BUSINESS
My Government Has Given N100bn Loans To Indigenous Manufacturers – Buhari
President Muhammadu Buhari on Tuesday said the Federal Government has disbursed a total of N100 billion to indigenous pharmaceutical manufacturers and healthcare investors as loans. Buhari said the loan was to expand the capital base of pharmaceutica...
FIRS Chairman Tasks Accountants On Ethics, Standard
The Chairman Federal Inland Revenue Service, FIRS Mohammed Nami, FCNA has urged members of the Accounting profession to always uphold ethical conduct and high moral standard in the discharge of their duties. He further charged them to redouble their efforts and remain pace-setters to other professional bodies across the country. Nami who made this call on Monday during the inauguration of...
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...
Senate Backs Naira Redesign, Seeks Extension Of Mop Up Timeline For Old Notes
The Senate on Wednesday endorsed the proposed redesign of the country's official currency, Naira note by the apex bank, Central Bank of Nigeria but not without seeking the extension of deadline to mop up old notes. The Senate insists that the deadline of Tuesday, January 31 2023 to pay all cash in circulation into banks was too short and should...
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has depreciated the Naira to N631 per dollar, up from N461.6 sold at the Importers and Exporters (I&E) window the day before, according to Daily Trust. The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced federal government plans to unify the country's exchange rate in order to promote the economy. In his inaugural...
COVID-19 Costs Nigerian Aviation N17bn — Sirika
Hadi Sirika, minister of aviation, says many airlines will not survive the economic crisis which is a fallout of COVID-19. Speaking at the briefing of the presidential task force on COVID-19 on Wednesday, Sirika said though COVID-19 has affected different sectors of the economy, none could be compared to that of aviation. Also Read: COVID-19: Economic council meets Buhari, warns of...
Kano Governor, Yusuf Clears N6b Gratuity Of 5,500 Retirees
Governor Abba Kabir Yusuf of Kano State, on Saturday, commenced the payment of N6 billion gratuities and death benefits to 5,500 pensioners across the state. The governor inaugurated the payment at a grand ceremony held at the Coronation Hall, Government House in Kano on Saturday. Speaking at the event, Governor Yusuf said the gesture was part of his campaign promises aimed...
Locally Constructed Refineries Should Not Be Called “Illegal” N54.66bn On Turnaround Maintenance Fraudulent — Udensi
Interpol Systems Consultant and security expert, Sir Chikwe Udensi has decried the amount being spent by the federal government on subsidizing petroleum products in the country, put at N1.593trn from Jan to June, 2022. He also said the estimated N54.66bn spent on refineries rehabilitation in the first and second quarters in 2022 is unnecessary. Speaking on Wednesday on Love FM's current...
We Didn’t Increase Aviation Charges — FG
The Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria (FAAN) yesterday denied an increase in charges payable by stakeholders in the sector. FAAN specifically debunked the rumour that it had increased the landing and parking charges payable by foreign and domestic airlines. The Director General of NCAA, Capt Musa Nuhu, and Managing Director of FAAN, Capt Rabiu...
CBN Increases Interest Rate To 16.5%
The Monetary Policy Committee of the Central Bank of Nigeria voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5 per cent, the highest since 2001. The CBN Governor, Godwin Emefiele, disclosed this while reading the communique of the last MPC meeting of the year on Tuesday, November 22, 2022. The MPC said the tightening would curb...
