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Tinubu blames privatization for current power sector crisis

Electricity featured

Nigeria isn’t poor, huge money moves below radar –

Finance

Access Holdings disowns unauthorised 2025 financial highlight release

Banking

South Africa’s inflation rises to 3.1% as cost pressures

Economy

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Why Nigeria must save oil revenues - IMF
Economy News

IMF upgrades Nigeria’s economic growth forecast to 3.4%

The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report. In its January report, the Washington-based lender predicted a growth rate of 2.7 […]

FG to end fuel subsidy in 2023 - Minister
Economy

Paris Club: States write FG, kick against $418m deduction

State governments have asked the Federal Government to refrain from deducting from funds accruing to them and all local government councils as liquidation for the alleged $418 million London/Paris Club loan refund-related judgment debts. The governors stated this in a letter dated April 4 in response to a November 11, 2021 letter from the minister […]

Banking Oil and Gas

Vandalism, others push oil firms’ bank borrowing to N5.68tn

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the downstream, natural gas and crude oil refining subsectors had borrowed N290bn from Nigerian banks in […]

News Ports and Airports

Imported vehicles: Dealers threaten shutdown over 15% levy

As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week. The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which […]

World Bank punishes Nigerian firms, individuals for corruption
News Oil and Gas

Fuel subsidy puts Nigerian economy at high risk –World Bank

The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as Africa’s Pulse. According to the bank, Nigeria is projected to have a 3.8 per cent […]

Economy News

25% of 2022 capital expenditure may not be funded –Economists

ABOUT 25 per cent of the projected N4.5tn capital expenditure in the 2022 Appropriation Act may not be funded, going by the funding priority of the Federal Government in the 2022 fiscal year, findings contained in a report by economists at AgustoConsulting showed. Economists at AgustoConsulting, a renowned firm in business advisory including economics, finance […]

Banking Economy

51 firms drive stock market gain by N500bn

Investors gained N500bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The market opened for four trading days last week as the Federal Government of Nigeria declared Friday (Good Friday) and Monday (Easter Monday) public holidays to commemorate the 2022 Easter celebrations. The NGX All-Share Index and market […]

Economy News

Nigeria can’t track importers of substandard products –SON

The Director-General of the Standards Organization of Nigeria, Farouk Salim, has said that in Nigeria, no one is tracking importers of substandard goods. Salim said this in Lagos during a stakeholders sensitisation forum, tagged, “Standards save lives, grow the economy”. He also said that the essence of the sensitisation with stakeholders was to communicate and […]

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

PFAs invest N74.54bn in infrastructure, investors eye pension funds

Pension Fund Administrators invested N74.54bn in infrastructure from the N13.76tn under the Contributory Pension Scheme as of the end of February 2022. This was contained in the latest figures obtained from the National Pension Commission. Investors have continued to lobby operators of the scheme to pump more of the funds into infrastructure development. The Governor […]

NCC, Telecom operators urge states to review policies for broadband expansion
Telecommunications

Vandalism, hostile community, setbacks to telecoms industry – NCC

The Nigerian Communications Commission has urged Nigerians to protect telecommunications infrastructure, saying that vandalism, theft, and hostility from the host community are among the major setbacks to the telecoms industry. The Director, Zonal Operations, NCC, Amina Shehu, said this at a sensitisation programme organised by the commission at Wannune, Tarka Local Government Area of Benue […]

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