Economy

Adulterated Fuel: Reps Committee To Sanction Erring PMS Suppliers

The Chairman, House of Representatives Committee on Petroleum (Downstream), Abdullahi Gaya, has assured Nigerians that it would handle companies who imported off-spec Premium Motor Spirit into the country. Gaya spoke during an engagement with the management of the Nigerian National Petroleum Company Limited, organised by the committee on the current fuel situation in the country. […]

Economy Technology

FG To Train 500,000 Public Servants On Digital Economy

The Bureau of Public Service Reforms (BPSR) says plans are underway to train 500,000 public servants on digitisation and Information Technology (IT) to improve service delivery. Mr Dasuki Arabi, the Director-General of the bureau disclosed this when he featured at the News Agency of Nigeria (NAN) forum in Abuja on Sunday. Arabi said that the […]

Economy

Bill To Ease Retirees’ Access To Pension Funds Passes Second Reading

A bill proposing retirees can make a 75% withdrawal from their Retirement Savings Account (RSA) after retirement has passed second reading at the Senate. The bill titled: “The Pension Reform Act 2014 Amendment Bill 2022” scaled second reading during Wednesday’s  plenary following debates on the general principles of the bill. The bill, sponsored by Senator […]

Economy

Nigeria’s Debt Sustainability At Risk, Cause For Concern – IMF

The International Monetary Fund (IMF) has said Nigeria’s debt sustainability is at risk and causes a great deal of concern and unease in the long-term. IMF reiterated the need for the Nigeria government to implement timely fiscal reforms. IMF’s Mission Chief for Nigeria, Ms. Jesmin Rahman, said these yesterday, during a virtual media briefing on […]

Economy

The Petroleum Subsidy Trap and The Way Forward

Ahmed Adamu, PhD Lack of refining capacities and Petroleum subsidies have caused Nigeria to lose significant foreign exchange and its ability to fund infrastructural development. The Nigerian government’s share of crude oil averaged around 900k barrels per day in 2021, and at least 70% of that was exchanged for petroleum products, which means only 30% […]

Economy

Bagudu Lauds WACOT Rice For Transforming Economic Landscape Of Kebbi

Kebbi State Governor,Senator Abubakar Atiku Bagudu has commended an International Rice Milling Firm, that is based in Argungu, WACOT Rice Nigeria Limited for transforming the economic landscape of Kebbi State. He spoke on Monday in Birnin Kebbi when he received the Chairman of WACOT Rice , Alhaji Faruk Gumel, the Chairman of the company on […]

Economy

Why Nigeria’s GDP would surpass IMF projection – Afrinvest

Analysts at Afrinvest West Africa) Limited, a Lagos based investment banking firm, have   projected that in 2022, Nigerian economy would surpass the prediction by the International Monetary Fund, IMF by 0.2 percentage points despite the Gross Domestic Product, GDP, dynamics in 2021. The firm predicted that Nigerian economy would grow by 2.9 per cent while the […]

Economy

FAAC Shares N699.824 bn December 2021 Revenue To FG, States And LGs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 Billion December 2021 Federation Account Revenue to the Federal Government, States and Local Government Councils. This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for January 2022. The N699.824billion total distributable […]

Economy

President Muhammadu Buhari Unveils Rice Pyramids In Abuja

The Executive Governor of Jigawa state Alhaji Mohammed Badaru Abubakar joins President Muhammadu Buhari to unveil the FCT MEGA rice pyramids in Abuja. The One million paddy rice stacked in 15 separate pyramids in Abuja, is in collaboration of the CBN with the Rice Farmers Association of Nigeria (RIFAN). Five State Governors including Ekiti, Kayode […]

Economy

Cash Grant: SBY Foundation Empowers 520 Women In Zamfara

As part of the determined efforts of the Zamfara state governor, Hon (Dr) Bello Muhammad (Matawallen Maradun) to touch the lives of the women positively, the SBY NA DODO Foundation has today empowered 520 women with N5,000 each to boost their small-scale businesses. The gesture was to ensure that the privileged women engage in small […]