Customs Generates N144.2bn Revenue In 10 Months
The Murtala Mohammed Area Command of the Nigeria Customs Service, Thursday stated that it realised the sum of N143.2 billion revenue into the federal government coffers between January and October, 2024. Aside, the revenue the command also intercepted, 250 turtles, 23 pieces of walkie-talkies, 175 pieces of military helmet, and 50 pieces of drones allegedly being smuggled into the country...
Gov. Sanwo-Olu Presents ₦3trn 2025 Budget To Lagos Assembly
Governor Babajide Sanwo-Olu of Lagos has presented the sum of ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025. Briefing the lawmakers on Thursday in Alausa, Sanwo-Olu emphasised the budget’s focus on infrastructural development and sustainability. Tagged the “Budget of Sustainability,” it seeks to focus on capital projects aimed at economic growth and development. A...
Senate Approves Tinubu’s $2.2BN Loan Request
President Bola Tinubu's request for a $2.2 billion loan to help partially finance the ₦9.7 trillion budget deficit for the fiscal year 2024 was approved by the Senate on Thursday. The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary. Presiding over the session, Deputy Senate President Jibrin Barau...
Tinubu Writes NASS, Seeks Approval For N1.77tn Fresh Loan
President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767tn as a new external borrowing plan in the 2024 appropriation act. If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget. The president’s request was read by the speaker during plenary on Tuesday. The president has also forwarded the...
CBN Threatens Severe Sanctions Against Banks Hoarding Currency
The Central Bank of Nigeria (CBN) has announced severe penalties for any bank involved in currency hoarding or diversion as part of its commitment to ensuring proper distribution of the nation’s currency. In a circular issued on November 13, 2024, the CBN outlined stringent measures for Deposit Money Banks (DMBs) found to be diverting cash to unauthorised hawkers. Under the new...
Our Prayers Made $1 Not To Hit N10,000 By Now, Says Pastor Adeboye
Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), has attributed Nigeria’s current exchange rate stability to divine intervention, warning that without it, the naira could have plunged to ₦10,000 to $1. Speaking at the Special Holy Ghost Congress in Abuja, Pastor Adeboye noted that, through his prayers and those of his followers, the naira’s...
We Have Disbursed Conditional Cash Transfer To 25 Million Nigerians — FG
The Federal Government on Thursday said 25 million Nigerians have so far received the ₦25,000 conditional cash transfer. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing State House Correspondents shortly after the National Economic Council meeting chaired by Vice President Kashim Shettima. He enumerated the steps taken by President Bola Tinubu’s administration to...
FG Urges States To Comply With Payment Of N70,000 Minimum Wage
The Federal Government has appealed to state governments yet to comply with the new National Minimum Wage Act and commence paying the new N70,000 minimum wage to do so. After a meeting with President Bola Tinubu on Monday, the Secretary to the Government of the Federation, George Akume, applauded those states that have commenced paying workers the new minimum wage. Akume...
International Trips: Tinubu, Shettima’s Absence Fiscal Irresponsibility — Obi
The Labour Party, LP, presidential candidate during the 2023 elections, Peter Obi, has described the foreign trips embarked upon by both President Bola Tinubu and his deputy, Kashim Shettima, as fiscal irresponsibility. Obi raised issues with the trips, coming when the country is grappling with domestic (economic) challenges. Recall that Tinubu departed for the United Kingdom on October 2, for a...
Cost-of-Living Crisis: FG Planning Cash Transfer To 20 Million Nigerians — Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programmes aimed at improving the living standards of citizens and addressing pressing societal needs. The minister said the social investment programme is targeted to impact 60...
