President Muhammadu Buhari, on Friday, presented the “2023 Budget of Fiscal Consolidation and Transition” to the joint session of the National Assembly. Mr Buhari proposed N20.51 trillion for the year with an oil benchmark fixed at $70 per barrel. The lawmakers had fixed [...]
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has blamed the recent fuel scarcity in Abuja and neighbouring states on flooding in Lokoja, the Kogi State capital. The agency on Thursday said in a statement floods have submerged a greater part [...]
The world is unlikely to meet a longstanding goal of ending extreme poverty by 2030, the World Bank has said, citing the effects of “extraordinary” shocks to the global economy, including the coronavirus pandemic and the war in Ukraine. In a new report [...]
The Ministry of Aviation, yesterday, issued a disclaimer denouncing recruiting agencies and online platforms scheduling interviews for the new national carrier, Nigeria Air. The ministry issued the caveat emptor after receiving over 20,000 applications for various categories of positions that [...]
The Nigerian government has announced the relaunch of its gas flare commercialisation programme. The government launched the National Gas Flare Commercialisation Programme in 2016 to involve third-party investors or off-takers in harnessing gas released as a byproduct of oil production. [...]
Nigeria will award contracts for its flared gas by the end of December under an accelerated programme to harness gas that is released as a byproduct of oil production, its petroleum regulator has said. President Muhammadu Buhari first launched the [...]
It was not cheery news on the trading floor of the Nigerian Exchange Limited (NGX), as activities on the stock market took a negative turn last Tuesday following the increase of the Monetary Policy Rate (MPR) for the third consecutive [...]
It was another audacious response from the Monetary Policy Committee (MPC), yesterday, as it increased the benchmarked interest rate by another 150 basis points (bps) in a fell swoop to rein in extreme inflation and manage an uncertain economic outlook. [...]
The Federal Executive Council (FEC) has approved N27 billion for the rehabilitation of a 27km road linking Ondo and Edo states. Minister of Information and Culture, Lai Mohammed, revealed this to State House correspondents at the end of the Council [...]
The Lagos Chamber of Commerce and Industry has advised the Federal Government to remove fuel subsidies and implement the Petroleum Industry Act religiously. The advice was given by Vice President, LCCI, Gabriel Idahosa, while representing the President, LCCI, Dr. Michael Olawale-Cole, [...]
Almost a year after The Guardian report on foreign airlines departing Nigerian shores empty, the situation has changed, but for the worse. Today, more airlines are departing without exportable goods, much to the pains of stakeholders and loss of foreign [...]
African rosewood (mukula) is the world’s most trafficked endangered timber, fuelling a $26 billion market for Ming dynasty-styled furniture and décor for China’s elite. Networks embedded in governments facilitate the illegal movement of this wood from countries such as Madagascar, Malawi, Tanzania and Zambia [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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