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Reps to approve debt relief for Kano, Jos, Ikeja

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Nigeria targets PPPs to close $2.3trn infrastructure funding gap

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FG rules out borrowing from IMF’s $50bn Africa aid

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Nigeria spent $15.55bn in servicing debts between 2019-2024 – CBN

The Federal Government has spent $15.55bn on debt servicing between 2019 and 2024, the latest data from the Central Bank of Nigeria shows. Nigeria paid $588.33 million in debt payments between January and May of 2019, with $5.40 billion expected in 2020, according to The Punch. The debt service payments increased in succeeding years, reaching […]

Electricity News

FG allocates N21bn for provision of free meters

The Federal Government has allocated N21 billion for the Presidential Metering Initiative, which aims to eliminate the country’s metering gap by giving free meters to unmetered electricity users. The Nigerian Electricity Regulatory Commission issued an order on Friday titled “Order on the Operationalisation of ‘Tranche A’ of the Meter Acquisition Fund” (NERC/2024/072), according to The […]

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FG begins N2.7tn subsidy debt probe

The federal government has commenced the scheduled audit of the N2.7 trillion gasoline subsidy claim made by the Nigerian National Petroleum Company Limited. KPMG, an audit firm, conducted an initial audit, which reduced the claims from N6 trillion to N2.7 trillion, according to The Punch. However, in the current audit, the government stated that it […]

Electricity News

FG to initiate electricity offences tribunal

The Federal Government said that it was finalizing the process of establishing an electricity offences tribunal with an appeal system to quickly address power-related offenses. It also stated that a total of 2,655,488 meters in the power sector had been tested and calibrated, with the majority of the equipment having been deployed for usage by […]

Aviation

FG to transform Zaria Hotels to classrooms, hostels for aviation college – Keyamo

The Minister of Aviation and Aerospace Management, Festus Keyamo has said that the Federal Government plans to transform Zaria Hotels in Kaduna State into classrooms and hostels for the Nigerian College of Aviation Technology, Zaria. This was disclosed by Keyamo to the press on Wednesday, adding that the Zaria Hotels were acquired as an annexure […]

FG deducts N256.5bn for gas projects in six months
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Nigeria seeks extension on World Bank’s $800m loan deadline

Nigeria has requested an 18-month extension on the closing date of the World Bank’s $800 million palliative loan in a calculated decision to strengthen its social safety net programs in the face of growing inflation and economic challenges. The World Bank’s restructuring paper document on the project states that the Nigerian government has asked to […]

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FG unveils 17 new oil blocks for bidding

The Federal Government has announced the addition of 17 deep offshore oil blocks to the 2024 Licensing Round for oil fields in Nigeria. This was disclosed in a statement by the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, at the pre-bid conference for the 2024 licencing round in Lagos on Tuesday, […]

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FG cracks down on owners of illegally imported private jet

The Federal Government through the Nigerian Customs Service has initiated a new initiative to crack down on owners of private aircraft that are illegally imported into the nation., As a result, no less than eighty private jet operators are anticipated to show up with their aircraft import documents at the NCS headquarters in Abuja, according […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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Nigeria seeks $500m loan from World Bank for rural roads

Nigeria plans a $500m loan from the World Bank for “rural roads ”The Federal Government of Nigeria is targeting a $500 million loan from the World Bank aimed at the development of rural roads and agricultural marketing. The Federal Ministry of Agriculture and Rural Development’s final draft of the Resettlement Policy Framework for the Nigeria […]

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Tinubu addresses economic challenges in Democracy day speech

Alex Omenye In a Democracy Day message celebrating 25 years of uninterrupted democratic governance in Nigeria, President Tinubu acknowledged the economic challenges facing the nation. “I understand the economic difficulties we face as a nation,” he stated, attributing these issues to decades of mismanagement and an over-reliance on oil revenues. President Tinubu emphasized that the […]

FG deducts N256.5bn for gas projects in six months
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FG reduce signature bonus from $200m to $10m

Ahead of the 2024 Oil Licensing Round, President Bola Tinubu has decreased the signature bonus payable by successful bidders from around $200m to $10m. This was disclosed by the Chief Executive of the Nigerian Upstream Regulatory Commission, Gbenga Komolafe, on Tuesday during the pre-bid conference held in Victoria Island, Lagos, according to The Punch. According […]

CBN fines banks ₦150m for selling mint Naira notes
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FG spent $2.2bn to service debt in five months – CBN

The Central Bank of Nigeria has revealed that Nigeria’s debt servicing cost approximately N2.2 billion in the first five months of this year. This was disclosed in the latest CBN data, according to The Punch. This is about half of the $4.8 billion expected for the full year by Fitch Ratings, who had predicted that […]

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