Economic analyst Bismarck Rewane has suggested that a hike in telecom tariffs could play a role in reducing inflation in Nigeria. Speaking at a recent economic forum, Rewane, who is the Managing Director of Financial Derivatives Company, argued that an adjustment in telecom pricing could contribute to fiscal stability and indirectly ease inflationary pressures. Rewane explained that higher telecom tariffs would increase government revenue through taxes and levies, providing a buffer for the fiscal deficit. Additionally, a tariff hike could regulate excessive demand in the telecommunications sector, aligning it more closely with supply and reducing market distortions. “An upward adjustment…
Author: Temitope Nlewemchi
The Dangote Refinery has announced the construction of eight additional tanks to store imported crude oil, marking a significant step in its efforts to enhance operational efficiency and ensure uninterrupted production. This expansion aligns with the refinery’s mission to meet Nigeria’s domestic fuel needs and strengthen its position in the global energy market. Located in Lagos, the Dangote Refinery is Africa’s largest single-train refinery and is poised to transform the continent’s oil and gas industry. The new tanks, designed to store millions of barrels of crude oil, will bolster the facility’s capacity to process a steady supply of feedstock. This…
The Central Bank of Nigeria (CBN) has announced the suspension of its policy allowing extensions for the repatriation of export proceeds. The move aims to enforce stricter compliance with foreign exchange regulations and enhance liquidity in the country’s forex market. Exporters previously benefited from extensions that provided additional time to repatriate their earnings back into Nigeria, as mandated by law. However, the CBN has expressed concerns over delays and non-compliance, which it says undermine efforts to stabilize the naira and strengthen the nation’s foreign reserves. In a statement, the CBN emphasized the importance of timely repatriation of export proceeds to…
The Nigerian Transport Ministry has announced its intention to allocate 57% of its budget to the Lagos railway project, signaling a major commitment to enhancing urban transportation infrastructure in the country’s largest city. This development is part of the broader agenda to address chronic traffic congestion and improve connectivity within Lagos and its environs. The Lagos railway project, a critical component of the country’s transportation blueprint, has been touted as a game-changer for Nigeria’s commercial hub. Once completed, the railway is expected to alleviate the daily gridlock that plagues Lagos residents, significantly reducing travel time and boosting productivity. Transport Minister…
The Ministry of Finance has officially inaugurated an Anti-Corruption Unit Committee, aimed at strengthening efforts to combat corruption within the public financial management system. This new initiative is part of the government’s broader commitment to ensuring transparency, accountability, and ethical conduct in all financial activities and operations across government institutions. The committee, composed of senior officials from the Ministry of Finance, the Economic and Financial Crimes Commission (EFCC), and other key stakeholders, is tasked with identifying and tackling corruption within the finance sector. It will also oversee the implementation of policies and practices to prevent financial mismanagement, fraud, and unethical…
The Nigeria Labour Congress (NLC) and the Organized Private Sector (OPS) have raised alarm over the potential economic consequences of the government’s failed food import policy, warning that the country is at risk of facing higher inflation rates. Both groups argue that the policy, which aimed to reduce the importation of food items and encourage local production, has not yielded the expected results, leading to increased food prices and economic instability. The NLC has expressed concern that the failure of the policy is putting additional pressure on working-class Nigerians, who are already grappling with the rising cost of living. The…
The Ooni of Ife, Oba Enitan Ogunwusi, has praised businesses operating in Ekiti State for their significant contributions to the state’s economic growth. His Majesty highlighted the positive impact these companies have had on job creation, infrastructure development, and the overall prosperity of the region. During a recent visit to Ekiti, the Ooni acknowledged the efforts of both small and large enterprises in driving economic activities across various sectors, including agriculture, manufacturing, and services. He emphasized that these companies are not only enhancing the state’s revenue base but also providing vital opportunities for local residents. “Businesses in Ekiti are not…
In a heartwarming act of philanthropy, renowned health advocate and social media influencer Aproko Doctor has donated a solar power system to a hospital in Epe, Lagos State. The initiative aims to address the persistent power challenges faced by the healthcare facility, ensuring uninterrupted services and improved patient care. The solar system, designed to provide reliable and sustainable energy, will power critical areas of the hospital, including the emergency room, operating theater, and maternity ward. By reducing dependence on erratic grid power and costly generators, the donation is set to enhance the hospital’s operational efficiency and create a safer environment…
The Nigeria Customs Service (NCS) has intercepted 2,000 bags of rice and 844 rifles in a significant operation aimed at curbing smuggling activities. The seizure highlights the agency’s intensified efforts to combat illegal trade and protect the nation’s economy and security. The operation, carried out by officers of the NCS, targeted a smuggling syndicate operating across Nigeria’s borders. Acting on intelligence, the team successfully apprehended the illicit goods, which were concealed in a convoy of vehicles attempting to evade customs checks. Customs Comptroller-General Adewale Adeniyi commended the officers involved, emphasizing the importance of the operation. “This seizure is a testament…
In a major move toward tax reform, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has announced that 90% of workers in both the public and private sectors will soon benefit from reduced tax burdens. The initiative is part of the government’s broader strategy to create a fairer, more efficient tax system that supports economic growth while easing the financial load on lower-income earners. Oyedele revealed that the reform package focuses on reducing the complexity of the tax system, addressing inefficiencies, and ensuring equity. By lowering the tax rates for the vast majority of…
Ogun State has achieved a significant milestone in its quest for energy autonomy by obtaining an electricity regulatory oversight license. This development positions the state to play a more active role in managing its power supply and distribution, addressing long-standing energy challenges that have hindered economic growth and industrialization. The license, granted by the Nigerian Electricity Regulatory Commission (NERC), empowers Ogun State to oversee electricity operations within its jurisdiction. This includes regulating power generation, distribution, and ensuring compliance with industry standards. The move is part of a broader federal initiative to decentralize energy management and promote regional solutions to Nigeria’s…
Sterling Financial Holdings Company (Sterling Holdco) has projected gross earnings of N121.8 billion for the fiscal year, underscoring its robust growth trajectory and diversified business model. The forecast reflects the group’s confidence in leveraging its strategic initiatives and market opportunities to deliver solid financial performance. The projection aligns with Sterling Holdco’s recent restructuring, which transformed the organization into a holdings company overseeing a range of subsidiaries. These subsidiaries span sectors including banking, healthcare, agriculture, and energy, allowing the group to mitigate risks and capitalize on multiple revenue streams. A spokesperson for Sterling Holdco highlighted the company’s focus on innovation and…
Haldane McCall, a leading real estate development company, has announced a remarkable achievement in the Nigerian property market, generating N2.5 billion through the sale of housing units. This milestone underscores the growing demand for quality and affordable housing solutions in the country and highlights the company’s pivotal role in addressing the housing deficit. The success stems from a combination of well-planned residential projects and strategic marketing efforts. Haldane McCall’s portfolio includes a range of housing options designed to cater to diverse income levels, from luxury apartments to budget-friendly units. By maintaining high construction standards and offering flexible payment plans, the…
KFC Nigeria is spreading holiday cheer with the unveiling of its latest offering: a special festive meal designed to bring families and friends together during the season of celebration. This limited-time menu promises to deliver the signature flavors KFC is known for, with a seasonal twist to delight its customers. The festive meal features an array of options that cater to both traditional and adventurous palates. Highlights include KFC’s iconic crispy fried chicken, complemented by specially crafted sides and sauces inspired by local Nigerian flavors. The meal is designed to offer a satisfying combination of taste and value, making it…
This year marks a significant milestone for Citibank as it commemorates 40 years of service. Since its establishment, the institution has played a pivotal role in shaping the global banking landscape, offering innovative financial solutions and fostering economic growth. Citibank began its journey with a vision to provide world-class banking services, and over the decades, it has expanded its reach to become a key player in the global financial sector. From pioneering digital banking solutions to supporting businesses and individuals through complex financial markets, Citibank has consistently adapted to the evolving needs of its customers. The bank’s leadership attributes its…
Thousands of passengers have flooded bus parks in Abuja and Lagos following the announcement of reduced transportation fares by the administration of President Bola Tinubu. The initiative, aimed at alleviating the financial burden on commuters, has been met with widespread enthusiasm, as many Nigerians struggle with the rising cost of living. The fare reduction is part of the government’s broader strategy to ease transportation costs and provide relief to citizens amid ongoing economic challenges. By slashing fares on intercity and interstate routes, the government hopes to make transportation more affordable and accessible to the general public. At major bus parks…
The Federal Government of Nigeria has earmarked N8.73 billion for the development and upgrade of power infrastructure at the country’s airports in 2024. This investment is part of the government’s ongoing efforts to enhance airport facilities and improve overall passenger experience. The allocation is set to address critical power supply issues, which have long been a challenge at various Nigerian airports. This funding will be used to upgrade existing power systems, ensure more reliable electricity supply, and introduce sustainable energy solutions, including the integration of renewable energy sources. Airport officials highlighted that the move is expected to enhance operational efficiency,…
The Nigerian National Petroleum Company Limited (NNPCL) has inaugurated a state-of-the-art command centre designed to enhance oil and gas production across the country. The new facility aims to improve operational efficiency, streamline decision-making processes, and optimize production monitoring and management in real time. The command centre is equipped with cutting-edge technology, including advanced data analytics tools and communication systems, to enable better management of oil and gas assets. It will allow NNPCL to monitor operations across various oil fields and facilities, ensuring that any challenges or inefficiencies are quickly identified and addressed. NNPCL officials emphasized that the command centre will…
Women are increasingly making their mark in the maritime sector, historically dominated by men, and are playing a pivotal role in reshaping the industry. With growing representation in various maritime domains, from shipping and logistics to port operations and maritime safety, women are driving innovation, advocating for inclusivity, and demonstrating leadership in an evolving sector. In recent years, there has been a notable shift in the number of women pursuing careers in maritime, with many breaking barriers and setting new standards. Women are now occupying key positions in maritime organizations, influencing strategic decisions, and contributing to policy development. Their involvement…
Telecommunications companies in Nigeria have expressed optimism about President Bola Tinubu’s economic reforms, anticipating significant relief from the longstanding issue of multiple taxation in the sector. The telcos are hopeful that the administration’s drive for regulatory efficiency and ease of doing business will address the tax burdens that have hindered industry growth. Industry stakeholders have consistently decried the heavy tax obligations imposed by various levels of government, which they argue stifle innovation and lead to higher costs for consumers. According to telecom operators, the proliferation of taxes—ranging from statutory levies to arbitrary charges—has been a major impediment to infrastructure expansion…