BUSINESS
FG To Amend The 2020 Budget Oil Benchmark To $20 Per Barrel
Plans are ongoing by the Federal Government to review the 2020 budget to reflect an oil benchmark of $20 per barrel. A report by Reuters quoted the Minister of Finance, Budget and National Planning Minister, Zainab Ahmed, who disclosed this on Tuesday during a web conference about the impact of low oil prices on Nigeria’s economy. A further downward revision will...
Nigeria Reaching Maximum Capacity To Borrow, Says El- Rufai
Governor Nasir El-Rufai of Kaduna State has revealed that the country is about reaching its maximum capacity to borrow, hence the need to improve on other channels of revenue generation in the country. He made these remarks during his keynotes address at the 22nd Annual Tax Conference, themed “Taxation and Competitiveness: Imperatives for National Development” on Thursday in Lagos. Governor El-Rufai,...
Suspected Land Grabbers Invade Ondo Community
The Akure West LCDA headquarters in Ondo State's Isinkan community is tense after alleged land grabbers carrying lethal weapons interrupted a housing project that was in progress. According to reports, about 10 individuals stormed the site in a convoy, drove away workers, and allegedly destroyed equipment. Sources claim the intruders acted on the orders of the Deji of Akureland, Oba Aladelusi...
Panic Grips Crypto Traders As SEC Bans Binance Operation In Nigeria; Declare It An Illegal Entity
The Securities and Exchange Commission (SEC) of Nigeria has declared the activities of Binance in Nigeria illegal. According to a statement published on its website, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk. SEC noted that the company’s activities are in violation of Nigerian...
FG On Course To Pass Budget Before 2021 – Budget Office
The Federal Government is on course to ensure that the 2021 Appropriation Bill currently before the National Assembly is passed before the end of the year. Mr Ben Akabueze, the Director-General of the Budget Office, stated this during his appearance on Channels Television’s Sunrise Daily on Thursday. He noted that the budget defence by various Ministries, Departments, and Agencies (MDAs) before the lawmakers...
Amazon To Eliminate Over 18,000 Jobs
Amazon announced Wednesday it will cut more than 18,000 jobs from its workforce, citing “the uncertain economy” and the fact the online retail giant had “hired rapidly” during the pandemic. “Between the reductions we made in November and the ones we’re sharing today, we plan to eliminate just over 18,000 roles,” said CEO Andy Jassy in a statement to staff. US...
Start Embracing Alternative Payment Channels, CBN Tells Nigerians
The Central Bank of Nigeria (CBN) has urged Nigerians to embrace alternative payment channels such as eNaira and internet banking, insisting that the Naira redesign policy was not targeted at any individual or group. Speaking at the CBN Special day during the ongoing 44th Kaduna International Trade fair organized by the Kaduna Chambers of Commerce, Industry, Mines and Agriculture (KADCCIMA)...
Don’t Shut Down Cryptocurrency Business, Atiku Appeals To Buhari
Former vice-president Atiku Abubakar has urged the Buhari administration not to shut down cryptocurrency business, as announced by the Central Bank of Nigeria on Friday. In a statement signed by him on Saturday, Atiku urged government to regulate the sector rather than embarking on an outright shutdown. “This is definitely the wrong time to introduce policies that will restrict the inflow...
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...
Customs Service To Distribute Confiscated Food Items As Hunger Bites Nationwide
The Nigeria Customs Service (NCS) has expressed its readiness to distribute seized food items to Nigerians to help mitigate the current hardship in the land. It said the distribution will be done after all the food items have been certified fit for human consumption. Recall that hundreds of young Nigerians had taken to the streets in some parts of the country...
