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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 […]

Lagos tops list of states with most external debt
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Capital expenditure declines as FG spends N7.4tn on debt servicing

The Federal Government’s expenditure report for the first eight months of 2024 highlights the significant impact of debt servicing on Nigeria’s finances. Between January and August, ₦7.41tn was spent on debt servicing, surpassing the pro-rata budget of ₦5.51tn by 34.4%. This amount represents 89.6% of the ₦8.27tn budgeted for debt servicing this year, with the […]

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Nigeria-Brazil agribusiness agreement to attract $4.3bn investment

The Federal Government, through the Ministry of Agriculture and Food Security and Fundação Getulio Vargas of Brazil, has signed a Memorandum of Understanding to promote private sector development in fertiliser production, hybrid seed technology, and agricultural finance. The MoU was signed by the Permanent Secretary of FMAFS, Temitope Fashedemi and the President of FGV, Prof. Carlos […]

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Tinubu saved Nigeria N20bn with subsidy removal, naira floating – Edun

The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, announced that the full implementation of market-based pricing for Premium Motor Spirit and exchange rates had saved the federal government approximately $20 billion, or 5% of the country’s GDP, as of October 2, 2024. He made this statement on Friday during the validation […]

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