Business
Nasarawa Develops Strategies To Increase IGR, Harness Mineral Deposits – Says Monthly IGR Now Stand At N20 Billion
By Solomon Attah, Lafia
In order to provide more dividends of democracy to the people, the Nasarawa State Government, has developed new strategies to increase its Internally Generated Revenue (IGR) and to harness the mineral resources of the state.
Governor Abdullahi Sule stated this during his visit to the Emir of Karshi, Sani Mohammed-Bako in Karshi Development Area of Karu Local Government of the state.
According to him, his administration has taken bold steps to improve the revenue base of the state through the establishment of local processing industries, mainly for the local mineral resources in the state.
“Karshi Development area is endowed with rich natural resources including Gold and Lithium. A tone of Lithium then was sold for eight thousand Dollars.
“But now, it costs seventy two thousand dollars per tone. Lithium is used for the manufacturing of batteries for handset among other things.
“We will continue to look for ways of attracting foreign investors to exploit these resources within the localities instead of extracting them and export them.
“I am happy to inform you that the marbles and tiles you see in airports in Lagos and other major cities in Nigeria are manufactured in Gudi. So we have started the establishment of local processing industries mainly for our local mineral resources.
“We are doing all these to raise our revenue base. In 2019 the internally generated revenue of the state was N7.1 Billion but today due to our determination and commitment to harnessing what we have, the IGR of the state is over N20 Billion monthly.
“That is why we are able to pay salaries as at when due. Right now we no longer wait for allocation from the federation account to carry out our activities. We have money gotten from our IGR that we can also use to pay salaries.”
The governor stated that if given the mandate for the second time, he will ensure that more women are captured in the “Kudin A. A. Sule Project” which is a micro finance scheme primarily for women empowerment.
“Our women will continue to be supported with grants to invest in small businesses. Karshi which is in Karu is so dear to my heart considering its close proximity to the Federal Capital Territory.
“We will, therefore take advantage of the abundant resources to transform them for the development of the area and the state in general,” Sule said.
Sule further stated that, the party in the state felt it was not enough to take campaigns just to local government areas alone, hence the reason for visiting development areas to also solicit the support of people in the forthcoming general elections.
He called on the people of the area, especially the traditional rulers to enlighten the people to live in peace to attract more development.
The Emir of Karshi, Sani Mohammed-Bako, appreciated the governor and his entourage for the visit and congratulated him for the good works he has done so far across the state including Karshi Development Area.
He assured the governor of his people’s desire to reward his administration with votes for the good work done so far and appealed to him to redouble efforts in developing Karshi Development Area if reelected.
Earlier, Chairman Nasarawa State APC Campaign Council, Abubakar Sodangi said, the visit to the palace of the Emir was to inform him of the governor’s reelection and to seek his blessing and assure the people of the area of the governor’s commitment in improving their livelihood among others if re-elected.
“The governor has said over and over again that he is going to take advantage of our proximity with Abuja to open doors of opportunities for the people of the state especially you people living in Karu
“All he is seeking for is your blessings and support to get reelected and finish the numerous projects he has started,” he said.
Governor Sule’s is currently touring the 18 Development Areas across state, where he is holding Townhall meetings with stakeholders after the initially campaign to all the 13 local governments.
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.
This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.
The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.
The agency issued the advice in a terse post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.
The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.
The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”