The agitation for the legalisation of Cannabis Sativa cannot succeed in Nigeria because the proliferation of illicit drugs often leads to crime, chaos and conflict, the National Drug Law Enforcement Agency has explained. In a statement issued on Friday by the spokesperson of the NDLEA, Femi Babafemi, the Chairman/Chief Executive of the NDLEA, … [Read more…]
The Federal Government has said that it spent N2.89tn on debt servicing between January and August. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during the public presentation and breakdown of the highlights of the 2022 appropriation bill held in Abuja on Friday. According to Minister, in … [Read more…]
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the the Federal Government has generated N3.93 trillion, being 73 per cent of its targeted N7.9 trillion revenue for 2021. She made the disclosure on Friday in Abuja, at the Public Presentation and Breakdown of the Federal Government 2022 Appropriation Bill. … [Read more…]
The Nigeria Civil Service Union has called on the Federal Government to make necessary amendments to the Pension Act 2014 to protect the interest of workers and pensioners in terms of gratuity payment. The labour union condemned in strong terms the refusal of government/employers in the public service to pay gratuity to retirees … [Read more…]
Indications have emerged that the Federal Government’s bond issues are squeezing the private sector out of the bonds market as it has raised over N4.7 trillion, far above what private sector organisations have been able to raise from the Nigerian capital market, Year-to-Date, YtD August 2021. The private sector raised N802 billion in corporate … [Read more…]
A new Senate bill meant to eliminate the current barriers hindering private sector investment in the power value chain passed second reading on the floor of the red chamber on Tuesday. It was titled, ‘Electricity Bill 2021.’ The sponsor, Senator Gabriel Suswan, said that when passed, the proposed legislation will attract the funds … [Read more…]
Nigeria’s economy is in a dire strait as oil price hit $80.20 yesterday amid growing demand fuelled by a return to opening of economies around the world. However, the development has put Nigeria at crossroads. While the country makes more revenue from oil sales, the gains appear to be filtered away through fuel … [Read more…]
A Federal High Court sitting in Awka, Anambra State, and presided over by Justice N.O. Dimgba, has ruled as discriminatory the cashless policy of the Central Bank of Nigeria on six states of the federation and the Federal Capital Territory. The states are Anambra, Abia, Lagos, Ogun, Kano and Rivers This followed … [Read more…]
A vehicle conveying tomatoes and vegetables was, yesterday, set ablaze by persons suspected to be enforcing IPOB’s sit-at-home order in Enugu. The attack at Edem junction, Ibeagwa Nike, Enugu East Local Government Area, involved a truck suspected to be coming from the northern part of the country. Sympathisers were said to … [Read more…]
The Central Bank of Nigeria’s eNaira website has gone live ahead of the October 1 official launch. According to the website, www.enaira.com, “eNaira is a CB -issued digital currency that provides a unique form of money denominated in Naira.” Find out what makes the eNaira different from the money in your bank account … [Read more…]
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele , has estimated that the nation would require about $10 billion annually to fix the nation’s dilapidated infrastructure to rejuvenate the economy. Emefiele, who stated this in his address at the Finance Correspondents Association of Nigeria (FICAN) 2021 annual conference and 30th anniversary … [Read more…]
With a weakened macroeconomic indices as well as worsening foreign exchange crisis, latest investigations have shown that foreign investors withdrew a total of N139.39 billion from the Nigeria’s stock exchange between January and August 2021. According to the Domestic & Foreign Portfolio Investment report of the Nigerian Exchange Limited (NGX) for August 2021, … [Read more…]