BUSINESS
Nigeria’s Public Debt Stock Hits N42 Trillion
Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, increased to N42.84 trillion ($103.31 billion) by June. This information can be found in a statement that was obtained on Tuesday from the website of the Debt Management Office. According to the statement, the total debt represents the domestic and external debt stocks of the Federal Government of...
Hardship For Nigerians As Inflation Hits Highest Since 2005 At 20.5%
Nigerians are gasping for breath as the inflation rate rose by 0.92 basis points to 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005. This represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared...
NCAA Suspends Azman Air For Failing To Renew Licence
The Nigerian Civil Aviation Authority (NCAA) has suspended Azman Air over the carrier’s inability to renew its Air Operators Certificate (AOC). It was also learnt that the regulatory body had given it much time to renew the AOC, but failed despite issuing the airline another 30 days ultimatum to meet the requirements. A source in the airline however said the required...
Port Harcourt Old Refinery Will Commence Operation December, FG Assures
The Minister of State for Petroleum Resources, Chief Timipre Sylva, on Wednesday, said that the Old Port Harcourt Refinery would become functional by December this year. The Minister disclosed this when he briefed State House correspondents at the end of the Federal Executive Council FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja. Sylvia said...
Oil Production: We Can’t Meet OPEC Quota, It’s Responsible For Why We’re Broke — Buhari
President Muhammadu Buhari has said that with the high price of oil in the world markets, producing at about half our OPEC quota has deprived Nigeria of much needed revenue and foreign exchange. The President said this Friday at the State House, Abuja, while inaugurating the Presidential Committee on the National Economy. He, however, said that the government was working “tirelessly”...
Nigeria’s Economy On A Steady Growth Despite Global Challenges, Says Buhari
President Muhammadu Buhari Friday in the State House Abuja stated that despite the disruptions in global economy and internal troubles, the Nigerian economy has continued to be resilient and maintains an upward trajectory. Speaking at the inauguration of a Presidential Committee on the National Economy, President Buhari said the COVID-19 pandemic, the war in Ukraine, and the loss of substantial...
NDE Trains 50 Zamfara Youths On Agriculture, Goat Production
The National Directorate of Employment (NDE) Zamfara State has commenced another round of skill acquisition programme in the post Sustainable Agricultural Development Training Scheme (POST-SADTS) for 50 youths and small stock (goat) production for 50 youths. The programme is designed by the Federal Government under the National Directorate of Employment (NDE) to curb mass unemployment. Declaring the training opened, the NDE...
I Made Buhari Suspend His Plan To Make Nigerians Pay More On Calls, Data — Pantami
Minister of Communications and Digital Economy, Isa Ali Pantami, has narrated his role in the suspension of the proposed five percent tax on calls and data. At the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector, in Abuja on Monday, Pantami announced suspension of the proposed excise duty. The minister said the president decided to...
FG Talks Tough, Vows To Deal Bloody Nose On Oil Vandals, Thieves
The federal government yesterday said it would clamp down on vandals and oil thieves sabotaging the economy. The Minister of Interior, Rauf Aregbesola, said President Muhammadu Buhari had given the resources and the marching order to take the war to them. He spoke yesterday at the commissioning of eight gunboats acquired by the Nigeria Security and Civil Defence Corps (NSCDC) in...
CBN Releases $265Million To Airlines
In a move to check the crisis in the country’s aviation sector, the Central Bank of Nigeria (CBN) yesterday, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales. A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million...
