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How illegal mining is sabotaging economy

The Minister of Mines and Steel Development, Olamilekan Adegbite, blew the whistle on some “powerful and influential” Nigerians recently during a briefing in Abuja. What was the story? According to Adegbite, these economic saboteurs – that’s what they are – have been putting pressure on the Federal Government to free...

Why FG’ll continue to determine petrol price, after deregulation of downstream sector — Minister

The Federal Government, said yesterday it has deregulated the downstream petroleum industry.  The government, however, said it would continue to intervene in determining the pump price of Premium Motor Spirit, PMS, also known as petrol, to safeguard consumers of the commodity from being exploited by oil marketers.  Addressing newsmen in Abuja, Minister of...

COVID-19 update

91 new cases of COVID19 reported; 43-Lagos 8-Sokoto 6-Taraba 5-Kaduna 5-Gombe 3-Ondo 3-FCT 3-Edo 3-Oyo 3-Rivers 3-Bauchi 2-Osun 1-Akwa Ibom 1-Bayelsa 1-Ebonyi 1-Kebbi As at 11:50pm 26th April- 1273 confirmed cases of COVID19 reported in Nigeria. Discharged: 239 Deaths: 40 Source: https://twitter.com/ncdcgov?lang=en ...

Nigeria gets debt relief

Nigeria and 75 other countries have been granted debt service relief by the World Bank and China, The Nation has learnt. The debt service waiver was granted by G20 countries at the end of their meeting on Wednesday, a source who was privy to the discussion said. The debt service relief translates to Nigeria...

Nigeria revokes eleven oil licenses

The Nigerian Government has revoked Oil Mining Licences (OML) of 11 oil and gas companies operating in the Marginal Fields. The Guardian learnt that the affected companies include Movido–Ekeh, Goland – Otiti, Independent Energy – Ofa, Associated-Tom Shot Bank, Bayelsa – Ayala, Sogenal – Akeni and Delsigma–Ke. Others are Bicta–Ogedeh, Guarantee–Ororo, Eurafic-Dawes Island...

CBN unveils N50b COVID-19 stimulus

A special package to cushion the effect of the COVID-19 pandemic was on Wednesday unveiled by the Federal Government. They include: N1 billion bailout for pharmaceutical companies; release of N10 billion to the Lagos State Government to battle the virus – the state has the highest number of victims; and...

Nigeria slashes petrol price to N125

The Nigerian government on Wednesday announced the reduction of the pump price of petrol to N125. A statement by Nigerian National Petroleum Corporation, NNPC, said the move was in compliance with the directives of the Honourable Minister of State for Petroleum Resources on petrol pricing. The corporation said it has reviewed its...

We’ll protect Nigerians, says Buhari

Everything possible will be done to protect Nigerians from the adverse effects of the Novel Coronavirus (COVID-19) pandemic. Buhari gave the assurance during a briefing session by the Prof Doyin Salami-led Presidential Economic Advisory Council (PEAC), at the Presidential Villa in Abuja. The PEAC Chairman, Prof Doyin Salami, warned of the likely...

Nigeria’s total debt now N33trn —Senate

National Assembly The Senate yesterday raised alarm that with its approval of $22.7billion foreign loan request by President Muhammadu Buhari penultimate week, the total debt profile of Nigeria now stands at N33 trillion.  Speaking at the one day public lecture organized by the National Institute for Legislative and Democratic Studies (NILDS),...

Nigeria suspends $22.7bn borrowing plan

The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape. Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission,...

Budget 2020 cut inevitable, says minister

A downward review of the N10.57 trillion 2020Appropriation Act is inevitable, the Federal Government said on Monday. The adverse effects of the Novel Coronavirus (COVID-19) on the economy, especially the sliding crude oil prices, is responsible for the decision. Finance, Budget and National Planning Minister Zainab Ahmed dropped the hint at the...

NCC deactivates 2.2m improperly registered SIM cards

The Nigerian Communications Commission, NCC, has completely deactivated 2.2 million improperly registered Subscriber Identification Module, SIM cards across telecommunication networks nationwide. Executive Vice Chairman, NCC, Prof. Umar Danbatta, who disclosed this in a statement by Dr Henry Nkemadu, Director, Public Affairs in Abuja, yesterday, said the commission’s effort in this...

APC in turmoil as court suspends Oshiomhole

Not all seems well with the ruling All Peoples Congress, APC, as an Abuja High Court, yesterday,  suspended its National Chairman, Mr Adams Oshiomhole. Shortly after Oshiomhole’s suspension, the National Working Committee, NWC, approved the nomination of Waziri Bulama as the party’s acting national secretary.  Mr Victor Giadom, a former commissioner...

Buhari to Nigerians: don’t panic

President Muhammadu Buhari on Sunday night admonished Nigerians not to panic in the face of the outbreak of Coronavirus (COVID-19).He also expressed his sadness over the spread of the virus to Nigeria. According to the statement, by his spokesman Garba Shehu, President Buhari encouraged Nigerians to, instead of giving in to...

Analysis: Nigeria and The Kiss Of Debt

In addition, a need to further examine the effect of government debt accumulation on private investment is vital given the prominent role investment plays in an economic activity. These include employment opportunities, increased government revenue through company income tax and value added tax among others. Statistics shows that domestic debt...

Why Ore flyover is important, by Buhari

President Muhammadu Buhari has said the Ore Flyover Interchange is important because it will boost economic activities in Ondo State, ease traffic congestion and reduce accidents. The President spoke yesterday at Ore in Odigbo Local Government while inaugurating projects to mark the third year anniversary of Governor Oluwarotimi Akeredolu’s administration....

New deal for the Eastern ports

 The good times are here at last for Nigeria’s Eastern ports. The Nigerian Ports Authority, NPA, shipping companies, stakeholders in our maritime sector and the economy at large have had enough of the choking situation in Lagos and have decided to look eastwards for relief.  In January 2020 international shipping...

IMF urges CBN to end forex intervention

The International Monetary Fund (IMF) on Monday lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act. The commendation is contained in the IMF Article IV Consultation to Nigeria, released on Monday. According to the Fund, the Federal Government had recognized the vulnerabilities...

We reject $500m loan for NTA

 One of the great dividends of democracy is that it creates the Legislative arm through which the people are represented and given a voice in government. Apart from legislation, this arm of government also controls the purse of the nation and the power to mitigate the excesses of the...

FG approaches China for $17bn loans

The Federal Government on Tuesday explained why it decided to approach the China-Exim Bank for a $17bn loan request.It said other lending institutions like the World Bank and the African Development Bank were not showing much interest when Nigeria approached them during recession. The Minister of Finance, Zainab Ahmed,  stated this ...

Why we launched new visa policy, by Buhari

President Muhammadu Buhari yesterday officially commissioned the new Nigeria Visa Policy (NVP) 2020 intended to attract innovation, specialized skills and knowledge from abroad to complement local capacity. The enhanced visa policy by Nigeria, one of Africa’s key economies, came on the back of the signing of the African Continental Free Trade...

Lagos raises N100bn infrastructure bond

Lagos State Governor Babajide Sanwo-Olu yesterday signed documents for the issuance of N100.33 billion bond, which the State raised from capital market “to fund infrastructure and pressing capital projects.” The documents were signed at the State House in Alausa with investors and issuing parties. The Series Three Bond Issuance of N100...

Amotekun: Tinubu blames AGF, S’West govs for crisis

National Leader of  the  All  Progressives   Congress   (APC),  Asiwaju  Bola   Tinubu,   yesterday,   broke his silence on the debate  over  the  South-West  Regional  Security  Outfit  code  named  “Operation  Amotekun,”  blaming  the  governors of  the six states of   the  zone  and  the  Attorney General of  the Federation (AGF) and Minister of  Justice, Abubakar Malami for the controversy trailing the launch...

Global FDI declines to $1.39 trillion, says UN

United Nations Conference on Trade and Development (UNCTAD), has said global foreign direct investment (FDI) remained flat in 2019, standing at $1.39 trillion, even as investment surged in Nigeria by 71 per cent to $3.4 billion. Predicated on weaker macroeconomic performance, and policy uncertainty for investors, including trade tensions, the investment...

Why national carrier plan failed

The inability of the Federal Government to yet get credible technical partners and investors to support the proposed new national carrier may have stalled its roll-out plans, 18 months after it was unveiled in London. But The Guardian learnt that the airline project, though has remained a hard sell to...

Buhari seeks extradition of fugitives from UK

President  Muhammadu Buhari on Monday sought the cooperation of the United Kingdom (UK) to extradite Nigerian fugitives. He made the request during a bilateral meeting with British Prime Minister Boris Johnson in London.Both leaders met on the sidelines of the UK-Africa Investment Summit 2020. According to a statement by Presidential spokesman Femi...

7.5% VAT rate has taken off, says AGF

The implementation of the newly introduced 7.5 per cent  hike in Value Added Tax (VAT) and related tax adjustments in the 2010 Finance Act has commenced, says  Accountant-General of the Federation (AGF), Mr. Ahmed Idris said on Wednesday. The implementation is sequel to Monday’s signing of the Finance Bill by President...

Tax reforms to fetch N8.15tr cash

The tax reforms contained in the Finance Act 2020 will enable the federal government to hit its N8.155 trillion non-oil revenue target to fund this year’s budget according to Finance and Budget Planning Minister Zainab Ahmed. President Muhammadu Buhari signed the fiancé bill on Monday. In a statement on Tuesday,...