Economy

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 …

The Senate on Tuesday urged the Federal Government to compensate the states affected by the massive destruction that took place when the peaceful protests by the #EndSARS agitators were hijacked by criminals last month with one per cent of proceeds from Value Added Tax. The decision of the red chamber …

The current recession, which the Nigerian economy recently slid into, will be short-lived, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said.Ahmed said this on Monday at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, …

The Association of Bureaux De Change Operators of Nigeria has warned foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities. ABCON gave the warning in a statement titled, ‘ABCON warns speculators will lose money as CBN has enough reserves to fund market, defend naira’, on Sunday. …

National Bureau of Statistics (NBS) said that the nation’s economy has formally entered into recession as the Gross Domestic Product (GDP) contracted for the second consecutive quarter by 3.62 percent in the third quarter of 2020. Economic recession is defined as two consecutive quarters of negative Gross Domestic Product (GDP) …

Nigeria on Tuesday signed a Memorandum of Understanding with The Gambia to avail the foreign nation Nigeria’s vast knowledge, experience and technical expertise on the implementation of the Treasury Single Account. Minister of Finance, Budget and National Planning, Zainab Ahmed, who signed on behalf of Nigeria in Abuja, said the …

The Federal Government said Monday that the latest increase in the pump price of petrol, also known as Premium Motor Spirit, PMS, was informed by the announcement by an American pharmaceutical company, Pfizer, of its recent breakthrough in the discovery of a vaccine against COVID-19. The Minister of State for …

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014. Chairman of the House Committee …

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said the inflation rate in Nigeria is largely driven by the cost of transport. The country has seen an increase in transport costs in recent months largely on …