The Federal Government has initiated efforts to audit the N22.7 trillion Ways and Means loan approved by the previous administration of former President Muhammadu Buhari. This was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Public Wealth Management Conference in Abuja. Edun revealed that details of the…
The Office of the National Security Adviser (ONSA) has announced a partnership with the Central Bank of Nigeria (CBN) to combat foreign exchange speculation in a bid to stabilize the economy. The move, aimed at restoring order to the foreign exchange market, is part of broader efforts to enhance economic stability in Nigeria. Zakari Mijinyawa,…
The Nigeria Customs Service has announced plans to distribute seized food items to alleviate the hardship faced by Nigerians due to food insecurity and high prices. Customs spokesman Abdullahi Maiwada revealed that the distribution would occur after all items had been confirmed safe for consumption. This initiative, led by Comptroller General of Customs, Bashir Adewale…
Former presidential spokesman, Reno Omokri, has attributed Nigeria’s current economic challenges to excessive borrowing during former President Muhammadu Buhari’s administration. Omokri stated that Nigeria is facing hardship due to the high level of borrowing, which he claims surpasses that of all previous administrations combined. He highlighted the impact of ending fuel subsidies and floating the…
The Federal Government announced a bold economic plan aimed at stabilizing Nigeria’s currency, the Naira, and boosting the nation’s Gross Domestic Product (GDP). President Bola Tinubu revealed this at the Public Wealth Management Conference in Abuja, setting a target of raising $10 billion to increase foreign exchange liquidity. Represented by Vice President Kashim Shettima, Tinubu…
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…
The Abuja Electricity Distribution Company (AEDC) has issued a warning to disconnect the electricity supply of 86 Ministries, Departments, and Agencies (MDAs) over an accumulated debt of about N47.1 billion. Among the MDAs facing disconnection are the Ministry of Finance, Information, Budget, Works and Housing, barracks, Nigeria Police Force, Presidential Villa, CBN Governor, Economic and…
The Distillers and Blenders Association of Nigeria (DIBAN) has issued a stark warning about the potential economic consequences of the ban on the production and sale of sachet and PET bottle alcohol by the National Agency for Food and Drug Administration and Control (NAFDAC). In an open letter addressed to President Bola Tinubu, DIBAN, a…
Nigerians in Ibadan took to the streets on Monday in protest against the high cost of living under President Bola Tinubu’s administration. The protesters chanted slogans like ‘Tinubu is a thief!’ and ‘renewed shege!’ as they marched through the streets. Carrying placards with messages such as ‘End food price hike’ and ‘This is not Hope…
The Federal High Court 2 in Minna has adjourned a N140 billion ground rent suit filed against North-South Power Company Limited and Mainstream Energy Solutions Limited to March 11. The suit, brought by the Niger State Internal Revenue Service in January, seeks to compel the companies to pay their outstanding ground rent, which has accumulated…