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…]
News
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…]
NBC Orders Multichoice to Offer Local Pay-TV Channels
The National Broadcasting Commission (NBC) has directed Multichoice to sublicense some of its channels to Metro Digital Limited (Metro TV) in compliance with current Broadcast Code rules. The Court of Appeal sitting in Port Harcourt, the Rivers State capital, had on July 13th, 2022, ordered the NBC to direct Multichoice[Read More…]
Non-oil Export Increases To $2.59bn In H1, 2022
The country’s non-oil export rose to about $2.59 billion in the first half of the year, representing an increase of 62.37 per cent compared to $1.60 billion recorded during the same period in 2021. The Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, said this remained the[Read More…]
Fed Govt Eyes N834trn To Meet Net Zero Target
The Federal Government has said Nigeria will require $1.9trn or N834trn to attain net zero by 2060 as part of its support to the global fight against climate change and meeting the country’s Energy Transition Plan. A document on the Energy Transition Plan said Nigeria would require $1.9trn to get[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…]