Economy
Ambode Signs 2017 Budget Into Law
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State on Monday signed the N812.998 billion Y2017 Appropriation Bill into law, with a promise that it would be judiciously implemented to consolidate on the modest milestones recorded in the last 18 months and propel the State to a path of prosperity.
Speaking at a brief ceremony held at the Lagos House, Ikeja, Mr Ambode said the 2017 budget, christened, ‘Golden Jubilee Budget’ was his administration’s contract with Lagosians to continue to build an all-inclusive economy throughout the year.
Mr Ambode thanked the Speaker and members of the House of Assembly for their forthrightness and speedy consideration and approval of the Appropriation Bill, which he presented to the House on November 29, 2016 and was passed to law on January 3, 2017.
He said the N812.998 billion proposed for the 2017 fiscal year was in line with the State Development Plan 2012-2025, the Medium Term Expenditure Framework for 2017-2019, based on the state’s Four Pillars of Development Plan which include: Infrastructure Development, Economic Development, Social Development and Security as well as Sustainable Environment.
Governor Ambode, while assuring that his administration would immediately hit the ground running to implement the budget, expressed optimism that the national economy would begin a path of recovery this year.
“We are encouraged by the budget performance of last year (2016) which stood at 78 percent. Our total Capital Expenditure in 2017 will be N507.816 billion while Recurrent Expenditure is estimated at N305.182 billion.
“Our government is committed to prudent financial management and equitable allocation of resources for the general good and will ensure proper fiscal discipline in the implementation of this Appropriation Law,” Mr Ambode said.
While alluding to the fact that obligations and duties of citizens like tax payments have become noticeably better, self-induced and encouraging, Governor Ambode sought the cooperation and understanding of all taxpayers to successfully implement the budget, saying that government would continue to strive harder to improve service-delivery in all sectors.
“We encourage all tax payers to continue in this spirit and also take advantage of available multi-pay channels in fulfilling their civic obligations. Do not pay to touts or illegal channels. Make sure your tax payments count. We are doing everything to eliminate poor services to you,” he said.
In his goodwill message, Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, said the judicious implementation of the 2016 Budget by Governor Ambode, against all odds, has gone a long way to confirm his financial expertise.
The Speaker, who was represented at the event by the Chairman, House Committee on Appropriation, Mr Rotimi Olowo, said many laudable projects including the construction of 114 Roads across all the local governments in the state within a year was a first in the history of Nigeria.
“That means by 2023, just in eight years, he would have done over 1,000 roads in addition to what the Ministry of Works and Public Works Corporation is doing.
“Another area that is unbeatable is the ‘Light up Lagos’, which no doubt increases the economy of our mothers and fathers. That is in tandem with Article of Faith as entrenched in the 1999 Constitution, which summarily explains that the Governor is determined and committed,” the Speaker said.
Earlier, Commissioner for Finance, Mr Akinyemi Ashade who gave a breakdown of the budget, said a total of N507.816 billion has been earmarked for capital expenditure, while N305.182 billion is for recurrent expenditure making up a total expenditure of N812.998 billion and an aggregate capital to recurrent ratio of 62:38.
Mr Ashade, who is also the Commissioner overseeing the Ministry of Economic Planning and Budget, said Y2017 budget which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security, infrastructure, transport/traffic management, physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, education, agriculture and skill acquisition.
While explaining the sectoral breakdown of the budget, Mr Ashade said a total of N141.692 billion was earmarked for roads and other infrastructure, while agriculture and food security got N4.795 billion with tourism and environment getting N20.247 billion and N24.031 billion respectively.
A further breakdown of the budget showed that water got N20.082 billion; housing, N50.344 billion; health, N51.447 billion; sports development, N9.457 billion; education, N92.445 billion; commerce and industry, N1.500 billion, wealth and employment creation, N6.250 billion; women affairs, N2.193 billion; youth and social development, N2.698 billion; governance, N11.193 billion; science and technology, N11.000 billion; security, law and order, N39.722 billion, while N3.800 billion was set aside for the 7.5 percent government share to pension contribution and N7.150 billion for pension redemption bond fund-shortfall.
On transportation, Mr Ashade said N49.077 billion was earmarked for the Blue Rail Line, advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.
By Adedapo Adesanya
The Multilateral Investment Guarantee Agency (MIGA), a World Bank financer, is ramping up efforts to unlock private capital for Africa, with plans to more than double its annual guarantee issuance on the continent to $6.4 billion over the next three and a half years.
The move is expected to catalyse as much as $23 billion in private sector investment across key sectors, including energy infrastructure, food security, trade finance, digital connectivity and sovereign debt restructuring.
The expansion underscores a growing shift among development finance institutions toward deploying guarantees as a primary tool for de-risking investments in frontier markets and attracting private capital flows into economies often viewed as high-risk.
MIGA’s Managing Director, Mr Tsutomu Yamamoto, said the scaled-up programme would play a critical role in mobilising investment, creating jobs and strengthening economic resilience across African countries.
He noted that the agency’s instruments, ranging from political risk insurance to credit enhancement, debt swaps and portfolio guarantees, are designed to reduce investor exposure and improve project bankability.
The guarantee push will continue to focus on strategic sectors such as power grids, local banking systems, agriculture and food supply chains, as well as digital infrastructure, all of which are seen as foundational to long-term economic growth across the continent.
Although the agency did not disclose specific projects in its pipeline, it said the expansion reflects rising demand for risk-sharing mechanisms in emerging markets, particularly as governments grapple with tight fiscal conditions and limited access to affordable financing.
The development follows a broader restructuring within the World Bank Group nearly two years ago, which consolidated guarantee operations to scale up private sector investment mobilisation globally.
MIGA has already played a role in pioneering debt swap transactions in the Ivory Coast and Angola, while also supporting food security initiatives in Kenya and backing more than 100 energy projects across emerging markets. Its guarantees have further underpinned lending operations in countries such as Ghana and Zambia, helping to stabilise financial systems and sustain credit flows.
The agency’s latest push reflects a wider evolution in development finance strategy, where guarantees are increasingly used to stretch limited public funds and crowd in private investors. By lowering perceived risks, these instruments make large-scale infrastructure and development projects more attractive to commercial financiers who would otherwise stay on the sidelines.
This shift is gaining urgency as many advanced economies scale back aid budgets while simultaneously seeking stronger economic ties and resource access in Africa.
In response, multilateral lenders are leaning more heavily on innovative financial tools like guarantees to bridge funding gaps and sustain development momentum.
MIGA’s broader ambition is to help lift the World Bank Group’s global guarantee issuance to $20 billion annually by 2030, positioning guarantees as a central pillar in financing sustainable development across emerging markets.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.58 per cent on Tuesday, May 19, buoyed by strong investor appetite for unlisted securities.
Data from the bourse showed that the volume of securities traded during the session ballooned by 365,661.8 per cent to 1.9 billion units compared with the previous day’s 514,142 units, as the value of transactions surged by 30,433.9 per cent to N5.3 billion from the preceding session’s N17.4 million, and the number of deals increased by 22.2 per cent, as these trades were executed in 60 deals versus the 27 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc ended the trading session as the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 60.9 million units exchanged for N4.1 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
During the session, there were three price gainers and one price loser, led by Afriland Properties Plc, which went down by 5 Kobo to trade at N16.90 per share versus the previous day’s N16.95 per share.
But FrieslandCampina Wamco Plc appreciated by N12.45 to N151.79 per unit from N146.55 per unit, CSCS Plc expanded by 62 Kobo to N70.62 per share from N70.00 per share, and UBN Property Plc added 20 Kobo to close at N2.24 per unit versus N2.04 per unit.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 24.05 points to 4,157.75 points from 4,133.70 points, and the market capitalisation chalked up N14.39 billion to close at N2.487 trillion compared with Monday’s N2.473 trillion.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 19, by 17 Kobo or 0.01 per cent to trade at N1,373.87/$1 compared to the previous day’s N1,373.70/$1.
However, the domestic currency appreciated against the Pound Sterling in the same market window by 5 Kobo to close at N1,839.61/£1 versus Monday’s rate of N1,839.66/£1, and gained N5.97 against the Euro to settle at N1,594.52/€1, in contrast to the preceding session’s N1,600.49/€1.
Data from GTBank FX bench showed that the Naira appreciated against the US Dollar yesterday by N2 to sell at N1,381/$1 versus N1,383, and at the parallel market, it remained unchanged at N1,390/$1.
The outcome across the board came as Nigeria’s external reserves have shown signs of improvement in recent weeks, which may provide some support for FX market interventions by the Central Bank of Nigeria (CBN) and broader macroeconomic stability efforts.
Currency traders and investors are expected to continue monitoring CBN policy direction, foreign portfolio inflows, crude oil earnings, and external reserve performance as key indicators influencing the naira’s trajectory in the coming months.
The Monetary Policy Committee (MPC) meeting began on Tuesday with announcements of decisions expected later on Wednesday after inflation ticked up in April.
In the cryptocurrency market, major digital coins were down as traders focused on macro data, oil prices, and inflation, while the US Senate advanced a measure that could force President Donald Trump to seek congressional approval for the Iran war.
Ripple (XRP) went down by 1.3 per cent to $1.36, Dogecoin (DOGE) slid by 0.9 per cent to $0.1034, Cardano (ADA) dropped by 0.7 per cent to $0.2499, Ethereum (ETH) declined by 0.5 per cent to $2,124.02, Solana (SOL) depreciated by 0.5 per cent to $84.67, TRON (TRX) dipped by 0.4 per cent to $0.3551, and Binance Coin (BNB) slumped 0.1 per cent to $641.39.
On the flip side, Bitcoin (BTC) appreciated by 0.3 per cent to $77,114.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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