BUSINESS

The Lagos Chamber of Commerce and Industry said on Wednesday that the security crisis in Nigeria has crippled many investments and will exacerbate poverty in the country. The LCCI, which expressed serious concerns about the worsening security situation, said It is a sad commentary that kidnapping, herders-farmers conflict, ethno-religious violence, vandalism, armed robbery, banditry, arson, and insurgency have become routine occurrences in Nigeria. Its President, Mrs Toki Mabogunje, said in […]

The Chairman, Senate Public Accounts Committee, on Wednesday gave the Ministry of Finance, Office of the Accountant General of the Federation and the Office of the National Security Adviser till Tuesday next week to explain an alleged secret withdrawal of N7.5bn from the two per cent National Automotive Council Design and Development Council Levy Account. The account is domiciled with the Central Bank of Nigeria. The Committee had two weeks […]

The Federal Executive Council on Wednesday approved the National Poverty Reduction with Growth Strategy submitted by the Presidential Economic Advisory Council. The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari, at the Presidential Villa, Abuja. The Special Adviser to the President on Media and Publicity, Femi Adesina, who briefed State House correspondents at the end of the meeting said […]

The Federal Government has again cautioned Nigerians against embarking on irregular migration in search of greener pasture. Permanent Secretary, Ministry of interior, Dr Shuaib Belgore gave the advice at the formal presentation of servicom compliance evaluation report on federal marriage registries in Nigeria by the national coordinator of servicom, Mrs Nnena Akajameli. While speaking to our correspondent, Toffa Momoh, after the presentation, Balgore expressed concern over the increasing number of […]

The Nigerian Electricity Regulatory Commission has announced that another tariff review for Nigeria’s 11 power distribution companies would hold in July. It disclosed this in its notice of Minor and Extraordinary Review of Tariffs for Electricity Transmission and Distribution Companies, a development that might lead to a rise in the tariffs payable by electricity users. The commission explained that the extraordinary tariff review was as a result of changes in […]

The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies indicated that it was watching surging COVID-19 cases in India, the world’s third-biggest oil importer.   Brent crude, against which Nigeria’s crude oil priced, went down by $0.49 to $65.62 per barrel as at 8:31pm Nigerian time on Monday, according to EnergyIntel.   The US West Texas Intermediate crude also […]

With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the period. The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on March 25 that the Federal Government was subsidising petrol with about N100bn to N120bn monthly. Going by […]

The Federal Government is currently subjecting the 50 per cent reduction in the Mambilla Hydroelectric Power project installed capacity to an independent review. The Minister of Power, Sale Mamman, said that the capacity of the Mambilla project had been revised downward from 3,050 megawatts to 1,525MW, as the review would save Nigeria $1bn from the project. A document on developments in the Mambilla Hydroelectric Power project in Abuja by the […]