By Yinka KolawoleNIGERIA’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022 (Q3’22), which is 2.85 percent higher than the N42.84 trillion recorded in Q2’22.The National Bureau of Statistics (NBS) stated this in its Nigerian domestic and foreign debt ...

Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele.Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee.It would be recalled ...

Godwin Emefiele, the Governor of the Central Bank of Nigeria, on Tuesday finally appeared before the House of Representatives Committee, investigating the Naira swap exercise.The Committee and delegation of the CBN are currently meeting at the National Assembly.The meeting commenced around ...

By Waliat Musa (Lagos), Sodiq Omolaoye and Ernest Nzor (Abuja)ATMs empty, banks limit old notes withdrawal to N10,000 • Phobia for old notes cripple businesses in markets • DSS intercepts syndicates selling new notes, bank officials implicated • Doguwa: I suspect Emefiele misled Buhari...

It is impressive to observe the determination of the Central Bank of Nigeria, CBN, to follow through with the laudable cashless policy which it introduced into Nigeria’s banking system.As the apex bank had explained, the cashless policy is aimed at scaling up financial inclusion and reducing ...

First Bank of Nigeria, on Friday, called on all her customers to deposit their old currency.In a circular sent to all its branches nationwide and seen by DAILY POST, in Kaduna, it directed all its branches to open on Saturday, Sunday for customers who are willing to deposit old currency. ...

Nigeria has launched an African Central Bank-led National Domestic Card Scheme, AfriGO, to boost the nation’s economy.The Governor of the Central Bank of Nigeria, Godwin Emefiele disclosed this at the unveiling ceremony on Thursday.The new card, AfriGO, would be accessible to all Nigerians ...

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has shunned the invitation by the House of Representatives over the bank’s decision to stick to its January 31 deadline for the phasing out of the old naira notes.Emefiele was expected to appear before the Adhoc Committee set up ...

The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians.The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, denied the allegation in a news conference on in Jos.”The CBN ...

The Federal Capital Territory Administration (FCTA) has ordered Point of Sales (POS) owners to restrict their operations to commercial areas.The Coordinator, Abuja Metropolitan Management Council (AMMC), Umar Shuaibu issued the directive on Wednesday.Shuaibu said the administration would ...

Michael Olugbode in AbujaThe federal government has revealed its plan to be the largest producer of sugar on the African continent in the next ten years and generate electricity from ethanol.Addressing a press conference in Abuja yesterday, the Executive Secretary of the National Sugar ...

The GMB union called for a walk-out after balloting members in December. The union is demanding an increase in pay from £10 to £15 per hour. Amazon has offered 50p per hour.  Amazon workers today started their first official strike action in the United Kingdom, walking out ...

•Inaugurates rice mill, bestaf lubricant plant •Chinese envoy says it’s sign Nigeria’s investment climate can be trusted•170,000 jobs to be created at new sea portDeji Elumoye in Abuja, Eromosele Abiodun, Segun James, Peter Uzoho, Gilbert Ekugbe and Oluchi Chibuzor in LagosPresident ...

One of the objectives of the Pension Reform Act (PRA) is the establishment of a uniform set of rules, regulations, and standards for the administration and payment of retirement benefits for both the public and private sectors at the national and sub-national levels.Specifically, Section 2(1) ...

Lekki Port LFTZ Enterprise Limited (LPLEL) is the Special Purpose Vehicle which was awarded the concession for the development and operations of Lekki Deep Sea Port by the Nigerian Ports Authority. LPLEL is required to develop, build and operate a standard user multipurpose port under a concession ...

By  Edidiong IkpotoThe Federal Government has raked in N11.5tn from taxes paid by business organisations under the administration of Major Gen. Muhammadu Buhari (retd), findings by The PUNCH have revealed.Data sourced from Company Income Tax reports published by the National Bureau of ...

The Central of Nigeria, CBN, has initiated a cash-swap programme across the 774 local government areas of the country as part of its implementation of the Naira redesign policy. The initiative between CBN, Deposits Money Banks, DMBs, and Super Agents would commence on January 23 2023, to exchange ...

The Central Bank of Nigeria (CBN) has accused some commercial banks in Port Harcourt, Rivers State, of refusing to dispense the sum of N4.5 billion redesigned notes allocated to them.The controller of the CBN branch in Rivers State, Maxwell Okafor, disclosed this on Friday when he led an ...

Deji Elumoye in AbujaThe federal government has disclosed that 3,400 mining licenses were revoked within one year with a promise to revoke other unutilised mining titles in 2023. The Director-General of the Nigeria Mining Cadastre Office, Obadiah Nkom, who stated this yesterday, while speaking ...

By Matt SalterIn another blow to the health and success of the global cryptocurrency ecosystem, the founder of popular crypto exchange Bitzlato has been charged with multiple crimes by the U.S. Department of Justice. Per the Department of Justice's announcement, Russian national Anatoly ...

By Emeka Anaeto, Business Editor, LAGOSThe Federal Government may begin a gradual removal of the petrol subsidy from April 2023, about three months ahead of the initial plan to effect a complete stop to the expenditure head.Mrs Zainab Ahmed, Minister of Finance, Budget and National ...

Emmanuel Addeh and Sunday Aborisade in AbujaThe Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday admitted that although the projected global economic recession for 2023 appeared inevitable, with  about $34 billion in the nation’s foreign reserves, the projected ...

•Highest in Bauchi, Kogi, Anambra, othersJames Emejo in AbujaThe Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased by 5.72 per cent to 21.34 per cent year on year in December compared to 15.63 per cent in December 2021, the National ...

Emmanuel Addeh in AbujaChevron Nigeria Limited (CNL), operator of the joint venture with the Nigerian National Petroleum Limited (NNPC), has said it has no plan to exit the country, contrary to a report in the media.In a statement by the General Manager, Policy, Government and Public ...

By Ogaga AriemuEconomic experts have said Nigeria cannot continue on the path of indebtedness amid incompetence and inefficiency.The economic analysts were reacting to the All Progressives Congress, APC, presidential candidate, Bola Ahmed Tinubu’s recent comment on Nigeria’s 2023 ...

Oyetunji Abioye and Sami OlatunjiDeposit Money Banks borrowed the sum of N21.87tn from the Central Bank of Nigeria via the Standing Lending Facility window and Repurchase Lending platform in 2020, according to the CBN financial data.This represents a 260 per cent increase when compared to ...

By  Okechukwu NnodimThe Nigerian National Petroleum Company Limited on Friday announced the discovery of oil in Nasarawa State and said it was set to drill the first foot of an oil well in the Northern state.It said the discovery was in continuation of its oil exploration activities in the ...

Adelani Adepegba, Sami Olatunji, Lilian Ukagwu, Damilola Aina, Oluwafemi Morgan and Daniel AyantoyeThe Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension.The old notes are ...

Barely eighteen days before the deadline set by the Central Bank of Nigeria, CBN, for the stoppage of the circulation of the old Naira notes, the apex bank has indicated it won’t extend the deadline.CBN in a Facebook post on its verified page on Friday reminded Nigerians that new notes of N200, ...

The supply hitches associated with the distribution of Premium Motor Spirit, popularly called petrol, may persist till June this year, oil marketers stated on Wednesday.Nigeria’s downstream oil sector has been grappling with cases of incessant petrol scarcity since last year.The sole ...

Sami Olatunji and Temitayo JaiyeolaThe total budget deficit under the President, Major General Muhammadu Buhari (retd.), is set to hit N47.43tn, according to an analysis of the Federal Government’s data from the Budget Office of the Federation.According to investopedia, a budget deficit ...

Nigeria’s embattled Central Bank Governor, Godwin Emefiele, quietly returned to the country on Wednesday, sources in the apex bank and the presidency have told PREMIUM TIMES.Mr Emefiele has been out of the country for several weeks amidst fears he would be arrested by operatives of the State ...

The bank said necessary steps have been taken to address and resolve the identified gapRonald AdamolekunThe Financial Conduct Authority (FCA), regulator of the financial services industry in the United Kingdom, imposed monetary penalties totalling £7.7 million on the UK unit ...

Twenty-one days from the deadline set by the Central Bank of Nigeria, CBN, for the stoppage of the circulation of the old Naira notes, there are doubts the apex bank might be unable to meet the January 31 target.This is more so as some Nigerians have expressed worries and disappointment over ...

Nigeria’s swelling debt profile without a commensurate infrastructural development has become of great concern to many Nigerians.For economic experts, the situation would spell doom for President Muhammadu Buhari’s successor as from May 29, 2023.Just recently, the Debt Management Office, ...

By  Anozie EgoleFreight forwarders have said there may be congestion of imported vehicles at the nation’s seaports following the Nigeria Customs Service’s decision to raise duty on imported vehicles by 10 per cent, The PUNCH has learnt.The agents, in exclusive interview with our ...

Whether you are a small business owner, a blogger, a freelancer or a YouTuber, you can make money with videos on Youtube. In this article, I will show you all the ways people make hundreds of thousands of dollars every month with videos on Youtube. Method 1 Affiliate marketingThe easiest way to ...

The federal government has revealed that the incoming administration would inherit about N77 trillion debt by the time President Muhammadu Buhari’s tenure ends in May next year. Director General of the Debt Management Office (DMO), Ms. Patience Oniha, disclosed this yesterday in Abuja while ...

…Says subsidy unsustainable…To engage NASS on N22.7 trn CBN Ways & Means securitization…Awaiting Stamp Duty investigations…As INEC gets N173bn for elections By Emma Ujah, Abuja Bureau Chie, ABUJAMinister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, ...

Barely 27 days to the deadline issued by the Central Bank of Nigeria (CBN) for the return of the old N200, N500, and N1, 000 banknotes following the currency redesign programme, analysts yesterday urged the apex bank to increase awareness on the initiative, especially among market women, rural ...

By Joshua Odeyemi Some Nigerians on social media have expressed their views on how the new Central Bank of Nigeria (CBN)’s policy on cash withdrawal will affect the outcome of the 2023 general elections in the country. The CBN governor, Godwin Emefiele, had on October 26, 2022, announced ...

*Elevated oil prices to bolster foreign reserves, reduce pressure on naira *FDC insists Nigeria’s fiscal space overheating *Predicts country may approach IMF for debt restructuringEmmanuel Addeh in AbujaFinancial Derivatives Company Limited (FDC), one of Nigeria’s foremost sources ...

The Senate on Wednesday rejected President Buhari's request for approval of N23.7 trillion CBN loans. But how did his government accumulate that much in seven years?byAyodeji AdegboyegaThe Central Bank of Nigeria’s advances to the federal government rose 2900 per cent in the ...

Women scavengers in Lagos say they are in their "dirty work" as a means of survival but experts say with a better policy in the recycling industry, government can help bring dignity and better reward to the work.byOluwakemi AdelagunOn a hot Monday afternoon in November, a ...

The DSS threats notwithstanding, fuel scarcity persisted as Nigerians have continued to lament scarcity of petroleum products during festive periods.byMary IzuakaIn 2022, Nigeria’s oil sector was riddled with numerous challenges, most notably the fuel scarcity crises that hit ...

Collins Nwezeith over $2.5 billion foreign exchange demand backlog yet to be cleared at the official window and $4 billon at the parallel market, dollar scarcity has entered a disturbing phase in Nigeria’s exchange rate management system. The naira, which exchanges at N440/$1 and N758/$1 in the ...

Our Reporters - DAILY TRUSTThe National Assembly has passed an aggregate expenditure of N21.82 trillion as the budget for the 2023 fiscal year.This figure represents an increase of N1.3 trillion from the N20.51 trillion estimates presented by President Muhammadu Buhari to the ...

Snail farming is a lucrative agricultural venture in Nigeria. It is not only a source of income for farmers, but it also helps to reduce environmental pollution and provides a source of protein for rural communities.Snail farming is gaining popularity in Nigeria due to its low start-up cost and ...

By Ogaga AriemuAs Christians worldwide celebrate Christmas, economic experts have reacted to President Muhammadu Buhari’s message to Nigerians, where he boasted of advancement on economic fronts.On Saturday, in his Christmas message, Buhari felicitated with Nigerians, hoping that ...

ADELANI ADEPEGBA and LEKE BAIYEWUThe Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually.Ahmad, who revealed this on Friday  during  her appearance before the House of ...