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Nigeria’s economy stronger but poverty worsened, IMF warns

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Tony Elumelu named Seplat chairman in major leadership shakeup

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Tinubu approves ₦10bn to tackle Ebola threat in Nigeria

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Nigeria eyes S’Africa’s support for G20, BRICS membership

Nigeria has requested South Africa’s support for full membership in the G20, BRICS, and the BRICS New Development Bank. This appeal was made by Nigeria’s Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, during the 11th Nigeria-South Africa Bi-National Commission in Cape Town. South Africa officially assumed the presidency of the G20 on December […]

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FG directs MDAs to exclude new projects from 2025 budget

The Federal Government has instructed all Ministries, Departments, and Agencies to exclude new projects from their 2025 budget submissions unless linked to ongoing project completion. This directive is outlined in the 2024 Federal Government Budget Call Circular. The 2024 Budget Call Circular explicitly states that no new projects will be included in the 2025 capital […]

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FG auditors review NNPCL’s N2.7tn fuel subsidy claim

The Office of the Auditor-General of the Federation has received the required documents to verify the Nigerian National Petroleum Company Limited’s N2.7 trillion fuel subsidy claim against the government. Meanwhile, the finance ministry’s procurement department has obtained the terms of reference and scope of work for hiring an external firm to assist in the verification […]

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Creditors tells FG to repay ₦12bn loan borrowed by civil servants

The Humanity Development and Empowerment Organisation has called on the federal government to repay the ₦12 billion borrowed by civil servants. In a statement in Abuja over the weekend, the outgoing national president of HDEO, also known as the Lenders Association, Osita Nebolisa, said the government had deducted the loans from workers but had failed […]

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FG to unveil national youth unemployment benefits scheme

The federal government is preparing to launch a groundbreaking National Youth Unemployment Benefits Scheme to address Nigeria’s persistent unemployment crisis. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure during his opening remarks at the Media Activation/Townhall Meeting on the government’s loan scheme in Lagos over the weekend. In […]

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FG grants licence for 27,000-barrel refinery construction

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has approved a licence for Process Design and Development Limited to establish and construct a new 27,000 barrels per day refinery. It said the facility will be located in Dole-Wure, Akko area of Gombe State. The authority in a post on its official […]

Power crisis worsens as National grid collapses again
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Nigeria targets 14,000MW of electricity from hydropower

The Federal Government has announced that Nigeria has sufficient water resources to generate 14,000 megawatts of electricity. This was revealed as the Minister of Power, Adebayo Adelabu, and the Minister of Water Resources and Sanitation, Joseph Utsev, signed a memorandum of understanding for sustainable development. The MOU focuses on implementing the World Bank’s Sustainable Power […]

Power crisis worsens as National grid collapses again
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FG’s debt to Egbin Power hits N1.6tn, Senate steps in

The Senate Committee on Privatisation has committed to addressing the ₦1.6 trillion debt owed to Egbin Power Plc by the Federal Government. Egbin Power is one of Nigeria’s largest power generation companies. Recall that In March, the Chief Executive Officer of Egbin Power Plc, Mokhtar Bounour, revealed that the Federal Government owed the GenCo ₦1.4 […]

Nigeria to phase out diesel, embrace hybrid energy — Shettima
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FG secures $1.27bn in capital from BRICS countries – Shettima

Vice President Kashim Shettima has revealed that Nigeria attracted $1.27 billion in foreign capital from BRICS countries by June 2024, a significant increase from the $438.72 million recorded during the same period in 2023. The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has expanded to include newer members such as Iran, […]

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PCNGI, unions partner for discounted hybrid CNG bus routes

The Presidential Compressed Natural Gas Initiative in collaboration with key transport unions, has launched a partnership to introduce hybrid high-capacity CNG buses in Abuja. This initiative, facilitated by the Federal Ministry of Transport, involves unions like NARTO, RTEAN, and NURTW. The goal is to provide affordable, environmentally friendly transportation with discounted fares on selected routes. […]

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$500M W’Bank loan to benefit 25 Nigerian states

The newly approved $500 million World Bank loan will benefit at least 25 state governments, aimed at improving water resource management for hydropower and irrigation. On Tuesday, the Federal Government, through the Ministry of Water Resources and Sanitation and the Ministry of Power, signed a Memorandum of Understanding with the World Bank to implement the […]

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FG to implement international cargo tracking to boost revenue

The Federal Government, through the Nigerian Shippers Council, has announced plans to implement the International Cargo Tracking Note to enhance Nigeria’s security and increase revenue generation. The Executive Secretary of the council, Mr. Pius Akutah, made this disclosure at a recent event in Lagos. Represented by the Director of Special Duties at the Nigerian Shippers […]

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