General News
FG Slashes Business Registration Cost for SMEs by 60%

Federal government has reduced the costs of registering Small and Medium Scale Enterprises (SMEs) with the Corporate Affairs Commission by 60 per cent.
Olusegun Aganga, minister of Industry, Trade and Investment, stated this while speaking at the 8th annual Micro, Small and Medium Enterprises finance conference.
The conference with theme ‘MSME financing in Nigeria: Past, present and future’ was conceptualised to look at the MSME finance sub-sector from a holistic perspective.
Aganga said the directive for the reduction of the business registration costs was given by President Goodluck Jonathan, adding that the development underscored the importance of the sector to poverty reduction, job creation and inclusive growth.
He said since SMEs account for about 80 per cent of businesses registered with the CAC as well as about 50 per cent of the country’s Gross Domestic Product, there was need to remove all factors that would impede their development to nation building.
He said, “The administration of Mr President has made it a matter of importance to support MSME in certain key areas-access to affordable finance which we are doing here today, access to markets, formalization of businesses, skill acquisition, provision of infrastructure to reduce the cost of businesses for SMEs.
“Already, the president has approved a reduction in the cost of setting up SMEs by 60 per cent and the idea is to reduce the cost of doing business.
“So today if you are going to CAC to set up a company, then know that the costs have been reduced by 60 per cent already.”
He said the N220bn facility whose disbursement was flagged off at the event by Jonathan would help not only to empower SMEs, but address the access to financing needs of the sector in an efficient and sustainable manner.
Jonathan while speaking at the event commended the CBN for providing the fund for the development of the sector at an interest rate of nine per cent.
He added that the decision of the apex bank to set aside 60 per cent of the fund for women was in line with his administration’s commitment to women empowerment.
The president said MSMEs have been recognized globally as the engine of growth in any development-oriented economy.
He added that due to their inherent labour intensive production processes, they also provide a veritable platform for job creation.
He said, “All over the developed world, the contribution of MSME to GDP is on the average of about 47 per cent, this shows clearly how important the MSME are to us.
“With about 17.3 million SMEs in Nigeria, there is need for more concrete and concerted efforts to expand the activities of MSMEs in our country.”
He said the focus of this year’s conference which is geared towards enhancing access to finance was appropriate noting that a vibrant MSME sub sector was indispensable to achieving sustainable transformation in the Nigerian economy.
Jonathan said as Africa’s largest economy with excellent prospects of becoming one of the 20 largest economy in the world in the nearest future, it is imperative that the challenges confronting MSMEs are addressed “frontally at this time.”
The President said his administration had already instituted a number of reforms to improve the business environment and build strong institutions that would fast track the growth and progress of MSMEs.
He said, “Given that the structural transformation of the economy remains our core priority, we are investing heavily in critical infrastructure to promote job creation and inclusive growth.
“We are aware that inadequate infrastructure increase the cost of production by estimated 30 per cent making Nigerian goods under-competitive and we need to improve on that.
“The federal government believes that stable power supply is the bedrock of our industrial development. It will not only reduce the cost of manufacturing and services significantly, it will also engender investments and create jobs.”
He also said as part of measures to enhance the contribution of MSMEs to economic growth, the Federal Government will establish a wholesale development finance institution, which would provide long term funds of up to 15 years for industrial development.
He added that existing DFIs would be restructured for better performance and improved access to finance by the MSMEs.
He said the enormity of the task ahead requires immediate and dedicated action adding that this underscores the need to effectively disburse the N220bn MSME fund.
In his keynote address delivered at the event, Mr Godwin Emefiele, CBN governor, said the MSME financial gap, which is estimated at N9.6tr was one of the major reason why the apex bank intervened in the sector.
He said in view of the fact that cost and access to credit had continued to be an inhibiting factor to the survival and growth of many MSMEs in the country, the apex bank would be working with relevant stakeholders to establish a Secured Transaction and National Collateral Registry to facilitate the registration and acceptability of movable property as loan collateral.
He added that the bank would also encourage venture capital companies to fund MSMEs, as well as set up a National Credit Scoring System to improve access to information on borrowers to positively influence credit decisions,
“We would also enhance the operations of Credit Reference Bureaus. We believe that these efforts would improve the information available to potential lenders on persons seeking loans and therefore, help to isolate bad borrowers from credible ones,” he said.
He said going forward, the CBN’s focus would remain on sectors that can create jobs on a mass scale as well as reduce the country’s import bill and conserve the country’s foreign exchange.
For example, he said the bank would maintain a keen interest in supporting the creation of an enabling environment to trigger private sector investment to curb the growing trend of medical tourism, which has depleted the nation’s foreign reserves.
In the power sector, he said 36 power projects have received N115.73bn from the Power and Aviation Intervention Fund noting the apex bank would also carefully consider funding viable gas to power projects.
He said, “In fact, we are currently collaborating with the Ministries of Power and Petroleum Resources, the Nigerian Electricity Regulatory Commission and all relevant stakeholders to find innovative ways of dealing with the legacy gas to power debt.
“This is to ensure that the international oil companies and other producers of gas can significantly increase the production and supply of gas to power plants across the country.”
At the event, Union Bank of Nigeria Plc with a total loan exposure of N4.17bn for 14,752 projects was decorated by the president as the best performing bank in the Agricultural Credit Guarantee Scheme.
Similarly, Sterling Bank Plc, with a total exposure of N6.16m in nine projects won the best performing bank in Commercial Agriculture Credit Scheme.
Based on the guidelines of the MSME fund, each state of the federation would be able to access the sum of N2bn which would be administered to beneficiaries at an interest rate of nine per cent.
Already, the apex bank had signed Memorandum of Understanding with governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue state to access the fund.
Also, two per cent of the fund would be made available for economically active physically challenged entrepreneurs.
General News
FG to Connect Schools Nationwide to Internet – Education Minister

Federal government of Nigeria has announced plans to connect schools across the country to reliable internet services as part of a major initiative aimed at strengthening digital learning and expanding access to modern educational tools.

The government said the programme will help equip students with the digital skills needed to thrive in a technology-driven global economy while ensuring that every Nigerian child has access to quality education comparable to global standards.
The development was disclosed in a statement issued on Wednesday in Abuja by Folasade Boriowo, director of Press and Public Relations at the Federal Ministry of Education Nigeria.
According to the statement President Bola Ahmed Tinubu directed Tunji Alausa, minister of Education, and Bosun Tijani, minister of Communications, Innovation and Digital Economy, to work together to implement the nationwide connectivity project.
Speaking during a high level meeting with stakeholders in Abuja, Alausa explained that the initiative builds on earlier connectivity efforts through the Nigerian Research and Education Network (NgREN), which previously supported broadband connectivity for tertiary institutions under a World Bank-funded project.
He noted that although the programme initially recorded significant progress in connecting universities and other tertiary institutions, the momentum slowed after the initial funding cycle ended, making a renewed and expanded strategy necessary.
The minister said the new effort aims to revive and strengthen the programme while extending connectivity across all levels of the education sector.
“Connectivity is not limited to broadband fibre alone. It also involves telecommunications towers, satellite systems and other digital infrastructure required to provide reliable internet access across the country,” Alausa said.
He revealed that the government is implementing major connectivity projects, including the deployment of about 90,000 kilometres of fibre optic broadband infrastructure, the installation of 3,700 telecommunications towers, especially in rural and underserved communities, and the expansion of satellite capacity to improve nationwide coverage.
According to him, the goal is to ensure that schools from primary to tertiary institutions are deliberately connected as broadband cables are deployed and towers installed across the country.
Alausa also said the meeting produced several concrete steps to accelerate connectivity within the education sector, including the expansion of the NgREN governing council to include representatives responsible for foundational and secondary education.
Two technical working groups have also been established to drive implementation one focusing on connectivity for tertiary institutions and another dedicated to foundational and secondary schools.
He expressed optimism that the first phase of the initiative would begin to deliver visible improvements within the next three months.
The minister added that improved connectivity would enable students and teachers to access digital learning platforms, global knowledge resources, and emerging technologies such as Artificial Intelligence (AI).
He further disclosed that the project would support the gradual transition of major national examinations to Computer-Based Testing (CBT), with plans for exams conducted by West African Examinations Council (WAEC) and National Examinations Council (NECO) to fully adopt CBT within the next two to three years, similar to the system currently used by the Joint Admissions and Matriculation Board (JAMB).
Also speaking, Tijani emphasized that technology-driven education cannot succeed without reliable internet connectivity.
He noted that although Nigeria hosts about eight international submarine internet cables the highest number in Africa the challenge lies in distributing that capacity inland through fibre networks capable of reaching communities nationwide.
“Most of the internet capacity enters Nigeria through submarine cables landing in Lagos, but without sufficient inland fibre infrastructure, that capacity cannot effectively reach schools and communities across the country,” he said.
Both ministers reaffirmed the government’s commitment to collaboration between the education and communications sectors to ensure that investments in digital infrastructure translate into improved learning outcomes for Nigerian students.
General News
WhatsApp Launches Parent-managed Accounts for Pre-teens Amid Safety Concerns

WhatsApp said yesterday it would allow parents to create accounts for pre-teens, restricted to messaging and calling, amid rising global concerns about the impact of social media and chat apps on children.

A number of countries around the world are now seeking to follow Australia, which last year became the first country to adopt a social media ban for teenagers because of mental health worries.
Messaging apps have also triggered concerns following hacking incidents where users were persuaded to divulge security verification and pin codes giving malicious actors access to personal accounts and group chats.
WhatsApp said the idea of parent-managed accounts came after feedback from parents, who wanted a messaging service tailored for under-13s.
“These accounts come with strict new default settings, parental controls and options for parents to guide their pre-teens’ (under 13s) first messaging experiences,” the messaging app said in a blog post.
“Once set up, these accounts are controlled by the parent or guardian who will be able to decide who can contact the account and which groups they can join. In addition, parents can review message requests from unknown contacts and manage the account’s privacy settings,” it said.
General News
Reps Give FAAN Two-week Ultimatum to Recover N18.98bn Debts from Foreign Airlines

House of Representatives Committee on Finance has given the Federal Airports Authority of Nigeria (FAAN) two weeks to recover N18.98 billion owed to the Federal Government by foreign airlines operating in the country.

The directive was issued on Tuesday by the Committee Chairman, Rep. James Faleke, during an interactive session with FAAN officials led by the Managing Director, Mrs Olubunmi Kuku, as part of the committee’s ongoing revenue monitoring exercise.
Lawmakers expressed displeasure over what they described as the growing debt profile of international airlines, insisting that the situation was unacceptable in the face of government’s revenue needs.
Faleke said the accumulation of liabilities, despite clearly defined payment timelines for airport service charges, raised serious concerns about enforcement and compliance in the aviation sector.
In her presentation, Kuku explained that airlines using Nigerian airports are required to settle their service charges within two weeks.
She, however, disclosed that several operators had exceeded this window, with some liabilities ageing beyond 30 days, 90 days and, in certain instances, more than a year.
She put the total outstanding indebtedness of foreign airlines to FAAN at N18.98 billion.
According to her, the debts relate to statutory charges for services provided by FAAN and are largely processed through the International Air Transport Association’s (IATA) global settlement platform.
Airlines listed in the debt profile include Qatar Airways, Lufthansa, British Airways, Virgin Atlantic, KLM, EgyptAir, Ethiopian Airlines, Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines.
She said Qatar Airways and Lufthansa each owe about N1.5 billion, Virgin Atlantic about N1.35 billion, while KLM, EgyptAir and Ethiopian Airlines each owe over N1 billion.
Other carriers, including Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines, carry liabilities ranging between N700 million and N1 billion.
Committee members queried why FAAN allowed the debts to accumulate beyond the stipulated two-week payment period.
One lawmaker asked why airlines that defaulted were neither sanctioned nor barred from operating at Nigerian airports, and whether late payments attracted interest charges.
Members warned that persistent delays in settling obligations could amount to negligence and undermine the integrity of government revenue collection.
Responding, Kuku said international airline payments often pass through IATA’s central clearing system used globally for ticketing and financial settlements, which can create delays beyond FAAN’s direct control.
She stressed that FAAN closely monitors ageing of debts, steps up engagements with airlines once liabilities exceed 30 days and applies stronger enforcement measures when debts cross 90 days.
She added that the authority had, in some instances, grounded defaulting airlines, particularly domestic operators that do not operate under the same global credit structure as foreign carriers.
Unsatisfied, the committee directed FAAN to furnish it with detailed addresses and documentation of all indebted airlines and warned that the affected carriers would be invited to appear before the House if they failed to clear their debts within the two-week deadline. “We need every kobo that belongs to this country,” Faleke said, adding that any airline found violating its financial obligations to Nigeria would be held accountable.
Foreign airlines operating in Nigeria are required to pay passenger service charges, landing and parking fees, aeronautical charges and other operational levies for the use of airport facilities and services.
Lawmakers have repeatedly argued that while the IATA settlement structure is global, it should not be used as justification for prolonged delays in remitting monies owed to Nigerian agencies.
The latest directive by the House Committee on Finance forms part of wider National Assembly efforts to strengthen revenue collection, block leakages and shore up government income, especially from strategic sectors such as aviation.
General News3 days agoZedvance Hits ₦96bn Lending Milestone, Eyes ₦250bn Target in 2026
Broadcasting3 days agoMadonna University Taps Tech Guru Adote for Strategic Board Role
Telecom3 days agoStarlink Rolls Out V2 Satellites for Direct 5G Connectivity to Smartphones, Eyes Nigeria’s Rural Gaps
News3 days agoAnother Oil Boom: Will Nigeria’s Government Turn Windfall into Growth or Squander it?
Telecom3 days agoEducation Priorities to Help Young People Shape Africa’s Future
E-Financial3 days agoFirst Asset Management Secures Ratings Upgrade
Telecom2 days agoUS Court Dismisses All Claims Against Binance in Major Anti-Terrorism Lawsuit Victory
Broadcasting3 days agoHealthcare Under Attack: Why Cybersecurity is Now Critical Care



















