Chairman of the House committee on Petroleum Resources (Downstream), Ikeangwuonu Ugochinyere, says that the House of Representatives is committed to amending the act that established the Nigeria Extractive Industries Transparency Initiative (NEITI). He stated this when he visited the NEITI office in Abuja. This amendment will ensure that NEITI functions optimally and has the power…
The Nigerian naira has faced further depreciation, reaching an exchange rate of N980 to the US dollar on the parallel market, as reported by The Cable. The situation has prompted concerns among citizens and businesses, as they grapple with the impact of these currency fluctuations on their daily lives and financial stability. The Central Bank…
By Damilola AdelekeThe National Drug Law Enforcement Agency, NDLEA, says delegates from 54 African countries and 15 observer nations will converge in Abuja next week for the 31st meeting of Heads of National Drug Law Enforcement Agencies, Africa, (HONLAF) to discuss new trends and partnerships to curb the global drug scourge. A statement by the…
The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL) Mele Kyari, says the company has made a profit of N18.4 billion in the first quarter of 2023. Mr Kyari disclosed this at the resumed investigative hearing of the house of Representatives Ad-hoc Committee on the Acquisition of OVH Energy by the…
President Bola Tinubu has approved the appointment of Zacch Adedeji as the new Acting Executive Chairman of the Federal Inland Revenue Service (FIRS). The President has also directed the erstwhile FIRS Chairman, Muhammad Nami, to proceed on 3 months pre-retirement leave, as provisioned by Public Service Rule (PSR) 120243, with immediate effect. This will lead…
By Damilola Adeleke Senator Binta Masi Garba stated that the recent judgment delivered by the Presidential Election Petition Court (PEPC) reaffirms Nigeria’s dedication to transparency, accountability, and the rule of law. She extended her congratulations to President Bola Ahmed Tinubu and Vice President Kassim Shettima on their victory in the tribunal. In a media statement…
By Damilola Adeleke The Medical and Dental Consultants Association of Nigeria (MDCAN) has decided to suspend its planned nationwide strike for three months, following an appeal by the Coordinating Minister of Health and Social Services, Muhammad Pate. This decision was part of the resolutions made during MDCAN’s 13th Biennial Delegates Meeting held in Kano. President…
President Bola Tinubu was hosted by the leaders of nations identified as key partners in his economic development, diplomacy drive for local investment and wealth creation. “It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is…
Niger State Governor, Muhammed Umar Bago, has urged key stakeholders in the state to support his ambitious vision for a “New Niger” to drive growth and development. He made this call during a grand reception held in honor of ministers from the state’s House of Assembly at the Justiće Idris Legbo Kutigi International Conference Center…
The African Union has been granted permanent membership to the G20, host nation India has announced, in an historic expansion of the economic bloc. Indian prime minister Narendra Modi invited the president of the 55-member African Union (AU) to take a seat at the table among permanent members at the opening of the two-day summit…
The Speaker of the House of Representatives, Dr Tajudeen Abbas says Nigeria loses about $46 billion dollars (N16.25 trillion) to crude oil theft between 2009 and 2020. The Speaker made this known while constituting the Adhoc committee to investigate crude oil theft and loss of revenue. Dr Abbas said the menace of crude oil theft…
President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies. The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India. President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere…
The Nigerian naira depreciated against the US dollar on Monday, exchanging at N747.87 at the Investors and Exporters window. This represents a 1.01% drop compared to the N740.38 exchange rate on September 1st. The open indicative rate closed at N772.06 to the dollar. The highest rate recorded during the day’s trading was N799.90 before settling…
By Damilola Adeleke President Bola Tinubu has terminated the appointment of Dr. Bashir Gwandu as the Executive Vice-Chairman/Chief Executive Officer (CEO) of the National Agency for Science and Engineering Infrastructure (NASENI). In his place, Khalil Suleiman Halilu, aged 32, has been appointed as the new Executive Vice Chairman and CEO of NASENI. The appointment is…
By Damilola Adeleke In a statement, Oby Ezekwesili emphasized the urgent need for countries, particularly in Africa, to address the persistent issue of poor public finance management. She stressed that prudent management of public resources is essential for achieving economic growth and addressing poverty. Ezekwesili called on all branches and levels of government in Africa,…
By Damilola Adeleke Gabon’s main opposition group, Alternance 2023, has criticized the military junta’s swearing-in of General Brice Oligui Nguema, calling it absurd. The opposition group is calling for the military to hand power back to civilians and conduct a full vote count from the recent election. The election commission had announced President Ali Bongo’s…
By Damilola Adeleke Civil Society Organisations (CSOs) represented by the Centre for Credible Leadership and Citizen Awareness (CCLCA) have come together to express their unanimous support and confidence in Femi Gbajabiamila, the Chief of Staff to the President. The CSOs affirm that Gbajabiamila possesses the essential qualities of character, capability, and competence. Speaking at a…
President Emmanuel Macron says the French ambassador to Niger Republic is still in the country despite the ultimatum issued by the junta. Macron who stated this while speaking to diplomats on Monday, admitted France’s support to the ousted President of Niger, Mohamed Bazoum. On Friday the junta in Niger gave a 48-hour ultimatum to the…
The newly inaugurated Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, has expressed his commitment to utilizing the Ministry, its parastatals, agencies, and partners to unlock the economic potential of Nigeria. He made this statement during the resumption ceremony organized by the ministry in Abuja. Sen. Bagudu, who is among the newly appointed…
Kwara State Kwara State Governor, AbdulRahman AbdulRazaq has inaugurated a 12-member Committee on distribution of the N5 billion federal government palliatives.with the charge to ensure transparency and even distribution across the state. The palliative is one of the steps the government is taking to relieve people of the difficulties arising from the fuel subsidy removal…
The Federation Account Allocation Committee (FAAC) has shared N966.110 billion in July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils. The FAAC shared revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer levies (EMTL) revenue of N12.840 billion, and…
Oil industry expert Dr. Victor Ekpenyong has suggested that Nigeria should utilize its current oil reserves as a means to enhance oil production and address revenue deficits. Ekpenyong, the CEO of Kenyon International West Africa Ltd, a firm specializing in Well Control Services, expressed his views to journalists on Sunday. He also commended the Nigerian…
President Bola Tinubu has approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI). This is in furtherance of his commitment to easing the impact of fuel subsidy removal on Nigerians by reducing energy costs. This transformative initiative is poised to revolutionize the transportation landscape in the country, targeting over 11,500 new CNG-enabled vehicles…
Yobe State Governor, Gov. Mai Mala Buni, has given the green light for the disbursement of a sum of N667 million to 475 pensioners spanning all 17 local government areas within the state. This announcement was made through a press release from the Director-General of Press and Media Affairs, Alhaji Mamman Mohammed, in Damaturu on…
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…
By Damilola Adeleke. A two-day meeting of prominent economists and finance leaders convened by the COP28 Presidency has reached consensus on crucial next steps to establish a new framework for international climate finance and drive progress from COP28 to COP30. The meeting brought together world-leading economists from the Independent High-Level Expert Group (IHLEG) and representatives…
By Damilola Adeleke. President Bola Tinubu commended the Economic Community of Central African States (ECCAS) for its solidarity concerning the political deadlock in the Republic of Niger. The statement was conveyed by Ajuri Ngelale, Special Adviser to the President on Media and Publicity. President Tinubu expressed his gratitude for the support and solidarity received from…
By Damilola Adeleke Nigeria has resumed the export of approximately 220,000 barrels of crude oil per day from the Forcados terminal. The terminal had been temporarily closed for maintenance on July 12, 2023, after workers detected ‘fumes’ near a buoy where oil was being loaded onto a vessel. This shutdown contributed to Nigeria’s failure to…
The University of Ibadan (UI) has announced a reduction in workdays for its employees, from five days to three days per week, in response to the significant rise in fuel prices. This decision is a result of the removal of fuel subsidies by the Federal Government, leading to economic challenges for the general population. The…
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate for the month of July 2023 increased to 24.08% compared to 22.79% recorded in June 2023. This is contained in Consumer Price Index (CPI) report for July 2023 released on Tuesday that shows the latest figure to be the highest in 2023. According to…
