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Home Blog Page 4940

Nigeria to Exceed Borrowing Limit In 2023 Budget

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Finance Minister, Nigeria

Just recently, the federal government of Nigeria has proposed to borrow over N11 trillion to finance the proposed 2023 budget deficit, a development far above the stipulated threshold in the fiscal responsibility act.

This was disclosed by the Minister of Finance, budget, and national planning, Zainab Ahmed, who appeared before the house of representatives committee to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The minister disclosed that the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keeps the petroleum subsidy for the entire 2023 fiscal cycle. She revealed that the 2023 budget proposal is based on two options.

On the first option, the deficit is projected to be N12.42 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 percent of the total revenue. Concerning this option, she disclosed that the federal government would spend N6.72 trillion on subsidy payments.

On the second option, the minister disclosed that if the federal government keeps subsidy payments till June 2023, the budget deficit would amount to N11.30 trillion. In this option, the PMS subsidy is projected to gulp N3.3 trillion. The new borrowings have been disclosed to come from local and international sources.

Displeased with the federal government proposal over plans to borrow over N11 trillion to finance the proposed 2023 budget deficit, is People’s Democratic Party (PDP) Presidential aspirant, Atiku Abubakar, who has on several occasions proposed solutions to some of the myriad of problems the country is faced with.

Atiku Abubakar took to Twitter where he created a thread on how his government will halt debt accumulation, and attract foreign and local investments in Nigeria if elected.

See what he said;

”Last week the National Bureau of Statistics released the GDP figures for Q2 2022. The government has been unreasonably upbeat about the reported growth rate of 3.4%. The plain truth is that the economy is in deeper trouble than the APC-led government is willing to admit. The citizens’ level of misery hasn’t changed, and the reasons are obvious.

“First, the key sectors of the economy, notably agriculture, oil and gas (the country’s cash cow), and manufacturing (that contributes to jobs), are either growing slowly or declining.

”Second, unabated are rising commodity prices occasioned by high energy and transportation costs (and aggravated by the disorderliness in the forex market). Also, debt levels continue to rise while the fiscal capacity to service its debts is declining.

“All these are enough to erase the perceived gains from output growth. Having run out of ideas, it appears that our unprecedented level of indebtedness is whetting the government’s appetite for more debt. This is a recipe for macroeconomic instability.

“We challenge the National Bureau of Statistics to share with the public their recent statistics on poverty, unemployment, and commodity prices—the reality of which will leave no hope for the common man.

“Like I have said before, increasing debts will never be a solution to our indebtedness. My government, if elected, will halt the rate of debt accumulation and instead focus on private-public partnerships in financing development.

Also is the consideration of a government of national unity that will douse the temperature, unite Nigerians and pave the way for improved security. Improved security allows for investments and, therefore, an improved economy.

”Also targeted tax rebates to attract foreign and local investments, amongst other proactive measures to attract investments to grow the economy. -AA”

It is interesting to note that the Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn as of December 2021 to N19.01tn as of April 2022. According to the CBN, this represents an increase of N1.55tn within the first four months of 2022.

The World Bank had in November last year warned the Nigerian government against financing deficits by borrowing from the CBN through the Ways and Means Advances, stating that doing so will put fiscal pressures on the country’s expenditures.

In Case You Missed It

Below are some of the recent proposed solutions PDP Presidential Aspirant Atiku Abubakar has proffered on some challenging issues in the country, published on Tekedia.

1.) The Atiku Abubakar’s proposal to Fix Electricity in Nigeria

2.) Stabilizing Nigeria’s Economy – PDP Presidential Candidate Atiku Abubakar Proposes $10 billion Economic Stimulus

Big Eyes Coin and Decentraland Are Two Crypto Tokens For The Highly Coveted 100X Reward

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There is one thing that you need to pay some attention to, regardless of if you have been involved in the market for a long time or whether you have just begun engaging in cryptocurrency. Nearly all price movements in cryptocurrency can be boiled down to one sign.

If you don’t see this sign, there is a slim chance that your alternative cryptocurrencies will change hands. Therefore, you shouldn’t wait for a 100X recompense from various crypto projects.

But every once in a while, one or more of these cryptocurrencies will experience a price surge, although the likelihood of this occurring is relatively low. In a bear market, it is not inconceivable to get a return of 100 times your portfolio; the odds of doing so are a bit low.

A 100X is achievable; you just have to find the right project. It can be a bit of a stretch to get on the perfect project, and that’s why you are here, doing your research. Well, welcome because we have done the underground work and have found two crypto projects that may do great just sitting in your wallet.

The potential energy from Big Eyes Coin (BIG) and Decentraland (MANA) for a 100X success is palpable. So let’s take a look at both tokens.

Big Eyes Coin (BIG) – The Feline Sensation

The Big Eyes Coin (BIG) token ecosystem is built on monetization and user participation principles. The network’s long-term goal is to compete on a technological and efficiency level with other crypto chains that have recently entered the market and shaken things up.

It is the stated goal of the Big Eyes Coin (BIG) token network to “establish and preserve ocean sanctuaries and marine life. Taking the sentiments of NFTs out to sea, the platform aspires to become one of the top 10 NFT projects in the world.

Naturally, this will be accomplished in collaboration with its growing community, reaping benefits for all users. In addition, funds collected through NFT tax contributions will also make a sizable contribution to the cause of conserving the hydrosphere.

How To Buy Big Eyes Coin (BIG) Token

The steps are easy and hassle-free. All you have to do is:

  • First, get a Metamask wallet or a Trust wallet by signing up. Metamask should be used with a desktop browser, while Trust Wallet should be used with a mobile browser.
  • Now, you can access all three choices in mobile browsers by selecting “connect wallet” or “wallet connect.”
  • You can use a credit card to buy Ethereum (ETH).
  • Exchange Ethereum for Bug Eyes (BIG)
  • Purchase BIG with Tether (USDT)

For more information, visit the project’s official site.

Decentraland (MANA) – The Land Of The Virtuals

Decentraland (MANA) is an open-source platform that brings the idea of an all-inclusive arena for users all around by leveraging the Metaverse and NFTs. Decentraland (MANA), which runs on the Ethereum network, is one of the most played blockchain-based games, with over 300,000 active monthly users.

Metaverse content continues to expand daily. Others have followed in the footsteps of pioneers like Decentraland and found success with their Metaverse platforms. However, Decentraland’s continued prominence as a cryptocurrency market leader and Metaverse industry disruptor is assured by the steady stream of new technologies.

Adding MANA to your portfolio could prove beneficial in the long run.

The tip here is to get active, put your ers out there, and fish out opportunities that suit your financial needs and ideals. If you are a proponent of the tech industry, MANA is your cup of tea. And if you are an ardent supporter of saving the environment and keeping the clean earth while also making money from the endeavor, then Big Eyes Coin (BIG) is just that.

Here’s Why GryffinDAO, Avalanche, And Synthetix Are Worth Your Time And Money

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More than just an investment option, cryptocurrencies have grown by leaps and bounds to assume strategic business value with their ability to drive impact across sectors on a global scale. From multinational corporations accepting payments in cryptocurrencies to financial institutions offering staking services, blockchain-based decentralized finance has immense potential to drive impact. For an individual investor, these digital assets ensure not only promising returns but also immunity against market volatility. If you are a rookie investor looking for long-term cryptocurrency investments, you can start by researching some of the top performers in the market like GryffinDAO (GDAO), Avalanche (AVAX), and Synthetix (SNX). Here’s a look at what makes them such sought-after assets.

GryffinDAO: Leveraging the potential of deflationary rebase token models

GryffinDAO is an open-source cryptocurrency exchange platform. It is built on the Binance Smart Chain system that paves the way for fast-paced and seamless transactions. The integration also lends efficiency to GryffinDAO’s smart contracts system and makes the platform compatible with Ethereum Virtual Machines.

Users can look forward to low transaction fees and permissionless operations. Another distinct feature of the platform is that it uses the proof-of-stake protocol to power its operations. The platform rewards its users for providing liquidity and staking in terms of the GDAO Token.

Users can purchase the GDAO Token on presale. It has its own native token, GDAO, that can be used for staking, yield farming, and all other transactional purposes on the platform. The GDAO Token is built on a deflationary rebase system. Under the system, the tokens are burned regularly to keep their supply limited. The feature protects the token’s value against price fluctuations.

A fact that users should know is that the burning of tokens is automated as the GDAO is a rebase token wherein the token supply is linked to an algorithm. Under a rebase token system, the algorithm automatically burns or mints tokens depending on the ecosystem conditions. The model boosts user confidence in the token and ensures that there are always ample assets available to meet users’ needs.

As far as governance structure goes, GryffinDAO offers users ample opportunities to not only earn but also contribute to the platform’s development. Depending on the quantum of tokens they own, users get voting rights to present their views on proposals pitched by other members. These proposals may range from new projects, new features, liquidity additions, and partnerships to technology upgrades for the platform.

Speaking of minting new tokens, the task is performed without requiring much capital on the GryffinDAO platform, all thanks to liquid bootstrapping. Liquid Bootstrapping is a smart contracts system that tweaks a cryptocurrency exchange’s liquidity pools as per user requirements.

Avalanche’s Core Mobile to get new Web3 command centre

From being fast-paced and secure to being eco-friendly, Avalanche as a smart contracts platform for launching agile dApps has a lot to offer its users. The dApps launched in the Avalanche ecosystem. Its native token AVAX helps users fulfil all their transactional needs on the platform. In a recent development, Avalanche’s parent organisation Ava Labs announced that Core Mobile would be getting a new Web3 Command Centre which would be amping up user experience. Core is a free browser extension made especially for Avalanche users. It has a non-custodial interface.

Synthetix’s transactional volume crosses $100 million for nine straight days

Synthetix is an open-source platform that is based on a liquidity protocol to facilitate decentralised trading of derivatives. The Synthetix system has launched its own native token SNX that can be used for all transactional purposes ranging from staking to yield farming. Marking another feather in its cap, Synthetic recently announced that it had crossed the $100-million mark in transactional volume for nine straight days on June 24, 2022.

These three tokens can be added for repairing potentially huge returns in the medium to long term. Diversification of assets can help in minimizing risk.

https://fly.gryffindao.com/register

Can These 2 Cryptocurrencies Help You Become a Millionaire: Pugglit Inu and Polygon

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High risks are often associated with cryptocurrencies. The primary reason is that neither these transaction modes are regulated, nor does any governing body deems itself responsible if there is loss incurred in any case. Many countries are on track to add this channel officially into their governmental finance scheme. This step possibly will minimize the fear among the masses. However, even if it’s regularized, it only eradicates any likelihood of a scam; the volatility is still there. This, too, is a significant cause of repulsion for traders because the coin is dependent on external stimuli to increase/decrease in price.

No notice, no accountability, and everything is gone. No doubt about that. But there’s a solution: to delve in and determine which coins are worth trying. A decision backed by straight facts and a topping of logic does the job. You’re not supposed to worry about this component because we’ve researched and presented a viable opportunity. The first one we’ve here with us is Pugglit Inu (PUGT).

Pugglit Inu (PUGT)

Pugglit Inu (PUGT) is built on Binance Smart Chain – an exchange known for its security in the internet world. Pugglit Inu (PUGT) is a meme coin set to make a difference in the community. The name has come out of combining the characteristics of a dog and pig (Puggle and Piglet).

Meme coins have had a history of disrupting industries. Remember the overnight transformation Dogecoin brought? And then, Shiba followed the same trend aiding many to realize their goals of holding a million dollars. The competitive advantage of meme coins over traditional cryptocurrencies is that a conventional currency has got to build its reputation down the road. It sometimes takes years for the traders to experience an increase in value. On the other hand, Meme coins are birthed out of already circulating memes across social media. The hype around that meme is channelized to bring traffic for these coins.

Pugglit Inu (PUGT) is seen multiple times endorsing its cryptographic security. However, there have been many instances where the exchanges were scammed or hacked. This platform aims to avert such events in the future with a built-in secure infrastructure.

A swapping feature allows you to trade any Cryptocurrency token with Pugglit Inu (PUGT). You can either hold this currency to sell it later, with added rewards or utilize it.

Pugglit Inu (PUGT) plans to extend its services and create an application that’ll enable the pet community with the pet walker/sitters so the pet won’t have to suffer from the busy schedule of the owner. It’s a service-based offer, and a means to be a helping hand to the community.

The platform runs on a Reserve Currency protocol and depends on the stakeholders to make decisions. Each member onboard has a right to register their vote or propose a feature. It’s voted, utilizing the Decentralized Autonomous Organization principle.

Polygon (MATIC)

In multiple ways, Polygon (MATIC) resembles the Ethereum protocol. The only thing that creates the difference is that Polygon is a layer-2 scaling solution. Ethereum has always had issues with transaction processing times and gas fees. Polygon (MATIC) offers a solution in this regard. Moreover, it’s EVM compatible, which means applications that run over Ethereum can be deployed over Polygon (MATIC); Aave is one example.

The platform uses the Proof of Stake consensus model, enabling the platform to run millions of transactions a second in the future. Currently, it accounts for around 65,000 transactions. As of now, it’s traded at approximately 0.8 USD and ranks at 13 on coinmarketcap.

Pugglit Inu (PUGT) could achieve the same as Polygon (MATIC) as it’s not a conventional meme coin. Instead, it integrates the meme with the utility part, which is why we find it more feasible. You’ll get a whopping 18% more by buying it with Bitcoin in your wallet. You can also get an additional 10% for purchase in presale stage 1.

https://pug.pugglitinu.com/register

First Bank’s Firstmonie Agents Record Over 1 Billion Transactions worth Over N22 Trillion in Value

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Nigeria’s push for financial inclusion, which aims to bridge the wide gap between the banked and unbanked, has seen significant growth buoyed by increased activities of both commercial banks and telecom companies, through mobile money among others.

The value of mobile money transactions in Nigeria increased by 3,454.46% (N4.86tn) in the first four months of 2022 from (N136.85bn) in the corresponding period of 2019 – playing a big part in this huge progress is money agents. In this arena, both banks and telcos are recording high figures in transaction value

One of the big players in the money agents arena, First Bank of Nigeria (FBN), has announced that its agent banking network – Firstmonie Agents has collectively processed transaction volume of over 1 billion, amounting to over 22 trillion Naira.

This follows a nearly 100,000 increase between 2021 and 2022 in the company’s money agents base.

First Bank said that the number of its Firstmonie agents grew from 86,000 in 2021 to 180,000, covering a total of 772 Local Government Areas in Nigeria presently.

According to the bank, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals and Money Transfer

The bank said that Firstmonie Agents have helped to drive financial inclusion in Nigeria bringing financial services closer to the underbanked and unbanked segment of the society, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.

Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities whilst importantly having their business sustained, the Bank’s Agent Banking scheme has remained a toast to Nigerians, irrespective of where they are in the country. Amongst these schemes is the Agent Credit – launched in 2020 – which has had the Bank provide credit facilities to the tune of 238 billion naira to its teeming Firstmonie Agents.

Expressing his appreciation to the Firstmonie Agents, Dr. Adesola Adeduntan, CEO, FirstBank said the scheme recorded this stride while saving people the trouble of going long distances to carry out financial transactions.

“since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in traveling over long distances for basic banking services.

“We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion and commend them for their efforts in taking banking to the doorsteps of Nigerians – irrespective of where they are – in a very effective way”, he concluded.

More than 42 million Nigerian adults live in rural areas that lack basic banking services, leaving them out of access to basic financial services. This opens a huge gap that financial service providers and mobile network operators are trying to fill using schemes that include money agents.