The Nigerian naira is grappling with structural challenges within the country’s economy, preventing it from capitalising on the recent decline of the US dollar, which reached its lowest point in two months. Despite the dollar index dropping, currency speculators in the black market maintained pressure on the naira. The postponement of the Monetary Policy Committee…
In response to the recent removal of the petroleum subsidy by the Federal Government, the Osun State Government has taken a proactive step to alleviate the economic impact on its residents. The government officially introduced 19 buses, named “Imole Bus,” as part of its strategy to mitigate the challenges arising from the subsidy removal. Notably,…
In a bid to address critical financial needs and fast-track the execution of emergency priority projects, Governor Abba Yusuf of Kano State has proposed an additional N24 billion for the 2023 supplementary budget. The announcement was made during a plenary session at the Kano State House of Assembly, where the speaker, Ismail Falgore, presented the…
The Minister of Solid Minerals Development, Oladele Alake, has declared the cancellation of mineral titles for 1,633 holders, accompanied by a stern caution for the former title holders to promptly evacuate all affected cadastres. In an announcement made during a media briefing in Abuja on Tuesday evening, Alake elucidated that the mineral titles were rescinded…
President Bola Tinubu, attending the G20 Compact with Africa Economic Conference, held discussions with German Federal Chancellor Olaf Scholz to strengthen ties and explore investment opportunities. The meeting focused on Nigeria’s pursuit of German investment in critical sectors, including energy, transportation, and electric power production. Tinubu expressed commitment to the Siemens-supported Presidential Power Initiative (PPI)…
Vice President Kashim Shettima has given his approval for the establishment of a multi-sectoral committee aimed at driving the Human Capital Development (HCD) programme of the Federal Government. The committee, comprising representatives from federal and state governments, donors, and partners, will convene bi-weekly to review the progress of the HCD programme. The announcement followed a…
The Minister of Transportation, Said Alkali, has affirmed his commitment to the timely completion and full operation of the Port Harcourt-Maiduguri rail network. He envisions that upon its completion, this rail line will bring about enhanced trade, improved market access, and seamless business connectivity for Nigerians. Additionally, the minister anticipates a positive impact on agricultural…
In a recent announcement, Mr. Wale Edun, the Minister of Finance, shared encouraging news about the Federation Account, revealing that it has experienced a substantial increase in revenue, surpassing N1 trillion since the removal of subsidies. The minister made this disclosure during the opening ceremony of a four-day retreat organized for members of the Federation…
According to the AFEX Wet Season Crop Production Report for 2023, the price of paddy rice is anticipated to increase by 32% in the 2023/2024 crop production year, coupled with a projected 3.6% growth in production output. The report highlighted that stable rice production in 2023 was attributed to the absence of flooding, which contrasted…
Vice-President Kashim Shettima has expressed optimism about Nigeria overcoming its challenges, citing the intellectual capabilities of its citizens and the leadership style of President Bola Tinubu. Shettima made these remarks at a reception organized by the University of Ibadan Muslim Graduates’ Association (UIMGA) in his honor. Despite acknowledging domestic threats to the country’s lives and…