In a historic milestone for the cryptocurrency market, Bitcoin has surged past the $100,000 mark, fueled by a wave of optimism surrounding former U.S. President Donald Trump’s recent pro-crypto initiatives. This remarkable rally underscores Bitcoin’s growing acceptance as a mainstream asset and highlights the potential for regulatory shifts to shape the digital currency landscape. Trump’s Pro-Crypto Stance Trump, once a vocal critic of cryptocurrencies, has shifted gears, advocating for policies that favor innovation in blockchain and digital assets. His latest public endorsements and proposed regulatory frameworks have sparked renewed investor confidence. Key aspects of his pro-crypto revolution include: Tax Incentives…
Author: Temitope N.
The Nigerian National Petroleum Company Limited (NNPC) has revealed that the country’s crude oil production has surpassed the quota allocated by the Organization of Petroleum Exporting Countries (OPEC). This development comes amidst ongoing efforts to stabilize and boost Nigeria’s oil output following years of disruptions caused by theft, sabotage, and underinvestment. Surpassing Expectations Nigeria’s OPEC production quota currently stands at approximately 1.38 million barrels per day (bpd). However, the NNPC reported that the country’s production recently climbed to about 1.5 million bpd, marking a significant improvement. NNPC Group Chief Executive Officer Mele Kyari attributed the increased output to enhanced security…
President Bola Ahmed Tinubu has expressed confidence in Nigeria’s ability to transform into a $1 trillion economy through strategic reforms and sustained investments. Speaking at a high-level economic forum in Abuja, the President outlined his administration’s vision for unlocking Nigeria’s vast economic potential and positioning it as a leading player in Africa and the global market. Driving Factors for Economic Growth President Tinubu emphasized several pillars that could drive Nigeria towards the trillion-dollar mark: Economic Diversification: The administration aims to reduce dependence on oil by boosting sectors like agriculture, manufacturing, technology, and renewable energy. This approach seeks to create a…
The Ogun State Government has entered into a partnership with the operators of Oyan Dam to develop a sustainable hydroelectric power project aimed at increasing electricity supply in the region. This collaboration seeks to harness the dam’s untapped potential for renewable energy, aligning with Nigeria’s drive for energy diversification and sustainability. Leveraging Hydropower for Development Oyan Dam, a major reservoir managed by the Ogun-Osun River Basin Development Authority (OORBDA), has long been recognized for its potential to generate hydroelectric power. The partnership will explore the installation of turbines and other infrastructure necessary to convert the dam’s water flow into electricity.…
The Kano State Internal Revenue Service (KIRS) has sealed the regional office of Max Air, citing an outstanding tax liability of ₦197 million. The closure, which occurred earlier this week, is part of the state’s intensified efforts to recover unpaid taxes from businesses operating within its jurisdiction. Tax Evasion Allegations According to KIRS, Max Air failed to remit its statutory taxes over several years, despite repeated notices and attempts at dialogue. The agency emphasized that the action aligns with its mandate to ensure compliance with tax laws and generate revenue for the state. “This enforcement action is a last resort…
The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline for Bureau de Change (BDC) operators by an additional six months. The decision, announced by the Association of Bureau De Change Operators of Nigeria (ABCON), provides BDCs with more time to meet the new capital requirements set by the apex bank. Initially slated for December 2024, the recapitalisation deadline will now fall in June 2025, granting operators relief amid challenging economic conditions and exchange rate volatility. Increased Capital Requirement The CBN had earlier mandated a significant increase in the minimum capital base for BDC operators as part of its…
A group of prominent Nigerian celebrities has embarked on a visit to India, focusing on exploring the potential of compressed natural gas (CNG) as a cleaner and cost-effective alternative fuel. The trip, organized in collaboration with industry stakeholders and environmental advocates, aims to raise awareness about sustainable energy solutions and their applications in Nigeria. The delegation, comprising actors, musicians, and influencers, toured key CNG facilities in India, including vehicle retrofitting centers, refueling stations, and manufacturing plants. India, recognized for its widespread adoption of CNG in transportation, serves as a model for countries seeking to transition to cleaner energy sources. Promoting…
In a development that has sparked widespread concern, electricity distribution companies (Discos) across Nigeria are reportedly considering moving approximately three million customers back to estimated billing. The move comes as the power firms grapple with delays in upgrading infrastructure and deploying prepaid meters under the government-backed National Mass Metering Program (NMMP). The proposed shift to estimated billing could affect millions of households, raising concerns about transparency and fairness in electricity billing. Behind the Move Discos have cited supply chain disruptions, funding challenges, and logistical issues as key factors stalling the deployment of prepaid meters. Despite government efforts to enhance metering…
Nigeria’s equity market continued its upward trajectory as investors’ confidence pushed the market capitalization to gain ₦77 billion, nearing the ₦60 trillion mark. The strong performance is attributed to sustained positive sentiment across key sectors, buoyed by a mix of favorable corporate earnings and macroeconomic developments. At the close of trading on Wednesday, the All-Share Index (ASI) rose by 0.13% to settle at 113,750.43 points, marking a new high for 2024. This brought the total market capitalization to ₦59.91 trillion, driven by gains in blue-chip stocks across banking, industrial, and telecommunications sectors. Key Drivers of the Rally Corporate Earnings Strong…
The Federal Government’s electricity subsidy expenditure surged to ₦1.91 trillion in the first 11 months of 2024, according to industry reports. This significant financial outlay underscores the challenges of maintaining affordable energy tariffs amid rising generation costs and inefficiencies in the power sector. The subsidy, aimed at bridging the gap between the cost of electricity production and what consumers are charged, has drawn criticism from economists and stakeholders who view it as unsustainable. Despite the substantial spending, millions of Nigerians continue to grapple with inadequate power supply and frequent outages. Mounting Costs Amid Sector Inefficiencies The increasing subsidy burden is…