FG: Fuel Subsidies and Oil Theft Consumed N29tn.
According to the Federal Government, N13 trillion was spent between 2005 and 2021 subsidizing Premium Motor Spirit, or gasoline, while N16.3 trillion was lost to oil theft between 2009 and…
Russia Increases Gasoline Exports in Q1 and Replaces European Consumers With African Countries.
Following the European Union’s boycott on Russian goods on February 5, Russia increased exports of the motor fuel to African nations like Nigeria, Tunisia, and Libya. Moscow has been compelled…
CBN Moves to Invest Unclaimed Funds in Dormant Accounts in T-bills.
According to a proposal made by the Central Bank of Nigeria, banks should move money from accounts that have been inactive for up to ten years into a trust fund…
Naira Appreciates to N737/$ at Parallel Market as Dollar Demand Slows.
On Wednesday, the parallel foreign exchange (FX) market, also known as the black market, saw naira rise to N737 per dollar. Comparing the current amount to the N746 it traded…
DMO Reopens Four N360 billion Bonds at a Price of N 1,000 each.
Four Federal Government of Nigeria bonds worth N360 billion have been posted by the Debt Management Office for subscription at N1,000 per unit. The first deal is a N90 billion,…
FG Promises to Penalize Online Banks for Privacy Violations.
Customers of digital lenders have been promised by the federal government through the Federal Competition and Consumer Protection Commission that they will be protected from the shoddy collection practices used…
Femi Otedola becomes Transcorp’s Largest Individual Shareholder, with 5.5% Stake.
A multibillionaire businessman named Mr. Femi Otedola has become Transcorp, a publicly traded, diversified company led by Mr. Tony Elumelu,’s largest individual shareholder. Elumelu, the chairman of Transcrop Corporation, possessed…
CBN Redesign should Permit Low Interest Rates – Economist.
Basil Odilim, a development economist, has urged the Central Bank of Nigeria to be redesigned to make way for a low interest rate. He emphasized at the conference the importance…
Ogun State is Planning to Utilize Gas-powered Mass Transit Vehicles.
The Ogun State Government has announced that it will use mass transit buses that are powered by compressed natural gas to reduce the state’s transportation sector’s harmful greenhouse gas emissions.…
Accountant General Under Investigation by the Senate for N74 billion.
The Accountant of the Federation is being investigated by the Senate for handing out N74 billion in social benefits without providing a detailed breakdown in the 2016 budget. In the…
Nigeria to Pay back $800million World Bank Loan for 25 Years.
The World Bank granted a loan of $800 million as a subsidy palliative, and the next administration, led by Major General Muhammadu Buhari (retired), will start repaying the debt. Before…
FG Approves N23 billion for Roads and Third Mainland Bridge Repairs.
The Third Mainland Bridge in Lagos State will get a total of N23.33 billion in funding for surface maintenance. The Federal Government also approved an increase in the contract amount…
IMF Calls on Nigeria to Increase Tax, Decrease Borrowing.
The International Monetary Fund (IMF) has once again advised Nigeria to intensify efforts to expand the tax base, raise taxes, and lower the nation’s debt load. These ideas came up…
Nigeria Signs an MoU to Upgrade the Aviation College.
The Nigerian College of Aviation Technology, Zaria’s profile as a top-tier training facility will be enhanced thanks to a Memorandum of Understanding recently signed by the Ministry of Aviation with…
N’Assembly Demands Jail Time for Those Who Advocate Ponzi Schemes.
The Investment and Securities Bill, which might result in jail time for people in Nigeria who advocate Ponzi schemes, was approved by the National Assembly. The House of Representatives enacted…
FG Fines Oil Companies N22 billion for Gas Flaring.
The Federal Government will punish oil and gas companies operating onshore for flaring 24 billion SCF of gas between January and February 2023, valued at around N40 billion ($86 million).…
FG Seeks to Eliminate Multiple Road Taxes and Promote Road Safety.
According to the Federal Government, it is attempting to do away with different road taxes in order to encourage the free flow of products across the nation. Multiple road taxes,…
Despite Receiving N6tn in Subsidies, Fuel Prices have Increased by 81%.
According to National Bureau of Statistics figures analyzed by our correspondent, the cost of Premium Motor Spirit, also known as gasoline, has increased by 81% over the last three years.…
Railroad Employees are Enthusiastic about a 95% Pay Raise.
Com Segun Esan, the Secretary-General of the Nigerian Union of Railway Workers, highlighted the optimism of railroad workers regarding the beginning of the Federal Government’s 95% pay rise. Esan reported…
IMF Advises CBN to Maintain a Strict Monetary Policy to Control Inflation.
The Central Bank of Nigeria (CBN) was given a recommendation by the International Monetary Fund (IMF) to continue tightening monetary policy in order to contain inflation, which soared to 21.91…
Lawmakers Call Finance Minister, AGF, Others Over Whistleblower Policy, $2.4 Billion Illegal Crude Oil Sale.
The Attorney General of the Federation, Abubakar Malami, the Secretary to the Government of the Federation, Boss Mustapha, and the Minister of Finance, Zainab Ahmed, have all been summoned to…
NAICOM Sets a Deadline for Insurers to Switch to IFRS 17 as a Finance Reporting Standard.
The Financial Reporting Standard (IFRS)17 will be used by Insurance Managers starting in June of this year, according to the National Insurance Commission (NAICOM). The operators are anticipated to be…
Public Debt Stock Increased 4.96% to N46.25 trillion in Q4.
In the fourth quarter of last year (Q4 2022), the overall public debt stock of the nation climbed by 4.96 percent to N46.25 trillion ($103.11 billion), up from N44.06 trillion…
A loss at Airtel Africa Sent the Stock Market Down N569 billion.
Profit-taking by investors in Airtel Africa Plc continued to rule the Nigerian stock market at the start of the week as the market’s total capitalization fell by N569 billion. As…
22 Nigerian Universities Receive a N5 billion Grant from AbdulSamad Rabiu.
The Abdul Samad Rabiu Africa initiative has disbursed a grant of N5.5 billion to 22 academic institutions in Nigeria. Each of the institutions received N250 million under the ASR Africa…
President Buhari Grants Ekiti Free Trade Zone Designation.
The Ekiti Knowledge Zone project of the Ekiti State Government has received approval from the President, Major General Muhammadu Buhari (retd), to become a free trade zone. The Minister of…
NPC will Spend Roughly N3 billion on Transmitting Census Data.
The NPC said in January that 786,741 functionaries would be educated for the census of 2023. However, the NPC recently declared that it will conduct a three-day digital census that…
Bitcoin Surpasses $30,000 as Speculators Anticipate an End to Rate Increases.
As investors increased their bets that the U.S. Federal Reserve will soon halt its aggressive monetary tightening campaign, major cryptocurrency bitcoin broke the crucial $30,000 mark for the first time…
NCAA Increases Airlines Penalty to N10 Million.
The maximum penalty for airlines is N10 million, while the minimum is N1 million, according to the Nigerian Civil Aviation Authority (NCAA) in Abuja, which has reviewed sanctions upwards for…
SEC Moves to Prioritize the Updated Capital Market Master Plan.
The First Capital Market Committee meeting in 2023 will be dominated by the implementation of the updated master plan of the roadmap for the capital market, fintech, and commodities trading…