Business and Economy
Naira Stability Attributed to Slow Economic Activity
A Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, Prof Sheriffdeen Tella, has attributed the current stability of the naira at the foreign exchange market to slow economic activity. adsbygoogle || []).push({});
Tella said that import businesses had reduced drastically as the business community awaited the take-off of the 2019 budget.
Trading at the investors window saw the naira closing at N361.09 to the dollar as market turnover stood at 121.15 million dollars.
The Naira on Thursday remained stable at the parallel market in Lagos, exchanging at N359.3 to the dollar.
The Pound Sterling at N472 and the Euro traded at N402.
At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar. The Pound Sterling traded at N472 and the Euro traded at N402.
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- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Business and Economy
KGIRS Begins Sensitisation Of Citizens On Land Use Charge
From Joseph Amedu, Lokoja
The Kogi State Internal Revenue Service (KGIRS) has embarked on a statewide sensitisation tour to educate stakeholders on the Land Use Charge law which was passed in January 2024.
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The tour which commenced on July 1, 2025, is targeted at enlightening traditional rulers, community leaders, and other stakeholders on the importance and benefits of property documentation in Kogi State.
The Executive Chairman of KGIRS, Alhaji Sule Salihu Enehe, represented by Hajia Hassanat Enehezeyi Salawu, the Service’s Director of Ministry, Departments and Agencies (MDAs), highlighted the significance of property documentation, including accurate assessment of property values for taxation purposes, identification and registration of property in the State, allocation of land for government projects and delivery on social amenities, employment opportunity for enumerators from the district, and reliable database on the property makeup of the district to inform decision-making.
The Chairman explained that the tax obligation section of the law focuses on the property used for lease and commercial purposes, while exempting places of worship and other religious institutions, property owned and occupied by retirees, property owned by the government, palaces of
traditional rulers, town -halls used for community meetings and gatherings, and
provision of tax relief for property owned by physically challenged individuals.
The Chairman disclosed that 40% of the tax collected will be allocated to the Local Governments, while the remaining 60% will be allocated to the State Government.
He emphasised that the revenue generated will be used for infrastructure development, maintenance of the environment, and provision of adequate security.
The sensitisation tour is expected to enhance stakeholders’ understanding of the Land Use Charge law and promote compliance with the enumeration process.
The traditional rulers present, led by His Royal Highness, The Ohi of Okene, Alhaji Dr. Isah Mamman Okatahi, applauded the initiative and urged the Revenue Service to conduct wider awareness campaigns on the modified revenue item.
His Royal Highness, Alhaji Mohammed Ireyi Bello, the Ohi of Adavi, and Chairman Adavi Traditional Council, thanked the KGIRS team for the broad enlightenment on the Land Use Charge, noting that the message will be delivered abundantly to their various subjects while urging the Kogi State Internal Revenue Service on transparent administration of tax in Kogi State to encourage the culture among the populace.
Ends.
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Business and Economy
Executive Chairman KGIRS Urges Citizens To Declare Income, Embrace Tax Payment
From Joseph Amedu, Lokoja
The Executive Chairman, Kogi State Internal Revenue Service (KGIRS), Mallam Salihu Enehe has called on the people of the State to declare their income and embrace prompt payment of their tax to enable government provide the needed infrastructural development that would improve quality of life.
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Mallam Enehe made the call in Lokoja on Wednesday, while speaking on the activities of KGIRS particularly on voluntary tax compliance.
According to him, when tax payers willingly comply, declared their income and pay their tax promptly, it would enable government to fulfil it’s obligations of providing social amenities and adequate security of life and property.
He described voluntary tax compliance as the backbone of a successful tax system that shows citizens commitment to the well-being of their state.
The Chairman assured that KGIRS would continue to sensitize the stakeholders, market men and women, formal and informal business owners , employers of labour and the, populace across the 21 local government areas of Kogi state on the need for them to perform their constitutional responsibility.
“Prompt payment of taxes promotes a sense of civic responsibility and patriotism. When we contribute to the system, we are investing in our collective future.
“Our dynamic Governor , His Excellency Alhaji Ahmed Usman Ododo is very resolute in providing dividend of democracy to the people of the State. Recently he flagged off road constructions across the three senatorial district.
“Since he came on board as the chief executive of the state, he had invested heavily in education and health sectors by paying bursary award, WAEC, JAMB, BECE fees for students and pupils of primary schools in the state. All of these among others can only be achieved continually if the people are paying their tax promptly and as at when due.
“We should support this government so that it can help us in providing our needs” he appealed.
The Chairman also used the medium to warn illegal revenue collectors to desist, stressed that whoever is caught engaging on such criminal act in any name would face the full wrath of the law.
“We will not relent in our effort to continue reminding illegal revenue collectors in the state to change. It is an offence against the state to collect revenue meant for the government. KGIRS is the only constitutionally recognized body saddled with the responsibilities of collecting taxes and revenues on behalf of Kogi state government.
“Whoever is apprehended doing so will be prosecuted according to the law” he stated.
Ends.
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Business and Economy
Kogi Ranks 5th Lowest in Domestic Debt Nationwide
From Joseph Amedu, Lokoja
The strategic economic and fiscal reforms of the Kogi State Government have begun to yield fruitful results, with the state now ranked as having the 5th lowest domestic debt among the 36 states of the federation and the Federal Capital Territory (FCT), according to the latest figures released by the Debt Management Office (DMO) as of March 31, 2025.
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The report shows that Kogi State’s domestic debt stands at ₦20.38 billion, marking a significant drop from the ₦121.81 billion recorded in Q4 of 2023, when the state ranked 18th lowest in the country. This reflects a remarkable debt reduction of over ₦101.43 billion in just over one fiscal quarter.
Speaking on the achievements, the State Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, attributed the success to the state’s aggressive implementation of global best practices in financial management, including prudent borrowing, enhanced revenue performance, and strategic expenditure control.
“We are deliberate in our financial approach, cutting waste and focusing on impactful spending. This improvement is not accidental; it is the result of Governor Ahmed Usman Ododo’s transparent , accountable and reform-minded leadership,” he said.
Also speaking, the Auditor General of the State, Alhaji Yakubu Okala, said Kogi’s improved debt standing is evidence of transparency and effective oversight.
“We ensure that all government funds are deployed strictly for their intended purposes. His Excellency’s accounting background has brought a culture of accountability and efficiency to every level of government. Our systems now deliver more results with fewer resources,” he said.
Alhaji Okala commended Governor Ododo’s unwavering support for fiscal institutions, saying the Governor has not only backed reforms but insisted on compliance and value-for-money across all MDAs.
Both the Commissioner of Finance and the Auditor General of the State agreed that the results are products of the hard work by the finance team in the last administration and the consolidation of the present administration in the State to ensure that the resources of the state serve for the people of the State.
They also attribute improved revenue to the reduced need for domestic borrowing, saying the State Government is conveniently funding a good number of capital projects in the State.
In a related development, the Kogi State Government says it has acquired licenses to fully participate in solid minerals mining in the State in a bold move to diversify the state’s economy and expand its revenue base. The State Government confirmed that it has acquired 15 mining licenses to begin strategic participation in the nation’s solid minerals sector.
This was disclosed in a statement issued on Tuesday by the Commissioner for Information and Communications, Kingsley Femi Fanwo, who said the move was driven by the government’s resolve to ensure that Kogites benefit directly from the natural resources on their land.
“With these licenses, Kogi will now take its rightful place in the mining sector, not just as a host but as an active operator. This will unlock value, create jobs for our teeming youth, and grow our internally generated revenue,” Fanwo stated.
He also praised President Bola Ahmed Tinubu for the Federal Government’s support and the policy framework that now enables subnational entities to participate more directly in mining and resource development.
“This is a major economic breakthrough for our state. We thank Mr. President for enabling states like Kogi to take charge of their destiny. Governor Ododo’s leadership is positioning Kogi not just for today, but for a prosperous, resource-driven future,” Fanwo added.
He assured that the licenses would be put to use through environmentally responsible and community-focused mining initiatives that will stimulate industrial growth and promote local content development.
With the twin achievements of improved debt
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