BUSINESS
We Generated The Highest Revenue Of N6.4 Trn In 2021 — FIRS
The Federal Inland Revenue Service (FIRS) generated a record N6.4 trillion as revenue in 2021, the highest in its history. Last year's revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion under the administration of Babatunde Fowler. Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued on Thursday said that despite the limitations...
President Buhari Suspends Proposed Removal Of Petrol Subsidy Indefinitely
President Muhammadu Buhari has approved the suspension of the planned removal of petroleum products subsidy until further notice. This was disclosed to State House Correspondents on Tuesday by the Minister of State for Petroleum Resources Chief Timipre Sylva at the Presidential Villa, Abuja. According to the Minister, the executive will propose an 18-month extension to National Assembly for the implementation of...
Dangote’s Refinery Is Game-Changer For Nigeria, Africa – Akinwumi Adesina
President of the African Development Bank (AfDB) Akinwumi Adesina has described the Dangote Refinery and Petrochemical Plant projects as a “game-changing initiative” that will spur development and deepen regional integration. Adesina said this after a tour of the crude oil refinery and petrochemical production plant owned by Dangote Industries Limited on Saturday. “I was very impressed with Dangote’s refinery and petrochemical...
Buhari Against Fuel Subsidy Removal – Sylva
The Minister of State for Petroleum, Timipre Sylva, says President Muhammadu Buhari is not in support of the removal of subsidy on the Premium Motor Spirit (PMS), popularly known as petrol. Rather, he explained that the Federal Government planned to complete consultations before coming out with a clear policy direction on the matter. “I will tell you categorically that at this...
My Refinery To Commence Operations Before September, Says Dangote
Alhaji Aliko Dangote, President of Dangote Group, says the Dangote Refinery and Fertiliser projects will come on stream before the end of third quarter of this year. He said this when Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) led a delegation of the bank to the project site in Lagos. “The refinery will commence operation by the third...
President Buhari Unveils 1 Million Bags Of Rice Pyramids In Abuja (Pictures)
The Executive Governor of Jigawa state Alhaji Mohammed Badaru Abubakar joins President Muhammadu Buhari to unveil the FCT MEGA rice pyramids in Abuja. The One million paddy rice stacked in 15 separate pyramids in Abuja, is in collaboration of the CBN with the Rice Farmers Association of Nigeria (RIFAN). Five State Governors including Ekiti, Kayode Fayemi; Kebbi, Atiku Bagudu; Cross River,...
Nigeria’s Debt Stock Hits ₦39.6 Trillion In 11 Months
Nigeria’s total debt stock rose from N32.9tn as of December 2020 to N39.6tn in November 2021. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent. The new borrowing in...
Nigeria To Pay More For Petrol Subsidy As Oil Prices Hit Two Month High
Oil prices continued their surge yesterday, hitting a two-month high amid projections that lack of production capacity and limited investment in the sector could lift crude between $90 and $100 a barrel this year. Specifically, tight supply and easing concerns about the potential hit to demand from the Omicron combined to jack up prices as Brent sold for $85.04 a...
How Buhari Dropped Ararume As NNPC Board Chairman
Muhammadu Buhari has dropped Senator Ifeanyi Ararume as Chairman of the Board of the Nigerian National Petroleum Company (NNPC) Limited. The President also replaced Senator Ararume with Senator Margret Okadigbo, wife of a former President of the Senate and running mate to President Buhari in 2007 under the All Nigerian Peoples Party, ANPP, late Senator Chuba Okadigbo. Recall that Senator Ararume,...
CBN, NTA, Others Return Over N1tr To Government
Nigeria’s independent revenue crossed the N1 trillion mark in 2021, ABN TV learnt on Wednesday. Minister of Finance Budget and National Planning Mrs Zainab Ahmed stated this at the public presentation of the 2022 Appropriation Act. Independent revenues are generated by the Federal Government from agencies captured under the Fiscal Responsibility Act. They include the Central Bank of Nigeria (CBN), the Nigeria...
