Business
MTN Pays Over N549bn Taxes, Levies To FG

A Telecom service provider, MTN Nigeria Communications Plc, has announced that it contributed N549.3bn in taxes and levies to the Federal Government.
In a release it disclosed its 2023 Sustainability Report, the company said it expanded its connectivity to 79.7 million people, achieving 92.9 per cent nationwide coverage.
“We are proud of the progress we have made so far, expanding connectivity to 79.7 million people, achieving 92.9 per cent nationwide coverage, and investing N2.6bn in corporate social investment programs that have impacted over 58,000 lives through the MTN Foundation.
“We also contributed N549.3bn in taxes and levies to the government and invested over N571.0bn in capex, up 13.2 per cent in 2023″, the telecom giant stated.
MTN Nigeria’s capital expenditure reached N571.0bn in 2023, reflecting a 13.2 per cent increase from the previous year.
It was noted that the investment was directed towards enhancing infrastructure and service delivery, reinforcing MTN’s commitment to improving customer experience and expanding digital solutions across Nigeria.
The Chief Executive Officer of MTN Nigeria, Karl Toriola, expressed pride in the company’s progress and reaffirmed its commitment to sustainability.
He also reaffirmed that MTN remains steadfast in its pursuit of excellence and is committed to continuously improving sustainability practices, while striving for an even greater impact in the communities they serve.
Corlins Walter
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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