Category: Economy
Federal Government Considers Supplementary Budget Amid Minimum Wage Talks – IMF
As discussions on a potential increase in the minimum wage for Nigerian workers continue, the Federal Government is contemplating the necessity of preparing a supplementary budget to accommodate the proposed raise. This recommendation comes from the International Monetary Fund (IMF), which recently released its staff country report for Nigeria. The IMF’s report highlights the possibility…
VP Shettima Affirms Tax Reforms Aimed at National Benefit
Reforms poised to enhance revenue generation in investment-friendly climate Vice President Senator Kashim Shettima has reaffirmed that Nigeria’s tax reforms, spearheaded by the administration of President Bola Ahmed Tinubu, are designed to overhaul the system for the collective welfare of all Nigerians. Dispelling speculations circulating in certain circles, Shettima emphasized, “Our objective is not to…
Federal Government Plans New Audit of N2.8tn Fuel Subsidy Request
The Federal Government is gearing up to launch a fresh audit into the N2.8 trillion fuel subsidy request submitted by the Nigerian National Petroleum Company Limited (NNPC). This move comes in the wake of an initial audit conducted by the auditing firm KPMG, which led to a significant reduction in the subsidy claims from an…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…
SEC Urges Crypto Community to Identify Naira Manipulators
The Director-General of the Securities and Exchange Commission (SEC) has called on the cryptocurrency community to help identify individuals responsible for manipulating the Nigerian Naira and to publicly shame them. Mr. Lamido Agama made this plea during a gathering organized by the Blockchain Industry Coordinating Committee of Nigeria to engage with key industry participants on…
Vice President Shettima Assumes Responsibility Amidst Economic Challenges
Vice President Kashim Shettima has firmly stated that the current administration will not shift blame to the previous government led by former President Muhammadu Buhari for the hurdles it encountered upon taking office. Addressing attendees at the second Chronicle Roundtable organized by the 21st Century Chronicle, Vice President Shettima acknowledged the intricate complexities of governance…
EFCC Cracks Down on Schools Charging Tuition Fees in Foreign Currency
The Economic and Financial Crimes Commission (EFCC) has set its sights on schools that charge tuition fees in dollars and other foreign currencies, as part of efforts to uphold the use of the naira as Nigeria’s legal tender. Dele Oyewale, spokesperson for the EFCC, revealed that the commission is closely monitoring international schools and other…
New Lithium Factory in Nasarawa State to Boost Electronics and Electric Vehicle Industries
Nasarawa Local Government Area (LGA) of Nasarawa State, Nigeria, is set to witness a significant industrial boost with the establishment of a state-of-the-art Lithium Factory. Lithium, a crucial component in rechargeable batteries for electronics, electric vehicles (EVs), and grid storage, is poised to revolutionize the technology and energy sectors. Lithium’s pivotal role in powering modern…
Nigeria Unites to Achieve $1 Trillion Economy by 2030 with Aso Accord
In a historic move aimed at propelling Nigeria into a $1 trillion economy by 2030, the Presidency, all 36 states, and the private sector have forged a groundbreaking agreement known as the Aso Accord on Economic and Financial Inclusion. This comprehensive plan seeks to ensure that every citizen in Nigeria has equal access to financial…
Nigeria Aims to Produce 4,000 Metric Tonnes of Lithium Daily, Says Vice President Shettima
Nigeria is gearing up to become a major player in the global lithium market, with plans underway to produce a staggering 4,000 metric tonnes of lithium daily. Vice President Kashim Shettima made this announcement on Monday during discussions aimed at revitalizing Nigeria’s mining industry. Speaking at the opening of a two-day forum in Abuja, Vice…