Business

Nigeria’s headline inflation rate for August 2023, rose to 25.80 per cent, marking a 1.72 point higher than the 24.08 per cent recorded in July. This was indicated in the Consumer Price Index (CPI) report for August 2023 recently released by the National Bureau of Statistics (NBS). The significant increase reflected the impact of the removal of petrol subsidies, and …

The House of Representatives has set a revenue target of N6 trillion for the Nigeria Customs Service (NCS) in 2024. The target was set when the Comptroller General of Customs, CGC Adewale Adeniyi appeared before the House Of Representatives Committee On Appropriations on Monday. Abubakar Bichi, Chairman of the committee, told Adeniyi that customs should increase the revenue target to …

As part of efforts to ensure the functionality and sustainability of all water supply facilities nationwide, the Federal Government through the Federal Ministry of Water Resources and Sanitation has launched the Village Level Operations and Maintenance (VLOM) Strategy, Nigerian Roadmap for Water Quality Management’ and the Guidelines for Rural Drinking Water Quality Monitoring and Surveillance. This is even as the …

The reality of the state of the Nigerian economy may have dawned on the Federal Government as reports have it that it is mulling selling stakes in about 20 state run companies. The move, according to a report by Bloomberg, is to raise funds and improve corporate governance in the companies. According to the Chief Executive Officer of Finance Ministry …

President Bola Ahmed Tinubu has said there won’t be further increase in the pump price of premium motor spirit otherwise known as petrol. Similar assurance was also given by the Nigeria National Petroleum Company Limited (NNPCL). Addressing State House correspondents Tuesday after a meeting with President Tinubu, his Special Adviser on Media and Publicity, Mr Ajuri Ngelale, said the president …

For many Nigerians, access to decent and affordable housing remains a critical challenge. The housing challenge is made worse by the rise in rural-urban migration, which continues to stretch the limited public infrastructure in urban centres. Currently, more than 28 million Nigerians lack access to decent and affordable housing. Recently, the Vice President Kashim Shettima lamented that despite efforts being …

The Nigerian Electricity Regulatory Commission (NERC) said on Wednesday the Federal Government paid N135.23 billion to subsidise electricity consumption in the second quarter of this year. The commission disclosed this in its Q2 2023 report posted on its website in Abuja. NERC said the federal government spent N135.2 billion to plug the revenue shortfall in the power sector during the …

The Federal Government of Nigeria has dropped a hint that it is contemplating handing over its 40% stakes in the 11 Distribution Companies (DisCos) to state governments. This is in a move to address the persistent power shortages dogging the country. This hint was dropped in a tweet by the Minister of Power Adebayo Adelabu on Friday. He also hinted …

The Nigeria Deposit Insurance Corporation (NDIC) has resolved to pay the liquidation dividends worth N16.18 billion for depositors of 20 failed banks. The NDIC Managing Director, Mr. Bello Hassan, disclosed this during the NDIC Day at the ongoing 44th Kano International Trade Fair in Kano on Friday. He gave the names of the affected banks as Liberty Bank, City Express …

Investors at the Nigerian capital market took home N45.8 billion at the close of trading on Friday. This followed the rise in market capitalization to N39,148.84 trillion from N39, 102.97 trillion posted by the bourse on Thursday. The All-Share Index (ASI) also increased by 83.8 basis points to 71,541.74 from 71,457.92 recorded the previous trading day. However, the market turnover …