The Federal Government and the Central Bank of Nigeria (CBN) have refuted claims of plans to convert $30 billion domiciliary deposits to naira, dismissing the reports as false and aimed at causing panic in the foreign exchange market. The denial comes in response to allegations that the government and the CBN were considering converting domiciliary…
Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, has called for unity among Nigerians to combat the escalating challenges of terrorism and kidnapping in the country. He emphasized the need for collective action to address these issues during his participation in the House of Representatives by-election in Lagos state. Gbajabiamila assured Nigerians that they…
Mr James Sule, Permanent Secretary of the Federal Ministry of Arts, Culture and Creative Economy, has reaffirmed the Federal Government’s commitment to strengthening the relationship between Nigeria and China. This statement was made in his goodwill message to commemorate the Chinese New Year Temple Fair held in Abuja on Saturday. Represented by his special adviser,…
Minister of Power Adebayo Adelabu has announced the Federal Government’s plan to establish a committee aimed at addressing power blackouts in various parts of Nigeria. The decision follows a meeting with Electricity Distribution and Generation Companies in Abuja, where Adelabu expressed the need for collaborative efforts to tackle the challenges facing the power sector. In…
President Bola Tinubu’s establishment of a committee to determine a new minimum wage for Nigerian civil servants has raised concerns amid the country’s soaring inflation, currently at 28.92%. Economists fear that implementing a substantial new minimum wage could exacerbate inflation, which is already above 50%. This comes as the exchange rate of the naira to…
Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s directive to the Central Bank of Nigeria (CBN) to take over the management of crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL). In a statement released on Thursday, Atiku condemned the directive as illegal and a threat to the operational independence…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on Governor Chukwuma Soludo of Anambra State to settle a debt of N900,664,805.00 owed to its members for the supply of Automotive Gas Oil (diesel) used to power streetlights in the state. The call was made in a reminder letter addressed to Governor Soludo by…
The Central Bank of Nigeria (CBN) has issued a new directive to deposit money banks (DMBs) aimed at stabilizing the Nigerian naira against foreign currencies. In a memo addressed to all banks, the CBN instructed that banks disclose their positions on foreign exchange (FX) holdings and draw them down to not more than 20% short…
Paul Alaje, a seasoned economist at SPM Professionals, has outlined several measures that could potentially stabilize the Nigerian naira against foreign currencies. Alaje stressed the urgency of addressing the issue, stating that Nigeria’s future hinges on its ability to tackle the problem effectively. In recent months, the naira has experienced a significant decline in value…
During the Africa Trade and Investment Summit, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted a startling statistic about the Nigerian employment landscape. Oyedele stated that approximately 81% of employed Nigerians are not involved in productive sectors of the economy, suggesting that their work does not contribute meaningfully…