BUSINESS
Abia State Proposes N750.3 Billion Budget For 2025
Governor Alex Otti has presented the 2025 Budget of Abia State to the House of Assembly, proposing a total outlay of N750.3 billion, a 30% increase from the 2024 budget. Dubbed the “Budget of Sustained Momentum,” the governor emphasized that 82% of the budget would be allocated to capital projects, while 18% would cover recurrent expenditures. Key allocations include N611.7...
Naira Appreciates To N1,685/$ In Parallel Market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,695 per dollar on Wednesday Similarly, the naira appreciated to N1,567 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria, CBN, on the Daily Nigerian Foreign Exchange Market (NFEM) showed Naira appreciated for four consecutive days to N1,567 per dollar from...
Abia Workers To Receive 13th Month Salary Before Dec 20, Gov. Otti Assures
Governor of Abia State, Alex Otti, has announced plans by his administration to pay both the December and the 13th month salaries to workers before December 20, 2024. Speaking during a critical meeting with leaders of workers’ unions in the state including the Nigeria Labour Congress (NLC), Otti assured that just like he did last year, he will pay the...
FG Begins N50 Electronic Levy Deductions On Transactions Via Fintech Platforms
The Federal Government (FG) has commenced the implementation of the N50 Electronic Money Transfer Levy (EMTL) on transactions of ₦10,000 and above conducted through financial technology (fintech) companies such as Opay, Moniepoint, Kuda, and others. Introduced under the Finance Act 2020, the EMTL is a one-off levy charged to the recipient of any electronic receipt or transfer of ₦10,000 or...
Bulk Sale Of Petroleum Products From Port Harcourt Refinery Yet To Commence — NNPCL
The Nigerian National Petroleum company limited has clarified that it has not commenced bulk sales of product from the Port Harcourt refinery following the trucking out of product on Tuesday. The clarification followed a series of enquiries on the pricing template as Nigerians sought to know how the revamp refinery will positively impact prices. The National Headquarters of Petroleum Products Retail...
CBN Raises Interest Rate To 27.50%
Nigeria's interest rate was raised by 25 basis points by the Central Bank of Nigeria from 27.25 percent in September 2024 to 27.50 percent in November. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja. “The Committee was unanimous in its agreement to raise the monetary policy rate by...
No Rest Till Nigerians Feel Impact Of My Economic Reforms, Tinubu Vows
Following the newly released third quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics, President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand. Nigeria’s GDP grew by 3.46 per cent, compared to the 3.19 per cent growth recorded in the second quarter, according to the NBS. The growth in GDP shows...
Despite Improved Revenue, We Still Need More Borrowings, Edun Tells Senate
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian government needs more borrowings to fund its budget even though some Ministries, Departments and Agencies have surpassed their revenue target. Edun said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure...
Dangote Refinery Reduces Fuel Price By N20
The Dangote Petroleum Refinery says it has reduced the price of its Premium Motor Spirit from N990 per litre to N970/litre. This is the amount marketers would buy the product from the refinery. In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, said the reduction was to appreciate Nigerians as the...
Ex-Gov Ikpeazu Urges China To Teach Nigeria Fishing Instead Of Giving It Fish
The immediate past governor of Abia State, Okezie Victor Ikpeazu, has called on Nigeria and Africans to embark on more research and data analysis to help them understand the Chinese system in their ongoing cooperation. Ikpeazu made the call in Abuja during Thursday’s presentation of a book by John C. Azu, Daily Trust’s judiciary reporter, titled: “Contemporary Legal Cooperation: China...
