Category: Business
Bitcoin hodlers [holders] are heading into Christmas period with a loss as investment support from El Salvador, Michael Saylor and other whales failed to patch the bubble burst. The crypto had been on a meltdown since hitting it’s All Time High ($68,990.90) in Q4’s November, with investors confidence rocked by sell pressure, as the community prepares for […]
The Nigerian National Petroleum Company (NNPC) on Tuesday detailed its plans to ensure a reduction in the prices of cooking gas amidst concerns by the populace over its inflation. This was disclosed by Mele Kyari, the NNPC Group Managing Director who attributed the high price of Liquefied Petroleum Gas (LPG) to the rising price of crude oil […]
The MINISTER of Finance, Budget and National Planning, Zainab Ahmed, yesterday, said yesterday there may be modest increases in taxes and tariffs on certain businesses and individuals over the medium term. Addressing stakeholders at a public hearing on the 2021 finance bill in Abuja yesterday, Ahmed said the government was also considering new taxes as […]
The Minister of Communications and Digital Economy, Dr Isa Pantami, has disclosed that as of December 10, 2021, over 70 million unique national identity number enrolments have been recorded. The minister said this in his speech at the fifth-generation spectrum auction in Abuja on Monday. A copy of the minister’s speech was sent to our […]
The Central Bank of Nigeria has listed Bua Sugar Refining Limited, Dangote Sugar Refining Plc; and Golden Sugar Company, as the only companies allowed to import sugar into the country with officially sourced foreign exchange. In a circular issued on Friday by its Director of Trade and Exchange, Dr. Ozoemena Nnaji, CBN noted that no […]
The federal and state governments borrowed at least N107.1 billion from Nigerian banks in the first five months of this year to make up for revenue shortfalls. This number was derived using Central Bank of Nigeria data on money credit to the economy from December of last year to May 2021. The new borrowings during […]
The Bayelsa State Government has declared interest in acquiring the OML 46 license which was revoked by the Department of Petroleum Resources (DPR) in the marginal oil field bid. This was declared by the Bayelsa State Governor, Douye Diri who expressed shock over the unsuccessful bid to reacquire the marginal field as the Bayelsa Oil […]
Member countries of the oil cartel, OPEC have agreed to increase oil output by an initial 400,000 barrels per day. The decision increases Nigeria’s oil output from about 1.4 million barrels per day to 1.8 million barrels per day by April 2022. In a press release seen by Nairametrics, OPEC announced they had decided on the following: […]
The Central Bank of Nigeria (CBN) and state governors on Thursday agreed to start deductions on the budget support facility this month. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed this to journalists at the end of the National Executive Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the […]
Bitcoin transactions rose in Nigeria for the month of June when compared to the preceding month as the cryptocurrency ban by Central Bank of Nigeria (CBN) failed to reduce transactions. According to trading on two cryptocurrency exchanges, Paxful and LocalBitcoins, the volume of transactions rose by 8.71 percent in Nigeria, Nigerians traded bitcoin worth $38 […]
The National Economic Council (NEC) says there is an agreement with the Central Bank of Nigeria (CBN) to commence deductions on the $2.1 billion budget support facility that was granted to the states by the Federal Government from this month. This is as the CBN has, however, agreed to provide a bridge financing facility to […]
The Federal Government is to impose sanctions on transporters, particularly operators of road transport firms, who increase their fares indiscriminately. This was disclosed by the Minister of State for Transportation, Gbemisola Saraki, when she met legislators at the House of Representatives and other stakeholders on Thursday. Gbemisola Saraki was represented by the Director, Road Transport […]
The cost of used vehicles popularly called “Tokunbo cars” may spike in the coming months due to an economic phenomenon termed imported inflation. Imported inflation is a rise in the cost of raw materials or finished goods imported from a country of origin that is experiencing high inflation. The rising inflation on consumer goods in […]
The National Economic Council (NEC) has disclosed that Nigeria’s Excess Crude Account (ECA) balance has fallen to $60.8 million from its last reported stable rate of $72.4 million. This was disclosed by Gov. Abdullahi Sule of Nasarawa State in a meeting with newsmen after the virtual NEC meeting presided over by Vice President Yemi Osinbajo on Thursday […]
Royal Dutch Shell Plc has abandoned its final push to bring its legal dispute with oil communities from the United Kingdom Court to Nigeria for hearing. At least 50,000 residents of Ogale and Bille communities of Nigeria dragged Shell to the UK court five years ago over years of oil pollution which had impacted their […]
