The Nigerian federal government aims to generate N298.4 billion in revenue from the sale of specific government assets in 2024, according to details in the 2024 appropriation bill. The move is seen as a strategy to finance public debts and alleviate the fiscal burden on the government. The budget breakdown, presented by Chairman of the…
The National Assembly has issued a stern warning, threatening to impose sanctions on Ministers and Heads of Ministries, Departments, and Agencies (MDAs) who fail to actively defend their budgetary allocations. Senate President Godswill Akpabio made the announcement on Tuesday during the stakeholders’ retreat on the 2024 Appropriation Bill in Abuja. Akpabio emphasized that both the…
The Nigeria Labour Congress (NLC) has announced that the commencement of negotiations for the new national minimum wage in 2024 will be anchored on the prevailing cost of living in the country. Joe Ajaero, the President of NLC, revealed this during the ongoing 19th edition of the NLC 2023 Harmattan School in Abuja on Tuesday….
The Nigerian National Petroleum Company Limited (NNPC) is set to change the pricing methodology for its crude oil cargoes, a move that traders believe could elevate the risk associated with handling Nigeria’s oil shipments. According to a circular from the NNPC seen by Bloomberg News, the state-owned company will transition from pricing based on the…
The Minister of Justice and Attorney General of the Federation, Mr. Lateef Fagbemi, has emphasized the need for stakeholders to collaborate in developing Nigeria’s copyright system to enhance the country’s creative economy. Speaking at a seminar on Copyright Law and Policy for officials of the Federal Ministry of Justice in Abuja, the minister, represented by…
A recent report by SB Morgen Intelligence has raised concerns that over-the-counter medications may become unaffordable for many Nigerians due to economic challenges, potentially limiting access to healthcare. The report, titled “Paying the Price on Health,” analyzes the impact of Nigeria’s economic conditions and foreign exchange crisis on essential medicine prices, covering categories such as…
The Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, has attributed drop calls and subpar telecommunication networks in Nigeria to acts of vandalism. During an appearance on Channels Television’s Politics Today programme, Tijani revealed plans to declare telecoms infrastructure as critical national assets in a bid to curb vandalism. He emphasized the need for…
A recent report, titled the “State of Entrepreneurship” and published by the Fate Foundation, has shed light on the substantial negative impact of President Bola Tinubu’s fuel subsidy removal on businesses in Nigeria. Surveying over 10,000 businesses across all 36 states and the FCT, the report indicates that a staggering 90% of businesses experienced adverse…
In a dramatic turn of events, the House of Representatives Committee on Public Petition has issued an arrest warrant for the Central Bank governor, Olayemi Cardoso, the Accountant General of the Federation, Oluwatoyin Madein, and 17 other individuals. The warrant comes in response to their repeated refusal to appear before the committee and address queries…
In a significant move to bolster its efforts in tackling financial crimes, the Economic and Financial Crimes Commission (EFCC) presented a robust budget proposal of N76.5 billion to the House of Representatives’ Committee on Financial Crimes on December 5, 2023. This proposal marks a substantial 53.48% surge compared to the Commission’s 2023 budget of N49…