Michael Olugbode in Abuja The 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 port Deji Elumoye in Abuja, Eromosele Abiodun, Segun James, Peter Uzoho, Gilbert Ekugbe and Oluchi Chibuzor in Lagos President ...

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 Ikpoto The 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 Abuja The 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 Salter In 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, LAGOS The 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 Abuja The 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, others James Emejo in Abuja The 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 Abuja Chevron 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 Ariemu Economic 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 Olatunji Deposit 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 Nnodim The 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 Ayantoye The 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 Jaiyeola The 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 gap Ronald Adamolekun The 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 Egole Freight 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 marketing The 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, ABUJA Minister 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 restructuring Emmanuel Addeh in Abuja Financial 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 Adegboyega The 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 Adelagun On 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 Izuaka In 2022, Nigeria’s oil sector was riddled with numerous challenges, most notably the fuel scarcity crises that hit ...

Collins Nweze ith 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 TRUST The 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 Ariemu As 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 BAIYEWU The 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 ...

Every other week, we see news reports of one Nigerian billionaire toppling another off the top 2 positions – it is never the 1st position as that bit appears to be set in stone – irrespective of the prevailing realities around the true earning positions of the men who occupy them. At times, you ...

•We’ve supplied shortages, IPMAN insists •PENGASSAN blames smugglers By Obas Esiedesa Major Oil Marketers Association of Nigeria, MOMAN, has expressed surprise over the growing queues at petrol stations in Lagos, Abuja and other parts of the country, insisting that the product was available ...

By Levinus Nwabughiogu, ABUJA Against the backdrop of complaints by the banking public that banks are not dispensing enough of the redesigned Naira notes the Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that a total of 500 million units of the newly redesigned currency ...

By  Gbenga Oloniniran The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The directive is contained in a circular issued by the bank on Wednesday and ...

By Soni Daniel, ABUJA The Federal Government is to stop cash withdrawal from all public accounts with immediate effect. In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which comes on ...

Nigeria’s Value-added Tax, VAT, rose to N625.39 billion from N600.15 billion generated in Q2 2022. On Monday, the National Bureau of Statistics disclosed this in its sectoral distribution of VAT for the Q3 202 report in Abuja, The Federal Inland Revenue Service (FIRS) is responsible for ...

About 619.7 million barrels of crude oil, valued at $46.16 billion or N16.25 trillion, have been stolen in the last 12 years, Nigerian Extractive Industry Transparency Initiative (NEITI) has said. NEITI disclosed this, yesterday, in a statement signed by its Head, Communications and Advocacy, ...

The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly ...

LAPO Microfinance Bank (MFB) Limited has won the award for “The Best Financially Inclusive MFB of the Year” 2022. The award was presented to the bank at the maiden edition of the International Financial Inclusion Conference organized by the National Financial Inclusion Steering Committee, NFISC, ...

Promoters, shareholders and owners of financial institutions must henceforth disclose now be obliged to the sources of their wealth when applying for a license from the Central Bank of Nigeria(CBN).This is in an effort to ensure that laundered funds or terrorism inflows do not find their way into ...