By Ajibola Olarinoye It is worth noting that the Lagos State Government has boasted a phenomenal growth in its Internally Generated Revenue (IGR) and is expected to record about N1.3 trillion in 2024. This is a 45 percent increase of the N895billion raised in 2023. Commissioner for Finance, Mr. Abayomi Oluyemi, gave these statistics during…
The Securities and Exchange Commission (SEC) has intensified its efforts to combat Ponzi schemes in Nigeria, pledging to take strong action against illegal fund operators while also educating the public to prevent further collapses of fraudulent investment schemes. During an awareness campaign at the Dei-Dei Building Materials Market in Abuja, the SEC highlighted its commitment…
The Office of the National Security Adviser (NSA) has announced that the federal government is dedicated to reaching a crude oil production target of 2.5 million barrels per day. Nuhu Ribadu, the National Security Adviser, made this announcement on Friday in Yenagoa during a stakeholders meeting hosted by Pipeline Infrastructure Nigeria Limited (PINL) to review…
Investors in the Nigerian stock market enjoyed a gain of N307 billion, fueled by heightened buying interest. The market capitalization of the Nigerian Exchange Limited increased by N307 billion, or 0.45 percent, closing at N68.412 trillion, up from N68.105 trillion on Tuesday. The All-Share Index (ASI) also rose by 488.73 points, or 0.45 percent, finishing…
The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has advised President Bola Ahmed Tinubu to exercise caution regarding the proposed ban on foreign goods imports. PETROAN cautioned that this ban, part of the Nigeria First Policy, could result in rising prices for premium motor spirit and other imported products. Gillis-Harry, the national president of…
In 2024, the Lagos State government, through the Lagos State Employment Trust Fund (LSETF), allocated N1.17 billion in loans to 4,600 Micro, Small, and Medium Enterprises (MSMEs) as part of its initiative to combat unemployment in the region. During a media briefing marking the sixth anniversary of Governor Babajide Sanwo-Olu’s administration, the Commissioner for Wealth…
The Naira this weekend depreciated against the dollar in the official foreign exchange market, concluding the week on a low note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This decline of N5.492 marks the largest depreciation since April 22,…
The Central Bank of Nigeria (CBN) has announced that the country’s external reserves rose by 5.6%, or approximately $2.2 billion, reaching a total of $38.8 billion in 2024. This information was revealed in the CBN’s recently published consolidated and separate financial statements for the year ending December 2024. The increase marks a notable rise in…
Early this week, the stock market remained in a bearish trend, resulting in a loss of N81 billion for investors in the Nigerian Exchange Limited. Market capitalization fell by 0.12 percent, decreasing from N66.577 trillion on Tuesday to N66.496 trillion on Wednesday. The All-Share Index also experienced a decline of 0.12 percent, dropping 130.33 points…
