Economy
Traders Back Oyo N107b IGR Proposal
By Dipo Olowookere
Stakeholders in the informal sector in Oyo State have expressed their readiness to contribute to the realization of the benchmark of N107 billion Internally Generated Revenue (IGR) targeted by the state government in the 2017 fiscal appropriation proposal.
The stakeholders led by the Presidents of Oyo State Markets Association and Canteen Owners Association of Nigeria, Oyo State Chapter, Mr Dauda Oladapo and Mrs Amdalat Iyadunni Lawal respectively gave the assurances during an interactive session on 2017 budget of self-reliance analysis at the House of Chiefs, Agodi Ibadan at the weekend.
The state government had explained through the Commissioner for Finance, Budget and Planning, Mr Bimbo Adekanmbi to the stakeholders, which included representatives of various labour unions in the state, Manufacturers Association of Nigeria (MAN), NGOs, civil societies, market men and women and the media, that the government was targeting the informal sector to boost its IGR, saying that the monthly projection valued at N5bn in the 2016 budget had been reduced to N4 billion in the face of current realities.
While speaking separately at the budget interactive session, the leaders of the stakeholders pledged their support for the actualization of the government plans and consequently urged that funds realized from the taxes collected should be channelled towards citizens’ oriented projects.
The President, Oyo State Markets Association, Mr Oladapo explained that market men and women across the 33 local governments of the state are ready to pay their dues into the government coffers, adding “All the leaders of the markets in the state have met several times and we have agreed to support the government’s revenue drive through the informal sector. Our members wanted to start paying since 2016 but the government directed that we should wait till January 2017. We are waiting for them to come for the money.”
In her own submission, Mr Iyadunni Lawal said, “We, the canteen owners, are ready to pay our taxes. We have over 8,000 members throughout the state and we are all prepared to pay our dues. However, we want the government to always specify benefits of our members in the budget.”
The duo of the Secretary of the Nigeria Labour Congress (NLC) Oyo State chapter and the Vice Chairman of Joint Negotiating Council, Comrades Kofo Ogundeji and Eniola Kolawole urged the state government to adequately equip and release funds for the revenue generating Ministries, Department and Agencies (MDAs) for optimum performance.
The state Commissioner for Finance, Mr Adekanmbi, who was accompanied by the Commissioner for Information, Culture and Tourism, Mr Toye Arulogun and other top government functionaries explained that the informal sector is critical in the actualization of the N207,671,495,300 billion proposed self-reliance budget for the 2017 fiscal year.
Mr Adekanmbi noted that in spite of the low performance of the 2016 budget, the 2017 budget was evolved from a Zero Based Budgeting approach, which made it mandatory that every Budget item (Revenue and expenditure), was only included after strong and thorough justification, emphasizing that the priority of the Oyo state government shall be on Infrastructure, Agriculture, and its entire value chain, Commerce, Industrialisation, Education and Health while other sectors would also be given necessary attention.
The Commissioner lamented that the IGR, which was supposed to be the other mainstay of the State’s income performed at 20.69% of the total revenue performance of the 2016 budget and about 29% of the actual recurrent revenue, stressing that the state government’s efforts at improving the IGR had started with the restructuring and repositioning of the Board of Internal Revenue with the proposal of full autonomy and hoped that the effect of this (restructuring and repositioning) would be evident in the much desired enhanced IGR in the 2017 fiscal year.
According to him, “an average of N4 billion monthly is being proposed by the Board of Internal Revenue. This represents a 20 percent decrease when compared to the 2016 monthly projection of Five (5) Billion Naira. This projection is believed to be a more realistic estimate as we have married the actual monthly IGR average of N1.3 billion, to the positive expectation from the increasing understanding and positive disposition of the informal sector to payment of taxes.
“It is to be emphasized that it is not really that these categories of citizens were naturally averse to payment of taxes. The newly restructured BIR has only risen up to its responsibilities of sensitization, collection, storage and optimization of necessary tax payer database,” he stressed.
He assured that the Mr Ajimobi led administration was committed to steering the state towards the path of economic viability by driving her fiscal management towards an improved and self-sustaining IGR regime promising that there would be efficient and effective utilization of resources through rigorous monitoring of the implementation and evaluation of the impact of projects and programs on the citizenry.
Mr Adekanmbi listed Ministry of Lands, Housing and Urban development as the top generating MDA, remarking that the efficiency in the processing of title documents and other new innovations by the Ministry gives the government the assurance of a higher revenue yield of about N40 billion.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
By Adedapo Adesanya
The Nigerian capital market will transition to a T+1 settlement cycle from May 29, as part of efforts to enhance efficiency and align with global standards, the Central Securities Clearing System (CSCS) Plc said in a notice.
If this is achieved, it would be about six months after the Nigerian central depository, clearing, and settlement agent switched to a T+2 settlement cycle from the previous T+3 cycle. The previous transitioning was precisely on November 28, 2025.
This switch will shorten the settlement period for trades, allowing transactions to be completed one business day after the execution date, instead of the current two-day cycle.
CSCS Plc, in the disclosure, said the move represents the next phase in the development of Nigeria’s capital market infrastructure.
It stated that the new settlement cycle is expected to improve post-trade efficiency, reduce settlement risk and speed up the movement of securities and funds across the capital market.
The company added that trades executed on Thursday, May 28, the final trading day under the T+2 cycle, and those executed on Friday, May 29, the first trading day under the T+1 cycle, would both settle on Monday, June 1.
“This transition requires coordinated readiness across all market participants, including exchanges, brokers, custodians, registrars, settlement banks and institutional investors.
“Industry-wide engagements and technical readiness initiatives are ongoing to ensure a seamless transition.
“All market participants are encouraged to review their internal processes, systems and operational workflows to ensure alignment with the new settlement framework,” the company stated.
After the T+2 settlement cycle went live last year, the erstwhile chief executive of the company, Mr Haruna Jalo-Waziri, at the time said CSCS Plc is already preparing to shift to a T+1 settlement cycle by mid-2026.
Mr Kalo-Waziri, who has since been replaced by Mr Shehu Yahaya Shantali, said the organisation had been strengthening its capacity over time, ensuring that the eventual migration would be efficient, stable, and cost-effective, stressing that the transition aligns with global best practices and reflects the market’s readiness for faster, more reliable settlement processes.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.
FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.
The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.
On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.
At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.
Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.
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