Business

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.42 trillion to the three tiers of government as Federation Allocation for the month of December, 2024 from a gross total of N2.31 trillion. From the stated amount inclusive of…

The Transmission Company of Nigeria (TCN) has announced that electricity lines supplying power to various parts of Abuja have once again been attacked and damaged by vandals. The company in a statement signed by its Public Affairs Manager, Ndidi Mbah, said the incident occurred in the early hours of Friday at the 132kv transmission line and underground cable transmitting bulk…

The management of Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its bulk customers to N955 per litre. The increase is coming on the backdrop of consistent surge in the price of Brent, the global benchmark for crude.  The company in a statement to PUNCH announced that its…

The Director-General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, on Thursday, lamented that while agency made a proposition of N63.5billion as a capital vote for 2025, the budget office handed them only an N1 57biilion envelope. The paltry figure, according to him, cannot help in any way resolve a series of challenges which included the accommodation problem…

… for competitive pump price Attracted by the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery, more oil marketers in the country are jostling to be listed as beneficiaries of the agreement. The bulk-purchase agreement, the petroleum marketers reasoned, offers a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review…

As part of the ongoing “Digital First” transformation initiative launched by Governor Olayemi Cardoso in December 2023, the Central Bank of Nigeria (CBN), introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at the Bank’s headquarters in Abuja. According to a press statement released today, Cardoso emphasised the pivotal role of the…

The minister of communications, innovation, and digital economy, Bosun Tijani says a hike in telecomunications tariff will not exceed 60 percent. Amid a push for an upward adjustment in tariff, Tijani had declined a 100 percent increase as demanded by telcos. Speaking on Politics Today, a programme on Channels Television, the minister said any increase would range between 30 percent…

Nigeria’s foreign exchange reserves sharply declined by $359.81 million in just seven days to settle at $40.56 billion as of January 13, 2025. The steep decline, which follows unsustained high of $40.91 billion on January 7, highlights a downward trend as revealed in the latest data from the Central Bank of Nigeria (CBN). Starting the year on relatively solid footing…

 The Federal High Court, Port Harcourt Judicial Division, has ordered the arrest of the entire cargo onboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni, located in Rivers State, linked to General Hydrocarbons Limited (GHL).   Justice E.A. Obile issued the ruling in an ex parte motion filed by First Bank of Nigeria Limited (FBN) on January 9, 2025,…

The Nigerian Communications Commission (NCC) has issued a directive to telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine financial institutions. This action comes in response to the banks’ failure to settle a staggering debt of N200 billion that has been accumulating since 2019. In a public notice dated 15th Day of January 2025 and signed…