BUSINESS
President Buhari Seeks Fresh $5.513bn Loan
The President, Muhammadu Buhari, has written to the House of Representatives to request for the approval of fresh external borrowings totalling $5.513bn. Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation. The President...
Investors Are Losing Confidence In Nigerian Oil & Gas Industry – NNPC
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari, says the absence of a stable fiscal environment is inhibiting the growth of the Nigerian petroleum industry. He stated that the worst hit is the upstream sector. Kyari spoke when he received the House of Representatives Committee on Petroleum Resources (Upstream). He said international investors were losing confidence in the...
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...
President Buhari Appoints Araraume, Okadigbo, Kyari Into NNPC Board [LIST]
Nigeria’s President, Muhammadu Buhari has appointed 9 people into the board of the Nigerian National Petroleum Company Ltd. It can be recalled that the President ordered on Sunday, that the NNPC should be fully incorporated in line with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited...
We Are NOT Broke – NNPC
The Nigerian National Petroleum Corporation, NNPC says the zero revenue projection for May pertains only to the federation revenue stream it manages and not a reflection of its overall financial performance. Kennie Obateru, the group general manager of NNPC public affairs division, disclosed this in a statement on Friday. “The shortfall will be remedied by the corporation as it relates only...
Ruble Up Against Dollar, Euro As Foreign Currency Trading Starts On Moscow Exchange
The ruble strengthened against the dollar and the euro as foreign currency trading started on Moscow Exchange on Monday compared with previous closing. As of 10:20 am Moscow time, the dollar exchange rate was down by 1.29% at 63.71 rubles, while the ...
FIRS Prioritises Employee Safety Amid Growing Digitalisation , AI Integration
ABUJA – The Federal Inland Revenue Service (FIRS) has reaffirmed its commitment to employee safety, health, and overall well-being in the face of the growing adoption of digital technologies and artificial intelligence (AI). This pledge was made during the second edition of the FIRS World Day for Safety and Health at Work, held on Monday, with the theme:“The Impacts of...
Kaduna State Government Orders Agencies To Accept Old Naira Notes
This was contained in an official statement released by the Special Adviser to the Governor, Media, and Communication, Muyiwa Adekeye on 19th February 2023. He said, "In line with the subsisting order of the Supreme Court, the Kaduna State Government has directed its ministries, departments, and agencies to ensure that their collection agents continue to accept payments made in all...
Nigeria’s Debt May Hit N77tn, Says DMO As FG Spends N5.2tn On Debt Serving In 2022
Nigeria’s public debt burden may hit N77tn if the National Assembly approves the request by the President, Major General Muhammadu Buhari (retd.), to restructure the Ways and Means Advances. Thee Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the shortfalls in the government’s budget. This is as the Federal Government spent N5.24tn servicing...
USAID to invest $60m to boost agribusiness in Nigeria
The United States Agency for International Development, (USAID) has disclosed plans to invest $60 million to boost agriculture in Nigeria and across West Africa. Speaking at the launch of the West Africa Trade and Investment Hub in Abuja yesterday, the United States Ambassador to Nigeria, Mary Beth Leonard, said the project would improve the overall business operations and enhance capacity to...
