President Bola Tinubu has instructed the Ministry of Agriculture and Food Security to release approximately 42,000 metric tonnes of grains, including maize, millet, and garri. Additionally, the Rice Millers Association of Nigeria has committed to releasing over 60,000 metric tonnes of rice to the public. These measures were announced by the Minister of Information and…
Naira will now be the currency for international transfers facilitated by international money transfer operators (IMTOs), following recent directives from the Central Bank of Nigeria (CBN). A notice from Ecobank Nigeria highlights the impact of these directives on several IMTOs, including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the CBN. The notice states:…
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to participants in the food chain sector, cautioning against arbitrary increases in food prices. Dr. Adamu Abdullahi, the Acting Executive Vice Chairman of FCCPC, emphasized that the commission would not tolerate price gouging, with swift and severe legal consequences awaiting violators. FCCPC’s…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that the bank will no longer provide Ways and Means advances to the federal government unless the outstanding balance is settled. This decision comes amidst efforts to address the country’s rising inflation, which has led to a significant increase in the prices of…
The Christian Association of Nigeria (CAN) has raised concerns about the severe impact of the current harsh economic conditions on ordinary Nigerians. In a statement released by its Secretary-General, Elder Sunday Oibe, the association for the 19 Northern States and Abuja highlighted the unbearable nature of the prevailing economic hardship and escalating security challenges across…
The Speaker of the House of Representatives has announced the House’s support for the government’s efforts to provide emergency food aid in response to the current surge in food prices. During a press briefing at the National Assembly Complex on Thursday, Speaker Abbas, accompanied by several lawmakers, expressed solidarity with Nigerians facing hardship due to…
The Nigerian National Petroleum Company Limited (NNPCL) has reiterated its commitment to maintaining stable prices for premium motor spirit (PMS), commonly known as petrol, in the market. The company’s spokesperson, Olufemi Soneye, issued a statement on Thursday affirming that there are no immediate plans to increase the price of PMS. In the statement, motorists are…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have given the federal government a two-week ultimatum to begin implementing policies aimed at mitigating the impact of its economic decisions on citizens. This ultimatum comes amidst public outcry over government policies such as the removal of petrol subsidy and the devaluation of the…
President Bola Tinubu has officially commenced the construction of 3,112 housing units in Karsana, Abuja, as part of his administration’s commitment to providing affordable and decent housing for Nigerians. This project is part of a larger initiative to deliver 20,000 housing units in the Federal Capital Territory through a Public Private Partnership arrangement led by…
The Federal Government has pledged to release food supplies from the National Food Reserves as part of its strategy to combat rising food prices, following a meeting of the Special Presidential Committee on Emergency Food Intervention convened by President Bola Tinubu. The committee, led by Chief of Staff Femi Gbajabiamila and National Security Adviser Nuhu…