Nigeria’s external reserve falls below $40 billion threshold
The Central bank of Nigeria has said the nation’s external reserve has fallen below the $40 billion thresholds it had maintained in over three months. According to data from the CBN, the reserve had endured a continuous decline in recent months owing to the intervention of the apex bank in the official FX market and […]
FIRS generated N4.4 trillion from non-oil sector in 2021
The Federal Inland Revenue Service (FIRS) generated N4.396 trillion in taxes from the non-oil sector in 2021 compared to N2.507 trillion collected in 2017. Muhammad Nami the chairman of the FIRS disclosed this in the Service’s 2021 performance update. According to the performance update, the nation recorded a consistent increase in tax collection from the non-oil […]
Lai Mohammed: ICPC recovered N34B, saved FG N261B in 2 years
The Independent Corrupt Practices Commission (ICPC) Constituency and Executive Projects Tracking Initiative has recovered the sum of N34.346 billion and US$1.62 million between 2019 and 2021, and also saved the sum of N261 billion for the same period. Lai Mohammed disclosed this during a press conference highlighting the Federal Government’s progress in its fight against […]
Aviation unions to ground flights, threaten strike over minimum wage
Four major aviation unions vowed to ground activities in the aviation sector from Tuesday, February 8, 2022, over the failure of the Nigerian Government to release the negotiated conditions of service of aviation agencies since 2013 and the non-implementation of the National Minimum Wage/consequential adjustment since 2019. In a notice issued to aviation workers of […]
Dangote retains status as Africa’s richest in latest Forbes ranking
The Latest Forbes ranking showed that Aliko Dangote retained his status as the richest man in Africa. Forbes is an American business magazine renowned for tracking the wealth of billionaires across the world. In a web post published on Monday announcing its 2022 list of Africa’s richest people, Forbes said, “For the 11th year in […]
Uber launches UberMoto, a bike-hailing service in Ibadan
Uber has launched its first bike-hailing service in Nigeria, which will be operating in Ibadan, Oyo State. The Nigerian mobility company joins Bolt, formerly Taxify, which launched its bike-hailing service in Ibadan in July 2019. In a statement from the country manager, Tope Akinwumi, the ‘okada’ rides would go from as low as N100 upwards […]
BREAKING: MPC pegs interest rate at 11.5%, retains monetary policy
The Central Bank of Nigeria Monetary Policy Committee (MPC) has voted unanimously to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant. Governor of the CBN, Godwin Emefiele disclosed this while reading the communique of the first monetary policy committee meeting of the year, on Tuesday 25th January 2022. The […]
Vehicle importers incur N300m daily demurrage due to VReg downtime
Clearing agents and freight operating agents at the Tin-Can Island Ports Complex, Apapa have lamented rising daily costs they incur from demurrages arising from over 3, 000 imported vehicles trapped at the port as a result of the breakdown of the National Vehicle Registration (VReg) platform created by the Federal Ministry of Finance (FMOF) for […]
FG: 2.1 million jobs were created through the implementation of ESP programmes
The Federal Government of Nigeria on Friday concluded its first Economic Sustainability Committee in 2022, which revealed that about 2.1 million jobs have been retained or created through the implementation of the ESP programs. It was also disclosed that the NSIA will fund Solar Power Naija with N10 billion as part of the 5 million household connections […]
Cooking Gas Price may fall as NLNG supplies 100% products to market
The price of the cooking gas may crash in the country as Nigeria LNG Limited decided to direct 100% Liquefied Petroleum Gas (butane and propane) produced to the Nigerian market. This was revealed in a statement by the NLNG on Thursday. According to the statement, the company said it noted that it supplied its first propane cargo into the domestic market three months […]