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Nigerians Will Pay for The New Multipurpose National ID – NIMC

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National ID Card, Nigeria

The National Identity Management Commission (NIMC) has announced that Nigerians will now be required to pay for the newly introduced multipurpose national identity card.

According to Peter Iwegbu, NIMC’s head of card management services, this decision stems from the federal government’s limited revenue, which makes it challenging to fund the production of the cards.

The announcement was made during a two-day press conference in Lagos. Iwegbu explained that charging for the cards aims to ensure that only individuals who truly need them will request them, thereby reducing waste.

“Before we stopped due to funding, we produced more than two million cards, but a lot of them are still in our office because people didn’t need them,” he said.

This move also seeks to address inefficiencies observed in previous attempts to distribute free identity cards, where many remained uncollected.

To make the process more convenient, NIMC is collaborating with banks across the country. Nigerians can visit any participating bank to request and pick up their cards. Additionally, special provisions have been made for less privileged individuals who cannot afford the card but require it for essential government services.

Lanre Yusuf, director of information technology at NIMC, highlighted this effort, stating, “The government has implemented programmes to make the card accessible to less privileged Nigerians who cannot afford it but require it to access government support.”

Features and Expected Launch

The new ID card, described as a “post-paid identity card,” will serve multiple purposes, including identity verification, payments, and access to government services. The card is powered by AfriGO in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System. Yusuf confirmed that sample test cards had already been received, suggesting the card’s readiness for rollout.

The initiative is part of a broader federal government strategy to digitize identification and streamline access to services across ministries, departments, and agencies (MDAs).

Concerns Over Potential Apathy

However, there is growing concern that the decision to charge for the cards could lead to public apathy. Some argue that requiring payment could deter many Nigerians, especially those already facing economic hardship, from obtaining the card. This could undermine the government’s goal of broadening access to identification services.

Experts also warn that apathy could mirror the challenges of past distribution efforts, where over two million cards produced for free remained uncollected. Charging for the cards, they say, risks exacerbating this trend, particularly in rural areas where disposable income is limited, and the perceived need for the card may be low.

While NIMC has justified the fees as a necessary response to limited government funding, the policy raises questions about its alignment with inclusivity goals.

To combat potential apathy, experts suggest increasing public awareness of the card’s multipurpose functionality and its benefits, such as facilitating payments and access to government services. These features, they note, could incentivize more people to view the card as an essential tool rather than an optional expense.

While the initiative aims to reduce waste and improve efficiency, the government has been urged to address public skepticism and economic barriers to ensure widespread adoption. How this policy is received will likely set the tone for future reforms in national identification and other public service programs.

Lagos State Presents N3tn Budget for 2025 Fiscal Year

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Lagos State Governor Babajide Sanwo-Olu has presented an unprecedented budget of N3 trillion for the 2025 fiscal year, underlining the state’s unchallenged position as the economic hub of Nigeria.

This financial plan, aptly titled The Budget of Sustainability, was unveiled to the Lagos State House of Assembly on Thursday. The proposal underscores Lagos’ role as the lifeline of Nigeria’s economy, with no other state in the federation having crossed the N2 trillion budget threshold.

The scale of this budget reflects Lagos’ unique capacity to mobilize resources, driven by its dynamic economy and expansive tax base.

The N3 trillion budget is structured with a projected total revenue of N2.6 trillion and a financing deficit of N408 billion. Governor Sanwo-Olu outlined that N1.77 trillion is earmarked for capital expenditure, while N1.24 trillion is designated for recurrent expenses, including personnel costs, overheads, and debt servicing. Capital-intensive projects such as road infrastructure, environmental initiatives, healthcare, and education dominate the financial blueprint, with economic affairs receiving the highest allocation of N908.7 billion.

The scale of this budget points to Lagos’ ambition to sustain its infrastructure development and improve the lives of its over 20 million residents. Sanwo-Olu emphasized the durability and adaptability of these investments, aiming to cater to the state’s rapidly growing population and urban demands.

However, the budget’s enormity has raised concerns about potential inefficiencies and the inclusion of phantom projects and inflated expenditures. Many have expressed skepticism about the transparency and accountability of such a massive financial plan, warning of the risks associated with unchecked allocations. Claims of padded expenditures have further fueled doubts, with some stakeholders calling for greater scrutiny to ensure the budget serves its intended purposes.

This concern stems from a review of past budgets. For example, Funso Doherty, a Lagos-based chartered accountant and politician, recently spotlighted several significant allocations in the Lagos State Government’s 2023 budget.

Among the highlighted expenditures were N440 million allocated for new Lexus LX 600 bulletproof SUVs for the Chief of Staff’s office and N7.48 million for liquid fragrance replacement in the Governor’s office. Additionally, the budget earmarked N400 million for ad-hoc charter plane expenses.

Doherty also expressed concern over a N69.9 billion allocation for the repair and upgrade of a section of the Eti Osa/Lekki Expressway, questioning the scale of the investment in the road rehabilitation project.

Further scrutiny was directed at the Lagos Rail Mass Transit (LRMT) project, particularly the N218 billion allocation for phase 2 construction. Doherty called on the government to ensure transparency and guard against potential cost overruns or inefficiencies in the project.

This development follows a steady increase in Lagos’ budget over the years. The state’s financial plan grew from N1.77 trillion in 2023 to N2.27 trillion in 2024, culminating in this record-breaking proposal for 2025. The consistent expansion of Lagos’ budget underscores its economic strength, buoyed by robust internally generated revenue (IGR) and a diverse economic base.

Despite its promise, economists have highlighted the challenges of the proposed budget. They note that Lagos must sustain its impressive revenue-generation capacity while ensuring that expenditures translate into tangible benefits for residents. In addition, the rising debt servicing costs pegged at N125 billion in 2025, and the need to curb leakages and corruption were cited as critical issues that need to be addressed.

Assembly Speaker Mudashiru Obasa assured the governor of the legislature’s commitment to a thorough review of the budget, signaling the need for checks and balances as the state pursues its ambitious agenda.

Ripple (XRP) and RXS Coin Price to Rocket Past $5 as Big Investors Increase Holdings: Here’s The Timeline

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Significant investment flows are coming from XRP’s positive momentum driven by regulatory clarity rumors and RXS’s creative use case in real-world asset tokenizing. With clear paths for their expansion, analysts and crypto enthusiasts both believe XRP and RXS will rocket past the $5 mark. Here’s the timeline. 

Ripple (XRP): The Road to $5

Thanks to recent speculation on SEC chief Gary Gensler’s possible resignation, XRP has been riding a wave of good sentiment, headed toward $5. For many who see this revelation as a means of addressing regulatory issues impeding XRP’s expansion, it has inspired hope. XRP is $1.12 as of right now, a 66.27% increase over the previous week and a doubling in value over the past 30 days. The price increase of XRP has been mostly driven by institutional investors’ fresh curiosity. Accumulating XRP at a fast speed, big investors hope for even more positive momentum. This build-up fits forecasts from analysts projecting XRP’s price to rise above $5 by 2025.

Regulatory clarity, more acceptance, and a positive market attitude are the main elements influencing XRP’s possible expansion. Investor confidence has been greatly increased by the settlement of Ripple’s legal dispute with the SEC earlier this year, and any additional regulatory actions could improve XRP’s standing. Furthermore becoming rather popular are Ripple’s payment options, especially for cross-border transactions, drawing more institutional users to the XRP Ledger. Major altcoins like XRP are gaining from the good momentum as the larger crypto market gets into a bull run. One of the most likely cryptocurrencies for the rest of 2024 and into 2025, analysts think XRP might hit $5 if regulatory obstacles are removed and adoption keeps increasing.

Rexas Finance (RXS): The Revolutionary Token Set to Rocket Past $5

Institutional adoption is helping XRP, but Rexas Finance (RXS) is forging forward as a ground-breaking platform that connects the digital and real worlds. Real-world assets like gold, fine art, and real estate can be tokenized, purchased, sold, and held in fractional ownership by users of Rexas Finance. RXS is now a unique token in the quickly expanding real-world asset (RWA) market thanks to this creative use case. With a presale price of just $0.08 as of writing, Rexas Finance has shown tremendous promise. Over $10.6 million has already been raised during the presale, indicating high investor interest.

Investor confidence has increased as a result of Certik’s platform assessment, which guarantees security and transparency. The $1 million giveaway campaign, which has received over 249,000 entries and intends to award 20 winners with $50,000 worth of RXS each, has helped RXS’s presale momentum. In addition to raising awareness, this effort has drawn in a wide variety of investors.

Because of its distinctive value offer and increasing investor interest, Rexas Finance (RXS) has a good chance of surpassing $5. The platform’s capacity to tokenize almost any valuable asset creates a huge unexplored market and puts RXS in a position to promote broad adoption. Experts believe that the token’s final listing price will exceed $0.20, paving the way for exponential growth following the launch. The presale’s performance, with each stage selling out faster than anticipated, indicates significant demand. Furthermore, large investors are beginning to see RXS as a high-growth prospect; forecasts indicate that it could rise to $5 as early as Q1 2025.

To differentiate itself in the cryptocurrency market, Rexas Finance incorporates blockchain technology with practical applications. RXS may experience a large price increase, according to analysts, driven by its usefulness and expanding use, perhaps providing early investors with returns of up to 6,000% in a year. 

Conclusion

Two of the most interesting investment prospects in the present crypto industry are Ripple (XRP) and Rexas Finance (RXS). With a $5 aim by the end of 2025, XRP is a solid option for continuous development given its regulatory development and usefulness in cross-border payments. However, Rexas Finance’s cutting-edge real-world asset tokenization technology is expected to upend established markets and reach $5 as early as Q1 2025. These two tokens are definitely worth taking into consideration for investors looking for high-growth prospects. Both are poised for exponential growth in the upcoming months as RXS transforms asset ownership and XRP establishes its place in institutional finance.

 

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

OpenAI Deploys One Oasis – Double Play Strategy As It Launches a Browser

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Our best product is our blog because via tekedia. com we are able to convert readers to sign up for Tekedia Mini-MBA and other services we offer. As I explained in a Harvard Business Review post, it is critical for companies to have a one oasis, and anchoring on that, execute a double play strategy, where one thing can bring in the customers, and value capture is done via another way, if frontal positioning is not possible.

Companies typically make blogs their side service or at best a sub-domain feature, but I decided to make our blog our top domain, understanding that to win, you need to influence Demand (users), and not necessarily bring more Supply since there is nothing you can provide that is not somewhere on the web. In other words, the grand competition is about who can influence the users, and not who is bringing more stuff in a sea of the internet, for the products and services we offer.

When you take that to a higher level, owning a browser at the highest league becomes strategic. A few days ago, I argued that taking Chrome out of Google, by the government, will make Google blind since the eyes of Google to the web will always come from the browser. OpenAI understands that and wants to have its own eye:

 “OpenAI is reportedly exploring the development of its own web browser, a move that aligns with its recently announced plans to launch a dedicated search engine. These steps mark a significant shift for the company, signaling its intent to challenge Google’s dominance in the search and browser markets. The potential browser, which could incorporate OpenAI’s ChatGPT, is said to have been shown in prototype or design form to companies such as Conde Nast, Redfin, Eventbrite, and Priceline, according to The Information.”

The apps and websites of the near-future will evolve, and new browsers will be needed to make the integration of AI agents more optimal. So OpenAI going for this is the right call. Fortunately for Google, this announcement becomes a weapon to argue in its expected appeal that the government should not take Chrome from it.

OpenAI To Develop Its Own Web Browser – Report

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OpenAI is reportedly exploring the development of its own web browser, a move that aligns with its recently announced plans to launch a dedicated search engine.

These steps mark a significant shift for the company, signaling its intent to challenge Google’s dominance in the search and browser markets. The potential browser, which could incorporate OpenAI’s ChatGPT, is said to have been shown in prototype or design form to companies such as Conde Nast, Redfin, Eventbrite, and Priceline, according to The Information.

This development comes amid heightened scrutiny of Google’s dominance in the browser market. The U.S. Department of Justice (DOJ) has intensified its antitrust case against Google, suggesting that the tech giant sell its Chrome browser to curb its monopolistic hold on online search.

The DOJ’s arguments are part of a broader effort to dismantle barriers to competition in the tech industry. The emergence of OpenAI-backed browser and search services could provide the competition regulators have been seeking, particularly as OpenAI is strategically positioned as a disruptor.

Backed by Microsoft, OpenAI has rapidly evolved from being a leader in generative AI to positioning itself as a comprehensive tech challenger. Microsoft’s deep integration of OpenAI technology into its own products, including Bing and Office, has already pushed it into direct competition with Google in the search and productivity software markets.

OpenAI’s potential entry into the browser arena, powered by its advanced AI tools, could offer consumers a uniquely integrated experience—far beyond traditional browsing or searching functionalities.

Redefining Competition in the Browser and Search Markets

For years, Google has faced minimal competition in search and browsers. Rivals like Microsoft Explorer (Edge) and Firefox have struggled to capture significant market share, leaving Google virtually unchallenged. However, OpenAI’s plans, coupled with the financial and technical backing of Microsoft, could turn it into the competitor Google never had.

This transformation could reshape the ecosystem, especially as OpenAI leverages AI-first capabilities, such as conversational search and personalized web interactions, to attract users.

OpenAI’s ambitions are bolstered by its ongoing partnerships with major tech players. It is reportedly in talks to bring AI features to Samsung devices, a partnership that could disrupt Google’s reliance on Samsung as a key Android partner. Additionally, OpenAI’s collaboration with Apple, which powers “Apple Intelligence” features on iPhones, highlights its growing influence in consumer tech.

Despite these advances, OpenAI’s browser plans remain in their infancy. According to The Information, the company is “not remotely close” to launching the product. However, with the DOJ pushing for the divestiture of Chrome and OpenAI’s accelerating moves in the search space, the stage is set for a potential shift in the digital landscape.

OpenAI’s entry into the browser market could intensify competition at a time when Google is already under pressure to prove its relevance in an AI-driven future.

Alphabet shares fell approximately 1% in after-hours trading following a 5% decline earlier, reflecting market concerns about increasing competition and regulatory pressures.

This development aligns with OpenAI’s broader strategy to embed its technology across platforms, a move that could accelerate its influence beyond its chatbot origins.