President Muhammadu Buhari’s administration is interested in using technology to fast track the country’s growth and development, Vice President Yemi Osinbajo has said Speaking while signing a Memorandum of Understanding (MoU) between the Federal Government and Global Good Fund co-founded…
FG to raise N50b in 2020, 2024 bonds
The Federal Government has concluded plans to raise N50 billion in local currency denominated bonds maturing in February 2020 and March 2024 at its last debt auction of the year on Dec. 9. According to the Debt Management Office (DMO),…
Senate restates ban on rice importation
The Senate has criticized the lifting of ban placed on rice importation and urged the Presidency to prevail on the Nigeria Customs Service (NCS) to immediately restore it. Adopting the report of the Ad-hoc Committee on Import Duty Waivers, Concessions…
CBN cautions against weak corporate governance practices
The Central Bank of Nigeria (CBN) has reiterated its commitment to ensure zero-tolerance to weak corporate governance practices in the country. According to the CBN Deputy Governor in charge of Financial System Stability, Dr.Okwu Joseph Nnanna, who spoke at a…
Osibanjo decries over-dependence on oil
The Vice-President, Yemi Osinbajo has described Nigeria’s over-dependence on oil resources as a major factor responsible for the high level of corruption in the country. He also identified restiveness and agitation for resource control, especially in the South-south geo-political region…
Senate approves N574.5b supplementary budget
The Senate on Tuesday passed N574,532,726,857 billion as the 2015 supplementary budget. Under the arrangement, it is N108,895,800,000 billion higher than the N465,636,926,857 billion proposed by President Muhammadu Buhari to the National Assembly for approval two weeks ago. According…
PwC predicts drop in ageing power infrastructure by 2020
A survey put together by PricewaterhouseCoopers (PwC) has predicted that ageing infrastructure is expected to significantly reduce in the next five years (2020). Quoting Chief Executive Officers (CEOs) of power and utilities companies in Nigeria, the survey explained that Security…
CBN approves extension of BVN registration for military
The Central Bank of Nigeria (CBN) has approved the extension of the Biometric Verification Number (BNV) registration for men of the armed forces to enable them access their salaries. Speaking before the Senate Committee on Appropriation’s public hearing on the…
Buhari approves Nigeria’s action plan to tackle climate change
AS part of measures to tackle climate change, President Muhammadu Buhari has approved the submission of Nigeria’s Intended Nationally Determined Contributions (INDC) to United Nations Framework Convention on Climate Change (UNFCCC). In a statement, the President’s Special Adviser on Media…
NNPC, others to harmonise subsidy claims
The Senate has directed the Ministry of Petroleum, Nigerian National Petroleum Corporation (NNPC) and other relevant stakeholders to harmonise subsidy claims for October to December 2015. Sen. Danjuma Goje, Chairman, Senate Committee on Appropriation, gave the directive during public hearing…
NCAA bars five marketers from supplying aviation fuel
The Nigerian Civil Aviation Authority has suspended five oil marketing companies from supplying aviation fuel, also called Jet A1, to local and foreign airlines operating in the country due to lack of depot facilities. According to Punch Newspaper, the companies…
NNPC partners EFCC, DSS on fuel scarcity
Worried by the ongoing nationwide fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) has implored the Department of State Services (DSS) and the Economic and the Financial Crimes Commission (EFCC) to help arrest marketers hoarding and diverting petroleum products. The…
NCC tasks MNOs over N30b subscribers’ loss to unsolicited SMS
Following claims by the National Association of Telecommunications Subscribers of Nigeria (NATCOMS) that telephone users in the country lose about N30 billion to unsolicited Short Message Service (SMS) monthly from the activities of Value Added Service Providers (VAS), the Nigerian…
CBN cuts interest rate to 11%
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (benchmark interest rate) from 13 per cent to 11 per cent. Speaking at an interactive session with Journalists after the MPC meeting explained…