The Federal Government has announced that power generation, distribution and transmission companies, gas suppliers, consumers, among others, will conduct electricity transactions through an automated energy trading platform in 2023. The government said the platform would facilitate an automated and transparent marketplace and would serve as a system for the consummation[Read More…]
News
Nigeria’s Free Trade Zones Generates $46.4bn Investment
The Federal Government says the Nigeria free trade zones attracted over $46.6 billion investment into the nation’s economy. Managing Director of the Nigeria Export Processing Zones Authority, Adesoji Adesugba, and his counterpart from the Oil and Gas Free Zones Authority, Tijjani Kaura, made this disclosure at the 30th anniversary of[Read More…]
Ijebu Heritage Group Honours 9 Eminent Nigerians
The Ijebu Heritage group held its annual award dinner at the The Metropolitan Club Lagos to showcase its contributions to the society and recognize 9 of its distinguished members for their outstanding personal achievements. The Chairman of Ijebu Heritage Group Otunba Olalekan Belo was ably supported by eminent dignitaries and[Read More…]
Greenville LNG, Top Gas Company Notorious for Breaching Contracts Risks Another Multimedia Dollar Lawsuit
Dissatisfied with the judgement, On January 27, 2021, IEC filed a petition to vacate the Award in New York state court but the court rejected IEC’s arguments. “In short, due to the strong deference owed to the decisions of arbitrators, the Court is compelled to reject IEC’s arguments and confirm[Read More…]
Report Reveals Nigerians Paid N2trn Indirect Taxes In Nine Months
Amid an economic downturn and rising inflation, the tax burden on Nigerians in the first nine months of 2022 increased by N285.13bn. This is as Nigerians paid N2.01tn in indirect taxes in the period under review, a 16.57 per cent increase from the N1.72tn paid in the corresponding period of[Read More…]
Emefiele Says Nigeria’s Inflation May Drop To Below 15% Next Year
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…]
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…]
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…]