Economy
Ministry of Mines Denies Spending N700m on Website
By Dipo Olowookere
Nigeria’s Ministry of Mines and Steel Development has denied spending N700 million to develop its new online portal, which was launched on Thursday, November 9, 2017.
In a statement issued in Abuja on Sunday, November 12, 2017, by the Permanent Secretary in the Ministry, Mr Mohammed Abbas, it was explained the amount was used on IT infrastructure, human capital and civil works and not mainly on developing the web portal.
Below is the statement issued by the Ministry.
The attention of the Ministry of Mines and Steel Development has been drawn to news making the rounds especially on the social media that the Ministry spent the sum of N700million creating a website for itself. The Ministry considers it incumbent to react swiftly to this misrepresentation and to set the records straight.
It is important for clarity to state that what the Ministry has acquired with the said sum of money is an integrated IT infrastructure which comprises two Data Centres, an off-site recovery centre, civil and environmental works on the Centres, running of the Centres till end of first quarter 2018, training of over 225 officials locally and internationally amongst other cost components of the entire infrastructure and programme. It is indeed disingenuous of anyone to reinvent and reduce all of these into an expenditure on a website.
When, last Thursday, 9th November 2017, our Ministers led other officials of the ministry and sectoral stakeholders to unveil the IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP), we were really fulfilling one of the short-term pledges listed in our roadmap. These assets form critical pillars of our agenda to reform the mining and minerals sector, particularly as a key step towards our vision to lead the sector to shared mining prosperity where we make significant contributions to GDP in the country.
In realising aspects of this project as a turnkey solution, we have been careful to follow all laid down processes. Since the cost of implementing the project is above ministerial limits, we sought and obtained the concurrence of the Federal Executive Council after a detailed presentation in January 2017.
In the course of the project, we have emphasised the need for stakeholders’ interface, which included a facility inspection tour for reporters and journalists who cover the sector. We have no reason to commit public resources to projects that will not advance the cause of repositioning our sector and we believe that we did everything to intimate the general public about our activities in this respect.
For the records and for public information, our IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP) project has the following key components:
Feasibility assessment, needs analyses and re-engineering of the IT processes within the ministry, departments and agencies;
Two nos data centres (a fully equipped on-premises centre within the ministry and another off-site centre for recovery and real-time backup in case of emergency), also covering civil and environmental works;
Enterprise Resource Planning (ERP) solution and Electronic Document Management System (eDMS) solution—Microsoft Dynamics AX: Financials, Supply Chain, Business Intelligence, Human Capital, Procurement (license and maintenance);
Basic and advanced IT (ERP & eDMS) and GIS training programmes for 200nos staff of the ministry and its agencies. Already 75 officials have been trained in Abuja;
GIS capacity building for 25nos management and lead technical staff with Esri;
Wide Area Network at the ministry’s headquarters and all its 10 agencies (including back up internet, disaster recovery hosting and DR site internet—installation and initial one-year subscription);
Procurement, supply and installation of a GIS laboratory with 20nos computer systems;
Building of GIS Web Portal with Business Automation System, Content Management System (CMS), Decision Support System and Side Stream along the minerals corridor;
Reordering and re-organisation of available geological data in the sector into geospatial database;
Online Mining Licensing and Mineral Title Application with tracking system for openness, transparency and accountability in compliance with global EITI standards for the extractives sector;
Online payment (royalties and fees) and blocking of revenue leakages by integrating/interfacing with Remita, GIFMIS and relevant revenue generating MDAs of the government;
Enterprise ArcGIS Solution license and maintenance for GIS Mining and Assets Management;
On-site project management and execution staff (26nos), including operationalisation of the project management office for upward of 10 months. Project staff to remain on-site till end of Q1-2018;
Procurement, supply and installation of various project equipment, complete with civil works;
Collaborative tools and help desk; and,
Strategic communications.
It is most important to state that acquired IT infrastructure, in all its ramifications, is an enabler of the serious work at repositioning the sector. For us, this is never an end in itself but a robust attempt to ease how the regulatory-cum-administrative systems interface with mining operators and stakeholders everywhere. It is noteworthy that only this past October [2017], the Mining Journal’s World Risk Report, which rated different mining jurisdictions on a range of indicators including legal, governance social, fiscal and infrastructure indicated that Nigeria is showing notable improvements in positions. In the two years that we have methodically and deliberately introduced reforms and implemented a roadmap, our sector now has better perception, lowered investments risks and improved opportunity index.
The import of this assessment, in light of the World Bank’s Report on the improved status of our country towards ease of doing business, cannot be far-fetched. Ours is a modest effort to consolidate the overall efforts of the Federal Government at increasing opportunities in other sectors of the economy.
We have done repeated due diligence to ensure that the implementation of the project does not only meet expected design but also fits into globally recognised systems and further help us to place our jurisdiction on the mining map. A phased approach has been adopted, with incremental deliverables which should be fully completed by end of first quarter of 2018.
We continue to be open to checks and to present ourselves to public scrutiny. We want to assure all Nigerians that we do not take lightly the confidence reposed in us or in our government nor would we do anything to undermine our reputation under whatever guise.
We come from a tradition of commitment to service and honour in the handling of all our public service roles. In superintending over this project, we are confident to declare that we have not let the ball down, therefore it is wantonly disingenuous for anyone to reinvent and reduce all of these into an expenditure on a website.
Economy
LIRS Urges Taxpayers to File Annual Returns Ahead of Deadline
By Modupe Gbadeyanka
All individual taxpayers in Lagos State have been advised to file their annual tax returns ahead of the March 31 deadline.
This appeal was made by the Lagos State Internal Revenue Service (LIRS) in a statement issued by its Head of Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The notice quoted the chairman of LIRS, Mr Ayodele Subair, as saying that timely filing remains both a constitutional and statutory obligation as well as a civic responsibility.
The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.
In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.
“Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately.
“Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability,” Mr Subair stated.
He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.
To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.
In keeping with global best practices, Mr Subair reiterated that LIRS continues to prioritise digital tax administration and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide. Taxpayers requiring assistance may visit any of the LIRS offices or other channels.
Economy
NNPC Targets 230% LPG Supply Surge to 5MTPA Under Gas Master Plan 2026
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has said the Gas Master Plan 2026 targets over 230 per cent scale-up of Liquefied Petroleum Gas (LPG) supply from 1.5 million tonnes per annum (MTPA) to 5 MTPA this year.
The Executive Vice President for Gas, Power and New Energy at NNPC, Mr Olalekan Ogunleye, unveiled the strategic direction of the NNPC Gas Master Plan 2026, outlining an aggressive expansion drive to position Nigeria as a regional and global gas powerhouse.
Mr Ogunleye delivered the keynote address at the 2026 Lagos Energy Week, organised by the Society of Petroleum Engineers (SPE), where he detailed plans to accelerate gas development, deepen infrastructure and significantly scale domestic supply.
According to him, the Gas Master Plan targets a scale-up of LPG or cooking gas supply from 1.5 MTPA to 5 MTPA, alongside expanded feedstock for Mini-LNG and Compressed Natural Gas (CNG) projects.
“The NNPC Gas Master Plan 2026 is a blueprint to unlock Nigeria’s vast gas potential and translate it into tangible economic value,” Mr Ogunleye said.
He added that the strategy would also drive exponential growth in Gas-Based Industries, GBIs, strengthening local manufacturing, fertiliser production and power generation.
“Our renewed focus is on turning abundant gas resources into inclusive economic growth and improved quality of life for Nigerians,” he stated.
Mr Ogunleye said the plan aligns with the Federal Government’s Decade of Gas initiative and the presidential production targets of achieving 10 billion cubic feet per day by 2027 and 12 BCF/D by 2030.
Industry leaders at the event, including executives from Chevron Corporation, Esso Exploration and Production Nigeria Limited, Midwestern Oil and Gas Company Limited, Abuja Gas Processing Company and Shell Nigeria Gas, commended the plan and praised Ogunleye’s leadership in driving implementation excellence.
The new blueprint signals NNPC’s determination to anchor Nigeria’s energy transition on gas, leveraging infrastructure expansion and domestic utilisation to consolidate the country’s status as Africa’s largest gas reserve holder.
Economy
Shettima Blames CBN’s FX Intervention for Naira Depreciation
By Adedapo Adesanya
Vice President Kashim Shettima has attributed the Naira’s recent depreciation to the intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market, stating that the currency could have strengthened to around N1,000 per Dollar within weeks if the apex bank had allowed market forces to prevail.
The local currency has dropped over N8.37 on the Dollar in the last week, as it closed at N1,355.37/$1 on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after it went on a spree late last month and into the early weeks of February.
However, speaking on Tuesday at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja, the Nigerian VP said the intervention was to ensure stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the 1,000 Naira to a Dollar we are going to attain in weeks, not in months. But for the purpose of market stability, the CBN generously intervened yesterday.
“So, for some of my friends, especially one of our party leaders who takes delight in stockpiling dollars, it is a wake-up call,” the vice president said.
He was alluding to CBN buying US Dollars from the market to slow down the rapid rise of the Naira.
Latest information showed that last week, the apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.
The move was aimed at preventing foreign portfolio investors from exiting Nigeria’s fixed-income market, as large-scale sell-offs could heighten demand for US Dollars, intensify capital flight, and exert further pressure on the exchange rate.
Amid this, speaking after the 304th meeting of the monetary policy committee (MPC) of the CBN on Tuesday, Governor of the central bank, Mr Yemi Cardoso, said Nigeria’s gross external reserves have risen to $50.45 billion, the highest level in 13 years.
This strengthens the country’s foreign exchange buffers, enhances the apex bank’s capacity to defend the Naira when needed, and boosts investor confidence in the stability of the Nigerian FX market.
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