Economy
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NNPCL, First E&P achieve 20,000bpd production at OML 85
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset, also known as Madu Field. Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at…
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FG issued N8trn TBills to stabilize, boost economy, says Finance Minister
Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy. He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America. He noted that the fiscal authority and…
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FG showcases progress of Nigerian economy to boost foreign investment
As the World Bank-IMF Spring Meetings intensify in Washington DC, the Federal Government has assured that it will continue to showcase the progress made so far in the Nigerian economy in order to attract more foreign investment into the country with a view to improving on the lives of Nigerians. The Honourable Minister of Finance and Co-ordinating Minister of the…
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VIDEO: FG adopts digitalisation to mop-up revenue, targets 60%, says Minister of Finance
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the Federal Government is adopting digitalisation to mop-up revenue, stressing that the President Bola Tinubu-led administration is targeting a 60per cent increase in revenue for 2024. He said the government was using digital technology to improve tax collection. Speaking during an interview anchored by Semafor World…
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Dangote Petroleum Refinery crashes diesel price to N1,000/ litre
Dangote Petroleum Refinery on Tuesday, announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. While rolling out the products three weeks ago, the refinery supplied at N1,200 per litre, representing over 30 per cent reduction from the previous market price of about N1,600 per litre. The refinery stated that “this significant reduction in the…
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Nigeria’s economy moving in right direction, says Minister of finance
Minister of finance and coordinating minister of the economy, Wale Edun has said Nigeria’s economy is moving in the right direction as policies of the current administration are having positive impact. The minister spoke on Channels Television’s programme on Tuesday from Washington DC. Edun alongside other key ministers as well as Olayemi Cardoso, governor of the Central Bank of Nigeria…
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National Single Window Project to contribute 7% annually to GDP growth, says FIRS chairman
The Chair of Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji on Tuesday revealed that the recently launched National Single Window Project will have a significant impact on the Nigerian economy. Adedeji, who briefed journalists at the state house following the launch of the project by President Tinubu in Abuja, also mentioned that the project is expected to generate an…
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BREAKING: TCN restores national grid, says ‘fire disaster caused collapse’
The Transmission Company of Nigeria (TCN) has successfully restored the national grid after its sixth collapse in 2024. The company disclosed this in a statement issued on Monday afternoon by the General Manager, Public Affairs, Ndidi Mbah. Mbah said that the facility was successfully restored to its full capacity following a fire incident at the Afam Power Generating Station. The…
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Hike in food prices pushes Nigeria’s inflation rate to 33.20% in March
With the hike in food prices, Nigeria’s inflation rate has increased to 33.20 per cent in March 2024, up by 1.50per cent compared to the February 2024 rate of 31.70per cent. The latest Consumer Price Index (CPI) report by National Bureau of Statistics (NBS) on Monday stated that year-on-year comparison reveals a substantial increase in the headline inflation rate for…
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Nigeria’s electricity grid collapses sixth time in 2024
Nigeria’s electricity grid has collapsed again. This would be the sixth time the national grid will collapse in 2024. The grid was said to have collapsed around 2:42 am on Monday, with generation dropping to 64.70megawatt. Only one generation company, Ibom Power, was active according to data from the Independent System Operator (ISO), a branch of the Transmission Company of…
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