obtained at the time, it amounted to N647.71bn.
In the same period of 2023, the company’s income from these two revenue sources amounted to $1.29bn. When converted at the exchange rate of N777/$ at the time, it amounted to N1.003tn.
On MTN’s part, increasing data revenues continue to fuel the company’s overall revenue growth. Data revenues grew by 36.36 per cent year-on-year, while voice revenues only grew by 10.64 per cent, indicating a rise in the usage of the Internet in the country.
Commenting on this growth, MTN said, “Data revenue grew by 36.4 per cent on increased usage and data conversion in new and existing base.”
The newspaper says that President Bola Tinubu will on Wednesday present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5tn.
This is an increase from the N26.01tn earlier considered by the council.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the approval to State House correspondents after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18tn revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly on Wednesday.
According to the minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
The Guardian reports that the African Development Bank (AfDB) has signified intention to loan Nigeria $134 million as an integral part of the National Agricultural Growth Scheme and AgroPocket (NAGS-AP) Project.
The facility is to expand the capacity of farmers to engage in the cultivation of key staples like rice, maize, cassava, and wheat across the country.
The Minister of Agriculture and Food Security, Abubakar Kyari, announced this in Jigawa State, at the weekend, while flagging off this year’s Wheat Dry Season farming.
With the loan, according to him, crop yield will increase by at least 20 per cent, compared to the previous year. The high value staples, The Guardian gathered, will be joined by others like soybeans and sorghum in the wet season.
He added: “We do not expect a bed of roses; we know that our path will be riddled with challenges. Indeed, there have been quite a few already. But we are poised to take them on. We have been innovative in utilising Information and Communication Technology (ICT) to: target already proven irrigated farm clusters; deploy verified farmer data; and map the farmers to AgroDealer Redemption Centres. Thankfully, we have already gained grounds.”
Governor Umar Namadi of Jigawa expressed gratitude to the Federal Government for choosing Jigawa and for providing the farmers with significant help.
The newspaper says that the Director-General added that the macroeconomic projections in the MTEF state that the economy will grow by 3.76 per cent, 4.22 per cent and 4.78 per cent in 2024, 2025 and 2026, respectively whereas the projected growths are sub-optimal to achieving a $1 trillion gross domestic product (GDP) by 2029, which implies an average growth of 21 per cent over the next six years.
Expressing deep concern over the worsening state of the economy, particularly the volatile foreign exchange, high inflation and general uncertainty, she said the challenges and many more have been inimical to businesses and overall productivity.
“Over the years, the Chamber has consistently expressed concerns about the implications of skyrocketing inflation, high-interest rates and unstable exchange rates on businesses and households. We are aware of the enormous challenges and the uphill task before the Central Bank of Nigeria (CBN) in ensuring macroeconomic stability and restoring investors’ confidence,” she said.
Appreciating the intellectual humility of the CBN Governor in admitting the errors of the past, particularly in the areas of corporate governance failures, diminished institutional autonomy of the CBN, deviation from the core mandate of the Bank, and unorthodox use of monetary tools and foray into fiscal activities under the cover of development finance activities amongst other things, Almona challenged the current CBN team to ensure professionalism and integrity and rebuild the trust of the general public.
She further commended the CBN Governor on his successful outing at the CIBN’s Annual Bankers’ Dinner and the grand finale of the institute’s 60th anniversary.
“On recapitalisation of banks, we commend the plan of the CBN to review the minimum capital base of banks due to consistent devaluation of the Naira, which has eroded the capital base of banks, attracted significant investment into banks as well as increased the capacity of banks to provide the required support for the economy. However, we caution the CBN to strengthen its banking supervision to avoid ‘Too big to fail’ banks.”
GIK/APA