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Tinubu orders NNPC to sell Crude to Dangote in Naira
News

FG approves first phase of Consumer Credit Scheme

The federal government has announced the approval of the first phase of the Consumer Credit Scheme. This was disclosed in a Press release statement by the Special Adviser to the President, Ajuri Ngelale on Tuesday. According to the statement, Consumer credit allows citizens the opportunity to access goods and services upfront, paying responsibly over time. […]

FG suspends Dana Air after Lagos airport incident
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FG suspends Dana Air after Lagos airport incident

The Nigerian Civil Aviation Authority has issued a suspension on the operations of Dana Air. This decision stems from an incident involving a Dana Air plane at Lagos airport on April 23, prompting aviation authorities to redirect flights from the local to the international airport. The suspension was authorized by Festus Keyamo, the Minister of […]

One in six Nigerian children face hunger over food inflation - Report
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One in six Nigerian children face hunger over food inflation – Report

A recent report by Save the Children has projected that approximately one in every six children, totaling 15 million, in Nigeria will face hunger starting from June 2024. This projection indicates a 25% increase compared to 2023 figures, with conflicts, banditry, and soaring food prices being the primary contributing factors. This surge translates to an […]

News

FX spot market hit $12.61bn turnover in March – Report

The March turnover in the spot foreign exchange market amounted to $12.61 billion (N19.29 trillion), reflecting a notable month-on-month increase of 47.66% ($4.07 billion) compared to February 2024 ($8.54 billion). These figures were disclosed in the FMDQ Markets Monthly Report for March. The report indicated a marginal depreciation of the US Dollar against the Naira […]

Electricity

NERC hands over electricity regulation to Ondo govt

The Nigerian Electricity Regulatory Commission has transferred regulatory oversight of the electricity market in Ondo state to the state’s electricity regulatory bureau. This was disclosed by the NERC in a public notice noting that its actions were in line with the provisions of the Electricity Act of 2023. The commission pointed out that the commission […]

Aviation

FAAN reopens Lagos airport runway after Dana Air incident

The Federal Airports Authority of Nigeria has announced the reopening of Runway 18L/36R at Murtala Muhammed Airport in Lagos. This follows a temporary closure as a result of the Dana Air plane skidding off the runway on Tuesday. This was disclosed in a press release signed by the Director of Public Affairs and Consumer Protection, […]

Economy

Price of rice crashes by over 20% in major markets

The price of rice has fallen by 20-30% within two months on major markets, amid rising food price inflation in Nigeria. This will be a relief to Nigerian households that spent N88,000 on a 50 kg bag of rice as recently as February. The report noted that analysts surveyed some markets in Lagos and found […]

News

Transcorp eyes diversification to boost revenue

The Managing Director\Chief Executive Officer, Transcorp Hotels Plc, Dupe Olusola, said that the company intends to diversify its services to increase its revenue growth in 2024 and beyond. This follows Transcorp Hotel’s recent divestment of its 100% interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company. This was […]

Banking

Recapitalisation will boost banks lending to economy — CIBN

The Chartered Institute of Bankers of Nigeria has announced its support for the ongoing banking recapitalization exercise noting that it will empower banks to lend more to the key sectors of the economy. This was disclosed by the CIBN, President, Dr. Ken Opara during his speech at the annual lecture of the institute in Lagos, […]

Aviation

Dana: NCAA shuts Lagos airport runway, NSIB retrieves flight recorder

The Nigerian Civil Aviation Authority has closed the 18L runway following the runway skidding at Murtala Muhammed Airport, Lagos, on Tuesday by Dana Airlines. The NCAA also announced that the Nigerian Safety and Investigation Bureau has recovered the flight recorder of the Dana airplane, according to The Punch. The Dana airplane with registration number 5N […]

FG recovers N57bn from N5.2trn debt owed by MDAs
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FG recovers N57bn from N5.2trn debt owed by MDAs

The Federal Ministry of Finance has made significant strides in the recovery of outstanding debts owed by various ministries, departments, and agencies to the Federal Government. Aisha Omar, the Director of Special Projects at the Federal Ministry of Finance, disclosed during a one-day workshop in Enugu that over N57 billion has been recovered from the […]

POS transactions reduce by N226bn as currency circulation increases
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POS transactions reduce by N226bn as currency circulation increases

The first quarter of 2024 witnessed a notable decline in Point-of-Sale transaction values in Nigeria, reflecting a decrease of N225.73 billion compared to the same period in the previous year. This decline, amounting to a 7.94% reduction in POS usage within the country, coincided with a surge in currency circulation outside of banks. The juxtaposition […]

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