Governor Sheriff Oborevwori of Delta State on Tuesday cautioned fuel marketers in the State against hoarding…
Category: Business
Naira appreciates marginally against dollar as Tinubu assumes office
A few hours after President Bola Ahmed Tinubu assumed office, Naira appreciated against the dollar on…
Fuel scarcity hits Anambra, dealers jerk price to N700
There was worsening scarcity of petrol in Anambra State on Tuesday. This is following the announcement…
Subsidy removal: NMDPRA reacts to Tinubu’s decision
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is working with NNPC Ltd.…
Fuel price hike, scarcity trail Tinubu’s subsidy removal announcement
In a knee-jerk reaction to the confirmation of fuel subsidies removal by President Bola Ahmed Tinubu’s…
We’ll remove multiple taxation, anti-investment policies- Tinubu assures investors
President Bola Ahmed Tinubu has said his government will review all complaints about multiple taxation and…
BREAKING: We’ll grow Nigeria by 6 per cent annually – President Tinubu
President Bola Ahmed Tinubu has addressed Nigerians for the first time after his inauguration. He said…
FIRS public notice on extension of due date of filing VAT returns
The Federal Inland Revenue Service, FIRS has further extended the due date of filing VAT returns.…
Nigeria loses over N104bn from energy drinks importation – Group
Nigeria has lost over N104 billion annually from importing energy drinks, a consumer protection group said.…
N22.7trn loan: Reps concur with Senate, raises limit on CBN’s loan to FG
The House of Representatives has concurred with the Senate in an amendment of the Central Bank…
NNPCL subsidiary collected N255.6bn revenue in 2022 – Report
A Nigerian National Petroleum Company Limited, NNPCL, subsidiary, the Nigerian National Petroleum Company Retail Limited, collected…
Fuel subsidy crippling Nigeria’s economy – AfDB President advises Tinubu
Ahead of the inauguration of Bola Ahmed Tinubu’s administration on Monday, Dr Akinwumi Adesina, the President…
Businesses make brisk profit ahead of Tinubu’s inauguration
Ahead of Monday’s inauguration of Bola Ahmed Tinubu as the President of the Federal Republic of…
Niger bans exportation of unprocessed shea nuts
Niger State governor, Alhaji Abubakar Sani Bello has announced a ban on the exportation of unrefined…
May 29: Airline operators kick against start of Nigeria Air amid controversy
The Airline Operators of Nigeria, AON, has kicked against the planned commencement of Nigeria Air before…
May 29: Rural to urban migration responsible for economic, insecurity challenges – Agba
Ahead of the exit of President Muhammadu Buhari’s administration on Monday, May 29, the government has…
Manufacturers knock CBN over interest rate hike to 18.5 per cent
The Manufacturers Association of Nigeria has knocked the Central Bank of Nigeria’s decision to increase the…
We’ll soon liquidate 132 microfinance banks revoked by CBN – NDIC
The Nigeria Deposit Insurance Corporation, NDIC, has said it would soon completely liquidate the 132 banks…
Non-oil sector contribution to Nigeria’s GDP dropped to 93.79 per cent in Q1 2023
The non-oil sector’s contribution to Nigeria’s Gross Domestic Product dropped to 93.79 per cent in the…
Nigeria’s Gross Domestic Product slows to 2.31 per cent in Q1 2023
Nigeria’s Gross Domestic Product slowed to 2.31 per cent in real terms during the first quarter…
You’ll get your money – NDIC assures depositors of defunct 132 Microfinance banks
The federal government has issued a fresh update to depositors of the recently revoked 132 microfinance…
CBN gives reason for raising interest rate to 18.5 per cent
The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate,…
FIRS public notice on extension of due date of filing VAT returns
The Federal Inland Revenue Service, FIRS has further extended the due date of filing VAT returns.…
CBN raises interest rate to 18.5 per cent amid rising inflation
The Central Bank of Nigeria’s Monetary Policy Committee MPC has further increased the interest rate by…
BREAKING: CBN raises interest rate to 20.5 per cent amid rising inflation
The Central Bank of Nigeria’s Monetary Policy Committee MPC has further increased the interest rate by…
NNPCL clears $3.8bn Joint Venture cash-call debts to IOCs
The Nigerian National Petroleum Company Limited, NNPCL, says it has cleared the outstanding $3.8 billion joint…
Activities of vandals responsible for power outage in Abeokuta, environs – TCN says
The Transmission Company of Nigeria, TCN, said the collapse of nine of its towers was due…
Naira depreciates to N464.42 against Dollar at official exchange market
Barely five days before the inauguration of the incoming government, the Naira on Tuesday depreciated at…
CBN revokes operating licenses of 132 MFBs, others (FULL LIST)
The Central Bank of Nigeria has revoked the operating licenses of 132 Microfinance banks, four primary…
Gwandu resumes office as NASENI’s executive vice chairman
The new and substantive Executive Vice Chairman of the National Agency for Science and Engineering Infrastructure,…
New Customs Act will boost efficiency – Buhari
President Muhammadu Buhari on Tuesday said that the new Customs Act, which he recently signed into…
Countries with highest food inflation rate revealed [See list]
Countries with the highest inflation on food items have been ranked. A recent inflation rate released…
eNaira records low adoption, 98 per cent of wallets inactive – IMF
After one year of establishment, the Central Bank of Nigeria’s eNaira recorded low adoption, according to…
Knocks over Buhari’s failure to curb rising inflation in eight years tenure
There are heightened concerns from stakeholders over the untamed increase in Nigeria’s inflation rate under President…
Buhari inaugurates Dangote refinery, says game changer for Nigeria’s economy
Buhari inaugurates Dangote refinery, says game changer for Nigeria’s economy President Muhammadu Buhari has inaugurated the…
CBN inaugurates eNaira ambassadors
The Central Bank of Nigeria, CBN, has inaugurated eNaira wallet student ambassadors in the University of…
Mobile Network Operators in Nigeria adopt NCC’s new unified USSD codes
Telecommunications operators have adopted the Nigerian Communications Commission’s approval of a unified Unstructured Supplementary Service Data,…
Buhari, Tinubu, five African Presidents set to commission Dangote Refinery
President Muhammadu Buhari, the president of Ghana, Nana Akufo-Addo, Faure Gnassingbé of Togo, Mahamat Déby of…
CBN lists four firms to print cheques, excludes NPSMC
The Central Bank of Nigeria has approved four local firms for printing cheques excluding Nigeria Security…
70 per cent of Nigeria’s food exports are rejected abroad – NAFDAC
Prof Mojisola Adeyeye, the Director General of the National Agency for Food and Drug Administration and…
Court orders Buhari govt to account for $460m Chinese loan
A Federal High Court sitting in Abuja has ordered the government of President Muhammadu Buhari to…
High borrowing cost pushes personal loans to N1.75trn in Q4 2022
Amid the hike in borrowing costs, personal loans declined to 1.75 trillion in the Fourth quarter…
Target 4 to 6 per cent economic growth rate in 12 months – Expert Nevin tells Tinubu
Ahead of the 29th May inauguration of the incoming government, Chief Economist and Country Manager of…
CIBN revenue increased to N2.06bn in 2022
The Chartered Institute of Bankers of Nigeria, CIBN, said its revenue rose by 16.9 per cent…
Nigeria’s foreign reserves rise to $36,624m – CBN
Nigeria’s foreign reserves increased to 36,624 USD Million on May 15, 2023, from 36,500 USD on…
Kebbi Command, Nigerian Customs generated N127m in April 2023 – Comptroller, Oramalugo
Nigeria Customs Service in Kebbi Area Command said it generated a revenue of N127,364,100 in April…
Rubber may soon be overtaken as forex earner in Cross River – NEXIM Bank
There are strong indications that natural rubber may soon be relegated from its number one prime…
Treasury managers urged to promote sustainable economy, be good ambassadors
Treasury managers in the country have been urged to be good ambassadors of the Chattered Institute…
Stakeholders decry marginal drop in Oil and Gas contribution to GDP
Major stakeholders in the Oil and Gas sector have decried the decline in the contribution of…
Nigeria’s foreign reserves rise to 36624 USD million – CBN
Nigeria’s foreign reserves increased to 36,624 USD Million on May 15, 2023, from 36,500 USD on…
Customs confirms appointment of Five DCGs, 15 ACGs
The Nigeria Customs Service Board, NCSB, has confirmed the appointment of five Deputy Comptroller Generals (DCGs)…
Buhari’s $800m World Bank loan approved – House C’tte Chair Ahmad
A member of the House of Representatives Committee on Loans, Aids and Debt Management, Abubakar Yunusa…
FG inaugurates committee on water use metering equipment to boost revenue generation
The Federal Government has inaugurated a 10-man committee to develop an efficient framework for using water…
PRODA inches towards producing Made-in-Nigeria battery
A Federal Government agency, Projects Development Institute, PRODA, Enugu, has commenced research on Lithium ion batteries…
Ahead of May 29 inauguration, Naira falls to 760/$1
Barely ten days before the May 29th inauguration of the incoming government, Naira has fallen to…
Pension contribution assets hit N15trn in March 2023 – PenCom
The federal government has said the total pension assets on March 31, 2023, are over 15.58…
FAAC: FG, States, LGs share N656bn for April
The Federation Account Allocation Committee (FAAC) has shared N655.932 billion to the Federal Government, States and…
Nigeria’s data price among lowest worldwide – Report (FULL LIST)
The World of Statistics has claimed Nigeria’s average data price is among the lowest worldwide. The…
Nigerian Shipper’s Council earned over N2.5bn in two years from demurrages, other charges
The Nigerian Shipper’s Council said it had earned over N2.5 billion between 2020 and 2022. The…
Nigeria to earn over $4bn revenue as FEC okays concession of Abuja, Kano airports
Nigeria will earn over $4 billion in nominal revenue as the Federal Executive Council, FEC, on…
Release $717m trapped funds to foreign airlines – Senate to CBN, FG
The Nigeria Senate has asked the Central Bank of Nigeria and the federal government to release…
Nigeria needs $12bn for oil spills clean up – Report
Nigeria, one of Africa’s largest oil producers, would need $12 billion to clean up several years…
NERC to cancel KAEDCO’s licence over N51bn underpayment
The Nigerian Electricity Regulatory Commission (NERC) has expressed its intention to cancel Kaduna Electricity Distribution Company,…
Cashless Policy promotes banking services for MSMEs – CBN
The Central Bank of Nigeria has stressed that despite the challenges with the country’s banking infrastructure,…
Nigeria’s inflation rises by 0.13%
Nigeria’s March inflation rate rose to 22.04 per cent from 21.91 per cent in February 2023,…
SEC blames forex scarcity for low Foreign Direct Investments in Nigeria
Securities and Exchange Commission, SEC, has said the lack of foreign exchange should be blamed for…
Growth rate of sub-Saharan Africa to slows by 3.6 per cent – World Bank
The World Bank has said the growth rate of Sub-Saharan Africa would slow by 3.6 per…
Two million businesses died from 2017 to 2021 – SMEDAN
The Director-General, Small and Medium Enterprises Development Agency (SMEDAN), Olawale Fasanya, has lamented that between 2017…
Nigeria, other developing countries can achieve 10 per cent economic growth – World Bank
The World Bank has said that Nigeria and other developing countries can achieve a 10 per…
OECD, Nigeria meet on maximising benefits of two-pillar tax solution
Nigeria to continue to participate in rules development in the interest of the country and Africa…
FG spent N50bn on 2m vulnerable Nigerians in 2022
The Federal Government said it had spent N50 billion on vulnerable Nigerians under the National Poverty…
$3.7bn committed to tackling global food crisis in March
The International Monetary Fund committed $3.7 billion as of March 2023 to address the global food…
DMO floats four N360bn FGN bonds for subscription
The Debt Management Office, DMO, has listed four Federal Government of Nigeria Bonds worth N360 billion…
Nigeria flared 59.3SCF gas valued at N81bn in two months
The federal government has said 50.3 Standard Cubic Feet of gas valued at N81 billion Naira…
Fuel subsidy removal antidote to Nigeria’s N44trn debt burden – Gbolade
The CEO of SD & D Capital Management, Mr Idakolo Gbolade, said fuel subsidy removal would…
Motorcycles importation falls by 41 per cent to N212.6 amid ban in city centres – NBS
Nigeria’s spending on the importation of motorcycles fell to N212.64 billion in 2022, representing a 42…
Nigeria’s unemployment rate to hit 40.6 per cent in 2023 – KPMG
KPMG, a multidimensional consulting firm, has disclosed that Nigeria’s unemployment rate would increase to 40.6 per…
Fuel subsidy: Controversy over $800m World Bank loan to Nigeria
Nigeria’s economy has been laced with confusion and anxiety over the World Bank’s $800 million loan…
Fuel subsidy removal antidote to Nigeria’s N44trn debt burden
The CEO of SD & D Capital Management, Mr Idakolo Gbolade, said fuel subsidy removal would…
Nigeria spent N3.36trn on debt servicing in 2022 – DMO
Data from the Debt Management Office, DMO, has shown that Nigeria’s debt servicing increased by 14.68…
Consider cross-border expansions, diversification – Expert to Nigerian Banks
A financial expert has advised Nigerian banks to look into diversifying their earnings by adopting Holdco…
Global food prices fall by 2.1 per cent except Sugar – UNFAO
The United Nations, Food and Agriculture Organization said World food prices declined for the 12th consecutive…
Naira lost 10.2 per cent in 2023 – World Bank
The World Bank has said the naira lost 10.2 per cent of its value in 2022.…
LCCI raises alarm as Nigeria’s debt servicing decline to N3.87trn in 2022
The Lagos Chamber of Commerce and Industry, LCCI, has raised the alarm that Nigeria’s debt servicing…
Africa’s growth low – World Bank
Growth across Africa remains sluggish due to the underperformance of its largest economies, high inflation, and…
Fuel subsidy removal: World Bank gives FG $800m for palliatives
The World Bank has granted the Nigerian government $800 million to put up a comprehensive palliative…
Buhari promises funding for implementing Nigeria Startup Act 2022
President Muhammadu Buhari on Wednesday inaugurated the National Council for Digital Innovation and Entrepreneurship with the…
FCCPC gives update on approval of 173 digital lending apps
The Federal Competition and Consumer Protection Commission, FCCPC, is yet to approve 173 digital lending applications…
Senate rescinds decision on financier of $22.79bn FG loan for railway
The Senate on Tuesday amended its decision on the financier of Kaduna-Kano railway project in the…
NIS carpets former diplomat Keshi over comment on delay of international passport issuance
The Nigeria Immigration Service has carpeted the former Nigerian Ambassador to the United States, Joe Keshi,…
Airlines might exit Nigeria over $802m trapped funds – IATA warns
The International Air Transport Association has warned that Airlines might quit operations over $802 million trapped…
FG to launch digital postcode in June 2023
The Federal Government has concluded plans to launch the digital postcode system in Nigeria in June…
External reserves fell by $1.46bn in Q1 2023 – CBN
According to data from the Central Bank of Nigeria, CBN, Nigeria’s external reserves fell by $1.46bn…
Nigeria to save $1.3bn by eliminating substandard products – UN
The United Nations Environment Programme has said Nigeria will save about $1.3 billion yearly if it…
Nigeria struggling with 5,000mw generation capacity since I was born – Femi Otedola laments
The Executive Chairman, Board of Directors, Geregu Power Plc, Mr Femi Otedola, says there has not…
Moruf Oseni takes over as MD/CEO Wema Bank Plc
Wema Bank Plc hereby announces Moruf Oseni as the substantive Managing Director and Chief Executive Officer…
Nigerians buy one million air conditioners yearly – UN
United Nations Environment Programme representative Brian Holu disclosed that over one million air conditioners were sold…
Nigeria’s debt stock increases by 6.69trn in 1 year
Nigeria’s total public debt stock increased to N46.25 trillion or $103.11 billion as of December 2022,…
Banking system best option to safeguard your funds – NDIC to Nigerians
The Nigeria Deposit Insurance Corporation, NDIC has reiterated its call to members of the public, particularly,…
Subsidy removal: Invest N12trn in Nigeria’s fuel refining capacity – PETROAN Boss, Gillis-Harry
Dr Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria…