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Why Nigeria must save oil revenues - IMF
Economy

Inflation hits 16.82%, surpasses IMF 2022 projection

The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed. The NBS disclosed this in its ‘Consumer Price Index April 2022’ report on Monday. The report read in part, “In April 2022, the consumer price index, which measures […]

Aviation

Unions sound warning over plot to take over Arik, Aero

The National Union of Air Transport Employees and the Air Transport Services Senior Staff Association of Nigeria have raised the alarm over an alleged plot by some groups to take over Aero Contractors and Arik. The Asset Management Corporation of Nigeria, the nation’s bad debt manager created by the Federal Government, owns majority shares in […]

Policy and Regulations

FG extends money laundering law to casinos, others

The Federal Government has introduced stricter regulations in the operation of casinos in Nigeria, as part of its fresh move against money laundering. This is just as a new law recently passed by the National Assembly prohibits ownership and operation of shell accounts in the country. The President Major General Muhammadu Buhari (retd.), had on […]

Transportation

FG directs Abuja-Kaduna train services resumption

The Federal Government has directed the resumption of the Abuja-Kaduna Train services by Monday, May 23, 2022, amid failed negotiations over the abducted passengers. The directive was disclosed in a press statement issued by the Spokesman for the Nigeria Railway Corporation, Yakub Mahmood, on Monday. The statement read in part, “The Federal Government through the […]

100% cashless economy possible in Nigeria - Emefiele
News

Emefiele must resign to preserve CBN’s credibility – Experts

Economic experts at a local think-tank, the Centre for the Promotion of Private Enterprise, have urged the Governor of the Central Bank of Nigeria to resign in order to preserve the integrity, credibility, independence, neutrality, and professionalism of the apex bank. They said the partisan disposition of the CBN governor had cast doubts over the […]

Maritime

Containers clearing cost jumps by 67%, vehicle parts’ prices soar

Freight charges in the nation’s seaports have jumped by 67 per cent, resulting in increases in prices of vehicle spare parts, AM Business has learnt. In separate interviews with our correspondent in Lagos, freight forwarders said they used to pay around N600, 000 to clear a 40-foot container loaded with used vehicles’ spare parts, but […]

Agribusiness

Avert disruption in wheat value chain, analysts task FG

Local industry analysts have called on the Federal Government to take a swift and deliberate action to cushion the effects of the disruptions in the global wheat market on Nigeria’s wheat value chain. The call was made in a recently published review of the global wheat market, following the war between two top wheat exporting […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

73% of workers under contributory pension below 40 years – PenCom

The National Pension Commission has said that 73 per cent of contributors under the Contributory Pension Scheme are below 40 years of age. It said in its ‘Age and gender distribution’ report for the fourth quarter of 2021 that this showed that the CPS had an increasing sustainability level. PenCom’s report, however, showed that male […]

Ports and Airports

Tin-Can port is collapsing, says NPA

The Nigerian Ports Authority has said that Tin Can Island port is collapsing, saying that more attention should be focused more on rehabilitating the quay walls of the port. Speaking over the weekend, the Managing Director of NPA, Mr. Mohammed Bello-Koko, said that the agency had taken a holistic review of the decaying parts of […]

FG to end fuel subsidy in 2023 - Minister
Insurance

FG backs insurers on compulsory policies

The Federal Government has assured insurers that it will ensure compliance with compulsory policies in the country. The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, said this during the 50th anniversary and commissioning of the new Insurers House of the Nigerian Insurers Association in Lagos on Thursday. The event was attended by […]

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