Author: Aishat Olalere

The House of Representatives has amended the 2023 Supplementary Appropriation Act to allow for an extension in the implementation of capital projects. The House in an accelerated hearing on Wednesday amended the Act to extend implementation of the capital components from March 30 to June 30. Presenting the bill, the Majority Leader, Rep. Usman Kumu (APC-Gombe) said that the amendment became necessary following a request by President Bola Tinubu. He said that the request to extend the implementation date of the budget was in the best interest of the country. Kumo said that the bill needed the approval of all lawmakers for…

According to the CBN development finance report which shows the intervention disbursement by the apex bank in the last four years, Lagos Government borrowed around N196 billion from the CBN for the execution of the Red and Blueline rail project in the state. According to the report, Lagos state received N196 billion in batches of N93 billion, N60 billion and N43 billion. The N93 billion and N43 billion were for the Redline rail project, the N60 billion serves as part finance obligation from the Lagos state government to CCECC for the construction of the blue line rail project. It stated, “to…

Nigeria witness a significant increase in tax earnings from Foreign firms, with figures nearly doubling in the span of one year. This significant fiscal boost is likely due to the weakening of the naira, which has increased the local currency’s value of foreign transactions for non-import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments. According to the National Bureau of Statistics (NBS) for 2023, it indicates that Nigeria’s revenue from foreign-related Value Added Tax (VAT) rose by 61%, with figures reaching N824.6 billion, a significant increase from N510.8 billion in 2022. Corporate Income Tax (CIT) from…

Mele Kyari, The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, disclosed during the during his speech at CERAweek conference in Houston, United States on Tuesday that the Final Investment Decision for the $25bn Nigeria-Morocco Gas Pipeline Project will be made in December 2024. According to him, the project, which is at an advanced stage, will create a pipeline that will pass through thirteen African countries to Europe. Kyari stated that the NNPC Ltd’s focus is to build its capacity to deliver gas to the domestic market and beyond. He pointed out that as a gas-endowed country, Nigeria…

The Federal Capital Territory (FCT) 2024 statutory Budget of N1.28trillion has been approved by the senate. The budget was approved after the consideration of the harmonized report of the senate and House of Representatives Committees on FCT, during Plenary on Tuesday. The Chairman of the Committee on FCT, Sen. Ibrahim Bomai, said that the FCT had proposed N1.15 trillion for the 2024 fiscal year. Bomai said that the committee, after its deliberation, recommended N1.28 trillion, adding that from the projected revenue, N140 billion was for personnel costs. In Bomai remarks, Deputy Senate President, Sen. Jibrin Barau, who presided over the…

On Tuesday, the Abuja Electricity Distribution Company (AEDC) announced that some residential areas in Abuja and Kogi state are currently experiencing power outages due to technical glitch. Both the Abuja and Kogi state area experiencing are under AEDC.  AEDC informed its customers in Zamani Estate, Abacha Road Mararaba, Ruga Juli and other parts of Abuja that a technical fault on 33kv feeder k6 from AT9 Karu Transmission Station was responsible for the power outage. “The management of Abuja Electricity Distribution Plc wishes to notify its esteemed customers that there is currently a technical fault on 33kv feeder k6 from AT9…

According to to data released by Nigeria Extracting Industry Transparency Initiative, it was reported that Federation Account Revenue Allocation for 2023 which is to be shared between the federal, State and local government increased by N1.93trillion to N10.14trillion. The increase in Federation Account Revenue was as a result of the subsidy removed on petrol by President Bola Ahmed Tinubu on his inauguration. Tinubu declaration was immediately implemented by the National petroleum Company limited which result to increase in price of petrol from N198 to N500/litre. The price moved again after a month to N617/litre and some sell at N 660…

In the month of February, Money spent by Kenyans living abroad (diaspora remittances) dropped from $412.4 million to $386.9 million remitted in January 2024. January 2024 figure recorded at the beginning of this year was the best since August 2020. The cumulative inflows for the 12 months to February 2024 totalled $4,330 million compared to $4,026 million in a similar period in 2023, an increase of 7.5 per cent. The United States remained the largest source of diaspora remittances, accounting for 54 per cent in February.  According to Central Bank of Kenya (CBK) data, the country has enjoyed a growth…

The Group Managing Director, NNPCL, Mele Kyari, announced On Friday that the Port Harcourt refinery would commence operations in about two weeks time. Kyari, who appeared before the Senate Ad-hoc Committee investigating the various Turn Around Maintenance projects of refineries, revealed that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery would commence operations in December. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) projected a reduction in petrol price once port harcourt refinery start operation next month. They declare their readiness…

The naira appreciated by 1.86%, closing at ₦1,572.86 per US Dollar at the official market. This has widened the gap between official and parallel market rates to ₦23 as parallel market rates declined. The naira reclaimed value in the forex market as demand undercut foreign currency supplied at Nigeria’s autonomous Foreign Exchange market. According to FMDQ platform, the spot rate appreciated to ₦1572, trading below the #1600 range for the first time in March amidst expectations that the local currency will recover from excessive weight loss. As a result of the absence of the central bank to influence the exchange…