The Federal Government on Monday met with oil marketers in the downstream sector to perfect plans for the full deployment of autogas in filling stations and the conversion of 200,000 commercial vehicles to run on gas this year. At the meeting, which was convened in Abuja by the Minister of State for Petroleum Resources, … [Read more…]
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said yesterday that the Federal Government has suspended removal of fuel subsidy. She said the government had made provisions for subsidy in the 2022 budget from January to June this year, adding that government will forward a request to the National Assembly to make additional … [Read more…]
Nigerians seem to be at crossroads over the move by the Federal Government to suspend payment of subsidy on Premium Motor Spirit (PMS), popularly called petrol. President Muhammadu Buhari had in August 2021 signed the Petroleum Industry Bill into law, signaling an end to petrol subsidy. But in what looks like a dramatic twist, … [Read more…]
Nigeria’s economy, particularly the financial sector is faced with the risk of increased capital outflow in 2022 given the proposed interest rate hike by the United States of America’s Federal Reserve Bank (US Fed), equity researchers have said. Additionally, they said the rate hike would increase the cost of foreign borrowing for Nigeria and possibly … [Read more…]
The House of Representatives, yesterday, passed for second reading, a bill to repeal the Investments and Securities Act (ISA) 2007 and enact the Investments and Securities Act to establish Securities and Exchange Commission (SEC). The bill, which seeks to make SEC the apex regulatory authority for the Nigerian capital market, prescribes 10-year jail term … [Read more…]
Decision on removal of subsidy on petroleum would be made in June when the provision for its payment in the 2022 budget expires, the National Economic Council (NEC), has said. Responding to questions while briefing State House Correspondents on the outcome of the meeting, Governor of Nasarawa State, Abdulahi Sule, said it was understandable … [Read more…]
The year 2021 witnessed massive cyberattacks that affected private organisations, government agencies, individuals, and supply chains globally. Nigeria had its fair share of cyberattacks and compromise albeit largely underreported. On December 9, an acute Remote Code Execution (RCE) vulnerability was reported in the Apache logging package Log4j 2 versions 2.14.1 that shook the internet. By … [Read more…]
Oil marketers, under the aegis of Association of Tank Farm Oil and Gas Marketers of Nigeria (ATOGMAN), have commended Governor Nyesom Wike of Rivers State for taking action against illegal refineries and oil bunkering. Wike had issued a 48-hour ultimatum to the 23 local government areas chairmen to provide list of illegal refineries and their … [Read more…]
By Ikenna Igwe In the last four years, cryptocurrencies especially Bitcoin have become ubiquitous, prompting both global and domestic monetary authorities to devise a means to regulate and accept their usage. In Nigeria alone, the crypto market has expanded so much that the volume of Bitcoin traded monthly is estimated at $200mn according to Buycoin, … [Read more…]
Clearing agents and freight forwarders have decried over 3, 000 imported vehicles trapped at the Tin-Can Island Ports Complex, Apapa, due to the collapse of the National Vehicle Registration (VReg) platform created by the Federal Ministry of Finance (FMoF) for imported vehicles. The clearing agents lamented the daily rising costs incurred from demurrages arising from … [Read more…]
The Federal Government has applauded the commitment and dedication of the Nigerian Communications Commission (NCC) towards enhancing digital skills development among youths, through implementation of various Information and Communication Technology skill acquisition programmes. Minister of Interior, Rauf Aregbesola, and the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, gave the … [Read more…]
CBN Gov: Pan-African payment platform “ll reduce the use of pounds and dollars in intra-African trade. Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, says the pan-African payment and settlement system, PAPSS, will simplify cross-border transactions and reduce third currencies for intra-African trade. The third currencies include dollars, pounds and euro for cross-border … [Read more…]