Business
Seven steps to financial stability
Do you know January is recognised as Financial Wellness Month? Yes, it is. It is the month dedicated to promoting awareness and understanding of financial health and well-being.
As the beginning of a new year, January also offers an opportunity for individuals to make resolutions regarding their financial goals and habits.
However, financial stability is beyond the ability to afford luxuries rather it is about being confident in your financial situation. And no, financial stability is not just for wealthy people — it is achievable for you as well, starting with small steps and a combination of knowledge and discipline.
Without further ado, here are actionable tips that can guide you on the path to financial stability.
- Set financial goals
It is said that if you fail to plan, you plan to fail. This is also applicable to your finances, so to avoid failure you have to plan for a better financial future.
Before setting your financial goals, take time to consider your overall financial picture and desires. Ask yourself questions including ‘What is your financial well-being currently?’ ‘Where do you want it to be in a week, month, or five years from now?’
Answer these questions truthfully and pen down the answers. This will help you come up with clear and achievable goals.
Your financial goal could be to cultivate the habit of saving; saving towards a particular course like a house, education, or retirement. Having specific objectives helps you stay focused and motivated, so make your goals personal.
- Create a realistic budget
Creating a realistic budget that matches your financial goal is a major step to financial stability.
So you start by listing out your monthly income and expenses. You allocate funds to all areas of your financial life including necessities, savings as well as debts if there are any.
Tracking your expenses regularly is necessary. It helps monitor your spending pattern, avoid overspending, and use it for further financial planning.
Nobody’s financial budget is the perfect blueprint, so create your own to match your income, expenses and goals.
- Become financially literate
To become stable in a field, you need to continuously educate yourself about the field.
Yes, to be financially stable you need to be financially literate. Get informed about personal finance, and understand financial basic concepts and investment strategies.
Take the time and effort to become knowledgeable in personal finance; read books and ask questions from professionals. Continuously educating yourself will help you make informed financial decisions that will help achieve your goals.
- Save and invest wisely
If you want to be financially stable, you have to plan for days ahead of you by saving and investing.
Save towards retirement and emergency funds. As a young person, you’re wondering why you should save for decades away, right?
However, taking a few steps now to start saving will benefit you in the long run. As it will significantly impact your future and help you retire comfortably. Prioritize your retirement now and you will thank yourself in the future.
You can also explore investment options based on your financial goals and risk tolerance. Consulting a financial advisor is quite important to make informed investment decisions that align with your goals.
- Manage and reduce debt
It will be easier to become financially stable when there is little or no debt. So work towards paying off your debts quickly. If the debts are high-interest, you can create a plan to systemically pay the debts off so it won’t affect your overall finances.
You should also avoid falling and accumulating new debts after paying off the existing ones. Living debt-free is not as hard as you think it is. You just have to be disciplined, live within your means, and avoid overspending.
Living within your means will make you financially flexible, providing more resources for saving and investing.
- Earn from what you enjoy
One of the easiest ways to secure financial stability is by turning your passion into a source of income.
It is also not a bad idea if you have more than one stream of income. One could be from a corporate job and the other from a skill or hobby you enjoy. This will help you earn extra income on top of your steady monthly income.
Finding ways to monetize your passion can lead to sustainable income. You would not only make income, but it will also provide you with a sense of fulfillment.
- Regularly review your finances
Schedule periodic reviews of your financial situation and status.
Assess the progress you have made toward goals and adjust your budget as well as your goals as needed.
Remember, your finances are personal, so tailor it to favor you and your aspirations, not anyone else’s.
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
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