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Browsing the "Economy" Category

Ethiopian Airlines emerges core investor in Nigeria Air with 49% shareholding

Ethiopian Airlines emerges core investor in Nigeria Air with 49% shareholding

Ethiopian Airlines is the preferred bidder for Nigeria Air, the Nigerian government said Friday, as it prepares for the commencement of operations of Nigeria’s new national carrier. Aviation Minister Hadi Sirika said at a press briefing in Abuja that Nigeria Air [...]

September 24, 2022 Business
FG to leave behind N60.9tr debt, other liabilities in 2023

FG to leave behind N60.9tr debt, other liabilities in 2023

The Federal Government’s total debts and contingent liabilities have hit N60.9 trillion even as the figure could balloon to near N65 trillion before the end of the year, as President Muhammadu Buhari-led administration scrambles for any available funds to survive [...]

September 22, 2022 Finance
Buhari Has Improved Power Supply In Nigeria – Adesina

Buhari Has Improved Power Supply In Nigeria – Adesina

The Federal Government on Tuesday night said the electricity supply under the administration of the President, Major General Muhammadu Buhari (retd.), has improved tremendously compared to what it used to be in the past years. The Presidential spokesperson, Femi Adesina, stated [...]

September 22, 2022 Power
Payment of fuel subsidy is organised crime, says Obi

Payment of fuel subsidy is organised crime, says Obi

The presidential candidate of Labour Party, Peter Obi, yesterday, said government was behind oil theft in the country. Obi, who was the guest speaker at the second in the series of Private Sector Economic Forum of the Lagos Chamber of [...]

September 21, 2022 Oil & Gas
Nigeria’s public debt rises 2.98% to N42 trillion

Nigeria’s public debt rises 2.98% to N42 trillion

The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, rose to N42.84 trillion (103.31 billion dollars) by June. According to a statement obtained from DMO’s website on Tuesday, the total debt represents [...]

September 21, 2022 Economy, Finance
Governors Brainstorm To Block Tax Leakages, Improve IGR Collection

Governors Brainstorm To Block Tax Leakages, Improve IGR Collection

The 36 state governors yesterday commenced a brainstorming session on how to improve their internally generated revenue (IGR) and block tax leakages. Also, it emerged yesterday that states’ internally generated finances grew by 35 per cent from N1.31 trillion in [...]

September 21, 2022 Economy
Last mile infrastructure stalls $3b submarine cable investments

Last mile infrastructure stalls $3b submarine cable investments

Dearth of last mile infrastructure in Nigeria appears to be stalling full utilisation of the various submarine cable systems, which have berthed at the nation’s shores. Last-mile infrastructure means broadband facilities that serve as the final leg connecting the service [...]

September 20, 2022 Business
Rising costs, supply chain disruptions worsen inflation

Rising costs, supply chain disruptions worsen inflation

At 20.52 per cent, representing the highest rate since September 2005 and still rising, Nigeria’s inflation rate may spiral above 50 per cent if prevailing socio-economic challenges and other triggers are not addressed within the shortest period, experts have warned. While [...]

September 17, 2022 Economy
Kenya’s new president scraps petrol subsidy

Kenya’s new president scraps petrol subsidy

Kenya has scrapped a subsidy on petrol a day after new President William Ruto said subsidies were unsustainable, in a move that could add to upward pressure on inflation. Some of the key challenges the new president faces include bringing [...]

September 16, 2022 Africa, Oil & Gas
Reps panel queries PenCom’s “N2.4m monthly salary” per staffer

Reps panel queries PenCom’s “N2.4m monthly salary” per staffer

The House of Representatives Committee on Finance has flagged the salary structure of the National Pension Commission (PenCom) and demanded its thorough scrutiny. The committee, during the interactive session on the Medium Term Expenditure Framework and Fiscal Strategy Paper, on Thursday, said [...]

September 16, 2022 Finance
Gas output: ‘Pipeline sabotage, insecurity undermining Nigeria’s output, export’

Gas output: ‘Pipeline sabotage, insecurity undermining Nigeria’s output, export’

While many oil and gas producing countries are maximizing the present global crisis to improve output and revenue, rising pipeline sabotage and insecurity in the Niger Delta have continued to hamper the growth outlook for Nigeria’s oil and gas export. [...]

September 14, 2022 Oil & Gas
2023 Budget: Senate panel frowns at N12.42 trn deficit

2023 Budget: Senate panel frowns at N12.42 trn deficit

The Senate Committee on Finance has expressed dissatisfaction with the projected N12.41 trillion budget deficit contained in the 2023-2025 MTEF/FSP. The Chairman of the Committee, Solomon Adeola (APC, Lagos), stated the position of the committee on Tuesday during the interactive [...]

September 14, 2022 Finance
South Africa power cuts may not end in a year, Eskom says

South Africa power cuts may not end in a year, Eskom says

South African government plans to end recurring power cuts could take at least a year to deliver results, a top executive at state energy utility Eskom has said. Africa’s most industrialised economy is set for its worst year of electricity [...]

September 13, 2022 Africa, Power
FG Tasks NAIRAXI, Others On Interventions In Transport System

FG Tasks NAIRAXI, Others On Interventions In Transport System

Federal Government has charged Nigeria’s Indigenous tech-powered mobility company (NAIRAXI ) and other private sectors on the invention to deploy workable strategies aimed at tackling challenges of mass transit across the nation. This came few weeks before the new Minister [...]

September 13, 2022 Transportation
Nigerian oil exports at lowest level in 25 years due to oil theft

Nigerian oil exports at lowest level in 25 years due to oil theft

Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines. The country’s total oil and condensates output dropped to an annual [...]

September 10, 2022 Oil & Gas
Nigeria’s foreign trade declines in Q2 2022 – NBS

Nigeria’s foreign trade declines in Q2 2022 – NBS

The National Bureau of Statistics on Friday said Nigeria’s foreign trade fell to N12.8 trillion in the second quarter of the year (Q2’22) from N13 trillion in the previous quarter. The statistics office disclosed this in its Foreign Trade in Goods Statistics [...]

September 10, 2022 Economy
FG threatens sanctions against airlines selling tickets in dollars

FG threatens sanctions against airlines selling tickets in dollars

Federal Government, yesterday, vowed it would sanction foreign airlines selling tickets to Nigerians in dollars, stressing that the practice violates the country’s laws. Minister of Aviation, Hadi Sirika, disclosed this while fielding questions from reporters after the Federal Executive Council [...]

September 9, 2022 Business
Obaseki: It’s Shameful Nigeria Still Imports Fuel

Obaseki: It’s Shameful Nigeria Still Imports Fuel

The Edo State governor, Godwin Obaseki, has described the continued importation of petroleum products into Nigeria, despite the country’s being one of the largest producers of crude oil in the world, as shameful. Obaseki said this on Sunday in Ewohimi, Esan [...]

September 8, 2022 Oil & Gas
FG suspends proposed tax on phone calls

FG suspends proposed tax on phone calls

The federal government has suspended the proposed new tax on phone calls and other telecommunications services. The Minister of Communication and Digital Economy, Isa Pantami, announced this on Monday. He said the planned excise duty on telecommunication services has been suspended. [...]

September 7, 2022 Telecomms
Fresh Nationwide Strike Looms In Power Sector

Fresh Nationwide Strike Looms In Power Sector

Two weeks after suspension of the nationwide strike by electricity workers that threw the nation into blackout, indications have emerged of a fresh looming strike over alleged unwillingness of government to resolve issues of unpaid entitlements to former workers of the [...]

September 7, 2022 Power
More Nigerians embrace smart buildings

More Nigerians embrace smart buildings

A new report has revealed that over 78 per cent of new construction will involve smart building automation and at least one facet of Internet of Things (IoT) and other related buildings technologies in the next five years. It stated [...]

September 6, 2022 Real Estate
After N14.6b, Nigeria Air misses fifth take-off amid investors’ apathy

After N14.6b, Nigeria Air misses fifth take-off amid investors’ apathy

Nigeria’s bid to float a new national carrier appears to have entered the wrong time zone, with credible investors and technical partners allegedly reluctant to warm up to the high-end venture. The development, following the completion of the bid process, [...]

August 31, 2022 Business
Nigeria Will Stop Importing Petroleum Products By Mid-2023

Nigeria Will Stop Importing Petroleum Products By Mid-2023

Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, says the country will stop importing petroleum products by mid-2023. Kyari spoke at a press briefing at the state house in Abuja on Tuesday. He said the combination [...]

August 31, 2022 Oil & Gas
States in throes of severe water shortage, struggle for survival

States in throes of severe water shortage, struggle for survival

Access to high quality, reliable and sustainable water still remains low, despite considerable progress in Water Supply, Sanitation and Hygiene (WASH) sector. The country, in fact, failed to achieve the Millennium Development Goals (MDGs) for water and sanitation in 2015, [...]

August 27, 2022 Key sectors
Idle refineries workers earn N136b amid $3b upgrade cost

Idle refineries workers earn N136b amid $3b upgrade cost

Despite being shut down, there are indications that the Nigerian National Petroleum Company Limited (NNPC) may have left over N136 billion as operational deficits across its three refineries in Kaduna, Port Harcourt and Warri. This is as concerns over delivery [...]

August 26, 2022 Business
Nigerian stocks record biggest daily gain since start of year

Nigerian stocks record biggest daily gain since start of year

Nigerian stocks made a fairly big advance on Thursday, on course for a positive return this week, as the main equity index added N532.2 billion or 2 per cent as sector leaders Airtel Africa and Nestle drove gain. Huge buy interests [...]

August 26, 2022 Economy
Nigeria doing poorly in revenue generation, collection – DMO

Nigeria doing poorly in revenue generation, collection – DMO

The Debt Management Office (DMO) says Nigeria needs to earn higher revenue and manage its debt profile more efficiently. The Director-General, Patience Oniha, said this in Abuja on Wednesday when she spoke with the News Agency of Nigeria (NAN). “How much revenue [...]

August 25, 2022 Economy
The day electricity workers held Nigeria to ransom

The day electricity workers held Nigeria to ransom

The day’s business had remained seamlessly for hours until sudden darkness enveloped John Okechukwu’s shop last Wednesday, disrupting the day’s operations for the young entrepreneur. Mr John, who runs a photography and general printing business—colloquially referred to as “Business Centre”—at [...]

August 24, 2022 Power
Two days to 5G rollout, MTN claims readiness

Two days to 5G rollout, MTN claims readiness

Though MTN has expressed readiness to launch the Fifth-Generation (5G) network this month, at most this quarter, Mafab Communications has, however, got a five-month extension for the rollout of the service in Nigeria. The Nigerian Communications Commission (NCC) handed the [...]

August 23, 2022 Technology
How prices of food increased in July – NBS

How prices of food increased in July – NBS

The National Bureau of Statistics (NBS), has said the prices of selected food items increased in July. The bureau stated this in its Selected Food Prices Watch Report for July 2022, released in Abuja on Monday. The NBS stated that the average [...]

August 23, 2022 Economy