BUSINESS
48.6% Of Electricity In Nigeria Supplied From Generators — NBS
Generators powered by petrol, diesel and gas provide 48.6 per cent of the electricity consumed by power users across the country, according to the latest data obtained from the National Bureau of Statistics. A document by the NBS on Power Sector Data Preview, which was presented to the Abuja Chamber of Commerce and Industry this month and obtained on Friday,...
Stay Away From Further Borrowing, DMO Cautions FG
The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt. According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also a threat...
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...
Reps Approve ₦8.4tn Borrowing, ₦6.3tn Debt Service
President Muhammadu Buhari will on Friday lay the 2023 Appropriation Bill before a joint session of the National Assembly in Abuja. Ahead of the Federal Government budget presentation, the House of Representatives, on Thursday, passed the 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, which the President earlier presented to the National Assembly. The House approved an aggregate FGN expenditure...
Moniepoint Joins Africa’s Unicorn Club After Raising $110m From Google, DPI
Moniepoint, a leading Nigerian fintech company, has secured $110 million in funding from prominent investors, including Google and Development Partners International (DPI). The nine-year-old startup disclosed this in a statement to ABN TV on Tuesday. The investment has boosted Moniepoint’s valuation to over $1bn for the first time. In the startup ecosystem, a unicorn is a privately held company valued at more...
VP Shettima Calls For Equity In Distribution Of Fertilizers To Nigerian Farmers
Vice President Kashim Shettima has called on stakeholders to ensure transparency, equity and fairness in the distribution of fertilizers to farmers. He made the call on Tuesday when he met with Fertilizers Producers and Suppliers Association of Nigeria (FEPSAN) at the Presidential Villa, Abuja. Shettima said President Bola Tinubu is passionate about reducing the cost of fertilizers for Nigerian farmers as...
Yuletide: FG Names Five Companies Involved In 50% Discounted Transportation Fare
The Federal Government has announced five transport companies to be involved in the agreement for the 50 percent fare cut during the Christmas festival. Recall that the Federal Government had, on Wednesday, announced that President Bola Tinubu has approved a price rebate of 50 percent for ordinary Nigerians travelling between December 21 and January 4, 2024. The price cut was to...
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
Gov. Otti Sets Final Date For Migration Of Abia To Treasury Single Account
Abia State Governor, Dr. Alex Otti, has set a September 1, 2023 target to migrate the state into a Treasury Single Account (TSA), ABN TV reports. Dr. Otti said from that date all monies accruing to the State will be paid into a single account. Likewise, all payments by the state will be made through the same account. The Governor spoke...
How Nigeria Spent N896.7bn On Debt Servicing In Q1’22
Nigeria spent N896.7 billion on domestic and foreign debt servicing in the first quarter of 2022, Q1’22 , representing a 12 per cent year-on-year (YoY) decline from N1.02 trillion spent in the corresponding period of 2021. In its External and Domes...
