In a strongly worded statement, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has categorically denied allegations leveled by former Vice President Atiku Abubakar, asserting that President Bola Ahmed Tinubu and Mr. Wale Tinubu hold a 49% stake in the OVH acquisition deal. The accusations suggest a broader scheme to entwine personal business interests with Read More…
Tag: Nigerian economy
NNPC posts 28% profit surge amid operational challenges; MTN grapples with Naira devaluation
Nigeria’s state oil giant, NNPC, reported a remarkable 28% increase in its annual net profit, reaching a total of 3.297 trillion naira ($2.14 billion) for the year. The company also declared a dividend of 2.1 trillion naira, marking a significant financial milestone despite ongoing challenges in the operational and economic landscape. “Despite the inherent challenges Read More…
W/Bank projects Nigeria’s growth to strengthen by 2.5% in 2022
As the global economy enters a pronounced slowdown amid fresh threats from COVID-19 variants and others, Nigeria’s growth is projected to strengthen to 2.5 per cent in 2022 and 2.8 per cent in 2023. The World Bank said this in Washington at the presentation of its January 2022 Global Economic Prospects report. According to it, Read More…
FG generates N424.71bn VAT in Q3 2020-NBS
The National Bureau of Statistics (NBS), says the Federal Government generated N424.71 billion as Value Added Tax (VAT) in the third quarter (Q3) of the year as against N327.2 billion generated in the second quarter (Q2). NBS made this known in its “Sectoral Distribution of Value Added Tax Data for Q3 2020”, released on Monday Read More…
Govt promises simpler regulations to improve ease of doing business
Dr Nasir Sani-Gwarzo, Permanent Secretary, Federal Ministry of Industry, Trade, and Investment (FMITI) says the nation will soon have better, simpler regulations for business and stronger protection of property rights. Sani-Gwarzo said this was to ensure ease of doing business in the country. He gave the assurance at a Sensitisation Workshop on Improvement of Business Read More…
FG receives 38,000 applications for N75bn MSME survival funds
Minister of State for Industry, Trade and Investment, Mrs Mariam Katagum, says government had received 38,000 applications for the N75 billion Micro, Small and Medium Enterprises (MSME) survival funds. Katagum made this known in her opening remarks at a Business Advocacy Roundtable webinar by the Nigerian-British Chamber of Commerce (NBCC) on Tuesday. According to her, the applications were Read More…
Nigeria’s economy shrinks 6% in Q2 on oil crash, pandemic double whammy
Nigeria imposed lockdowns in Lagos and Abuja in Q2 Oil sector contracted by 6.63% Nigeria is Africa’s largest economy Nigeria’s economy contracted by 6.1% in the second quarter of 2020 from a year earlier, the statistics office said on Monday, with lockdowns in its two main cities and low oil prices taking their toll. The Read More…
Investors stake N3.89bn on 383.3m shares in bullish trading at NSE
The volume of shares traded on the Nigerian Stock Exchange (NSE) on Wednesday improved by 148.13 per cent with an exchange of 383.29 million shares worth N3.89 billion in 3,860 deals. This was in contrast with a total of 154.47 million shares valued at N1.46 billion transacted in 4,222 deals on Tuesday. Transactions in the Read More…
Finance Minister consults NASS leadership on 2021-2023 MTEF/FSP
Minister of Finance, Budget $ National Planning, Zainab Ahmed on Thursday met with the leadership of the National Assembly on plans to submit the 2021 to 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later in July. The Minister, while briefing principal officers of the Senate and House of Representatives led by the Read More…
FG set to develop Agenda 2050, inaugurates Central Working Group
The Federal Government is set to develop the country’s”Agenda 2050 and a Medium-Term National Development Plan (MTNDP) 2021-2025 to coordinate sectoral approaches. The Minister of State, Federal Ministry of Finance, Budget and National Planning, Mr Clement Agba made this known while inaugurating a Central Working Group (CWG) for the programme on Wednesday in Abuja. This Read More…