BUSINESS
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has depreciated the Naira to N631 per dollar, up from N461.6 sold at the Importers and Exporters (I&E) window the day before, according to Daily Trust. The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced federal government plans to unify the country's exchange rate in order to promote the economy. In his inaugural...
Subsidy Removal: Meeting Between FG, Labour Leaders Ends In Deadlock
The meeting between the Federal Government and the Nigerian Labour Congress (NLC) over fuel subsidy removal has ended without a consensus. The meeting began around 4 pm on Wednesday at the Presidential Villa, Abuja. Representatives of the Federal Government included Dele Alake, the spokesperson for President Bola Tinubu; and the Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele...
Petrol Subsidy Removal Not Immediate
The removal of petrol subsidy will no longer be immediate, ABN TV gathered authoritatively last night. Recall that President Bola Ahmed Tinubu had said in his inauguration speech Monday that the subsidy was gone, as it was not provided for in the 2023 budget. But sources told ABN TV yesterday that implementation of the removal of subsidy would commence post-June. The need...
Dangote Announces Date When First Locally Refined Petroleum Products Will Hit The Market
The Federal Government may save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals. The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Monday during the ceremony to inaugurate the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos. President Muhammadu Buhari who inaugurated the...
Dangote Refinery Indication That Africa Not Only About Poverty, Crisis – Shettima
Nigeria’s Vice President-elect, Kashim Shettima, has hailed Aliko Dangote for the establishment of the Dangote Petroleum Refinery and Petrochemical Plant, saying that it has shown that Africa is not all about insecurity and poverty. He said this at the inauguration of the 650,000 bpd refinery where he represented the President-elect, Bola Tinubu, in Lagos State on Monday. “Africa is not all...
Young Nigerians To Undergo Training On Cultural Tourism Economy In China
Young Nigerians will undergo critical cultural tourism training in China, which is strategically billed to reduce unemployment and crime, and also mobilise the youths to drive the Nigerian creative cultural tourism economy. The cheering development was disclosed by the Director General of the National Council for Arts and Culture (NCAC), Otunba Segun Runsewe, who is leading an African delegation to...
Buhari Appoints Madein Substantive Accountant General Of The Federation
President Muhammadu Buhari has approved the appointment of Oluwatoyin Sakirat Madein as the substantive Accountant General of the Federation, AGF. This was contained in a statement, dated 19th May, 2023, and signed by the Director, Communications, Mohammed Abdullahi Ahmed, on Friday, in Abuja. The Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, stated that the appointment took effect...
FG Changes Aviation Ministry’s Name, States Reasons
The Federal Government on Wednesday renamed the Ministry of Aviation to the Ministry of Aviation and Aerospace. The Minister of Aviation, Hadi Sirika said that aviation and aerospace were intertwined and Nigeria had the need to proactively set its policies to align with future occurrences. The Minister made the announcement at the sidelines of the Federal Executive Council meeting presided over...
Osinbajo Praises Uzodimma Over Oguta/Orashi Dredging
Vice President Yemi Osibanjo has lauded the plan to dredge the Oguta/Orashi river as an economic transformation project, describing the effort as a game changer for the government of Governor Hope Uzodimma and the people of Imo State. He spoke yesterday at Oguta at a ceremony to flag-off the hydro-graphic survey and dredging of Oguta Lake and Orashi River to...
FG Considers Direct Flight To Pakistan
The Federal Government is working out modalities to begin direct air services to Pakistan, in its efforts to boost trade volume between both nations currently pegged at $210 million and ultimately offer more flight connections to Nigerians. To this end, the Minister of Aviation, Mr Hadi Sirika, at the weekend, led a delegation to Islamabad, Pakistan, where he met with...
