Economic

The Federal Government has taken decisive action by revoking 924 dormant mining licenses. This move, announced by the Minister of Solid Mineral Development, Dr. Dele Alake, comes as part of the government’s ongoing efforts to reposition the sector. Dr. Alake, speaking at a news briefing in Abuja, emphasized that the revocation followed due process, with…

By Margret Oshinowo Governor Babajide Sanwo-Olu of Lagos State, yesterday, kicked off a socio-economic intervention programme, tagged Eko Cares Initiative, to address the economic challenges facing the citizens of the country. The first phase of the programme has been designed to take care of over 500, 000 households as beneficiaries. Beneficiaries of the scheme cut…

Isaac Kamalu, the commissioner for Finance in Rivers State, has tendered his resignation, citing dissatisfaction with his recent redeployment. In a letter addressed to the Secretary to the Rivers State Government, Tammy Danagogo, Kamalu expressed his refusal to accept his transfer from the Finance Ministry to the Ministry of Employment Generation and Economic Empowerment. Kamalu…

The Minister of Aviation, Festus Keyamo, has taken decisive action following a recent incident involving Dana Airline, directing the suspension of the airline’s operations and mandating a comprehensive audit. This action comes in the wake of a Dana Air plane skidding off the runway at Murtala Muhammed Airport, Lagos, on Tuesday. In a statement released…

The Economic and Financial Crimes Commission (EFCC) has formally handed over 14 seized assets to Governor Peter Mba of Enugu State. The event, which took place at the EFCC Headquarters in Jabi, Abuja, was marked by a ceremony presided over by the Chairman of the Commission, Ola Olukoyede. During the ceremony, Olukoyede disclosed that the…

By Margret Oshinowo The Rivers State Attorney-General and Commissioner for Justice, Prof. Zaccaeus Adangor, SAN has rejected his redeployment to the Ministry of Special Duties (Governor’s Office), and also resigned from the State Executive Council. Adangor resigned barely 24 hours after the state Governor, Siminalayi Fubara, redeployed him in a minor cabinet reshuffle on Tuesday….

A significant tomato scarcity is on the horizon due to an outbreak of the deadly tuta absoluta pests, also called tomato leaf miner, in several large tomato farms across Kano State. Known locally as “Sharon” in Hausa, tuta absoluta has been a persistent threat for over a decade, affecting and damaging many farms. The pest…

Around one in six or 15.6 million children in Nigeria are facing hunger in the lead up to the lean season starting in June, according to a new analysis by Save the Children International(SCI) “The number of hungry children is 25% higher than the same period in 2023, and is likely the result of increasing…

Ogun State Governor, Dapo Abiodun has disclosed that the State Agro-Cargo International Airport in Ilisan, will begin scheduled and non-scheduled flights in the next few weeks. Abiodun, disclosed this while speaking at the 13th Gateway International Trade Fair breakfast meeting with chief executive officers, captains of industry, entrepreneurs, investors, and stakeholders alike, held at the…

The Israeli Defense Forces, IDF, on Monday said an Israeli drone was shot down over Lebanon on Sunday night. Writing on Telegram, the IDF said a surface-to-air missile was launched at the drone that was operating in Lebanese airspace, adding that the drone was hit and had landed in Lebanon. It added that fighter jets…

By Afolabi Hannah Nigeria, known as the “Giant of Africa,” possesses a diverse economy driven by abundant natural resources, a burgeoning tech industry, and a youthful population. Despite these strengths, the country faces significant hurdles such as corruption, poverty, and infrastructure deficiencies. Understanding and addressing these complexities are vital for sustainable economic growth and development…

By Margret Oshinowo An anti graft agency, EFCC, revealed that it is investigating 11 suspected oil thieves and 1 vessel, MT SAISNIL II and arrested by the Nigerian Navy. The spokesperson for the Commission, Mr Dele Oyewole, attested to this on Saturday in a statement. He said that suspects and the vessel were handed over…

By Margret Oshinowo The Nigerian Electricity Regulatory Commission, NERC, says the federal government needs to make provision for N3.2 trillion in subsidies in 2024 to reverse the recent electricity tariff hike. Sanusi Garba,The Nigeria Electricity Regulatory Commission Chairman, said this during a Thursday meeting with the House of Representatives Committee on Power in Abuja. Recall…

The minister of Agriculture and Food Security, Abubakar Kyari, has pledged the federal government’s dedication to advance agricultural mechanisation with a holistic approach to empower farmers with the necessary knowledge, skills, and tools to boost agricultural enterprises and to meet the demands of the global market. The minister who declared open the 2024 Special Agricultural…

Governor Bassey Otu, speaking at the inaugural Executive Governor’s Roundtable in Abuja themed “Building Cooperation for a Better Today and Resilient Future,” unveiled Cross River State’s ambitious goal of attaining a $9 billion economy by 2031. Emphasizing the interconnectedness of global economies due to globalization, Governor Otu underscored the state’s proactive stance in leveraging this…

By Margret Oshinowo The federal government revealed that a bold step has been taken to tackle the issue of high cost of goods and services, despite the recent appreciation of the Naira against the dollar, and it will also safeguard consumers interest. It was said that it will monitor and probe abnormal price surges, and…

Street-pop artiste, Habeeb Okikiola, popularly known as Portable, has appealed to the Economic and Financial Crimes Commission (EFCC) to forgive him for spraying money on his admirers. This followed the six-month jail sentence melted to crossdresser Idris Okuneye, also known as Bobrisky, for Naira mutilation offence. Similarly, his plea was in response to the EFCC filing…

The International Monetary Fund, IMF, says Nigeria’s inflation will drop to 23 per cent in 2025 from 33.2 per cent in March 2024. The Washington-based bank disclosed this on Tuesday during its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings. Division Chief of the IMF Research Department, Daniel Leigh, said the impact…

By Afolabi Hannah Oil marketers are expressing their enthusiasm as Dangote Petroleum Refinery has heeded their calls for a reduction in diesel prices. The refinery announced on Tuesday that it has cut the price of Automotive Gas Oil, commonly known as diesel, from N1,200 per litre to N1,000 per litre. This announcement, made by the…

Nigeria’s Civil Aviation Authority, NCAA, has taken stringent action against three private jet operators found in breach of regulations by conducting commercial flights. Chris Najomo, the Acting Director General of NCAA, issued a stern warning to all airlines, emphasizing the immediate suspension of the permits of these operators during a recent announcement. The decision stems…

By Afolabi Hannah The Economic and Financial Crimes Commission (EFCC) is scheduled to prosecute Pascal Okechukwu, popularly known as Cubana Chiefpriest, on charges related to the alleged mishandling of the Nigerian currency. The arraignment is set for Wednesday in Lagos. This legal action follows shortly after the well-known internet personality, Idris Okuneye, better known as…

The Delta State Government said that it is now prohibited for actors to journey on its water bodies without putting on life jackets and taking note of other safety precautions. This was included in the condolence message by the State Commissioner for Culture and Tourism, Dr Nnamdi Ijeh, to the families of those who lost…

The Federal Government, as stated by National Security Adviser Nuhu Ribadu, has successfully secured the release of over 1,000 individuals who had been kidnapped, without conceding to ransom demands. This announcement came as Ribadu welcomed the return of 22 individuals associated with the Federal University of Gusau in Zamfara State, who were recently liberated. The…

The Nigerian Naira has surged to N1000 per US dollar as trading commenced on Monday in the foreign exchange market. This revelation was made by Mistila Dayyabu, a prominent Bureau De Change operator, in an exclusive disclosure to news men Dayyabu further anticipates a continued appreciation of the Naira, projecting it to dip below the…

The Economic and Financial Crimes Commission (EFCC) says several celebrities involved in Naira abuse are being investigated. According to the anti graft agency, some of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC says that there won’t be sacred cows. In…

The Economic and Financial Crimes Commission, EFFC, said it has redoubled its investigation into the culpability of bank Chief Executive Officers, CEOs, in the mismanagement of COVID-19 funds and World Bank loans. This is contained in a statement by its spokesman, Dele Oyewale, on Sunday in Abuja. The statement said that also under probe is…

By Afolabi Hannah The fare battle sparked by the reduction of airfare on the Lagos to London route by Air Peace has sparked concerns in the aviation sector over the apparent strategy of foreign airlines to drive the Nigerian carrier out of business. Mixed reactions have already surfaced in the industry over the unexpected price…

Three shipping containers of 3,000 cartons of pirated books with a conservative market value of over N300 million have been seized by the Nigerian Copyright Commission, NCC. The Director-General of the commission, Dr John Asein, revealed this in a press statement on Sunday in Abuja. He said the containers were intercepted at Onne Port, Rivers,…

The Lagos State Government on Thursday restated its decision to demolish buildings that fail its integrity test. No fewer than 14 buildings were gutted by fire in Dosunmu Market on Tuesday, resulting to the loss of goods worth millions of Naira. During his visit to the scene of the incident, the Lagos State Governor, Jide…