Economy
Oyo IGR Terribly Low, But We’ll Survive—Ajimobi
By Dipo Olowookere
Governor Abiola Ajimobi of Oyo State has said that his administration is engaging in survival strategies to meet its obligations to the entire citizens and workers of the state, promising that the government would use its share of the Paris Club over deductions funds when it is paid for the workers’ welfare as recommended by the federal government.
Mr Ajimobi, at the 2017 Inter-Faith Service of the Oyo State government held at the Governor’s office, Ibadan, noted that every cost saving measure is a disservice to certain groups of people, adding that his administration is deploying the necessary machinery to survive, by blocking loopholes, restructuring of the public and civil service, improved Internal Generated Revenue (IGR) and cut unnecessary government wastage.
He explained that government as an enterprise requires funds to serve its citizens and the government is looking for ways to cut cost and meet its obligations to the people despite the dwindling revenue being realized by the government.
According to him, “We are looking for ways to reduce our cost and every attempt to reduce it, is disservice to a certain group of people.
“We have suspended car loans, subventions to higher institutions, allowances, assistance to organisations/individuals among others. All these, are without uproar from the people and we are all aware of the criticisms that trailed the withdrawal of subventions to higher institutions.
“Maintenance of our infrastructure and executing new ones have been extremely difficult. Oyo State is a big state. Ibadan alone is bigger than seven states and to govern Oyo state is a big responsibility with big problem and difficult to manage.
“Our IGR is still abysmally low and allocations from federal allocations continue to dwindle. Over 50 percent of our IGR is from PAYEE and our average monthly allocation from FG is N2.5 billion while salaries, subventions, pensions, overhead cost and allowances still stand at about N5.2 billion.
“We need survival strategies to block loopholes, renewed IGR drive and restructuring of the public and civil service for optimal performance so that the government will meet its obligations to the people.”
The Governor reiterated that the state has not collected its share of the Paris Club over excess deduction funds, stressing that the government is hopeful that the state would also get its share and whatever the state gets, would be used for the welfare of the workers.
Mr Ajimobi said that President Muhammad Buhari is passionate about the people, adding, “President Buhari wants to help the people, he wants us to stop the sufferings in the country and he has introduced so many poverty alleviation programmes to ameliorate the sufferings in the country.
“The president has suggested that we use 50 percent of the Paris Club fund for workers’ welfare and we are ready to do that whenever we get our share of the funds as we did with the bailout funds given to us by the federal government.”
He described the workers as the engine room of the government, saying that the government would not renege on its promise to use 100 percent of the allocation from federal government for workers’ salaries and consequently assured that his administration is ready to give the civil servants a percentage of the excesses of its IGR whenever the government reaches the threshold set for good governance in order to appreciate their dedication and commitment to service delivery in uplifting Oyo State.
“If I deliberately punish the workers, God will ask us. We will do everything humanly possible to ensure we give the people of the state the best. I am passionate about Oyo State, I want a state that will be the best in the country. I have nowhere to go, Oyo State is my state and I will continue to strive to make it great,” the Governor emphasized.
Governor Ajimobi tasked the workers to be committed and dedicated to their work and show appreciation to government’s goodness, explaining that the government has started a system that encourages, recognizes and appreciates productive performance by creating an efficiency unit to appraise and grade workers on their output.
The Governor charged the labour leaders in the state to always embrace dialogue and help the government to seek ways to meet its obligations to the workers instead of being confrontational with the government, noting that the era of table banging unionism should be a thing of the past.
Mr Ajimobi appealed to the entire citizens to work with the present administration in the state, promising that his administration would continue to prioritize citizens’ welfare.
Speaking at the service, the Oyo State Head of Service, Mr Soji Eniade commended the state governor for his wise and bold decisions that has kept the state afloat despite the present economic situation in the country.
He said, “Even in the face of the present harsh economic condition, Governor Ajimobi, under no influence and pressure, decided to commit 100% of the monthly allocation from the federation account to pay salaries and pensions.
The Governor even directed that the free bus service for workers among other existing welfare schemes should under no condition be stopped. All the past kind hearted decisions of His Excellency, that were in favour of workers, must be appreciated while we all work hard and pray that the present situation be positively turned around.”
The HOS charged workers in the state to be diligent, dedicated, devoted, committed and work assiduously towards ensuring financial sufficiency for the state, stating that the ongoing restructuring exercise in the civil/public service was embarked upon to clean and sanitize the system.
Highlights of the program included prayers and praise worship from Muslim and Christian leaders as the Chief Imam of the Government House, Sheik Bello Rufai prayed for a successful year for the workers and the Ajimobi-led administration.
Rev. John Adika of the Providence Baptist Church, Iyana Church, Ibadan in his own sermon, reminded the workers that all leaders were chosen by God for the special attributes they possess which according to him would make possible the delivery of succour to their people.
He also prayed for the State and its workforce to be prosperous in the new year while admonishing workers to do their best in delivering their best.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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