Economy
-
FG taking steps to address falling crude production, says Lokpobiri
The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri on Friiday acknowledged Nigeria’s declining crude oil production in Q1, after an initial rise in recent months. In a statement by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister assured that measures were being taken to address the situation, not only to restore production to previous levels,…
Read More » -
MDAs generate N835.7bn in February
Earnings of Federal Government-owned entities, ministries, departments, and agencies rose to N835.70 billion in February, 2024. This was disclosed by the Minister of Finance and Coordinating Minister of Economy, Wale Edun, at the Lagos Business School Breakfast Club. In the period under review, there was a significant increase in the amount remitted by MDAs, with a notable growth of N681.45…
Read More » -
How Emefiele directed me to collect $3m cash in tranches- CBN staff
By Adeola Ogunrinde Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN),…
Read More » -
FIRS generates N12.3 trillion in 2023
By Adeola Ogunrinde The Chariman, Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, on Friday said that the organisation witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion in 2023. Adedeji, who was represented by an official of the organisation, Mrs Aisha Ribadu, disclosed this at the FIRS special day at the ongoing 35th Enugu…
Read More » -
Nigeria’s crude oil production plummets for second consecutive month – OPEC
By Innocent Raphael Nigeria, Africa’s largest oil producer, faced a significant setback in its crude oil production, marking the second consecutive monthly decline in output since the start of the year. According to a monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, Nigeria’s crude oil production dropped to 1.231 million barrels per day in…
Read More » -
BREAKING: Court grants Emefiele N50m bail
By Innocent Raphael Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail by Justice Rahman Oshodi of the Lagos Special Offences Court on Thursday. The bail, set at N50 million, comes in the wake of allegations including abuse of office and fraud totaling $4.5 billion and N2.8 billion. During the ruling on the bail application, Justice…
Read More » -
FG still paying electricity subsidy- Adelabu
The Minister of Power, Adebayo Adelabu, says the Federal Government is still paying subsidy on electricity despite the recent hike in tariff paid by Band A customers said to be about 1.5 million of the total 12 million consumers in the sector. He said the government has about N1.8trn to pay in electricity subsidy for 2024. The minister made these…
Read More » -
CBN faces overhaul as Cardoso dismisses 50 Officials
By Innocent Raphael Governor Olayemi Cardoso has approved the dismissal of fifty officials from the Central Bank of Nigeria (CBN), marking another wave of ongoing staff cuts across 29 departments, as earleir reported by WesternPost. The termination affects various ranks, including directors, deputy directors, and lower-ranking staff. According to several media reports, at least 117 officials have been sacked, within…
Read More » -
Betta Edu: 50 bank accounts under investigation, says EFCC
By Innocent Raphael The Economic and Financial Crimes Commission (EFCC) has said that 50 bank accounts are being investigated in the ongoing probe of suspended Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu. According to the agency, the probe is also involving the former Chief Executive Officer of the now-suspended National Social Investment Programme Authority (NSIPA), Halima Shehu.…
Read More » -
Court remands Emefiele in EFCC Custody
The Ikeja High Court in Lagos State has ordered the remand of a former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele in the custody of the Economic and Financial Crimes Commission (EFCC). Emefiele to be remanded till the next adjourned date, Thursday, April 11 when the court will give its ruling on bail. Justice Rahman Oshodi also…
Read More »
