Lagos, Nigeria — The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has committed to addressing the widespread buying and selling of Naira notes, a practice he describes as a significant threat to Nigeria’s financial ecosystem. Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO) in Lagos, themed…
Abuja, Nigeria — The Trade Union Congress of Nigeria (TUC) has called on the federal government to increase the tax exemption threshold from the current ₦800,000 per annum, as proposed in the Tax Reforms bill, to ₦2,500,000 per annum. In a statement released by the President of TUC, Comrade Festus Osifo, the Union emphasized that…
Abuja, Nigeria — The National Assembly has commended the Federal Inland Revenue Service (FIRS) and its Executive Chairman, Mr. Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion, achieving an impressive N21.6 trillion. The achievement, described as historic, has led the Joint Committee on Finance to propose an ambitious N25 trillion revenue…
Abuja, Nigeria — The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate climbed to 34.80% in December 2024, up from 34.60% in November. According to a report released by the NBS on Wednesday, the 0.20% rise was largely driven by increased demand for goods and services during the festive season. On a…
Abuja, Nigeria — The National Population Commission (NPC) has made an urgent appeal for increased funding to bolster its operations and ensure the successful conduct of Nigeria’s forthcoming population and housing census. Budget Presentation at National Assembly Hon. Nasir Isa Kwarra, the NPC chairman, led the commission’s delegation to the House of Representatives Committee…
Lagos, Nigeria — The number of Point of Sale (PoS) terminals deployed across Nigeria has surged to 3.04 million, marking significant growth in the country’s electronic payment system. This data was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS) in its latest report on electronic payment trends. According to the report, the deployment of PoS…
Bauchi, Nigeria — Former Kano State Governor and New Nigeria Peoples Party (NNPP) leader, Rabiu Kwankwaso, has advised President Bola Tinubu to reconsider his stance on the proposed tax reform bills, urging him to listen to public concerns. In an interview with the BBC Hausa Service monitored in Bauchi, Kwankwaso described the tax bills as…
Abuja, Nigeria — The naira recorded its second consecutive marginal gain against the dollar on Friday, reflecting easing pressure in Nigeria’s foreign exchange (FX) market. Data from the Central Bank of Nigeria (CBN) showed that the dollar traded at N1,537 in the official FX market, slightly lower than N1,538 recorded on Thursday, the first trading…
Port Harcourt, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to tour the Port Harcourt Refinery to verify its operational status. The invitation follows remarks made by Obasanjo during a recent Channels Television interview, where he criticized the management of Nigeria’s refineries and recalled events from his tenure…
President of Dangote Industries Limited, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing the crude-for-naira swap deal, a policy that has positively impacted Nigeria’s economy by stabilizing the naira and reducing petroleum product prices. In line with this development, Dangote announced a price reduction for Premium Motor Spirit (PMS) from N970 to N899.50…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), in collaboration with its partners, plans to establish a refinery with an initial capacity of 50,000 barrels per day (bpd). According to PETROAN President Billy Gillis-Harry, the agreement and Memorandum of Understanding (MoU) to commence the refinery’s construction will be signed in the coming weeks….
The World Bank has raised Nigeria’s target for National Identification Numbers (NIN) issuance under the Digital Identity for Development (ID4D) project from 148 million to 180 million, signaling confidence in the country’s progress despite previous setbacks. Launched in February 2020 with a $430 million budget, the ID4D project seeks to create an inclusive digital identity…
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks to clear an outstanding debt of N250 billion owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The regulators have set stringent deadlines for compliance, amid a notable decline in the usage of USSD for financial transactions. USSD…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from N1,020. This adjustment, according to Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), reflects the…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another oil licensing round in 2025, leveraging the “Drill or Drop” clause from the Petroleum Industry Act (PIA) 2021, which mandates oil operators to commence production within three years or relinquish their licenses. This initiative aims to boost oil production, enhance resource management,…
The Presidential Livestock Reform Implementation Committee has convened discussions with stakeholders in Bauchi State to address longstanding challenges in the country’s livestock sector. The 25-member committee, co-chaired by Professor Attahiru Jega, aims to find sustainable solutions to farmer-herder conflicts, seasonal migrations, and inefficiencies in livestock production and processing. Speaking at the session held at the…
The Central Bank of Nigeria (CBN) has disclosed that the nation’s external reserves, which stand at $42.01 billion, are sufficient to finance the importation of goods and services for over nine months. CBN Governor, Mr. Olayemi Cardoso, made this known in Abuja during a performance report presentation to the Senate Committee on Banking, Insurance, and…
Kogi State Governor Ahmed Usman Ododo has engaged in discussions with China’s Consular General in Lagos, Yan Yuqing, to attract Chinese investment aimed at driving the state’s economic growth and industrialization. The meeting, held as part of the governor’s efforts to position Kogi as an industrial hub, focused on fostering partnerships in agriculture, manufacturing, infrastructure,…
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against enabling the illegal sale of mint naira notes to currency hawkers, imposing a penalty of N150 million for each offending branch involved in such activities. In a circular issued by Solaja Mohammed J. Olayemi, Acting Director of Currency Operations, on December 13,…
The Minister of Solid Minerals Development, Dr. Dele Alake, has commended African Natural Resources and Mines Limited for its role in driving local value addition in Nigeria’s mining sector. This recognition came during the commissioning of the country’s first ultra-modern mineral analysis laboratory in Sabon-Wuse, Niger State. Dr. Alake described the facility as a milestone…
Vice President Kashim Shettima has left Abuja for Dubai, United Arab Emirates, to represent President Bola Ahmed Tinubu at the inauguration of a $315 million oil production and storage facility owned by Nigerian firm, Oriental Energy Ltd. The commissioning, scheduled for December 14, highlights the achievements of indigenous companies in the global oil and gas…
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.727 trillion as November 2024 revenue to the federal, state, and local governments. This allocation was drawn from a gross revenue pool of ₦3.143 trillion. Under the distribution, the Federal Government received ₦581.856 billion, while the states were allocated ₦549.792 billion. Local Government Councils…
President Bola Tinubu has appointed Mr. Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF), effective immediately. The appointment follows the commencement of pre-retirement leave by the incumbent AGF, Mrs. Oluwatoyin Sakirat Madein. A statement from the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, highlighted the move…
The Federal Government has released ₦44 billion to the Retirement Benefits Bond Redemption Fund account at the Central Bank of Nigeria to ease the backlog of unpaid pension rights for retirees under the Contributory Pension Scheme. In a statement issued by the National Pension Commission (PenCom), the funds will cover retirees who were verified and…
Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies. The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government…
The Nigeria Labour Congress (NLC) has criticized Ebonyi State Governor, Francis Nwifuru, for threatening to dismiss workers who joined an ongoing strike over the non-implementation of the new minimum wage. In a statement issued on Monday, NLC President, Comrade Joe Ajaero, described the governor’s stance as counterproductive. He directed workers and affiliate unions in Ebonyi…
The Port Harcourt Refinery, which recently resumed operations, is reportedly producing refined petroleum products but has yet to commence distribution to the public. An anonymous source disclosed to newsmen that the delay in product loading stems from pricing issues. According to the source, the cost of Premium Motor Spirit (PMS) per litre from the refinery…
President Bola Tinubu has arrived in Paris for a three-day state visit at the invitation of French President Emmanuel Macron, aimed at strengthening bilateral relations across various sectors. The President touched down at Orly Airport at 5:10 p.m. local time on Wednesday. His visit is set to focus on deepening political, economic, and cultural cooperation,…
Vice President Kashim Shettima has lauded the growing trade volume between Nigeria and China, highlighting its significance as one of the highest in Africa. Speaking during a meeting with a Chinese delegation led by Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja, Shettima emphasized…
The Akwa Ibom State Executive Council has approved the draft budget for the 2025 fiscal year, totaling N955 billion. The announcement was made by the State Commissioner for Information, Ini Ememobong, during the council’s meeting at Government House in Uyo, chaired by Governor Umo Eno. The budget includes N655 billion earmarked for capital projects, representing…
The House of Representatives has urged Nigeria’s Electricity Distribution Companies (DISCOs) to undergo a recapitalisation process requiring at least N500 billion to strengthen their financial capacity and improve service delivery to consumers. This recommendation followed a motion titled “Need to Address the Activities of Distribution Companies in Nigeria” brought forward by Hon. Ayokunle Isiaka, representing…
