Connect with us

General News

Nigeria, Other African Nations Eye Sin Taxes, Debt Restructuring to Replace Lost Funding

Published

on

Kindly share this post

Cash-strapped African nations are looking at imposing sin taxes, restructuring debt and even trying to take a cut of diaspora remittances to replace lost aid funding and prop up their health systems.

Nigeria, Other African Nations Eye Sin Taxes, Debt Restructuring to Replace Lost Funding

So called sin tax, is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as alcohol, tobacco, drugs, candy, soft drinks, fast foods, coffee, sugar, gambling, vaping, cannabis and pornography.

According to the Telegraph, ten months after Donald Trump slashed America’s lavish overseas aid, former recipients are scrambling for new ways to fill the gaps, said one of the continent’s leading public health experts.

International health aid is projected to drop by two-fifths in 2025 compared with 2023, according to new World Health Organization figures.

A WHO survey has found cuts have reduced critical services such as maternal care, vaccination and disease surveillance – by up to 70 per cent in some countries.

Nations have acknowledged Mr Trump is not going to change his mind, and similar cuts from the UK and others mean global aid funding is not going to return to levels of recent years.

Prof Helen Rees, a world renowned HIV and global health researcher, said: “We are seeing just a real change in the way that people are thinking about the way we are going to finance.

“Because that is the reality and this is not going to come back to any of those levels that we have seen.”

Prof Rees, who heads the Wits RHI research institute at Johannesburg’s University of the Witwatersrand, said there was also an acknowledgement in many countries that they had become too dependent on aid.

She said: “Many African health ministers have now said we shouldn’t have done this, we shouldn’t have had this level of dependency, so that when it was withdrawn, we all suddenly reeled backwards and said oh my goodness, we hadn’t planned for this.”

African health leaders have also admitted that the previous international largesse had been inefficient and often wasted, doing too little to build up lasting health systems that could stand alone.

Dr Jean Kaseya, director-general of the Africa Centres for Disease Control and Prevention, recently estimated that 60 per cent of traditional foreign health aid to Africa was effectively wasted.

He said: “Let me also shock you: We don’t need more than 40 per cent of [the] money we were receiving before.”

As aid cuts have bitten, Kenya, Nigeria and South Africa have all allocated budget increases to health, and are trying to get the increases approved by their parliaments.

Prof Rees said countries were looking at how they could increase taxation to make up for the lost money.

Some were looking at so-called sin taxes, including targeting a boom in online gambling.

Ghana earlier this year put a 20 per cent increase on taxes for alcohol, tobacco products and sugary drinks, in part to raise money for its health service.

Crypto currency could be another target for taxation, Prof Rees said.

Another area being investigated is money sent from abroad.

She said: “If you imagine some of the big countries that have got a big diaspora, remittances are a hugely important part of the foreign exchange income.

“So is there a way that diaspora remittances can be looked at?”

Countries were also looking at pooling procurement to get better bargaining power on vaccine and drug deals, following an example set by the Pan American Health Organisation, which has had a similar scheme since the 1970s.

As countries fund themselves with more of their own money, they will have to make their own prioritisations about what healthcare they want.

Prof Rees said: “Actually some of these health products that we really need are expensive. Countries are going to have to say, if I buy that vaccine, I can’t buy that drug, or I can put money into health services.”

The financial squeeze is not confined to countries. She said global health agencies such as those run by the United Nations, or bodies such as the Global Fund and the GAVI vaccine alliance were also looking at how to cut costs, pool resources and streamline.

She said: “At every level, people are starting to say it can’t be business as usual and we have to rethink at every single level how we do our business.”

International aid will not disappear, but she said increasingly Washington was doing country-to-country deals, rather than backing big global agencies and programmes.

African nations were also going to have to be better at making the case for support, she suggested.

While there was a clear humanitarian case for health aid, she said there was also a case that it had security and stability benefits for richer countries, including a reduction in migration.

She said: “There’s also a very real case about stabilising poor countries.

“Investment in development and investment in health is a stabiliser for countries. If countries can’t afford to do it adequately themselves, you are going to get destabilisation of economies and therefore of political stability.

“Are countries just going to close borders, or do you say that investment actually builds stability and therefore the need for immigration diminishes? Development aid and stability are incredibly important.”

The WHO this week launched new advice for countries dealing with the aid cuts.

Dr Tedros Adhanom Ghebreyesus, the director general, said: “Sudden and unplanned cuts to aid have hit many countries hard, costing lives and jeopardising hard-won health gains.

According to the African Energy Chamber’s 2025 report, African oil and gas firms face growing “off-field risks,” including regulatory uncertainty, security vulnerabilities, and tighter financial conditions—factors that complicate efforts to raise capital or pursue stock listings.

 

 


Kindly share this post

Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

General News

LG Electronics Celebrates Women Who Power Progress @ 2026 Women’s Month Event

Published

on

Kindly share this post

LG Electronics has reinforced its commitment to gender inclusion and women’s empowerment with the successful hosting of its 2026 Women’s Month event, themed “Women Who Power Progress,” at its Lagos office.

The event brought together accomplished women from diverse industries for a thought‑provoking panel discussion that explored their personal journeys, career-defining moments, and the inspiration behind their success in traditionally male-dominated and highly competitive fields.

The distinguished panel featured award‑winning filmmaker Mrs. Biodun Stephen, Mechanical Engineer Engr. Adeola A. Adeleke, Interior Design Leader Dr. Jennifer Chukwujekwe, and MEP Engineer Engr. Moyosore Onabolu. The session was expertly moderated by actress and entrepreneur Blessing Obasi‑Nze, who guided candid conversations around ambition, resilience, and purpose.

Throughout the discussion, panelists shared compelling stories of perseverance, the challenges they overcame, and the values that shaped their professional paths. They also offered practical advice to women navigating their careers, emphasizing the importance of resilience, continuous learning, self-belief, and mentorship as key drivers of long-term success.

A major highlight of the event was the keynote address delivered by Engr. Dr. Funmilade Akingbagbohun, the first female National Chairman of the Nigerian Institution of Mechanical Engineers (NIMechE), Mechanical Engineer, and STEM Advocate. Her keynote address tagged “Women Building, Fixing, Innovating, and Powering the Future of Technology,” delivered a compelling call to action for women, organisations, and society at large.

“Women are building, fixing, innovating, and powering the future of technology. As we mark International Women’s Day, my call to action is simple but urgent: rise, build, break barriers, and lift others along the way,” she said.

“To organisations like LG Electronics, continue to foster inclusive environments where women can thrive, lead, and innovate. To every woman here, be bold, pursue excellence, and never underestimate your potential. To the next generation, embrace STEM careers with confidence and courage. And to all of us, support one another because success is more meaningful when it is shared.”

“While we celebrate progress, we must acknowledge the challenges that still exist, from gender stereotypes and underrepresentation in leadership to the pressure of balancing multiple roles. Yet today’s woman is competent, resilient, and visionary. We are no longer waiting for opportunities; we are creating them, claiming them, and excelling in them. When women rise, organisations grow, and society progresses. There is no limit to what we, as women, can accomplish.”

Speaking at the event, the Managing Director of LG Electronics, Mr. Hyoung Sub Ji, underscored the company’s belief in the transformative power of inclusion.

“At LG Electronics, we believe that empowering women is not just a social responsibility, it is a catalyst for innovation, growth, and sustainable progress. Creating platforms where women’s voices and experiences are celebrated is essential to building a more inclusive future,” he said.

Held in a vibrant and engaging atmosphere, the event also provided a valuable networking platform for attendees to connect, celebrate achievements, and exchange ideas in a relaxed and inspiring environment.

In line with the broader International Women’s Day theme, “Give to Gain,” LG Electronics used the occasion to reaffirm its belief that investing in women strengthens communities, organisations, and society at large.

Through initiatives like “Women Who Power Progress,” LG Electronics continues to champion diversity and inclusion, celebrating women who are not only breaking barriers but actively shaping the future and powering progress across industries.


Kindly share this post
Continue Reading

General News

EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

Published

on

Kindly share this post

Economic and Financial Crimes Commission (EFCC) has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.

EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

Ola Olukoyede, chairman, raised the concern during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030) in Abuja.

Olukoyede, warned that digital currencies such as Bitcoin are increasingly being exploited by criminal networks to move funds across borders undetected.

According to him, advances in technology, weak regulatory frameworks, and gaps in global financial systems have created fertile ground for cyber-enabled financial crimes.

The anti-graft agency boss stressed that tackling cryptocurrency crime required coordinated national strategies, stronger institutions, and intelligence-driven enforcement.

According to him, the new UNODC programme comes at a critical time when Nigeria and the global community are facing growing threats from organised crime, cybercrime, and illicit financial flows.

Olukoyede described the initiative as a strategic platform to strengthen the rule of law, improve the criminal justice system, and protect citizens from financial and violent crimes.

Musa Aliyu, chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in his comments, called for stronger inter-agency cooperation.

Aliyu said Nigeria faced interconnected threats, including violent extremism, smuggling, organised crime, and illicit financial flows, warning that no single agency could address them alone.

 

 


Kindly share this post
Continue Reading

General News

FG Awards N50m Each to 45 Students under S-VCG

Published

on

Kindly share this post

Federal government has awarded N50 million each to 45 students selected from 65 finalists drawn from public and private tertiary institutions nationwide under the Student Venture Capital Grant (S-VCG).

FG Awards N50m Each to 45 Students under S-VCG

Tunji Alausa, minister of Education, unveiled the initiative at the weekend at the United Nations Development Programme Innovation Hub in Ikoyi, Lagos, describing it as a bold step toward positioning Nigerian youth as drivers of global innovation.

Alausa said the programme marked a significant shift in education policy, aimed at empowering students through innovation, entrepreneurship, and skills development. He noted that the grant offers equity-free funding, mentorship, incubation, and access to digital tools.

He explained that the beneficiaries emerged after a rigorous selection process involving over 30,000 applicants from more than 400 tertiary institutions across the country, culminating in a three-day bootcamp and pitch session before industry experts.

According to the minister, the initiative is designed to transform tertiary institutions into hubs of innovation and economic development, enabling students to move from ideation to commercialisation and become job creators.

“Today is not just another programme event. We are activating a new future for Nigerian students where great ideas are nurtured into impactful solutions,” he said.

Also speaking, Suwaiba Ahmad, minister of State for Education, described student entrepreneurship as a critical national strategy for job creation and economic growth. She emphasised the need for institutions to move beyond theory and support students in translating ideas into viable enterprises.

Similarly, Bosun Tijani, minister of Communications and Digital Economy, commended the initiative, urging beneficiaries to focus on building sustainable and impactful solutions rather than pursuing short-term gains.

He advised students to adopt consistency and long-term thinking, noting that small, sustained efforts could lead to meaningful innovation and societal impact.

In her goodwill message, Elsie Attafuah reaffirmed the commitment of the United Nations to supporting Nigeria’s innovation ecosystem.

She encouraged beneficiaries to refine their ideas, respond to market needs, and contribute meaningfully to national development through innovative solutions.

The minister acknowledged key partners, including the UNDP, Google, and the Bank of Industry, for their support in implementing the initiative and expanding opportunities for young innovators across Nigeria.


Kindly share this post
Continue Reading

Trending