Economy
$30b Needed to Execute 30 Capital Projects in Five Years—Ambode
By Dipo Olowookere
Governor Akinwunmi Ambode of Lagos State has disclosed that not less than $30 billion is required to carry out about 30 capital projects in the state in the next five years.
Mr Ambode made this disclosure on Monday when he spoke shortly before inaugurating a 12-member Economic Advisory Committee at the Lagos House, Ikeja.
He said the projected figure represents about $6 billion per annum, whereas the provision for capital projects in the 2017 budget is pegged at N500 billion (about $1.6 billion).
Alluding to the fact that the projection clearly shows that government alone cannot address the infrastructure deficit, the Governor said the inauguration of the Economic Advisory Committee was therefore a step in the right direction.
“If Lagos was a country and we are the fifth largest economy in Africa, then we have to start thinking about the number five. In that regard, you must not think taxes of Lagos state citizens or IGR, you must create some kind of platform that would allow some other people who are outside to tell us how to run a country in a state.
“Let me crave your indulgence to present a picture of what we are confronted with. Our 2017 budget has earmarked about N500 billion (about $1.6 billion) as capital spend. Whereas our recent Infrastructure needs analysis shows that over $30 billion would be required to achieve the 30 most impactful projects for the state over the next five years (an average of $6 billion per annum).
“It is evident that Government cannot address this from current resources. A key task of this Committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap. I am therefore glad and privileged that nine competent and well respected Lagosians have accepted our request to serve in the Committee,” he said.
Highlighting some of the key functions expected of the Economic Advisory Team, Governor Ambode said they would be expected to bring an independent perspective on economic and business issues with a primary role of offering advice to his administration under the four strategic 2012-2025 Lagos State Development Plan (LSDP) pillars of Economic Development; Infrastructural Development; Social Development and Security as well as Sustainable Development.
Mr Ambode said that whilst the Committee is independent and largely constituted by members from the private sector, the need for integration and collaboration to ensure that the views are taken on board necessitated in having three members of the State Executive Council, led by the Commissioner for Finance in the team.
He expressed optimism that the Economic team would further expand his administration’s all inclusive governance mantra and achieve the key objective of getting independent views on economic and business issues in delivering the mandate to the people.
Governor Ambode later inaugurated renowned economist and Founder of Agusto & Co, Mr Olabode Agusto as the Chairman, while Commissioners for Finance, Mr Akinyemi Ashade; Energy and Mineral Resources, Mr Olawale Oluwo and Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye are members of the Committee.
Other members include former Managing Director, Skye Bank, Mr Kehinde Durosinmi-Etti; former Country Senior Partner, PwC, Mr Kenneth Igbokwe; Founder/CEO Bestman Games Ltd, Mrs Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs Adenike Ogunlana; Managing Director, Vetiva Capital, Dr Laolu Mudashiru; former Minister of Science & Technology, Mrs Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr Moruf Oseni and Mrs Yetunde Akinloye who doubles as Secretary of the Committee.
Responding on behalf of other members of the Committee, Mr Agusto assured that they would work diligently and focus on the priorities of the state government aimed at making life more comfortable for Lagosians.
He noted that one of the major reasons why Lagos is making steady progress was the fact that businesses are thriving, adding that the Committee would take into cognizance the important role the private sector plays in that regard.
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has issued a statement providing further clarifications following comments and reports on the recent memorandum of understanding between Nigeria and France on taxation.
The MoU, signed on December 10, 2025, at the French Embassy in Abuja by the chairman of FIRS, Mr Zacch Adedeji and French Ambassador, Mr Marc Fonbaustier, on behalf of France’s Direction Générale des Finances Publiques (DGFiP), focuses on key areas, including digital transformation, workforce development, information exchange, transfer pricing, and tackling base erosion and profit shifting.
However, the MoU has been met with resistance from opposition coalition party African Democratic Congress (ADC) as well as Northern elders, which both raised serious questions about transparency, national sovereignty and the safety of Nigerian consumers’ data.
In response, the tax authority, which will become known as Nigerian Revenue Service (NRS) from next year, emphasised that the deal does not grant France access to Nigerian taxpayer data, digital systems, or any element of the country’s operational infrastructure.
“All existing Nigerian laws on data protection, cybersecurity, and sovereignty remain fully applicable and strictly enforced. The NRS, like its predecessor, FIRS, places the highest premium on national security and maintains rigorous standards for the protection of all taxpayer information.”
It said similar MoUs are signed by tax administrations around the world to promote collaboration, knowledge sharing, and the adoption of global best practices.
“The DGFIP is among the world’s most advanced tax authorities, with over a century of institutional experience and deep expertise in digital transformation, taxpayer services, governance, and public finance.
“This partnership simply enables Nigeria to learn from that experience. It is advisory, non-intrusive, and entirely under Nigeria’s control.
“Contrary to misconceptions, the MoU does not displace local technology providers, FIRS and the emerging Nigeria Revenue Service (NRS) continue to work closely with Nigerian innovators such as NIBSS, Interswitch, Paystack, and Flutterwave. The MoU does not include the provision of technical services; it is limited to knowledge sharing, institutional strengthening, workforce development, policy support, and best-practice guidance.
“We welcome robust public engagement on tax reforms, but such conversations must reflect the actual content and purpose of the agreement. Rather than undermining Nigeria’s sovereignty, this MoU strengthens it by helping to build a modern, capable, globally competitive tax administration one firmly in command of its systems, data, and strategic direction.
“FIRS remains committed to transparency, professionalism and partnership that advance Nigeria’s long-term economic development,” it said in a statement.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued permits to 28 companies under Nigerian Gas Flare Commercialisation Programme (NGFCP), a scheme that aims to end routine gas flaring to cut carbon emissions and use some of the gas to generate power.
Gas flaring is the controlled burning of natural gas that is released during oil extraction. The initiative marks a major step toward ending flaring and monetising wasted gas.
The projects could capture 250 to 300 million standard cubic feet per day (mmscfd) of gas currently flared, cut about 6 million tonnes of CO₂ annually, and unlock nearly 3 gigawatts of power generation potential, an NGFCP document showed.
Nigeria expects the initiative to attract up to $2 billion in investment and create more than 100,000 jobs. It could also produce 170,000 metric tonnes of LPG annually, providing clean cooking access for 1.4 million households.
The permits follow a competitive bid round that awarded 49 flare sites to 42 bidders after the programme was restructured post-COVID-19 and the Petroleum Industry Act.
Speaking on this, Mr Gbenga Komolafe, head of the NUPRC, during the presentation of the certificates to the 28 companies said, “The NGFCP is a pillar in our quest to eliminate routine flaring, reduce emissions, and enhance Nigeria’s global credibility in energy transition commitments.”
The programme aligns with Nigeria’s Energy Transition Plan and aims to turn flare gas from an environmental liability into an economic asset.
The 28 companies have signed key agreements, including Connection, Milestone Development and Gas Sales Agreements, and now qualify for permits to access flare gas.
Producers will benefit from reduced liabilities, improved Environmental, Social, and Governance (ESG) performance and alignment with the government’s decarbonisation agenda.
Development partners, including Power Africa, KPMG, World Bank’s Global Gas Flaring Reduction initiative, USAID and financiers, have supported the programme with technical and commercial frameworks.
Mr Komolafe said while the permits mark a milestone, engineering, construction and financing must begin in earnest.
“The real work starts now,” the official added. “This programme will create economic, industrial and environmental value while strengthening Nigeria’s energy transition.”
By Adedapo Adesanya
Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.
In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.
During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.
It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.
There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc also finished the session as the most active stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.
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