Ahead of the two-day Monetary Policy Committee meeting starting on Monday, a financial expert has said the Central Bank of Nigeria is expected to retain the Monetary Policy Rate. The CBN had at its meeting in May retained the MPR at 11.5 per cent, the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively. Speaking with reporters a former President, Association of National Accountants […]

Stock trading on the floor of the Nigerian Exchange Limited rallied with a total gain of N375.50bn last week despite the lower trade volume occasioned by the public holidays on Tuesday and Wednesday. The NGX All-Share Index closed 1.90 per cent higher to 38,667.90 basis points on Friday from 37,947.18bps the previous week, while the market capitalization rose to N20.15tn from N19.77tn. Investors’ trading volumes dropped by 11.27 per cent […]

The Federal Government has extended the deadline for NIN-SIM data verification to October 31. This was contained in a joint statement signed by the Director of Public Affairs of the Nigerian Communications Commission, Dr Ikechukwu Adinde, and the Head, Corporate Communications at Nigeria Identity Management Commission, Mr Kayode Adegoke issued on Saturday. According to the statement, the extension was due to a request by stakeholders to ensure that the registration […]

Nollywood actress, Iyabo Ojo has appreciated critics for making her more famous. In an Instagram post, the movie star was full of thanks for those who continuously defame her at every point. According to Iyabo Ojo, their constant hate has brought her fame. The mother of two further stated she would be showing proper appreciation to them by organising a giveaway even though she has blocked most of them on […]

The $1.5bn rehabilitation of the Port Harcourt Refining Company has commenced in full and part of the facility will start delivering refined products by September next year, the Nigerian National Petroleum Corporation has said.   NNPC officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of PHRC on April 6th and parties in the agreement announced the commencement of the project.   Speaking on Tuesday on the […]

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. OPEC and its allies had agreed on Sunday to adjust crude oil production upwards by 400,000 barrels per day. It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually. On decisions agreed upon by […]

President Muhammadu Buhari has said the vision of lifting 100 million Nigerians out of the poverty circle within 10years is still visible. Voting the optimism on Monday in Zhuduje-Daura, Katsina State, President Buhari said this can be achieved with more synergy between government and the people as well as diligence in diversifying the nation's economy. The president who commissioned the first national agriculture and land development authority integrated farmstead in […]

The National Bureau of Statistics (NBS) says the average price per litre paid by consumers for National Household Kerosene increased to N370.29 in June from N363.50 in May.   The bureau said this in its National Household Kerosene Price Watch June 2021, obtained from its website on Saturday in Abuja. The NBS said the price of kerosene increased by 1.87 percent month-on-month and by 10.84% year-on-year in the period under […]

The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fueling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition […]

The Senate has rejected the nomination of Lauretta Onochie as an Independent National Electoral Commission (INEC) National Commissioner.   The rejection on Tuesday followed the massive outcry that has trailed her nomination, especially from members of the opposition and civil society organisations who claim she is a card-carrying member of the ruling All Progressives Congress (APC).   Former INEC Chairman, Attahiru Jega, is also among those who have kicked against […]

Oil marketers have commenced the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles. It was gathered that the marketers were deploying the N250bn gas intervention fund provided by the Central Bank of Nigeria to actualise the conversion process as well as purchase products. The President, Petroleum Products Retail Outlets Owners Association of Nigeria, […]

Vulnerable borrowers benefitting from the Central Bank of Nigeria’s COVID-19 forbearance hold about 37.72 per cent of the entire banking industry loan portfolio as of April. A member of the Monetary Policy Committee, Robert Asogwa, said this in his personal statement, which was released by the CBN on Saturday. He said, records show that vulnerable borrowers benefiting from the CBN COVID-19 forbearance hold about 37.72 per cent of the entire […]

The Federal Government has signed an agreement with some Brazilian firms to establish tractors’ assembly plants in Nigeria. The Chairman, Senate Committee on Agriculture and Rural Development, Senator Abdullahi Adamu, disclosed this in an interview in Abuja. He said the Federal Ministry of Agriculture, with the support of the regime of President Muhammadu Buhari had secured funding from the Islamic Bank to accelerate the process. Adamu, who was a two-term […]

The Federal Government has vowed to recover a total of N37bn from airlines still owing various categories of debts. This is just as the government stated that the ban on Emirates Airlines would continue. The Minister of Aviation, Hadi Sirika, stated these at this week’s ministerial press briefing organised by the Presidential Communication Team at the presidential villa, Abuja. Sirika who said airlines owed federal agencies N37bn also explained that […]

The Minister of State for Budget and National Planning, Clem Agba, on Tuesday, reiterated the need to deregulate the downstream petroleum through the removal of subsidy on Premium Motor Spirit. According to him, only the wealthy were currently benefiting from the subsidy. The minister spoke during the leadership and governors’ discourse on open government partnership held in Abuja on Tuesday. He stressed the importance of Open Government Partnership which he […]

Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday. Companies holding refining licences include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited. The Senate and House of Representatives, according to copies […]

The Senate has summoned former managing directors of the Nigeria Social Insurance Trust Fund over alleged missing financial documents in the agency. The former NSITF bosses are expected to appear before the Senate Public Accounts Committee on Tuesday. The Chairman of SPAC, Senator Matthew Urhoghide, at the last meeting of his panel on Thursday, said 50 queries were issued against the NSITF officials by the office of the Auditor General […]