Category: Economy
President Tinubu Welcomes NEC’s Recommendation for Further Consultation on Tax Reform Bills
In a recent development, President Bola Tinubu has responded positively to the recommendation by the National Economic Council (NEC) to reconsider certain tax reform bills currently under review by the National Assembly. The NEC, chaired by Vice President Kashim Shettima and consisting of Nigeria’s 36 state governors, advised that these bills be temporarily withdrawn to…
SGF Highlights President Tinubu’s Accomplishments Ahead of Independence Day Celebration
As Nigeria prepares for its upcoming independence celebration, the Secretary to the Government of the Federation (SGF), George Akume, highlighted significant milestones achieved by President Bola Tinubu’s administration. During a briefing on Thursday, Akume emphasized that the government’s initiatives have already begun to positively impact the daily lives of Nigerians. In his remarks, Akume referenced…
FG Proposes NIMASA, NPA to Collect Fees in Naira Instead of Dollars
The Federal Government has proposed a shift in the collection of charges by two key maritime agencies, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA), from foreign currencies to Naira. This suggestion was made as part of a broader economic stabilization effort under a bill expected to be presented…
Nigeria Signs Agreement with Russian Consortium to Revive Ajaokuta Steel and National Iron Ore Mining Company
The Federal Government of Nigeria has entered into a significant agreement with a Russian consortium for the rehabilitation, completion, and operation of both the Ajaokuta Steel Company Limited (ASP) and the National Iron Ore Mining Company Limited (NIOMCO). This development comes after years of efforts to revitalize Nigeria’s steel industry, which has been dormant for…
CBN Appoints New Board for Keystone Bank, Adds Executive Directors
The Central Bank of Nigeria (CBN) has appointed a new board for Keystone Bank, a move aimed at strengthening the leadership and strategic direction of the financial institution. Lady Ada Chukwudozie has been named as the new chair of the board, taking on the critical role of guiding the bank’s policies and ensuring effective governance….
BREAKING: President Tinubu Announces Kickoff of $550 Million Ubeta Gas Project in Rivers State
In a major boost to Nigeria’s energy sector, President Bola Tinubu has officially launched a $550 million upstream gas development project in Rivers State. The project, a collaboration between the Nigerian National Petroleum Corporation Ltd. (NNPCL) and TotalEnergies, will focus on developing the Ubeta gas field. The announcement was made by President Tinubu’s Special Adviser…
Nigeria Takes Major Step Toward Energy Self-Sufficiency: Diesel and PMS Now Manufactured Locally
In a historic move, Nigeria has successfully commenced the local production and sale of Diesel and Premium Motor Spirit (PMS) for the first time in years, marking a significant milestone in the nation’s journey toward energy self-sufficiency. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Chairman of the…
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
Federal Government Inaugurates Committee to Review Salary Adjustments Following New Minimum Wage
In a move aimed at implementing the recently enacted National Minimum Wage Act, the Federal Government has inaugurated a 16-member committee tasked with reviewing and negotiating salary adjustments in line with the newly established minimum wage of ₦70,000. The inauguration took place on Thursday, signaling the government’s commitment to ensuring fair wage increases across various…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…