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Tag Archives: business news

DSO: Nigeria To Gain N900bn, Says NBC DG

national bradcasting commission (NBC)

The Director-General, National Broadcasting Corporation, Mr. Kawu Modibbo, on Wednesday said no fewer than $2bn or N900bn would be injected into the Nigerian economy as one of the benefits of the Digital Switch Over. He explained that the broadcasting industry and the digital economy would grow by about N450bn per annum through increase in advertising, Nollywood income and value added services, adding that it would ... Read More »

CSCS Canvasses Strong Financial Market Infrastructure


The Central Securities Clearing System has stressed the need for a strong financial market infrastructure, saying it will contribute to the stability and growth of the financial system as a whole. It likened a well functioning financial market infrastructure to the human backbone, explaining that it would ensure fast and smooth movements, channel relevant information-settlement information, protect the channels for the transmission and reduce risk. ... Read More »

No Plan To Increase Fuel Price, Says Osinbajo


Vice President Yemi Osinbajo on Monday assured Nigerians the Federal Government had no plan to increase fuel prices. “We are certainly not expecting to increase oil (fuel) prices at all; the government has absolutely no intention of increasing fuel prices and that’s it,” he told journalists after an on-the-stop assessment of the fuel situation in parts of Lagos. A transcript of his interview with journalist ... Read More »

Banks’ Borrowing From CBN Increases By 52% In December

Liquidity challenges in the economy made the amount of money that commercial banks borrowed from the Central Bank of Nigeria to increase by 52 per cent in the first three weeks of December, data obtained from the CBN website showed on Monday. The CBN Standing Lending Facility window data revealed that the Deposit Money Banks in the country borrowed N2.305tn from the regulator to cover ... Read More »

DPR Sanctions 10 Filling Stations Over Price Hike


The Department of Petroleum Resources on Friday said it had sanctioned 10 petrol filling stations in Zamfara for selling fuel above official pump price. The Acting Controller of the department in Gusau, Saleh Audu, told newsmen in Gusau. Audu said DPR had visited 35 filling stations across the state in the past one week and discovered that 10 out of the stations were selling fuel ... Read More »

Reps Summon Telecoms Firms Over Non-Payment Of Taxes


An ad hoc committee of the House of Representatives on Thursday summoned chief executive officers of some telecommunications firms operating in the country over alleged default in the payment of taxes. The committee, which is chaired by Mr. Ahmed Abu, is investigating the tax compliance status of the affected firms. Abu said the CEOs had ignored several earlier invitations to appear before the committee and ... Read More »

2018: Senate Queries N10bn Solar Streetlight Project In Varsities


The Senate Committee on Power, Steel Development and Metallurgy on Thursday criticised a solar-powered streetlight project in nine universities across the country valued at N10bn. The committee also turned back the Minister of Power, Works and Housing, Mr. Babatunde Fashola, from the budget defence session held for his ministry over his alleged “unpreparedness to face the committee for his 2018 budget defence.” The Chairman of ... Read More »

Fuel Scarcity Ends In 48 Hours, Kachikwu Promises Govs


The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday promised the National Economic Council, consisting of state governors, that the fuel scarcity being witnessed in parts of the country would end within 48 hours. The Edo State Governor, Godwin Obaseki, disclosed this to State House correspondents at the end of a meeting of the council presided over by Vice-President Yemi Osinbajo. Obaseki ... Read More »

Scarcity: NNPC Expecting 250 Million Litres Of Petrol


The Nigerian National Petroleum Corporation announced on Wednesday that it was expecting up to five ships, each filled with 50 million litres of Premium Motor Spirit, popularly known as petrol, in the country in the next three days. It said the move was to bridge the shortage in the volume of PMS available for supply and distribution and make the queues by motorists in many ... Read More »

FG To Issue N10.69bn Green Bonds To Finance Budget


The Debt Management Office on Wednesday said it was set to issue Green Bonds worth N10.69bn to finance some aspects of the 2017 budget. According to the DMO, the Green Bond is being issued following Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016. The agreement aims to strengthen the global response to the threat of climate change. Since its signing, ... Read More »

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