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Tag: FG

Average price of 12.5kg cooking gas hits N16,500 in south south states
News

FG stops cooking gas export to stabilize price

The Federal Government, on Thursday, February 22, announced its implementation of measures to address the scarcity and surging costs of Liquefied Petroleum Gas, commonly known as cooking gas, by ceasing its export. During the “Internal Stakeholders’ Workshop” in Abuja, focusing on “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development,” Minister of State for […]

FG begins construction of 700km Lagos-Calabar highway
News

FG aims to create 2m jobs from creative industry

By Melvin Onwubuke   The Federal Government has disclosed it’s plans to generate 2 million jobs within Nigeria’s Creative Industry by 2027. This follows the announcement by the Minister of Arts, Culture and Creative Economy, Hannatu Musawa; according to nairametrics report. She stated during an interactive session with the Nigerian Economic Summit Group in Abuja, […]

Nigeria's FX reserves hits $32.3bn, rises by $262m
Economy

Nigeria’s money supply hits N93.72trn in January 2024

Nigeria’s broad money supply reached a historic high of N93.72 trillion in January 2024, marking an impressive ascent. This figure represents a remarkable 76% surge from the N53.14 trillion recorded in January 2023, indicating substantial year-on-year growth of N40.48 trillion. Additionally, compared to December 2023’s figure of N78.74 trillion, this represents a robust 19% increase, […]

Naira devaluation worsens Nigeria's debt woes
News

FG raises N1.5tn through bonds

By Melvin Onwubuke   The Federal Government through bond offering, was able to raise N1.5 trillion instead of the anticipated N2.5 trillion it targeted in its February auction. According to The Punch, the Debt Management Office office in a press conference said that the 2031 bond had a total allotment of N873.53 while that of […]

Naira strengthens slightly to N1,534.52/$ at official market
News

FG to restart cash transfers to poor Nigerians

The Federal Government is set to reinstate direct cash transfers to the poorest and most vulnerable Nigerians, aiming to address the challenges faced by millions in the wake of rising prices and the devaluation of the naira. Approximately 3 million Nigerians are currently benefiting from these programs. However, the government anticipates extending the coverage to […]

FG moves to restrict Binance, other crypto platforms
News

FG moves to restrict Binance, other crypto platforms

Nigerian government is contemplating the restriction of access to Binance and similar cryptocurrency platforms over the decline of the Naira. This consideration stems from concerns over alleged manipulation of the foreign exchange market and unauthorized financial flows, which are believed to be contributing to the naira’s significant devaluation, reaching a record low of N1,800 against […]

FG begins construction of 700km Lagos-Calabar highway
News

FG seeks $10bn to stabilize exchange rate amid naira fall

The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market. On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market. President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in […]

FG, cement producers agree N7000, N8000 cement price
Business

FG, cement producers agree N7000, N8000 cement price

The pricing range for a 50 kg bag of cement has been set by the Federal Government and cement producers including BUA, Dangote, and Larfarge at N7,000 to N8,000 in different parts of the nation. According to the Times, senator David Umahi announced this pricing change on Monday in Abuja after a lengthy meeting with […]

Telcos to receive $1bn network equipment in July — Minister
Tech

FG launches Project 774 LG Connectivity

The Minister of Communications, Innovations and Digital Economy, Bosun Tijani has launched Project 774 LG Connectivity. According to the minister, the project aims to provide “connectivity to all 774 Local Government Secretariats across Nigeria.” “As part of our plans to foster inclusive development and promote access to digital public infrastructure in government, I am happy […]

FG shuts down Sahad supermarket over customers' extortion
Business

FG shuts Abuja supermarket over customers’ extortion

By Wilson Adekumola The head office of the Sahad Supermarket and Stores has been sealed off by the Federal Competition and Consumer Protection Commission over customers extortion and lack of transparency in prices. The Acting Executive Vice Chairman of FCCPC, Dr Adamu Abdullahi, while sealing off the premises in Abuja on Friday, noted that the […]

FG reviews road concessions, repairs on Kaduna-Abuja expressway
Business

FG enlists retired military officers to safeguard highway construction workers

Retired military and security personnel have been hired by the Federal Government through the Ministry of Works to guard and secure building sites. According to The PUNCH, during a meeting with Adhoc Committee members at the ministry’s Abuja headquarters, Minister of Works, David Umahi revealed this. “The team was formed to address the persistent concerns […]

Gbajabiamila says student loan scheme to be launched in three weeks It is anticipated that the student loan program would go into effect in the three weeks. According to The Times, the President's Chief of Staff, Femi Gbajabiamila expressed the administration's passion to ensure the scheme launch is successful. At the State House in Abuja, He said these things while hosting a delegation from the National Association of Nigerian Students, which was led by the organization's president, Lucky Emonefe, Gbajabiamila called on Nigerian students to express their support for the Student Loan Funds program, stressing that its goal is to guarantee that all Nigerian students, irrespective of their financial situation, have access to high-quality education. "He underlined the president's resolve to see it through and exhorted Nigerian students to support the effort in order to guarantee that no worthy but underprivileged student is turned away from the loan" said Femi The Chief of Staff told the students that "continuous attempts are being made to address the union's concerns and that the government is ready to stop any impending industrial action by members of the Academic Staff Union of Universities". He added that President Tinubu has issued many directives with the goal of putting an end to academic union strikes at universities and other higher education institutions.
Business

FG to receive 2000 tractors annually from US firm

By Christian George The federal government has signed a Memorandum of Understanding with an American firm, John Deere, to receive at least 2000 tractors. The US company would supply Nigeria with the 2000 tractors yearly in the next five years. This was made known by the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, […]

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