BUSINESS
BREAKING: Bitcoin Passes $40,000 For First Time
The price of leading cryptocurrency, Bitcoin, has reached a record $40,000 just hours after it sold for $38,000. The progress began in December 2020 when it broke the $19,783 price it recorded in 2017. While bearish traders expected that the December rise would drop in no time, Bitcoin continued to rise in value with a growth of 13.45% over the last...
Electricity: Suspend Tariff Adjustment For Now, FG Directs NERC
The Federal Government, FG, has directed the Nigerian Electricity Regulatory Commission (NERC) to suspend the recently adjusted electricity tariff. The Minister of Power, Sale Mamman, made this known in a statement on Thursday, a Punch report says. NERC had on Tuesday increased the electricity tariff payable by power consumers across the country. The hike in tariff which varies, based on different...
Yemisi Edun Takes Over As FCMB Acting MD
First City Monument Bank, FCMB, has appointed an acting Managing Director and she is Mrs Yemisi Edun, an executive director on the board of the bank, ABN TV reports. She is taking over from the Mr Adam Nuhu, who stepped aside from the exalted position to allow for an investigation into the allegation of unethical behaviour by him. He was accused of having...
BREAKING: Senate Passes N13.5trn 2021 Budget
The Senate at a special plenary on Monday passed the 2021 budget totalling N13.5trn. The fiscal document is predicated on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer. It has an increment of N505bn. The President, Muhammadu Buhari, presented N13.082trn to National Assembly on October 8. Also, the House...
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...
National Assembly To Raise 2021 Budget By N500bn
The National Assembly is billed to pass the 2021 Appropriation Bill today, raising the total estimated from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn. This has been made known in the report by the House of Representatives Committee on Appropriations on the national budget. Both the Senate and the House of Representatives are holding special sessions today mainly...
Food Prices Increasing, Household Incomes Not Steady – NBS
The National Bureau of Statistics (NBS) says prices of most food items increased in November 2020, while income remains unsteady for many households across Nigeria. According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 per cent and month-on-month (MoM) by 1.42 per cent...
FEC Approves Reopening Of 4 Land Borders
President Muhammadu Buhari has approved the reopening of four land borders with immediate effect, while others will be reopened subsequently. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House Correspondents after the week’s virtual Federal Executive Council (FEC) meeting, held in the Council Chambers Aso Rock Presidential Villa, Abuja. According to Ahmed, the borders...
China Approves Loan For $2.6 Billion AKK Gas Pipeline
China has approved and will disburse its 85 per cent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday. Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, announced this during the inspection of the project in Ajaokuta, Kogi State. The AKK pipeline project,...
Expose Govt Officials Making Business Difficult – Osinbajo
The Vice President, Prof. Yemi Osinbajo, on Monday, charged private sector players to call out government officials who were making it difficult for people to do business in Nigeria. He gave the charge at the inauguration of the Abuja Chamber of Commerce and Industry’s Trade and Convention Centre. He said the position of the government was to continue, on an incremental...
