Author: Aishat Olalere

Nigeria may experience a $27.29 billion investment loss in the Escravos Seaport Industrial Complex project in Delta state. This is projected to happen by the end of June. The Chairman of Mercury Maritime Concession Company, Rear Admiral Andrew Okoja (rtd), disclosed this in a speech on Tuesday. Andrew said the loss was as a result of the prolonged delay by both the Federal and Delta State Governments to give final approval for the project’s take-off. He said “recall that EDIB International of Hong Kong had early this year expressed its willingness to invest $27.29bn to develop the ESIC project, whose…

Subsidy paid on electricity witnessed reduction from ₦3 trillion to ₦1 trillion. The reduction in the subsidy is as a result of the higher tariff paid by band A. Adebayo Adelabu, Minister of Power, said this at the public hearing on electricity tariffs held in Abuja on Tuesday. The hearing was organised by the House of Representatives Joint Committee on Power, Commerce, National Planning, and Delegated Legislation. The minister said that instead of piling up debt for the government, the ministry came up with the model for customers to pay for subsidies on band A. He added that we are…

The Nigeria National Petroleum Company Limited (NNPC Ltd) has sealed a partnership with Golar LNG for the deployment of a floating Liquefied Natural Gas offshore in Niger Delta, Nigeria. Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, stated in a statement on Tuesday that a Project Development Agreement (PDA) was signed for the development. He said that the agreement serves as a commitment towards monetising Nigeria’s vast natural gas resources. He also added that PDA is another major milestone achievement towards ensuring gas commercialisation through deployment of an FLNG Facility in Nigeria. A signing ceremony took place which was attended…

The International Monetary Fund (IMF) has reached an agreement with Kenyan authorities over Kenya’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF). The agreement is a staff-level agreement needed to complete the seventh reviews of EFF and ECF arrangement and second review of Resilience and Sustainability Facility (RSF) arrangement. IMF agreed to provide US$ 1.27 billion for Kenya, subject to approval by IMF board. During meetings held in Nairobi from April 2 to 12, May 9 to 15, 2024 and virtually, the IMF team also discussed key technical aspects of the agreement, including recalibrating access to IMF resources to align…

Nigeria Treasury Bill Average Yield has experienced a drop of 5.09%. The result is a yield of 19.91%. The reduction is as a result of strong buy sentiment across short, mid and long tenors. It follows a sustained buying in the secondary market. “With the inflation messing with the value of naira, there is reduction in demand for short time investment instrument. This partly support yields inversion in the fixed interest securities market. Cowry Asset Management Limited note to investors.” The reduction in demand of the treasury bill leads to the drop in the yield from 25% to 19.91 despite…

The Federal Government stated its concern over the smuggling of Premium Motor Spirit (PMS) known as petrol. This was revealed by the Comptroller- General of the Nigeria Custom Service, (NCS), Adewale Adeniyi, at a press conference in Yola. He revealed that the act has been ongoing for the past two weeks. “Today, we are here to update members of the public on the strategic efforts of the Nigeria Customs Service in addressing the critical issue of fuel smuggling through the recently launched Operation Whirlwind, under the auspices of the Office of the National Security Adviser,” he said. According to him,…

The National Insurance Commission (NAICOM) has moved to dispel rumours in circulation that Federal Government borrowed from the accumulated pension funds. The immediate past Chief Executive Officer of NAICOM, Mr Olorunde Thomas, stated this at a public lecture of the Federal University,Lokoja (FUL) that the Federal Government did not borrow from the accumulated pension fund. The theme of the lecture is: “Insurance Solution In Wealth Creation and Sustainability” as it concerns economic development of the country. He stated that the economic challenges in the country did not translate to the Federal Government tampering with the pension funds. “NAICOM was a…

The Federal Government, State Government and Local Government shared ₦1.143 trillion from the Federation Account or the month of May. The Federal Government received ₦365.813 billion, the state governments got ₦388.419 billion, and ₦282.476 billion was shared to Local Governments. The revenue shared comprises of statutory revenue of ₦157.183 billion, Value Added Tax (VAT) revenue of ₦463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.146 billion and Exchange Difference revenue of ₦507.456 billion. The revenue was shared at the Federation Account Allocation Committee (FAAC) meeting on Monday chaired by the Minister of Finance and Coordinating Minister of the Economy,…

The Central Bank of Nigeria (CBN) has assured depositors of the safety of their deposit in various Nigerian banks. This was stated by the CBN Acting Director of Corporate Communications Department, Mrs Hakama Sidi – Ali, in a statement on Monday in Abuja. This is a response towards the licence of Heritage Bank Plc that was revoked. It is to ensure the depositors of the bank to get their fund back. Herritage Bank licence was revoked in accordance to Section 12 of Bank and other Financial Act (BOFIA) 2020. “The CBN, with its robust regulatory framework, is proactively ensuring the…

The International Finance Corporation (IFC) who are members of the World Bank Group and the Central Bank of Nigeria (CBN) have reached a deal to partner on how to strengthen private sector growth in Nigeria. CBN disclosed this on Thursday after the visit of the IFC delegation led by its Managing Director, Mr. Makhtar Diop, to the CBN governor, Olayemi Cardoso. It was stated that the main purpose of the meeting is to identify areas in Nigeria private sector to support. “The support to be given to the private sector will include expanding access to credit, facilitating trade of receivables…