The African Union (AU) has called on Nigeria to incorporate blue economy performance indicators into its fiscal policies, highlighting the country’s significant potential to lead Africa’s blue economy initiatives. This appeal was made by the Head of the AU’s Blue Economy Division, Mr. George Mba-Asseko, during the conclusion of a stakeholder validation workshop for Nigeria’s…
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
President Bola Tinubu has named Mr. Joseph Olasunkanmi Tegbe as the Director-General and Global Liaison for the Nigeria-China strategic partnership. This follows the agreements made during Tinubu’s recent visit to China in early September. Tegbe, a 1988 first-class graduate in civil engineering from Obafemi Awolowo University, will report directly to the President. A fellow of…
The House of Representatives has initiated the process to approve an additional N288 billion supplementary statutory budget for the Federal Capital Territory Administration (FCTA). During a plenary session, the FCT Supplementary Statutory Appropriations Bill for 2024 was passed through its first and second readings. The bill was introduced following President Bola Tinubu’s recent request for…
The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote…
The Federal Government is collaborating with key stakeholders to address the socio-economic challenges facing Nigeria and to steer the nation toward sustainable development. This was revealed by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during a press briefing ahead of the 30th Nigerian Economic Summit in Abuja. Senator Bagudu emphasized that the…
Vice President Kashim Shettima has reiterated President Bola Tinubu’s commitment to revolutionizing Nigeria’s digital economy, emphasizing that the administration remains on track and fully supported by strategic initiatives and partnerships. During a courtesy visit by the management of Odua Investment Company Limited, led by its Chairman, Otunba Bimbo Ashiru, at the Presidential Villa in Abuja,…
The Federal Government has launched a new initiative to sell crude oil to local refineries and facilitate the purchase of petroleum products using the Naira, aiming to ease pressure on the national currency and streamline costs. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a…
Kano State Governor Abba Kabir Yusuf has announced that the state will be the first to implement the new minimum wage of N70,000. The governor made this statement during a workshop on “Conflict Management for Harmonious Industrial Labour Relations” hosted by the Michael Imoudu National Institute for Labour Studies (MINILS) in Kaduna. Represented by Abdullahi…
The Federal Government has put forward a proposal to temporarily eliminate import duties on certain food items, a move aimed at addressing the nation’s food security challenges. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a closed-door session with the Nigeria Customs Service Board…
A three-day multi-sector trade and investment forum aimed at strengthening the economic and business ties between Nigeria and Tunisia was held at the John Wood Hotel, Abuja. The event, which began on September 10, was organized through the collaboration of the Tunisia-Africa Business Council (TABC), the Nigerian Embassy in Tunis, and the Tunisian Embassy in…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has refuted reports suggesting an increase in the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement issued on Monday, the minister clarified that the current VAT rate remains at 7.5%, in line with the existing tax laws. Edun emphasized…
The Senate has postponed its planned investigation into alleged sabotage within Nigeria’s petroleum sector, citing the need for broader consultations with key stakeholders. This decision is intended to enhance the value of the upcoming investigative hearing, ensuring a comprehensive review of the issues at hand. In addition to stakeholder input, the postponement was attributed to…
Former All Progressives Congress (APC) presidential aspirant, Moses Ayom, has lauded President Bola Ahmed Tinubu’s efforts in enhancing Nigeria’s economic partnership with the People’s Republic of China. Ayom, a prominent international businessman with a focus on bolstering Nigeria-China relations, praised the recent Memorandum of Understanding (MoU) signed in Beijing, which focuses on the peaceful use…
Nigeria is taking significant steps toward being removed from the Financial Action Task Force (FATF) grey list. A high-level inter-agency delegation from the country presented a progress report to the FATF’s International Cooperation Review Group during a meeting held in Brussels, Belgium, on Tuesday, September 3, 2024. The Nigerian delegation, led by the Chief Executive…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos, valued at $20 billion, will begin supplying 25 million litres of fuel daily to the Nigerian market this September. According to the NMDPRA, the refinery, which has a capacity of 650,000 barrels per day, is expected to increase…
The Nigerian National Petroleum Company Limited (NNPCL) has attributed the unstable fuel supply in Nigeria to mounting financial challenges, primarily driven by increasing debts owed to fuel suppliers. In a statement released on Sunday, Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, emphasized the financial burden on the company, which has been exacerbated by the rising…
Nigerian Breweries (NB) Plc has announced plans to raise N599.1 billion from its existing shareholders through a rights issue. This follows the approval from shareholders in April 2024, as well as regulatory clearances from the Securities and Exchange Commission (SEC) and NGX Regulation Limited. The company is offering 22.607 billion ordinary shares at 50 kobo…
The Federal Government, in collaboration with local companies, plans to use domestically produced equipment to address the persistent issue of oil theft and promote local content in the industry. Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, announced this initiative during an inspection tour of a local company in Abuja. He noted that the…
Oil and gas suppliers in Nigeria have endorsed the federal government’s decision to sell crude oil in Naira to local refineries, while urging the refineries to reciprocate by selling refined products to distributors in Naira to help stabilize the market. Benneth Korie, President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), stressed…
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, announced that the ongoing construction of the Idu Industrial Park in Abuja is set to provide employment for over 40,000 youths upon completion, boosting both the local and national economy. During an inspection of the site on Wednesday, Wike praised the efforts of Zeberced Construction…
President Bola Tinubu is set to embark on a strategic visit to China in early September, aimed at strengthening Nigeria’s economy and infrastructure. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, announced this during a briefing at the State House on Tuesday. He emphasized that the visit will include key engagements…
Former Vice President Atiku Abubakar has raised concerns over the swift approval granted to Oando Plc for its purchase of AGIP/ENI’s onshore assets. Atiku questioned why Oando, owned by a relative of President Bola Tinubu, received expedited approval while other deals, such as the Shell/Renaissance and Mobil/Seplat transactions, face continued delays. Atiku emphasized the need…
Civil servants in Adamawa State are celebrating after receiving their August salaries, reflecting the new national minimum wage of N70,000. The salary increase brought relief, with workers praising the state government for fulfilling its promise. Alhaji Danjuma Usman Mohammed, a driver at the Government House, Yola, expressed his gratitude, sharing plans to re-enroll his children…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized three petrol tankers transporting crude soy oil in the Apapa area of Lagos. In a statement posted on its official X (formerly Twitter) account on Wednesday, NAFDAC revealed that the tankers had been loaded with the edible oil from an oil depot….
The Nigerian Financial Intelligence Unit (NFIU) is set to utilize Artificial Intelligence (AI) and machine learning tools to identify and combat illicit financial flows (IFFs) and other fraudulent activities. During the opening session of the first NFIU management staff retreat, NFIU Chief Executive Officer Hajiya Hafsat Bakari highlighted the organization’s commitment to equipping its staff…
In response to recent concerns over the suspended helicopter landing fee, the federal government, alongside International Oil Companies (IOCs) and Local Oil Companies (LOCs) under the Oil Producers Trade Section (OPTS), has initiated the development of a comprehensive framework to guide navigational services in Nigeria. This framework will be in place ahead of the resumption…
A group of downstream petroleum operators has appealed to President Bola Ahmed Tinubu to address the activities of the Nigerian National Petroleum Company Limited (NNPC), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This appeal came as petrol shortages at retail outlets in…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Saturday that a fire has broken out at the Akaso 4 Wellhead, operated by NNPC 18 Operating Limited. The incident, which has also affected the adjacent riverbank, occurred on August 2, 2024, at approximately 11:12 pm. In a statement, Mrs. Olaide Shonola, Head of Public Affairs…
The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations. CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.” The…
The Federal Executive Council (FEC) has sanctioned N1.455 trillion for the construction and rehabilitation of roads across thirteen states. Announcing the decision in Abuja, the Minister of Works, Dave Umahi, stated that the projects approved were initially deferred during the last FEC meeting to allow the government time to secure funding. The projects include the…
