Nigeria Extractive Industries Transparency Initiative, (NEITI), says the country lost about 600 million barrels of crude oil valued at $46bn from 2009 to 2020. The disclosure was made by the Executive Secretary of the Agency Dr Orji Ogbonaya Orji while addressing stakeholders’ Roundtable for the review and approval of NEITI 2021 audit reports in Abuja….
The Naira has recorded a second straight day of appreciation against the US dollar. Checks at several Bureau de Change Operators in Abuja indicated that the Naira exchanged for between 750 and 790 to a dollar. This was against the 935 and 920 it exchanged for on Monday and Tuesday. The rise in the value…
The NNPC Ltd has secured an emergency $3bn crude oil repayment loan to stabilise the naira. The loan jointly signed by NNPC and Afrexim bank in Cairo, Egypt is expected to help the Federal Government stabilise the naira. Announcing the signing on its twitter handle, NNPC says the signing will provide immediate disbursement that will…
The Central Bank of Nigeria (CBN) says it has taken appropriate measures to stabilise the unfavourable fluctuations in the foreign exchange market. The Acting Governor of the bank, Folashodun Shunobi, told State House Correspondents in Abuja after his meeting with President Tinubu. He said they discussed the effective measures needed to be taken to stabilise…
The National Pension Commission has made a recovery of over twenty four billion naira since 2012 from employers who failed to remit pension deductions of their employees. The Director General of PENCOM, Hajya Aisha Dahir-Umar made this known in a message to the 2023 Conference for Journalists in Abuja. The Director General who was represented…
The nationwide protest of the Nigerian Association of Resident Doctors (NARD) set to commence on Wednesday has been called off after closed door meeting with the Senate. Addressing the media shortly after the meeting, the National President of the Association, Dr Emeka Innocent Orji said it was concluded that the Association should be at the…
The Federal Government on Monday said it did not proceed with the contempt suit it planned to file against Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for organizing nationwide protest against fuel subsidy removal on August 2, 2023. The National Industry Court had stopped the organized labour from going on strike, however…
In an effort to boost food production and support communities affected by violent conflicts, the Plateau State government-owned ASTC has cultivated 900 hectares of land in 14 areas. These communities, spread across Riyom, Barkin Ladi, and Mangu, were severely impacted by recent attacks, leading to the displacement of residents and destruction of farms. The farming…
President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. The President stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja. ”The reforms are in tandem with Nigeria’s Ease…
Nigerian National Petroleum Company Limited (NNPCL) in partnership with a private firm is set to deploy Compressed Natural Gas (CNG) stations across the country. In a statement by the Chief Corporate Communications Officer NNPCL Garba Deen Muhammad, the collaboration is aimed at expanding CNG infrastructure, improve access to CNG, and accelerate the adoption of cheaper…
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a directive to Google, calling for the immediate removal of 18 digital lending companies from its PlayStore and related platforms. Babatunde Irukera, CEO of FCCPC, in a statement said the Commission had identified these companies as operating without the necessary regulatory approval. “They were also…
The Nigeria Labour Congress currently holds an emergency National Executive Council meeting over the suspension of their strike action. A reliable source at the ongoing meeting in Abuja disclosed this to news men on Thursday morning. According to him, leaders of the Union are already discussing the possibility of suspending the strike owing to the…
The Initiative tagged “The Feed the Future Water for Agriculture activity”, supported by the United States Agency for International Development (USAID), has increased access to water for almost 55,000 farmers and herders in Adamawa, Borno, and Yobe States. This has resulted in over 1,600 farmers adopting improved agriculture production practices a statement by the US…
The Presidential Steering Committee on Palliatives, encompassing the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC, of Nigeria, is currently meeting with the Federal Government team at the Chief of Staff Conference Hall, at Aso Rock, Abuja. Recall that the organized labor fumed out of the meeting on Friday last week, asserting that…
With efforts to help improve the standard of living for Lagos residents and to cope with the effects of fuel subsidy removal, Governor Babajide Sanwo-Olu has announced palliatives. The government decision would take effect from Wednesday, the decision states that there will be a 50% reduction on Lagos buses. Sanwo-Olu has also approved a 25%…
Human Rights Lawyer, Femi Falana has said the proposed strike and protest by the Nigeria Labour Congress and its affiliates does not translate to contempt of court as averred by the Federal Government. In a letter to the Ministry of Justice, Falana said no court has issued a perpetual injunction restraining Nigerian workers from participating…
The upward trend in the stock market will persist this week driven by corporate earnings releases and new policy pronouncements by the Federal Government, Analysts said in their projections for this week. Meanwhile, trading on the Nigerian Exchange Limited, NGX, last week shut down marginally positive despite pressure from profit-taking activities during the week. Specifically, the…
The Nigerian Association of Resident Doctors (NARD) has rejected the N25, 000 accoutrement allowance per quarter from the Federal Government. In a communique on Sunday, National Executive Council (NEC) of NARD, emphasised that their prior demand is for the Consolidated Medical Salary Structure to be fully restored to its right value as at the time…
An ex-banker, Uchenna Emmanuel, has apologized for having “mistakenly” used a bank customer’s ATM card to withdraw cash five times. The suspect, a cashier, made this known on Friday while being exhibited by the Ondo State Police Command in Akure, the state capital. In his narration, he professed to have made withdrawals from the account…
The Standards Organisation of Nigeria, in Bauchi State, says its operation team has imprisoned a suspected producer of fake Nitrogen, Phosphorus, and Potassium fertilizer at Chinade town in Katagum Local Government Area of the State. It added that no fewer than 150 bags of counterfeit fertilizer were also reclaimed from the suspect at his shop…
Google has partnered with Verve, allowing Nigerian users to use Verve cards for purchases on the Google Play Store with the Naira currency. With this collaboration, Google will process Verve transactions within Nigeria, and these transactions will be conducted in the local currency, Naira. This means that the transactions will be treated as local transactions…
President Bola Tinubu has approved the payment of N25,000 peculiar allowance for medical and dental doctors in hospitals, medical centres and clinics in the federal public service. This is contained in a circular dated July 25, 2023, and signed by the Chairman and Chief Executive Officer of the National Salaries, Incomes and Wages Commission, Ekpo…
The Speaker of the House of Representatives, Dr Tajudeen Abbas, has met with President Bola Ahmed Tinubu on the strike action by the National Association of Resident Doctors of Nigeria (NARD). At the meeting, Dr Abbas briefed the President on the outcome of his meeting with the NARD leadership. He also appealed to President Tinubu…
The Nigeria Labour Congress (NLC) has issued a one-week ultimatum and warning to the Federal Government to reverse the recent increases in the pump price of petrol, school fees in federal schools and the release of 8 months withheld salaries of university lecturers or face nationwide protests and industrial action. This is contained in a…
The Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) from 18.5 percent to 18.75%. The decision was announced by Acting CBN Governor, Folashodun Shonubi, following the conclusion of the bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023. This marks the first decision made by…
African Development Fund (ADF), the concessional lending arm of the African Development Bank (AfDB) Group, has approved $16 million for the innovation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia. A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians. According to the AfDB…
The exchange rate between the naira and dollar fell over to N888/$1 on Binance a crypto platform. This depreciation comes despite a temporary convergence achieved through the Central Bank of Nigeria’s (CBN) recent actions. Currency restrictions have previously been identified as a major hurdle for foreign investors looking to invest in Nigeria, the largest oil…
Distributors of Petroleum products in Nigeria under the umbrella of the Association of Distributors and Transporters of Petroleum Products (ADITOP) kicked against the alleged rise of truck loading fees for petrol by the Petroleum Tanker Drivers Association (PTD). This was disclosed by its National President, Alhaji Lawal Dan-Zaki in a statement in Abuja on Thursday. They cite an “arbitrary…
Nigeria Labour Congress (NLC), Niger state Chapter has requested for the payment of N50,000 palliative for all categories of workers and pensioners in the state. State Chairman of Niger State, NLC, Comrade Abdulkarim Lafene made the demand while declaring open a one-day workshop, organised by Amalgamated Union of Public Corporations Civil Service Technical and Recreational…
AS over 200 million Nigerians groan and debate to survive under the heavy burden of high pump price of Premium Motor Spirit, PMS, affecting their cost and standard of living, Civil Society Organization, CSO, One Love Foundation, OLF, Wednesday, challenged the leadership of the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, respectively on…
Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria. This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its…
