Economy

The Nigeria Immigration Service (NIS) has warned the 100 banned passengers, who violated the Federal Government’s COVID-19 protocols to comply with the six-month travel restriction order, else, they’d be made to face the music. The warning was conveyed in a statement issued on Monday by Mr. Sunday James, the NIS …

The Nigerian Electricity Regulatory Commission, NERC, has debunked rumours of a 50% increase in electricity tariffs via its official Twitter handle: 1. PUBLIC NOTICE ON PURPORTED 50% INCREASE IN ELECTRICITY TARIFFS The attention of the Commission has been drawn to publications in the print and electronic media misinforming electricity consumers that …

The Osun State House of Assembly on Friday passed the 2021 Budget estimate presented to it by Governor Adegboyega Oyetola. The N109.8billion budget estimate was passed 38 days after it was laid before the lawmakers without addition or subtraction. The estimate tagged as Budget of Providence was made up of …

The devaluation of the naira against global currencies will impact negatively on foreign currency loans and weaken capital base for the lenders, banking sector report has shown. The Afrinvest Banking Sector Report for 2020, which was released yesterday, said the capital base of the Nigerian banking sector has also come …

Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said Nigeria must return to the golden era age when the country produced goods and services to grow the economy. Specifically, Emefiele said the only way for the naira to catch up with other foreign currencies as was in …

House of Representatives Wednesday passed to second reading a bill to make electricity distribution companies, DISCOs, reimburse consumers who incur expenses in the acquisition of power equipment. The bill titled “A bill for an Act to Amend the Electric Power Sector Reforms Act to Provide for Electricity Distribution Companies to …

India’s economy contracted 7.5 percent between July and September, performing the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence, official data showed Friday. Although the figures were an improvement on the record 23.9-percent contraction recorded last quarter, they indicate that …

Governors of the North East on Thursday decried the allocation of N43.32 billion to the North-East Development Commission in the 2021 federal budget for the execution of capital projects in the entire region. They described it as a paltry sum in the face of a daunting infrastructural deficit confronting the …

The Nigerian National Petroleum Corporation, NNPC, said it targets to achieve 3 million barrels per day, BPD, oil production in no distant time. The Group Managing Director, NNPC, Mele Kyari stated this at a media parley organized for Energy Editors at Abuja. He said, “We have reved up exploration work …

Minister of Information and Culture, Lai Mohammed, says the Nigerian economy is doing well compared to the economies of South Africa, Russia and other countries in recession. He said the recession is inevitable due to the global collapse in oil prices occasioned by the coronavirus pandemic. The minister spoke Wednesday …