BUSINESS
Tinubu Orders CBN To Stop Payment To MDA’s Till Further Notice
As part of the ongoing efforts at taking firm control of his Administration, President Bola Ahmed Tinubu has reportedly directed the Central Bank of Nigeria CBN to stop further payments to the Ministries, Departments, and Agencies, MDAs, of the Federal Government till further notice. A presidency told the Saturday Tribune in Abuja on Friday that the Presidential order was issued...
CBN Raises Interest Rate To 27.65%
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark lending rate to 27.65 percent. The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish stance to tame inflation since it...
Senate Approves Tinubu’s $2.2BN Loan Request
President Bola Tinubu's request for a $2.2 billion loan to help partially finance the ₦9.7 trillion budget deficit for the fiscal year 2024 was approved by the Senate on Thursday. The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary. Presiding over the session, Deputy Senate President Jibrin Barau...
Removal Of Subsidy On Fuel A Strategic Decision, Will Free Up Resources For Infrastructure Devt — Tinubu
President Bola Ahmed Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it will free up resources for critical investments in the country. He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy. The President spoke on Tuesday when he declared open...
Nigeria’s Electricity Supply Increased By 14.64 In 2023 – NBS
Nigeria’s electricity supply increased by 14.64 per cent in the fourth quarter of 2023 on a year-on-year basis. This was disclosed by the National Bureau of Statistics’ latest electricity report. The report said the country’s electricity supply surged to 6,432 gigawatt-hours in Q4 2023 from 5,732gwh in the previous quarter. Also, the figure represents an increase compared to 5,611Gwh reported in...
Nigeria’s External Reserves Increases To $46bn
The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso yesterday said that the nation’s external reserves has risen to $46.7 billion, representing the highest in seven years, since 2028. Cardoso disclosed this in Abuja at the opening of the Monetary Policy Department 20 years anniversary colloquium, adding that this level of reserves can cover over 10 months...
Budget Office: Ben Akabueze Out, Tanimu Yakubu Kurfi In
President Bola Ahmed Tinubu has approved the appointment of Mr. Tanimu Yakubu Kurfi as the Director-General of the Budget Office of the Federation, following the expiration of the tenure of Mr. Ben Akabueze. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement said Yabuku is an accomplished economist and was Chief Economic Adviser to late...
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...
Kalu Advocates For Local Investments
Former Abia State Governor and Senate Chief Whip, Dr Orji Kalu, has called on Nigerians in the Diaspora to invest in the Nigerian economy in order to stimulate the local economy and ultimately drive sustainable development. ABN TV reports that Kalu who showered praises on Mr Nnamdi Imo, a Nigerian who resides in Canada, for investing in the hospitality industry...
Nigeria, Equatorial Guinea Sign Gas Pipeline Deal
Nigeria and the neighbouring Equatorial Guinea have sealed a deal on the Gulf of Guinea Pipeline Project, further affirming the partnership for mutual development, Nigeria's presidency announced on Thursday. Nigerian leader, Bola Tinubu and his Equatorial Guinean counterpart, Teodoro Mbasogo signed the agreement on Wednesday evening in Malabo, spokesman of Tinubu, Mr. Ajuri Ngelale said in a statement on Thursday. The...
