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The Federal Government has revealed that it has spent $1.5 billion since 2020 to safeguard the country’s oil installations and combat crude oil theft. This disclosure was made by the Secretary to the Government of the Federation (SGF), George Akume, who was represented by the Permanent Secretary, Public Service, Maurice Nandi, at a House of Representatives open hearing on crude …

In a development that further worsens the economic plight of Nigerians, the prices of staple foods such as beans, yams, tomatoes, potatoes and others have increased by more than 250 percent between June 2023 and June 2024. This is according to the June Selected Foods report released by the National Bureau of Statistics (NBS) on Wednesday, July 24, 2024, in …

Nigeria’s currency, the naira, fell again against the US dollar on Wednesday, July 24, 2024. The local currency weakened by N38 to trade at N1,586/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed. This is in contrast to the exchange rate of N1.548/$1 traded on Tuesday, July 23, 2024. The intraday high and low prices recorded during the …

For the second straight day, investors in the Nigerian equity market lost N68 billion at the close of trading on Wednesday. This follows the decline in share prices of stocks such as NSLTECH, RT BRISCOE, and UBA among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N56.8 trillion from …

Governors of 36 states on Wednesday met in Abuja to discuss the latest financial autonomy granted to local councils by the Supreme Court. They also discussed a new national minimum wage of N70,000. Other issues discussed at the meeting were the United Nations General Assembly; State Contribution and Shareholders’ Rights in the Benin Electricity Distribution Company (BEDC). The governors also …

Nigeria’s currency, the naira, fell again on the second day of trading this week against the US dollar on Tuesday, July 23, 2024. The local currency weakened by N48 to trade at N1,548/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed. This is in contrast to the exchange rate of N1,500/$1 traded on Monday, July 22, 2024. The …

Here are the top 10 stories making headlines across the country. 1. NNPC leader, Kyari, denies Dangote’s allegations, legal promises of staff involved in overseas oil refineries Mele Kyari, Chairman of the Nigerian National Petroleum Corporation (NNPC) Group, has strongly denied the allegations made by Aliko Dangote, President of the Dangote Group.Read more 2. Nigerian government to pay minimum wage …

Investors in the Nigerian equity market lost N46 billion at the close of trading on Tuesday. This follows the decline in share prices of stocks such as UPL, JOHN HOLT and OMATEK among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N56.8 trillion from N56.9 trillion posted by the …

In a bid to curb rising inflation, the Central Bank of Nigeria (CBN) has raised its benchmark interest rate, the Monetary Policy Rate (MPR), to a record high of 26.75%. This is an increase of 150 basis points from the previous rate of 24.75%, which marked the third consecutive increase this year. CBN Governor Olayemi Cardoso announced this after the …

Mele Kyari, Group Chairman of the Nigerian National Petroleum Corporation (NNPC), has strongly denied the allegations made by Aliko Dangote, President of the Dangote Group. In a statement released on Tuesday via his X account, Kyari responded to claims that NNPC staff were setting up a petroleum blending plant in Malta, potentially hampering local production. Kyari has vehemently denied owning …