BUSINESS
Illegal Pipeline Connection In Abia Costs Nigeria $7.2m Monthly, FG Says
A federal government delegation to the oil-producing areas of Nigeria has discovered numerous illegal pipeline connections robbing Nigeria of millions of dollars in revenue. The team noted that a particular pipeline in Owaza in Abia state has been damaged by oil thieves, causing a revenue loss of $7.2 million dollars per month. The delegation, that visited the Niger Delta region at...
Umahi Says He’ll Speak To Manufacturers On Reduction Of Cement Price
Minister of Works, Senator David Umahi, yesterday, promised to dialogue with cement manufacturers over reducing the prices of their products. He spoke while featuring on Sunrise Daily, a channel television programme. The minister said contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper. His words: “I’m going to be...
NERC Urges Electricity Prepaid Customers To Update Their Meters
The Nigerian Electricity Regulatory Commission (NERC) has urged citizens with prepaid meter to update them before November 2024. The regulatory body said users who fail to update their meters before the said date won’t be able to recharge their prepaid meters. NERC, in a post on X, formerly known as Twitter, said updating the meters attracts no cost. The regulator said electricity...
How CBN Spent N74bn In Naira Redesign, Others In 2022 — Report
It cost the Central Bank of Nigeria and its subsidiary about N74.84bn to produce and roll out currencies, including new naira notes, in 2022. Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the preceding year, to rollout currencies. According to the...
Hunger To Vanish As NEC Approves N5bn Subsidy Palliative With 5 Trucks Of Rice
The National Economic Council, NEC, on Thursday said that the Federal Government has approved N5 billion grant to be given to each of the 36 states of the federation for the procurement of grains as well as five trucks of rice to each state as palliatives to cushion the effect of fuel subsidy removal. The NEC also approved the distribution...
We’ve Not Seen Reflection Of Uzodimma’s N40,000 Minimum Wage Increase, Imo Workers Cry Out
Imo state workers on Saturday complained that there was no increment in their salaries as promised by the Governor of the state, Hope Uzodimma. They made their feelings known in a statement issued to newsmen in Owerri and signed by the state Chairman of the Nigeria Labour Congress, NLC, Phillip Nwansi alongside other affiliate bodies. It should be recalled Uzodimma promised...
Tinubu In Meeting With World Bank Chief Says Audit Of CBN Commencing Soon
President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, Tinubu disclosed this during an audience with the President of the World Bank, Mr. Ajay Banga on Friday...
Gov. Otti Considers Setting Up Commission On Ease Of Doing Business To Attract Investors
Abia State Governor, Dr Alex Otti, says the State Government would soon set up a commission on the Ease of Doing Business in order to eliminate the obstacles citizens and investors encounter in their efforts to set up and grow their businesses. Governor Otti disclosed this Wednesday when he played host to a team from Central Bank of Nigeria (CBN),...
Fuel Subsidy Removal: We Must Undergo This Pain To Emerge Victorious, Says Soludo
Governor Chukwuma Soludo of of Anambra state, has described the removal of fuel subsidy as a pain Nigeria must undergo before it will emerge “victorious.” Soludo made this assertion during the commissioning of the Solution Innovation District in Awka, the state capital on Thurday. The governor stressed the need for the country to embrace its greatest resource which he said is...
World Bank President Visits Nigeria, To Focus On Job Creation, Energy
The President of World Bank, Ajay Banga is set to commence a three-day visit to Nigeria which will focus on job generating avenues for teeming Nigerian young population as well as bridging the country's energy gap, the international lender said in a statement on Tuesday. The visit on Thursday will see the World Bank chief meet with the President of...
