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Tag: FG

News

Agbara Industrial Hub now on national grid to boost manufacturing — FG

The Federal Government has announced that the Agbara Industrial Hub has been connected to the national grid, representing a substantial advance in the country’s electricity infrastructure for manufacturers and company owners. This disclosure was made by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, during the 2024 Manufacturing Association of Nigeria (MAN) summit on […]

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

FG delists five oil blocks from 2024 bidding round

As investors prepare to register for the 2024 Licensing Round, the Nigerian Upstream Petroleum Regulatory Commission has deleted five oil blocks from the present licensing round due to legal disputes. The five oil blocks are alleged to be involved in separate lawsuits, according to The PUNCH. The Nigerian Upstream Petroleum Regulatory Commission confirmed the development. […]

Energy News

FG secures $50m for CNG infrastructure boost

The federal government announced yesterday that investors had raised $50 million over the last six months to fund infrastructure development for compressed natural gas adoption in the transportation sector. In addition, the government announced a 50 per cent discount on conversion kits priced between N1.2 million and N1.5 million to encourage carriers to switch to […]

FG didn't tamper with MTN, 9Mobile, other internet connection - Minister
featured News

FG initiates NIN data leak probe

The Federal Government has initiated an investigation into the alleged unauthorized selling of National Identification Numbers following accusations that Nigerians’ personal information was available for purchase online for a charge. The discovery has aroused significant concern about the preservation of individual privacy rights and the potential economic consequences. This disclosure was made in a statement […]

News Telecommunications

FG, banks in discussion on nationwide broadband rollout

The Federal Government announced on Wednesday that it has achieved substantial progress in discussions with Development Finance Institutions to establish a Special Purpose Vehicle aimed at expanding the country’s fibre optic network by 90,000 kilometers. The Minister of Communications and Digital Economy, Bosun Tijani noted a productive discussion with stakeholders, outlining the SPV’s next steps. […]

News

Demand for FG bonds declines as investors seek higher yields

Higher-yielding investors remained on the sidelines at the recent FGN bond auction, which saw a lower subscription for the third consecutive month. The Debt Management Office raised only N297 billion in its June FGN bond auction, as investor interest in the bonds remained weak, according to Businessday. On Monday, June 24, the DMO auctioned N450 […]

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

FG electricity plan faces hurdle as estimated billing customers rise by 10%

AlexOmenye The Federal Government’s plan to eliminate estimated billing by the end of 2024 faces significant challenges, as evidenced by a recent increase in the number of customers on estimated billing across Nigeria’s electricity distribution companies. The Nigeria Electricity Report by the National Bureau of Statistics (NBS) for the first quarter of 2024 shows a […]

News

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 […]

featured News

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 […]

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