The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that government revenue obtained from the oil sector increased from 11% in 2023 to 30% in the first half of 2024. Edun made this disclosure in a statement during a press briefing in Abuja on Friday. According to the minister, government revenue has seen an increase due to recent changes in financial management. He said the adjustments involved a comprehensive reconfiguration of the government’s financial systems. He added that these improvements have effectively enhanced the efficiency and effectiveness of revenue collection, leading to a notable boost…
Author: Temitope N.
Data and AI Leader, Mr Abel Aboh urged Nigeria to leverage Artificial Intelligence (AI) to address some of its current challenges even as he highlighted some strategies that can be adopted. Aboh gave the charge on Saturday during the July edition of the Nairametrics webinar themed, ‘How to Make Money Using AI: Value Creation for Businesses, Entrepreneurs, and Government.’ According to him, Nigeria would need to deploy in the area of agriculture to achieve food sufficiency and this should be one of the immediate actions that the government needs to take. He added that this would require setting up a team…
Nigeria’s total import from Malta rose from zero to about N1.03 trillion in 2023, according to an analysis of the foreign trade statistics reports released by the National Bureau of Statistics (NBS). This is as controversy continues to trail the sudden increase in Nigeria’s import from the small Southern European country, following recent accusation by Aliko Dangote, chairman of Dangote Industries Limited, against Nigerian National Petroleum Company (NNPC) Limited. A cursory review of the NBS reports show that Nigeria’s total import for 2023 was N35.92 trillion, which indicates that about 2.87% of Nigeria’s total imports were from Malta, despite no record of…
Nigeria’s imported food inflation jumped to 36.38% in June 2024, from 34.83% recorded in the previous month, which represents a 1.55%-points increase. According to the Consumer Price Index (CPI) data for June 2024 by the National Bureau of Statistics (NBS), the average price index for imported food rose to 806.0 in June 2024 from 591.0 in the same month of the previous year. Nigeria’s imported food inflation increased significantly from the 19.10% recorded in June 2023, as naira weakened following the unification of all segments of the forex exchange (FX) market by the Central Bank of Nigeria (CBN). The unification process in June 2023, aimed at…
The much-anticipated Marvel blockbuster “Deadpool & Wolverine” which premiered at Nigerian cinemas on Friday, July 26, 2024, has grossed N41.6 million in ticket sales within its first day. This figure, reported by the Nigerian Box Office, excludes Wednesday and Thursday preview screenings. At this rate, the film is projected to surpass N130 million in ticket sales over its 3-day opening weekend. “Deadpool & Wolverine,” which had a production budget of $200 million and an additional $100 million allocated for marketing, aligns with the highest-grossing entries in the Multiverse Saga, including “Spider-Man: No Way Home,” “Doctor Strange in the Multiverse of…
The United States government has outlined actions for Americans living in Nigeria ahead of the planned nationwide protests commencing on August 1. The US mission in Nigeria believes that past protests in Nigeria have led to physical confrontations. This information was disclosed on the US Embassy website dated July 26, tagged “Alert: Potential Nationwide Protests.” Planned Day of Rage The planned protest is called “Day of Rage” and also runs under the X formerly known as Twitter hashtag #EndBadGovernanceInNigeria. The organizers claim to raise awareness about alleged widespread corruption and poor governance in Nigeria. A prominent public interest lawyer, Ebun Adegboruwa SAN,…
The Portuguese government has decided to expedite the process for athletes seeking residence permits and simultaneously end the expression of interest for immigrants already present in the country. This means that it has agreed to make exceptions for sports clubs that are expressing interest in athletes in the immigration process especially for relevant events that serve the public interest. These sports clubs and sport federations will now sign a protocol with the government, that allows to speed up the process of regularisation of athletes who are third-country nationals already in the immigration system. To facilitate this process, the Agency for Integration, Migration…
Bolanle Austen-Peters‘ latest film, “House of Ga’a,” has made a significant impact on Netflix, entering the top 10 rankings across various countries as of July 26, 2024. Set in the ancient 18th century Yoruba history, “House of Ga’a” tells the gripping tale of a power-hungry political figure, Ga’a, who orchestrates a brutal betrayal within the Oyo Empire. This cultural phenomenon, with its captivating storyline and stellar performances, has resonated deeply with audiences globally. According to Flix Patrol, a platform that provides video on demand charts and streaming ratings worldwide, “House of Ga’a” has achieved notable success in several regions: Regional…
The United Nations Development Programme (UNDP) has stressed that Nigeria needs to adopt a coordinated approach to effectively tackle tax crimes. This is according to a statement published on its website, which was seen by Nairametrics. The statement read: “Nigeria needs a coordinated approach to tackle tax crimes due to overlapping regulatory oversight. A critical step is fostering cooperation among parallel agencies through a comprehensive understanding of each agency’s functions, legislative powers, and their ability and willingness to collaborate.” Corruption breeds tax crimes According to the organization in the statement, tax crimes and corruption are closely intertwined, with individuals and companies engaged in corrupt activities often…
The Governor of Borno State, Babagana Umara Zulum, says his government has disbursed N450 million to 45,000 widows and vulnerable women in the state as a form of palliative support. This was disclosed via his Facebook page on Sunday, July 28, 2024. Borno is a core northern region that has been at the epicenter of terrorist activities, military operations, and humanitarian crises. Essence of the Palliatives The Governor explained that his team visited Monguno Local Government, where they distributed over N450 million to 45,000 widows and vulnerable women. According to the Governor, the distribution of palliatives by his administration was not intended…
First City Monument Bank has unveiled a new initiative to address gender inequality in Nigeria’s business sector through the provision of zero-interest-rate loans to female entrepreneurs. The initiative named SheVentures programme provided interest-free loans of up to N10m and tailored support to female entrepreneurs in the export and agricultural sectors. A statement from the bank on Wednesday said that beneficiaries will also receive exclusive business management training and mentorship opportunities, creating a comprehensive support system for business growth. This initiative aligns with the bank’s mission of promoting inclusive and sustainable development by connecting people, capital, and markets across Africa. The…
The equity market continued with its bearish trading on Wednesday, as investors lost N68bn. The All Share Index and the Market Capitalisation declined by 0.12 per cent each to settle at 100,365.17 points and N56.83tn, respectively. This brings the year-to-date return to 34.29 per cent, the month-to-date to 0.31 per cent, and the week-to-date to -0.17 per cent, respectively. An aggregate of 497,842,944 units of shares was traded in 8,412 deals valued at N8.61bn. The market breadth closed negative as 17 equities gained while 21 equities declined in share prices. The daily average volume increased by 43.57 per cent to…
Africa’s richest man, Alhaji Aliko Dangote has travelled to Gabon to honour the invitation of the country’s President to explore investment opportunities in cement and fertiliser manufacturing. This is coming on the heels of the billionaires dispute with regulatory authorities in Nigeria’s oil sector over supply of crude oil to his 650,000 barrel capacity oil refinery and the quality of products from the company. In a post on the official X page of the Dangote Group, the company stated that its President and CEO was invited by President Brice Oligui of Gabon to explore investment opportunities in cement and fertiliser production. The post reads, “President/CE of Dangote Industries Limited, Aliko…
The National Drug Law Enforcement Agency (NDLEA) has successfully apprehended Alhaji Sulaiman Jimoh, commonly known as Temo, a notorious drug kingpin in Lagos. Temo, who had evaded capture for the past two years, was detained following a significant operation that culminated in his arrest at his stronghold. The NDLEA in a statement signed by Femi Babafemi-Director, Media & Advocacy NDLEA Headquarters, Abuja, gave details oF the operation, revealing that the 57-year-old Temo was captured after an initial confrontation with his entourage. Despite resistance, the operation concluded without casualties. NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa…
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has vowed to ensure the conviction and imprisonment of any serving local government chairmen or councillors tampering with the Federation Accounts Allocation Committee (FAAC) allocations to the LGs. He disclosed this on Thursday at the 17th-anniversary annual lecture event of the Human Rights Writers Association of Nigeria (HURIWA) in Abuja, attended by Nairametrics. His latest reaction comes a few days after he instituted an LG autonomy suit at the Supreme Court and defeated the state governors’ legal team who unanimously opposed it at the apex court. …
Germany is considering lowering taxes for foreign skilled workers who decide to take up jobs in the country. These tax rebates will range between 30%, 20%, and 10%. This comes as an effort to attract more foreign qualified professionals to the country under its “growth initiative” effort by the German government to partially exempt newly arrived foreign qualified workers from taxes for their first three years of employment. According to authorities, this tax relief is essential as Germany faces shortages in various sectors. What the Minister said The Federal Minister of Finance, Christian Lindner noted that the rebate will only apply during…
The Human Rights Writers Association of Nigeria (HURIWA) has stated that the construction of the multi-billion naira official residence of the Vice President of the Federal Republic of Nigeria is an error in judgment by the executive and legislative arms of government. The head of HURIWA, Comrade Emmanuel Onwubiko, disclosed this on Thursday at the 17th-anniversary annual lecture event of the association in Abuja, attended by Nairametrics. The event, which drew government officials, legislators, and academia, was themed: “ANY NEXUS BETWEEN POLITICAL LEADERSHIP & HUMAN RIGHTS?” VP Residence amid widespread poverty Onwubiko emphasized that political officeholders must appreciate the constitutional demand…
A former Lagos Commissioner, Mr. Tunji Bello, on Thursday, assumed office as the Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC). Bello’s assumption comes a month after President Bola Tinubu appointed him and follows the Senate’s confirmation of the appointment on Tuesday. He takes over from Adamu Abdullahi, who has been leading the Commission in an acting capacity since the removal of the former helmsman, Babatunde Irukera in January. “Mr. Tunji Bello officially assumed his role as the Executive Vice Chairman/ Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC) today. “Mr.…
Universal Music Group, the leading music label backing Don Jazzy’s Mavin Records, has seen its shares drop over 20% amid intense competition in the streaming market. The Netherlands-based Universal Music Group (UMG), representing top artistes such as Taylor Swift, Drake, Justin Bieber, and Adele, experienced this significant decline shortly after the market opened on Thursday. This drop followed the company’s below expectation results in its streaming and subscription businesses. On the earnings call, UMG Vice President and CFO Boyd Muir attributed the year-over-year slowdown in subscription growth to “the timing of price increases” from its partners. UMG’s partners, including Spotify, Amazon Music,…
Nigeria’s President, Bola Tinubu has urged the government of China to explore transferring its technological expertise to address infrastructure needs in Nigeria and Africa at large. Tinubu made this request in Abuja when he received the Vice Minister of Foreign Affairs of the People’s Republic of China, Mr. Chen Xiaodong. This bilateral meeting was disclosed in a statement published on the State House website on Friday, signed by Tinubu’s aide, Ajuri Ngelale. China’s opportunity to impact Nigeria According to the statement, the President commended the partnership between Nigeria and China over the past fifty years, emphasizing that both sides must nourish, nurture,…