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…
The Federal Government has clarified that its naira-for-crude initiative with local refineries is not a temporary solution but a crucial policy aimed at promoting sustainable local refining. Officials stated that the initiative is still operational and will resume immediately, countering the previous decision made by the NNPCL under former CEO Mele Kyari, which had suspended…
The Federal Competition and Consumer Protection Commission (FCCPC) has instructed MultiChoice Nigeria to maintain its current subscription rates while investigations are ongoing. It was previously reported that the Pay-TV provider planned to implement a 21% increase in subscription fees for its DStv and GOtv packages, set to take effect on March 1, 2025. In response…
On Thursday, the Federal Executive Council (FEC) approved a proposed national budget of N47.9 trillion for the 2025 fiscal year. Atiku Bagudu, the Minister of Budget and Economic Planning, shared this information with State House correspondents following the FEC meeting chaired by President Bola Tinubu. This approval is part of the Medium Term Expenditure Framework…
The Federal Government reiterated its commitment to rebuilding confidence in the Nigerian economy, urging banks and financial institutions to support current economic initiatives. During the 17th Annual Banking and Finance Conference held by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the government detailed its implementation of both short-term and long-term strategies aimed…
The revenue distributed by the Federation Accounts Allocation Committee (FAAC) to federal, state, and local governments has surged by over 344 percent, reaching approximately N8.5 trillion in the first seven months of 2024. This marks a significant increase from about N1.912 trillion allocated during the same period last year. This data reflects the revenue distribution…
Deficit spending by the Federal Government increased by 2.05 percent year-on-year (YoY), reaching N1.99 trillion in the first four months of 2024 (4M’24), compared to N1.95 trillion during the same period in 2023 (4M’23). An analysis of the Federal Government’s fiscal activities, based on data from the Central Bank of Nigeria (CBN) Economic reports, revealed…
The President of the Manufacturers Association of Nigeria, MAN, Francis Meshioye, has said that the policies of the federal government in the last one year have made manufacturing businesses unattractive in Nigeria. Meshioye who stated this in an interview with Channels Television, noted that manufacturers are worse hit by fuel subsidy removal, Naira devaluation, recent…
The Federal Government is developing a resurgence plan for the cotton, textile and apparel industry in Nigeria in collaboration with development partners and the private sector. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this while reviewing the activities of the ministry in the last one year, adding that about $3.5 billion investments were…
Credit to the government rose month-on-month, MoM, by 2.0 percent to N19.98 trillion in April from N19.58 trillion in March. Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics for April showed mixed trend in credit to the government since January where it stood at N23.5 trillion. How i went from selling…
