President Bola Tinubu has submitted a proposal seeking Senate approval for the securitisation of the balance of Ways and Means revenue in Nigeria’s Consolidated Revenue Fund (CRF), citing concerns about outstanding debt due to domestic debt servicing. Addressing Senate President Godswill Akpabio, Tinubu underscored the necessity of addressing the debt burden through this strategy. “In Read More…
In a significant move, the Senate has approved the N28.7 trillion 2024 Appropriation Bill, marking an increase from the initially proposed N27.5 trillion by President Bola Tinubu, with an additional N1.2 trillion allocated. The approval followed the endorsement of the Senate Committee on Appropriation’s report during Saturday’s plenary session in Abuja. According to Sen. Solomon Read More…
Nigeria’s foreign exchange reserves plunged to $32.87 billion by the end of December, marking a six-year low, as revealed in recent data. The country’s central bank had been actively selling dollars to stabilise the weakening naira, exacerbating the ongoing challenges faced by the currency. Kyle Chapman, an FX markets analyst at London-based Ballinger & Co, Read More…
The Transmission Company of Nigeria (TCN) has announced the acquisition of seven new power transformers along with their accessories at the Akangba 330/132 Kilo Volt (kV) Transmission Substation in Lagos. Mrs. Ndidi Mbah, the company’s General Manager of Public Affairs, emphasized, “These transformers, ranging from 60 Mega Volt Ampere (MVA) to 100MVA capacities, are a Read More…
Nigeria faces a slight decline in the export of its key crude oil grades in February, projected to average around 657,000 barrels per day (bpd), down from 792,000 bpd in January. This news surfaces amid concerns raised earlier in the month by Nigeria’s oil regulator, which is contemplating the revocation of dormant oil exploration leases Read More…
The Corporate Affairs Commission (CAC) has granted an extension on the deadline for penalising companies failing to file annual returns, shifting the date from January 1, 2024, to April 1, 2024. According to Mr. Dominic Inyang, the CAC’s Director of Press, this decision stems from technical challenges encountered on the Company Registration Portal (CRP) and Read More…
The Federal Competition and Consumer Protection Commission (FCCPC) imposed a hefty fine of $110 million on British American Tobacco (BAT) Nigeria and affiliated companies for breaching multiple provisions of the FCCP Act and other related regulations, the commission confirmed in a statement released in Abuja. The FCCPC revealed that the penalties were the result of Read More…
The Central Bank of Nigeria (CBN) has reaffirmed the safety of funds held in Nigerian banks, quelling concerns among depositors and customers. Mrs. Hakama Sidi-Ali, the Acting Director of the CBN’s Corporate Communications Department, addressed apprehensions following reports hinting at potential takeovers of certain financial institutions under CBN supervision. Sidi-Ali clarified that the assurance stemmed Read More…
The Minister of Power, Mr. Adebayo Adelabu, reaffirmed the commitment to ensure uninterrupted power supply across Nigeria during the Christmas and New Year celebrations, offering reassurance to citizens. In a statement titled “Fostering Unity and Progress,” Mr. Bolaji Tunji, Special Adviser for Strategic Communication and Public Relations to the Minister, conveyed Adelabu’s message emphasising unity Read More…
The Central Bank of Nigeria (CBN) has reversed its earlier decision to ban banks and financial institutions from transacting in cryptocurrencies, acknowledging the global trend towards regulating digital assets. The bank issued a new circular on December 22, outlining the rules and requirements for firms dealing in crypto assets. The CBN imposed a ban on Read More…
