Author: Temitope N.

The National Union of Petroleum and Gas Workers (NUPENG) have announced the halting of the proposed strike by its affiliate members, Petroleum Tanker Drivers (PTD). The strike, which would have started on Monday, October 11, 2021, was called off due to the intervention of the Federal Government. According to NAN, this disclosure was made by the South-West Zonal Chairman of NUPENG, Mr Tayo Aboyeji, during an interview on Sunday in Lagos. Aboyeji said that the suspension is to allow Union’s representatives and that of government to address the knotty issues at stake. He said, “The leadership of the union after…

The Federal Government has established plans to discipline ministries, departments and agencies (MDA) who fail to meet their revenue targets. The pronouncement is coming against the backdrop of serious concerns over revenue crisis experienced by government, leading to frequent borrowing in order to meet up with some of its obligations. This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill in Abuja on Friday. Ahmed said that the introduction of the measure is an attempt to boost the revenue performance and…

President Muhammadu Buhari has confirmed approval of the Nigeria Extractive Industries Transparency Initiative (NEITI) and other anti-corruption agencies like the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds from 77 oil companies operating in the country. This follows the recent revelation about 2 weeks ago by NEITI that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion due to their failure to remit petroleum profit tax, company income…

President Muhammadu Buhari has officially received the Certificate of Incorporation by the Corporate Affairs Commission (CAC) for the National Petroleum Company Limited. Buhari made this known on Friday while receiving the documents, and challenged the new management stating that he expects nothing less “than the realisation of a global national oil company that this nation desires and deserves,” as the PIA requires NNPC to morph into a new limited liability company. Buhari described the event as a significant milestone in Nigeria’s quest to create an enduring National Energy Company that can compete with its global peers and deliver value to…

The Central Bank of Nigeria (CBN) established that it would continue to monitor Financial Technology (FinTech) companies in Nigeria as well as manage the risks associated with their activities. The apex bank which regards FinTechs as a crucial sector in its operation, has confirmed that it will work towards minimizing the risks associated with their operations to the consumers and financial institutions This was made known by the Director, Banking Supervision Department of CBN, Mr Mustapha Haruna, Director, Banking Supervision Department, CBN, who was represented by Adekunle Adeniji, Assistant Director in the department, at the end of the 31st…

The Minister of Finance, Budget and National Planning, Zainab Ahmed, in her defence of Nigeria’s mounting debt has insisted that the Federal Government’s borrowings helped the country alot in the country’s quick recovery from recession. This is as the government explained that it had to spend its way out of recession mostly in the form of capital expenditure for the provision of infrastructural development. This was made known by Ahmed during a public presentation and breakdown of the 2022 Appropriation Bill on Friday in Abuja. The budget breakdown is coming a day after President Muhammadu Buhari presented the Appropriation Bill…

Nigeria’s economy is seen to grow by 2.4% in 2021, Due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022. The World Bank established this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”. The World Bank also strongly stated that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance…

The Federal Government has applauded the Nigerian Association of Resident Doctors (NARD) for suspending its nationwide strike, adding it has increased the aggregate money in the 2022 budget for hazard allowance from N40 billion to N47 billion annually. This was made known by Minister of Labour and Employment, Sen. Chris Ngige, in a meeting with members of the Nigerian Medical Association (NMA), and leading NARD executive members, on Wednesday, in Abuja, according to the News Agency of Nigeria. He praised the NARD leadership for ending the strike that had paralyzed Nigeria’s healthcare institutions while announcing the increased hazard allowance for…

President Buhari has presented a budget of N16.39 trillion for the 2022 fiscal year titled budget of economic growth and sustainability to the National Assembly. He mentioned this while addressing the joint session of the National Assembly on Thursday at the Green Chamber. In his words, the government plans to spend a sum of N16.38 trillion as budget in the 2020 fiscal year. This represents the 7th presentation of the national budget by Buhari to the national assembly, which was hailed by the Senate president, Ahmed Ibrahim Lawan for ensuring timely submission of the budget proposal so that it can…

The Central Bank of Nigeria (CBN) said that as the economy recovers from COVID-19, FinTech will play a more important role towards resilient and sustainable recovery. The governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Wednesday at a conference for financial correspondents and business editors in Enugu state. The Central Bank of Nigeria (CBN), in partnership with the Nigeria Deposit Insurance Corporation (NDIC), is responsible for overseeing the payments system’s efficiency and effectiveness. Emefiele noted that year 2007 marked a turning point in the country’s payments system terrain with the launch of the CBN’s Payment Systems…

The Imo State Government has commenced “Exercise Golden Dawn,” an initiative of the Nigerian Armed Forces, in order to curb the rising state of insurgency in the South-East state. This was launched by State Governor Hope Uzodimma, in joint work with the 34 Artillery Brigade Forward Operation Base in Orlu Local Government Area of the state on Wednesday, according to the News Agency of Nigeria. The Governor disclosed that the exercise would be carried out for three months to restore peace to the area for the Christmas season. Governor Uzodimma said, “This is a special period and season in the…

In the space of 2015 and 2020, Nigeria’s payment system accumulated around $500 million in investments due to increased level of confidence. This made known by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele while speaking at the bank’s 31st seminar for financial correspondents and business editors in Enugu State, themed, ‘Trends in Nigeria payments system: regulating the fintech digital playing field’ Emefiele established that in the past few years, the sector has experienced incredible growth which the apex bank hopes to continue to support in terms of regulation and customer protection. He said, “The high level of…

The Federal Government has declared its readiness to borrow from both local and foreign sources to finance the N6.258 trillion deficit in the proposed 2022 budget. This is just as the Federal Executive Council (FEC) has approved the 2022 Appropriation Bill with an aggregate expenditure of N16.39 trillion. This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, during a press conference after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in Abuja, saying that this will aid the funding of the Federal Government’s infrastructure projects. She said, “Government has been borrowing…

The price of a big bag of brown beans has unfortunately grown to N100,000 as traders lament low inventory and a significant increase in transportation cost as reasons for the sudden increase. A big bag of brown beans, which sold within the range of N85,000 and N88,000 last week has now increased by over 17% to sell as high as N100,000 in major markets and stores around the city of Lagos. According to Nairametrics databank, the price of beans has increased by 140.96% year-to-date from N41,500 recorded as of December 2020 to sell for an average of N100,000 in Lagos.…

Development Partners International (DPI), a premier investment firm focused on Africa, has disclosed that African Development Partners III Fund (ADP III), has exceeded its $800 million set target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital. This was made known by DPI via a statement issued on Monday. The development brings a total of $1.15 billion for investments in the continent. According to the statement, which was seen by Nairametrics, the fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.…

A former Deputy Governor of the Central Bank of Nigeria, Tunde Lemo, has stated why foreign investors would rather go for Ghana as an investment destination over Nigeria. Lemo, who is also the Chairman of the Federal Roads Maintenance Agency (FERMA), established that infrastructure decay, insecurity, poor ease of doing business, amongst other factors are the reasons foreign investors opt for Ghana and not Nigeria. This was disclosed by Lemo, while featuring on a Channel’s Television programme, Business Morning, on Monday. Lemo said, “Our infrastructure is in decay, it is very seriously impacted negatively. Look at the textile industry for…

The Lagos State Governor, Babajide Sanwo-Olu has issued for a 42% revenue share to states from the Federation Account. This was made known by the Governor on Monday at the two-day South-West Zonal public hearing on the Review of Allocation formula by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). The Governor also established that the increased formula would drive states to handle their finances, as the present model only gives states 26.72%, while the FG takes 52.68%, citing that the model needs to be reviewed. Governor Sanwo-Olu said, “Nigerian fiscal federalism should be adjusted to develop more expenditure…

The leadership of the National Association of Resident Doctors (NARD) has put an end to its 2-month old nationwide industrial action. The recent movement by the striking resident doctors is coming after several negotiations with relevant stakeholders due to the strike action embarked upon over irregular payment of salaries, unfavourable condition of service, among other issues. This was made known by the President of NARD, Godiya Ishaya, who acknowledged that the resident doctors have officially called off the strike with effect from 8am on Wednesday. Ishaya said that the decision to call off the strike was made in an emergency…

It was disclosed by the officials in Niger state that Boko Haram terrorists are rapidly expanding operations in the state, which will give the terrorist group even more access to the nation’s capital, as Niger State shares boundaries with the Federal Capital Territory. This was disclosed in a report by Reuters on Sunday, after interviews with Suleiman Chukuba, Chairman of Shiroro local government area in Niger state, which borders Abuja. Chukwuba warned that the local government is currently being overrun by Boko Haram fighters, stating that they are now in 8 of its 25 wards. Shiroro local government has an…

It was earlier disclosed that the Board of Directors of The World Bank has confirmed a $400 million credit for Nigeria as additional financing from the International Development Association (IDA) to provide financing for safe and effective COVID-19 vaccine acquisition and deployment in the country. This was made known by The World Bank via a statement issued and signed by its Senior External Affairs Officer, Mansir Nasir on Friday. Shubham Chaudhuri, World Bank Country Director for Nigeria, said, “As the Nigerian Government continues to tackle the effect of a third wave of the global pandemic, it is crucial it continues…