Category: Economy
Federal Government Increases Spending on Fuel Subsidy, Says El-Rufai
In a recent statement, Governor Nasir El-Rufai of Kaduna State highlighted the Federal Government’s increased expenditure on fuel subsidy, pointing out that many Nigerians are unaware of the current situation. Addressing journalists in Maiduguri, the capital of Borno State, El-Rufai emphasized the necessity of fuel subsidy despite previous attempts to remove it. “Fuel subsidy is…
EFCC to Prosecute More Celebrities for Naira Abuse, Following Bobrisky’s Case
In the wake of ongoing investigations into Naira abuse, the Economic and Financial Crimes Commission (EFCC) has announced its intent to prosecute additional celebrities for misusing Nigerian currency. Citing rising public awareness regarding the sanctity of the national currency, the EFCC emphasized the need for collaborative efforts to combat financial crimes. Notably, the Commission has…
Dangote Predicts Decreasing Fuel Prices from Refinery to Aid in Inflation Reduction
In a recent statement, Alhaji Aliko Dangote, Chairman of the Dangote Group, highlighted the potential impact of decreasing fuel prices sourced from the Dangote Petroleum Refinery on Nigeria’s inflation rate. He emphasized that once the refinery becomes fully operational and begins offering diesel at significantly reduced prices, it will play a crucial role in alleviating…
CBN Announces Additional Staff Layoffs, Sources Reveal
In a recent development at the Central Bank of Nigeria (CBN), sources report that more than 50 staff members were terminated from various departments on Monday, April 8, 2024. This latest wave of layoffs targeted employees in the Department of Development Finance, Procurement and Support Services, and the Medical Services Department. According to insider information,…
EFCC Cracks Down on Institutions Demanding Dollar Payments
In a bid to uphold the integrity of Nigeria’s currency and safeguard the local economy, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other establishments against demanding payment in dollars from their local customers. Ola Olukoyede, the Chairman of the EFCC, delivered the cautionary message in…
President Tinubu Reaffirms Commitment to Private Sector Partnership for Economic Growth
President Bola Tinubu has emphasized the pivotal role of the private sector in driving Nigeria’s economic transformation and prosperity. Speaking during Iftar on Thursday in Abuja with members of the Nigerian business community, President Tinubu expressed gratitude for their support and pledged to foster closer collaboration. Acknowledging the indispensable contribution of the private sector to…
Excitement Builds as Ogun State Hosts International Trade Fair
As anticipation mounts across the Southwest geopolitical zone of Nigeria, stakeholders eagerly prepare for the commencement of the 13th Gateway International Trade Fair in Abeokuta, Ogun State. Scheduled to run from April 19 to 29, 2024, at the M.K.O Abiola International Trade Fair Complex, the event promises increased exhibitors, diverse product offerings, and improved transportation…
Dangote Petroleum Refinery Initiates Diesel Sales, Anticipates Petrol Supply in May
In a move that has led to a drop in diesel prices across the country, Dangote Petroleum Refinery has commenced the sale of diesel at N1,225 per litre. The refinery’s decision to supply diesel to retailers has already resulted in a notable reduction in prices, offering relief to consumers who have been grappling with high…
Federal High Court Sets Date for Formal Charging of Binance Holdings Limited and Executives
The Federal High Court in Abuja has announced a scheduled date for the formal charging of Binance Holdings Limited, a global cryptocurrency exchange platform, along with two of its executives, Tigran Gambaryan and Nadeem Anjarwalla. The court proceedings are set to take place on Thursday before Justice Emeka Nwite. The charges against Binance Holdings Limited…
Dollars Crashed but Food Prices Haven’t – Unraveling the Economic Puzzle
In recent weeks, the Nigerian Naira has witnessed a significant gain against the dollar, trading at around N1250 to a dollar, marking a notable 35% drop from its previous tumultuous period at N1900 in the black market. This commendable appreciation is attributed to the concerted efforts by the Central Bank of Nigeria (CBN), spearheaded by…