Economy
Oyo Proposes to Spend N294.5bn in 2022, Targets N79.8bn IGR
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.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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