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Tag: FG

FG deducts N256.5bn for gas projects in six months
News

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 […]

News

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
News

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 […]

News

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
News

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
News

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 […]

News

FG grant 95 licences to increase electricity generation by 989MW

The Federal Government awarded 95 licenses, permits, and registration certificates for the generation of 989.42 megawatts of electricity in 2023, to boost Nigeria’s power output. A recent analysis of the industry data showed that the Nigerian Electricity Regulatory Commission, a Federal Government agency, issued power generation licenses, permits, and certificates to investors, according to The […]

News

120 Nigerians to get FG’s N500,000 grant

The Federal Government has awarded a N500,000 grant to 120 participants in the “Unlock Training Programme” coordinated by the Senior Special Assistant to the President on Technical, Vocational, and Entrepreneurship Education, Madam Abiola Arogundade. This was announced at at the grant award ceremony which had in attendance, several ministers and top presidential aides on Saturday […]

News

FG launch revised national policy on food safety

The Federal Government has announced the revision of the National Policy on Food Safety and Quality, as well as the formation of four technical food safety working groups. This was disclosed by the Coordinating Minister of Health and Social Welfare, Prof Ali Pate at the event, marking the 2024 World Food Safety Day on Friday, […]

News

FG unveils revamped Lagos to Kano rail line

The Federal Government has reopened the train route that connects Lagos and Kano after undergoing repairs. This was disclosed by the Minister of Transportation, Saidu Alkali via his official X handle on Thursday. Alkali posted “I am delighted to announce to Nigerians that today, June 6, 2024, the Federal Government led by President Bola Ahmed […]

News

Finance minister to present new minimum wage today

The Minister of Information, Idris Mohammed, announced that Finance Minister Wale Edun will present a new minimum wage proposal to President Bola Tinubu today, Wednesday, June 5, 2024. Mohammed made this statement during an interview with journalists at the State House in Abuja on Tuesday. This announcement follows the organized labour’s decision to suspend their […]

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