Media Startup, Dataphyte Receives $100k in Seed Investment from MDIF
Breaking the back of the revenue camel is one mission Dataphyte has given itself alongside its primary purpose of using data as a media tool for social re-engineering in Nigeria and the neighbouring countries in Africa.
The media, research, and data analytics startup has just raised $100,000 in seed funding with Media Development Investment Fund (MDIF) to help the company carry forward its innovative work of using data to create digital products. Dataphyte is among the fresh set of successful investment portfolios of MDIF in West Africa. [Read more]
World Disabilities Day: 24 States yet to Domesticate the National Disability Rights Act
A statement by the Centre for Citizens with Disabilities (CCD) revealed that 24 States in Nigeria are yet to adopt the National Disability Rights Act.
Every year, December 3 is observed as the International Day of Persons with Disabilities (IDPD). The observance of this annual event was adopted in 1992 by the United Nations General Assembly resolution 47/3.
The UN noted that an estimated 15% of the over 7 billion people in the world live with some form of disabilities, and developing countries account for 80% of them.
In Nigeria, there are over 25 million persons living with one form of disability or another. That is an average of one out of every eight Nigerians. [Read more]
The Real Deal: Dealing with Nigeria’s Budget deficits by Dealing with its Housing Deficits
Today, a new generation of Nigerians live through the country’s prolonged battle with two of its biggest socio-economic deficiencies – a protracted housing deficit and recurrent budget deficits.
These two big deficits threaten the fiscal and physical well-being of the government and the people respectively.
Nigeria currently services debts with almost all its annual revenue. While many policy experts warn that this is unsustainable, the Government is not relenting in its mission to run the country bankrupt.
Then there is Nigeria’s other intractable deficit – the housing deficit. Nigeria has one of the lowest homeownership rates in the world, especially in its urban areas. [Read more]
Despite Auditor-General’s Warning, FG budgets N2.47 trillion as Service Wide Vote in 2022
The Federal Government of Nigeria has earmarked the sum of N2.47 trillion as Service Wide Vote (SWV) in the 2022 proposed budget, despite concerns around it.
A Service Wide Vote which is also known as the Consolidated Revenue Fund Charge is more or less the country’s contingency fund in the annual budget. The recurrent expenditure part of the fund is what is actually referred to as the SWV, while the capital part of it is called Capital Supplementation.
In the 2022 proposed budget, the total recurrent which is the SWV stands at N1.91 trillion, while the Capital Supplementation at N561.29 billion, brings the total sum to N2.47 trillion.
If the proposed budget is approved, the N2.47 trillion allocated to SWV will be the highest amount since 2015. A huge allocation, enough for the Senate to raise alarm over especially given the opacity of the funds. In fact, the Senate House described the SWV as the biggest fraud in Nigeria, stating that even the Standing Committees of the Senate do not know anything about its spending. [Read more]
#ChartoftheDay: 10 States with the Lowest Internally Generated Revenue in H1 2021
According to the National Bureau of Statistics (NBS), these states have the lowest internally generated revenue in H1. Internally Generated Revenue (IGR) for each state is made up of road taxes, pay as you earn, direct assessment, revenue from ministries, departments, and agencies, and other taxes which are made of land-related fees.
Yobe state has the lowest IGR with a total of 4.031 million naira, Taraba state follows with a total of 4.7 million naira, and then Gombe with a total IGR of 5.4 million naira.
Yobe, Taraba, and Gombe states are all in the NorthEast region of Nigeria and the ongoing fight against Boko haram with its devastating effect on socio-economic activities might be to blame for their low Internally generated revenues.