The office of President Bola Tinubu has issued a stern warning to forex speculators, advising them to dispose of their dollars swiftly as the Naira is poised for a significant appreciation. In a statement delivered by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, via his X handle, speculators were cautioned against holding…
The Senate is set to summon former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over alleged infractions in the process of obtaining the N30 trillion Ways and Means loan during the administration of former President Muhammadu Buhari. The Senate ad hoc committee probing the disbursement and usage of the Ways and Means…
Amidst ongoing efforts to combat terrorism in Nigeria, a recent report by Daily Trust has sparked controversy. The report suggests that the federal government has uncovered the identities of 15 entities allegedly involved in terrorism financing. This development, which was reportedly revealed by the Nigeria Financial Intelligence Unit (NFIU), has raised questions about the effectiveness…
The Central Bank of Nigeria (CBN) has achieved a significant milestone by clearing the valid foreign exchange backlog, as announced by Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications. This accomplishment, stemming from CBN Governor Mr. Olayemi Cardoso’s promise to address a $7 billion backlog, underscores the bank’s commitment to stabilising the…
The Abuja Electricity Distribution Company (AEDC) and the Niger State Government have launched a collaborative initiative, dubbed “Light Up Niger 2024,” aimed at enhancing electricity supply to residents of Niger State. Governor Mohammed Umaru Bago welcomed the initiative, highlighting the state’s significant contribution to Nigeria’s electricity generation through its four hydro dams. He emphasized the…
President Bola Tinubu has issued a directive banning all foreign trips by ministers and other government officials, with exemptions only for trips deemed absolutely necessary. The directive, communicated via a letter from his Chief of Staff, Femi Gbajabiamila, to the Secretary to the Government of the Federation, George Akume, aims to reduce the rising cost…
The Senate has announced its intention to invite the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to explain the circumstances surrounding the N30 trillion ‘Ways and Means’ obtained during his tenure if the current CBN leadership fails to provide satisfactory explanations. Senator Jibrin Isah, the chairman of the Senate committee on…
The Senate has given its approval for the Federal Capital Territory (FCT) 2024 Statutory Budget amounting to N1.28 trillion, following the consideration of the harmonised report of the Senate and House of Representatives Committees on FCT during Tuesday’s plenary. Presenting the report, Chairman of the Committee on FCT, Sen. Ibrahim Bomai, disclosed that the FCT…
A letter from the Chairman of the Special Investigative Committee, Jim Obazee, to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has surfaced, revealing a request for N2 billion in funds for various purposes. The letter, dated December 22, 2023, outlines the need for funds for surveillance, vetting, security measures, addressing black…
Eleven power distribution companies (DisCos) in Nigeria have obtained a total of N53.3 billion in credit from the Central Bank of Nigeria’s National Mass Metering Programme (NMMP). The initiative, which began in 2020, aimed to supply 962,832 electricity meters across the country’s six geopolitical zones. As of September 2023, 883,511 meters had been installed. The…