Economy

Renowned cyber-security specialist Chidiebere Ihediwa has proposed a novel approach for the Economic and Financial Crimes Commission (EFCC) in dealing with arrested educated online fraudsters, commonly known as “Yahoo Boys.” Ihediwa suggests that the EFCC should focus on re-orienting these individuals towards becoming information technology (IT) specialists or cyber-security experts instead of allowing them to…

The Minister of Budget and Economic Planning, Atiku Bagudu, has urged Nigerian states to promptly access the remaining $329.52 million from the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme. This call comes as he inaugurated a Federal Cares Steering Committee (FCSC) for the programme in Abuja. The NG-CARES initiative, supported by a $750…

Sanusi Garba, the chairman of the Nigerian Electricity Regulatory Commission (NERC), has announced that the federal government will continue subsidizing electricity to alleviate the financial burden on Nigerians amidst the country’s economic challenges. This decision was revealed during a news conference held in Abuja on Wednesday. Garba explained that the government’s decision to subsidize electricity…

The Nigerian National Petroleum Company Limited (NNPCL) has announced the discovery of a significant number of illegal refineries and pipeline connections in the Niger Delta region over the past week. According to the NNPCL’s official statement released on Tuesday, a total of 83 illegal refineries and 15 unauthorized pipeline connections were uncovered in the region….

Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has responded to reports of internal unrest among CBN staff following the management’s decision to relocate certain departments to the CBN Lagos office. In a circular issued by the CBN’s human resources department on January 12, plans were outlined to decongest the…

The Islamic Development Bank (IsDB) has expressed its willingness to collaborate with the Kaduna State government in addressing the challenges of out-of-school children and poverty alleviation. This development was revealed by Uba Sani, the state governor, following a meeting with a delegation from the bank led by Ahsanul Kibria. Governor Sani emphasized that the meeting…