Category: Business
Nigeria’s electoral regulatory body, the Independent National Electoral Commission (INEC) presented a budget of N305 billion to the National Assembly, for the 2023 general elections. The presentation was done on Monday by Its chairman, Prof. Mahmood Yakubu, during the Senate Committee on Appropriations hearing. INEC was expected to present the electoral budget in its 2022 […]
The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday. Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier. Some Bureau de Change Operators attributed the further […]
Nigeria spent N2.49tn on debt servicing payments in the first nine months of 2021, data obtained from the Debt Management Office have shown. Between January and March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N410.83bn) on external debt servicing, giving a total of N1.02tn. From April to June 2021, the […]
The World Bank has stated that the International Development Association (IDA) will receive a $93 billion replenishment package to help Nigeria and other low-income countries deal with the COVID-19 crisis and build a greener, more resilient, and inclusive future. According to a blog post from the World Bank. The finance package, which was agreed upon during a […]
The Economic and Financial Crimes Commission says it has uncovered additional $72.87 million linked to Diezani Allison-Madueke the former minister of Petroleum Resources, domiciled in Fidelity Bank Plc. EFCC’s spokesperson Mr Wilson Uwujaren revealed this in Abuja on Wednesday. He said a former Managing Director of Fidelity Bank Plc, Nnamdi Okonkwo has been arrested in […]
Central Bank of Nigeria has stated that most of the roads constructed in the country will be tolled to repay the loans that were used to build them. This was disclosed by the CBN Governor, Godwin Emefiele while answering questions after the two-day retreat of the Bankers’ Committee in Lagos, according to Punch. The introduction […]
A high degree of sophisticated automation and analytics is needed to manage a system powered by an increasing variety of energy sources. These were the submissions of the General Manager, Lagos State Electricity Board (LSEB), Mukhtaar Tijani, at the maiden Management Staff Retreat themed ‘Delivering sustainable and effective energy towards ensuring service delivery in line […]
President Muhammadu Buhari has given an assurance that all pledges made by Nigeria to the Economic Community of West African States (ECOWAS) and its Parliament would be redeemed. Speaking yesterday at the State House, Abuja, while receiving a team from ECOWAS Parliament, led by the Speaker, Dr Sidie Mohammed Tunis, the President stressed that all […]
The Federal Government has indicated the possibility of introducing new taxes, tariffs and levies as part of measures to shore up its revenue. This is just as the Federal Ministry of Finance, Budget and National Planning has said it is closely following the legal tussle instituted by some states against the Federal Government on collection […]
Crude oil production in Nigeria increased by about 2.55 million barrels in the month of November 2021, the Organisation of Petroleum Exporting Countries announced on Tuesday. According to OPEC, the country’s crude oil production rose by 85,000 barrels to 1,420,000 barrels daily in November, when compared to the 1,335,000 barrels that was produced daily in […]
The Nigerian National Petroleum Company (NNPC) Limited has announced a trading surplus of N141.96 billion in the month of June 2021. This is a significant growth when compared to a deficit of N37.46 billion reported in May 2021. NNPC revealed this inits Monthly Financial and Operations Report (MFOR) for June 2021. A trading surplus or […]
In what it said was part of its efforts to stop Nigeria’s heavy reliance on importation to meet demand, the Central Bank of Nigeria (CBN) has revealed plans to share N41 billion to farmers across 15 states. Godwin Emefiele, the Governor of the CBN revealed this as the bank plans to register farmers at the […]
The African Development Bank (AfDB) has approved the sum of $210 million in loans for Nigeria to impact the lives of millions of people in Africa’s most populous country. This was disclosed by the bank via a statement issued on Tuesday. According to the lender, the loan will co-finance Phase 1 of the Nigeria Special […]
Airtel Networks Limited, the Nigerian subsidiary of Bharti Airtel, lost out of the 5G network race in Nigeria, with MTN Nigeria and Mafab Communications Limited securing the 3.5 GHz spectrum license. The Nigerian Communications Commission (NCC) had organised an auction for the three telecoms firms on Monday in Abuja. The auction got to 11 round, […]
The International Monetary Fund (IMF) said regulation of cryptocurrency activities shouldn’t hinder the “plenty” “potential” that crypto assets offers the financial industry. In the past months, IMF had been suggesting that the crypto market, which is now worth $2.4 trillion, needs to be restricted to avoid what the agency called “cryptoization”, which is the replacement of fiat […]
