The Nigerian government has revealed plans to inject approximately $22.82 billion into 1,068 oil and gas projects approved between 2022 and 2023. These projects, spread across the country, signify a significant milestone for the sector, promising substantial economic gains and enhanced production capabilities. The announcement was made during a panel session at the 7th Nigeria…
Nigerian National Petroleum Company Limited (NNPC Ltd) has assured a seamless divestment process of the International Oil Companies (IOCs) from onshore and shallow water assets in the country, amid concerns over potential hurdles. NNPC Ltd emphasized that its role in the divestment of IOCs is that of a facilitator and not an obstacle. Mele Kyari,…
The Nigeria Exchange Limited (NGX) witnessed a bearish trend on Wednesday, resulting in investors recording a loss of N700 billion. This downturn occurred just 24 hours after the Central Bank of Nigeria (CBN) raised the monetary policy rate to 22.75 per cent. The All-Share Index (ASI) declined by 1.27 per cent, falling below the 100,000…
In a bid to address distortions in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has implemented measures to bridge the gap in the exchange rate. Through a recent circular issued by Dr Hassan Mahmud, the Director of Trade & Exchange Department, the CBN has announced its decision to distribute $20,000 to each…
The Federal Government has announced a major overhaul of its cash transfer program to address fraud, with immediate implementation of direct payments. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed this in an interview on Channels Television. The adjustment is aimed at fulfilling the President’s commitment to supporting vulnerable groups…
The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.149 trillion in revenue to the Federal Government, states, and Local Government Councils (LGCs) for the month of January. This allocation, shared at the February FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, consisted of various…
The Senate has granted approval for the appointment of the 12-member Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), as proposed by President Bola Tinubu. The confirmation follows a positive report from the Senate’s committee on Finance, Banking, Insurance, and other Financial Institutions, which found the nominees suitable for the positions. The MPC is…
The Central Bank of Nigeria (CBN) is facing heightened concerns over the potential further weakening of the Naira as the Federation Account Allocation Committee (FAAC) prepares to disburse revenues among the federal, state, and local governments. Sources within the CBN have revealed fears that funds from FAAC allocations are being illegally converted to dollars by…
The nominees for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have expressed optimism that the challenges of foreign exchange volatility and food crisis in the country will soon be resolved. President Bola Tinubu recently submitted the nominees’ names to the Senate for confirmation. During their screening by the Senate Committee…
Cement manufacturers in Nigeria have agreed to reduce the price of cement from N10,000 to a range of N7,000 to N8,000 per 50kg bag, subject to certain conditions set by the Federal Government. The decision was made following a meeting convened by the Minister of Works, Engr David Umahi, in Abuja. The meeting was called…