At the resumption of plenary yesterday, the House of Representatives joined the growing number of Nigerians who have expressed concern that the country may be approaching a debt trap, as the Debt Management Office (DMO) revealed that Nigeria’s total debt as of June this year stood at N42.84 trillion. The House also lamented the drop in crude oil production caused …
According to the federal government, 56% of Nigeria’s arable land is underutilised. During the ongoing 45th regular meeting of the National Council on Agriculture and Rural Development in Jos, Plateau State yesterday, the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, stated, “Nigeria is endowed with a total of 79 million hectares of agricultural land, with only 44 percent …
The Senate will reduce the import duty waivers proposed for the N19.76 trillion 2023 budget, which will result in a N12.4 trillion deficit. Solomon Adeola, Chairman of the Senate Committee on Finance, stated this in Abuja on Tuesday during an interactive session with revenue-generating agencies on the 2023-2025 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP. According to …
by Kirk Leigh Yusuf Bashir gleefully counts his ward of cash from the afternoon sales, the total so far was N35, 000. In response to this reporter, he stated in pidgin English, “By the end of today, I fit make N100,000, walahi.” Many people continue to transfer. It’s a good business, and I have to tell you the truth.” Yusuf …
By Kirk Leigh The US Department of Justice (DOJ) announced over the weekend that a Nigerian man, 29-year-old Chidozie Collins Obasi, had been declared wanted by the US for defrauding hospitals in the New York Area of $31 million. Between September 2018 and June 2020, the heist involved offering non-existent COVID-19 ventilators for sale in hospitals primarily in the New …
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has announced its audited financial results for the half year ended June 30, 2022, with double-digit growth across key income lines and significant progress in the contribution from its subsidiaries. The Bank was able to deliver a 12.6% increase in profit before tax to N85.7 billion at the end of the …
by Yusuf Babalola Clearing agents working at the nation’s seaports lamented yesterday that over 400,000 containers are currently stuck at the Lagos seaports due to the suspension of Guaranty Trust Bank Limited by the Nigeria Customs Service (NCS) portal. Remember that the Customs Service, acting on a directive from the National Assembly, suspended GTBank for allegedly failing to remit import …
According to the most recent data, Nigeria’s oil production fell below one million barrels per day in August, costing the country $2.658 billion. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, reported yesterday that daily average production for August was 972,394 barrels, compared to 1.083 million barrels produced in July 2022. The output fell 857,606 barrels short of Nigeria’s OPEC daily …
By Odinaka Anudu Ben Akabueze, Director General of the Nigerian Budget Office, believes that the trillions of naira spent on fuel subsidies could be better spent on other creative sectors, particularly education. Akabueze said on Arise TV’s Global Business Report that the funds could be used to end the Academic Staff Union of Universities strike and raise the pay of …
Obiora Ifoh, Abuja Hadi Sirika, the Minister of Aviation, stated that the Federal Executive Council approved a sum of $352 million for Air Nigeria’s transactional advisory fees for its Consultants. The federal government has threatened to sanction any airline found selling tickets in foreign currency. The Minister made the announcement on Wednesday, following the weekly meeting of the Federal Executive …
Google on Tuesday announced the selection of 60 eligible startups across Africa with $4 million funding to enable them to scale up their ongoing work. The programme, called Google Black Founders Fund (BFF) for African startups, is the second phase of the global tech giant’s funding. Folarin Aiyegbusi, Google’s Head of Startup Ecosystem, Sub-Sahara Africa, said in a statement that …
The Nigerian Civil Aviation Authority (NCAA) has warned that agencies in the industry could collapse if domestic airlines do not take a drastic step to offset the huge debts they owe the agencies. The Authority revealed that debts owed the agency by indigenous airlines on the statutory 5 per cent Ticket Sales Charge and Cargo Sales Charge (TSC/CSC) has risen …
The appointment of Dauda Ali Biu as the Acting Corps Marshal of the Federal Road Safety Commission (FRSC) has been described as placing a round peg in a round hole, considering his vast experience and passion for the job. Biu, a seasoned road safety professional who hails from Hawul Local Government Area of Borno State, joined the Corps in 1988 …
The latest report by the Nigerian Electricity Regulatory Commission shows that total billing to electricity consumers by the 11 distribution companies stands at N816bn. The report also shows that out of this amount, only N370bn has been collected by the DIiscos, leaving a total outstanding of N543bn. The data was contained in the NERC’s Annual Report. The latest report shows …
The Nigerian National Petroleum Company Limited (NNPCL) says premium motor spirit (PMS) will cost consumers N462 per litre without the Federal Government’s subsidy. This is according to a statement by the NNPCL Group General Manager, Group Public Affairs Division Mr. Garba Deen Muhammad on Sunday. “The NNPC Ltd notes the average daily evacuation (Depot truck out) from January to August …
Big Brother Naija season seven housemate Chiamaka Crystal Mbah popularly known on the reality TV show as Amaka, is an ambitious health worker with her sights on the Nigerian entertainment scene. Perhaps one of the most controversial housemates this season as the Level Up house gossip/Al-Jazeera, many remember her for her microwave incident that nearly burnt down Big Brother’s House. …
Due to the high cost to the economy, the Central Bank of Nigeria (CBN) has stated that the Federal Government of Nigeria (FGN) should “abandon the current fuel subsidy policy.” Professor Adeola Festus Adenikinju, a member of the CBN’s Monetary Policy Committee (MPC), revealed this at the most recent meeting in July. Despite current bottlenecks, the Nigerian government has assured …
The recent ban on foreign models and voice-over artists in Nigeria’s advertising space will save foreign currency for Nigerian media companies while also boosting homegrown advertising talent in the country. Segun Arinze, veteran actor and President of the Association of Voice Over Artists in Nigeria, revealed this in an interview with CNN on Wednesday. This comes after the Advertising Regulatory …
ENGIE Energy Access, one of Africa’s Pay-As-You-Go (PAYGo) and mini-grids solution providers, has promoted ‘Demilade Oresanya to Global Marketing Manager. Prior to his promotion, Oresanya was Head of Marketing and Communications at ENGIE Energy Access Nigeria, where he oversaw the firm’s marketing, trade marketing, and corporate communications functions. He took over the former position in January 2022. According to the …
Comptroller Suleiman Bomai has been appointed as the new Customs Area Controller of the Nigeria Customs Service’s Ports Terminal Multiservices Limited (PTML) Command (NCS). He succeeds Festus Okun, who was promoted from Comptroller to Assistant Comptroller General of Customs (ACG). Yakubu Mohammad, the Command’s Customs Public Relations Officer, made the announcement in a statement released over the weekend. Mohammad, a …
