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Tag Archives: business news

FG Okays Power Service Improvement Plan


The Federal Government on Wednesday approved the Power Sector Recovery Programme comprising many policy actions to be carried out to improve service delivery, and also approved contracts for the construction of 13 roads and replacement of bridges across states of the federation and the Federal Capital Territory worth N85bn. The decisions were taken at a meeting of the Federal Executive Council presided over by President ... Read More »

Naira Falls At Official Market, CBN Supplies $180m


The naira extended its declines at the official market on Monday, falling to 307.5 against the United States dollar. The local currency closed at 307 to a dollar last week at the official market from the 305.50 level it had traded since last year.  It was quoted at 445 at the black market, firmer than the 450 a dollar it closed on Friday. The Central ... Read More »

FG, States Owe Foreign Creditors $11.41bn

The Federal Government, the 36 state governments, and the Federal Capital Territory Administration currently owe foreign creditors a total of $11.41bn, the Debt Management Office has said. Statistics obtained from the DMO on Monday showed that while the Federal Government’s foreign debt stood at $7.84bn as of December 31, 2016, the 36 states of the federation and the FCTA owed  $3.57bn. Of the country’s foreign ... Read More »

NNPC Reports Capital Oil, MRS To DSS, EFCC Over N17bn Stolen PMS


THE Nigerian National Petroleum Corporation, NNPC, yesterday, said it has reported MRS Limited and Capital Oil and Gas Limited to the Department of State Service, DSS, and the Economic and Financial Crimes Commission (EFCC) over the duo’s illegal sale of about 130 million litres of Premium Motor Spirit, PMS, valued at N17.439 billion, belonging to it. The NNPC, in a statement by its Group General ... Read More »

Nigeria’s Declining Revenue Coming To An End — NEITI


The decline in revenue accruing to the federation observed since 2014 may be gradually coming to an end judging by the improvement in the recent disbursements to the three tiers of government, the Nigeria Extractive Industries Transparency Initiative has said. According to NEITI, an increase of 8.8 per cent in the total Federation Account Allocation Committee disbursements made in the fourth quarter of last year ... Read More »

Govt Targets $35bn Diaspora Remittances For Housing Development


The several billions of dollars being remitted annually by Nigerians in Diaspora may be the target of agencies of the Federal Government for use in developing the country’s housing sector In its bid to cut down the 17 million housing deficit in Nigeria, reduce corrupt practices and ensure adequate use of foreign exchange sent home by Nigerians in other countries, the Federal Government has commenced ... Read More »

“Government Is Putting Plans In Place To Boost Industrialisation” – Enelemah


The Minister, Industry, Trade and Investment,  Okechukwu Enelemah, has said with power being a major draw back to industralisation, the ministry is trying to see if they can have a prototype distribution to every part of the country. The Minister who was represented by Dr.  Francis  Alaneme , an official of the Ministry,  said as far as his ministry is concerned, the government is doing ... Read More »

NNPC Probes N11bn Missing Petrol From Marketers’ Depots


The Nigerian National Petroleum Corporation on Friday announced measures to fully recover over 130 million litres of Premium Motor Spirit, popularly known as petrol, stored in the facilities of two indigenous downstream operators, MRS Limited and Capital Oil & Gas Limited, under a throughput arrangement to ensure a robust strategic reserve. Providing details of the infraction of the companies, the Chief Operating Officer, Downstream, NNPC, ... Read More »

Nigeria Spends $3.5bn Annually Importing Steel Products – Fayemi


The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said the country is spending over $3.5bn yearly on the importation of steel products. Fayemi, who stated this while addressing newsmen after a meeting with stakeholders in the mining sector in Lagos, announced that expression of interest by investors for the Ajaokuta Steel Complex would happen with the next six months. He said, “Steel ... Read More »

Malabu: Court Lifts Forfeiture Order On OPL 245


A Federal High Court in Abuja has discharged its interim forfeiture order on the controversial Oil Prospecting Licence 245, an oil block at the centre of the $1.1bn Malabu oil scam. Justice John Tsoho had on January 26, 2017 made the order temporarily forfeiting the OPL 245 to the Federal Government. But the judge discharged the order of interim forfeiture in his ruling on separate ... Read More »

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