The Central Bank of Nigeria is targeting a drop in the country’s inflation rate to less than 15 per cent by end-2023. The governor of the apex bank, Godwin Emefiele, stated this at the 57th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos[Read More…]
News
Shell to Commence Production of 225 000bpd
Shell Nigeria Exploration and Production Company Limited has announced that its 225,000 barrels per day Bonga Floating Production Storage and Offloading vessel is set to begin production to boost Nigeria’s crude oil output. SNEPCo in a statement said it had completed maintenance on the FPSO, which was shut down a[Read More…]
NEF Says Resuscitation Of Ajaokuta Steel Others Necessary to Boost Economy
The Nigeria Entrepreneurs Forum (NEF) has called for the resuscitation of Ajaokuta Steel Complex and Ikot Abasi Aluminum Smelting Plant to increase productivity and boost economy. The NEF president, Dr Sidney Igbinedion, made this known during his paper presentation on the actualization of the objectives of the real sector in[Read More…]
Fuel Queues Resurfaces in Lagos as Marketers Blame Depots
Long queues surfaced in Lagos on Wednesday as motorists spent hours at filling stations while waiting to buy the product. The situation was worse in Ikosi-Ketu, Arepo area of New Lagos, Obalende, Maryland and Iju-shaga in Lagos State. Commuters lamented the hike in prices of transportation fares in the state[Read More…]
NEITI says Nigeria’s Oil And Revenue Now $742.48bn
The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the Federal Government has earned $741.48billion revenue from the oil and gas sector. The earnings, according to the Executive Secretary Dr. Orji Ogbonnaya Orji, do not include the ones of 2021. He revealed that the 2021 oil and gas audit is[Read More…]
Nigeria Loses $2bn To Oil Theft In Eight Months
The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said recently that Nigeria lost $2 billion, equivalent to N1.3trillion, to oil theft between January and August this year. The Senate on April 14, 2022, constituted a 13- member Ad –[Read More…]
CBN Says 36 million Nigerians Lack Access To Financial Services
The Director of Information Technology at the Central Bank of Nigeria, Rakiyat Mohammed, has said that about 36 million Nigerians currently have zero access to financial services. Mohammed, who spearheaded the development and deployment of the eNaira, stated this recently during the Zenith Bank Tech Fair which was held in[Read More…]
Humanitarian Minister Blames Ahmed for N206bn Budget Padding
The Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Farouq, has disclosed that the Minister of Finance, Zainab Ahmed, added N206bn to the humanitarian ministry’s budget. Farouq, who appeared before the Senate Committee on Special Duties to defend the 2023 budget, revealed that the ministry requested some projects[Read More…]
FG Kicks Against IMF Prediction, Says Nigeria Won’t Face Food Crisis
The Federal Government has advised Nigerians to stay calm and not be afraid of any form of food crises as predicted by the International Monetary Fund. Kicking against the projections, FG stated that several measures had been put in place to forestall the scarcity of food in Nigeria, stressing that[Read More…]
Subsidy: Petrol, Electricity Spent Inefficiently – World Bank
The World Bank report has revealed that Nigeria’s petroleum, electricity, and foreign exchange resources have been consumed by inefficient and regressive subsidiaries. This was contained in a statement on the bank’s website announcing the launch of the new Nigeria Public Finance Review report. The bank added that subsidies benefit only[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]