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Economy

Oyo Proposes to Spend N294.5bn in 2022, Targets N79.8bn IGR

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Oyo 2022 Budget

By Aduragbemi Omiyale

On Wednesday, September 29, 2021, the Oyo State Governor, Mr Seyi Makinde, submitted the budget proposal for the 2022 fiscal year to the state’s House of Assembly in Ibadan, the state capital.

While presenting the document to the lawmakers, the Governor said his administration plans to spend a total of N294.5 billion in the financial year.

According to him, the N294.5 billion budget represents an 18.3 per cent reduction over the amended 2021 budget, noting that the capital expenditure stands at N156 billion, representing 52.97 per cent, while recurrent expenditure takes N138.5 billion, amounting to 47.03 per cent.

He said the budget, christened Budget of growth and opportunities, was put in place to move the state from poverty to prosperity, noting that funds for the 2022 budget would be sourced from internally generated revenue, statutory allocations, and capital receipts.

He said the state looks to generate N79.8 billion as IGR in the year, adding that though the projection was a tall order, his administration plans to achieve it without increasing tax.

However, he disclosed that the state intends to inject the sum of N156 billion into the economy through investments in infrastructure and by ensuring that “our people have higher purchasing power.”

“For the first time, our proposed capital expenditure at 52.97 per cent is more than our recurrent expenditure. A major project we will be carrying out in 2022 is 110km Ibadan Circular Road. This tolled road will be a major economic boost as it will create an alternate entry and exit point out of Ibadan and connect the new economic corridor and business district, we are building at Moniya,” he added.

Mr Makinde informed the state legislative arm of government that in the year, infrastructure will gulp N96.6 billion, amounting to 32.83 per cent of the fiscal spending, while the education sector will take N54.1 billion, amounting to 18.37 per cent.

He further disclosed that the health sector is to get the sum of N17.4 billion, amounting to 5.9 per cent, while agriculture will get N11.3 billion, representing 3.84 per cent.

He told the lawmakers that his administration last year promised to continue to invest in infrastructure, adding that such investments were not only evenly distributed, they also cut across the thematic aspects of his administration spanning the four-point service agenda.

“We have worked hard to ensure that infrastructural development is not restricted to just one zone of the state. In education, we have continued to make investments at all levels. At the primary level, we completed 26 model schools across all zones in Oyo State, built 57 classrooms, installed boreholes, and improved the sanitary condition of existing schools through the construction of toilets.

“We have also continued to improve the quality of education in Oyo State. We not only recruited teachers as reported, but we have also trained them on best practices. More recently we completed the recruitment of 692 education officers in the state,” he said.

“On Security, we have made provision to recruit more Amotekun Corps members and we will continue to make an investment in technology that supports our security architecture in Oyo State,” the Governor stated.

However, Governor Makinde admitted that, “There is still so much more that needs to be done. We are aware of the complaints of our people regarding roads in Oyo State.”

“We are determined to meet their yearnings for high-quality infrastructure in the state and that is why we continually embark on road rehabilitation and reconstruction. In the immediate, we are carrying out palliative works on these roads,” he assured.

While giving details of the performance of the 2021 budget, Mr Makinde said that budget performance had reached 60 per cent despite the fact that there are three more months to the end of the fiscal year, expressing hopes of raising the performance to 75 per cent.

In his remarks, the Speaker of the Oyo State House of Assembly, Mr Adebo Ogundoyin, said that the presentation of the 2022 budget will spur lawmakers to redouble their efforts in terms of oversight functions and project monitoring.

According to him, the timely presentation of the 2022 budget will also ensure that the legislature completes work on it well before the end of the 2021 fiscal year. He added that the development would help the state keep to the January to December Budget circle.

“Let me state categorically that the budget proposal is not new to us because we have been part of the process at all levels. We are equally convinced that the governor has articulated all the requests and demands of our people based on the outcome of the stakeholders’ consultative meetings on the 2022 budget, held across the State.

“Expectedly, the four cardinal pillars upon which this administration places its development agenda, viz: Education, Health, Economy (driven by Agribusiness), and Security are steadily being pursued and realised,” he said.

The Speaker commended the Governor for working to grow the IGR of the state, adding that the assembly would do everything possible to ensure the checks and balances crucial for achieving a transparent, accountable, and prudent government.

He also requested that the governor assents to the Legislative Fund Management Law which has been passed by the assembly, adding that states that have assented to the law include Adamawa, Sokoto, Zamfara, Plateau, Delta, Ekiti, and Ondo.

“Once it is assented to by you, we will be able to implement Consolidated Legislative Salary Structure (CONLESS) which is a uniform salary structure for all the State Houses of Assembly,” the Speaker said, adding that some states of the federation are already implementing the consolidated legislative salary structure.

“States like Rivers, Kaduna, Nasarawa, Plateau, Sokoto, Bayelsa, Delta, Adamawa, and Lagos are already paying their Legislative staff using CONLESS salary structure. In Oyo State, the Judiciary workers have also been enjoying their Consolidated Judiciary Salary Structure (CONJUSS). We do not want to be an exception,” he appealed.

Economy

LIRS Shifts Deadline for Annual Returns Filing to February 7

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Annual Tax Returns

By Aduragbemi Omiyale

The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.

This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.

In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.

According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.

He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.

Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.

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Economy

Airtel on Track to List Mobile Money Unit in First Half of 2026—Taldar

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Airtel Money

By Adedapo Adesanya 

The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.

Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.

The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.

However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.

In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.

Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.

He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.

“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.

“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.

Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.

The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.

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Economy

Crypto Investor Bamu Gift Wandji of Polyfarm in EFCC Custody

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Bamu Gift Wandji of Polyfarm

By Dipo Olowookere

A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).

He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.

A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.

It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.

Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.

In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.

Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.

Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria.  Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.

Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.

Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.

The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.

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