BUSINESS
FG Moves To Regulate Prices Of Goods As Hardship Bites Harder
The federal government has said plans are in the works to establish a National Commodity Board as a solution to the escalating food prices in the country. The commodity board will be expected to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items. Vice President Kashim Shettima...
Minister Denies Planning N1bn Overseas Trip In 2024 Budget
The Minister of Industry, Trade, and Investment, Doris Anite, has denied the allegation that the ministry budgeted over N1 billion for a foreign trip to Geneva next year. The allegation has been trending on social media. However, the minister, who debunked the allegation in a statement signed by her Special Assistant on Media, Toluwalase Moyan, noted that such reports are ‘an...
Tinubu Tells IMF That Nigerians Are Happy With His Economic Reforms
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products and floated the naira, the result of which worsened inflation and subjected the masses to hardship. But receiving the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the...
Back Up Employment With Productivity, Reduce Expenditure — Sen. Kalu Counsels FG, States
Senate Chief Whip, Sen. Orji Uzor Kalu has called on federal and state governments to think out of the box and reduce the creation of ministries, departments and agencies, saying employment creation through such means increases recurrent expenditure. He urged them to increase the manufacturing and agricultural sectors to generate sustainable employment that will benefit the economy and people. Speaking with...
Dangote Refinery May Not Significantly Reduce Petrol Price – Zainab Ahmed
Zainab Ahmed, the minister of finance, budget and national planning, says the Dangote Refinery being constructed may not significantly reduce the retail price of petrol. Speaking in an interview with the Nigerian Television Authority (NTA), Ahmed explained that the refinery will sell its products at the international market price. The Dangote refinery is expected to refine 650,000 barrels of oil per...
Nigeria Spending $600m Monthly On Fuel Importation
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the country currently spends $600 million monthly on fuel imports. He attributed the high cost to neighboring countries, extending to Central Africa, benefiting from the nation’s fuel imports. Edun shared this information during an interview on AIT’s Moneyline program, which was posted on its YouTube channel...
Let’s Be Patient With Tinubu, He Inherited “Almost Comatose” Administration — Abiodun
Governor Dapo Abiodun of Ogun State believes Nigerians should be patient with President Bola Tinubu’s government which, according to him, inherited an “almost comatose” administration. Tinubu came to power in May – taking over from Muhammadu Buhari of the same APC and quickly introduced economic reforms aimed at restoring public finances and attracting more foreign investment. His administration has ended...
Nigeria Is Not Broke – Finance Minister
Mrs. Zainab Ahmed, the Minister of Finance, Budget, and National Planning has stated that Nigeria is not broke. She noted that the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC). Ahmed said the Federal Government has since 2015 disbursed N5.04 trillion to state governments. READ ALSO: I Have Fears Over Positive Outcome...
Nigeria Does Not Have Enough Crude Oil For P/Harcourt Refinery, Others – Minister
The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has once again expressed fear that the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery, Kaduna refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum products without increase in production in the sector. Lokpobiri expressed this fear publicly for...
FG considers $2.8 billion external loan for 2020 budget
The Debt Management Office (DMO) on Friday said the Nigerian government was considering taking a loan from foreign sources to fund the 2020 budget signed into law by President Muhammadu Buhari a month ago. On December 17, 2019, Mr Buhari, who travelled to the United Kingdom today for an investment summit starting next Monday, signed the 2020 Appropriation Bill into...
