Business | Economy

Telecommunications operators in the country including MTN Nigeria and Globacom have asked for Federal Government approval through the Nigerian Communications Commission to raise their tariff. The development came after foreign exchange…

Governor of Enugu State, Dr. Peter Mbah, on Thursday, flagged off another round of the distribution of palliatives in the state, warning against the politicisation of the exercise to ensure it gets to the independent and vulnerable people…

Residents of Gombe State on Wednesday bemoaned over 48 hours of power outage caused by four 330kV towers that were vandalised by the wind. The Transmission Company of Nigeria had on Tuesday stated that four towers along the Jos-Gombe…

_Sets up service centres, cancels haulage revenue collection contracts by MDAs The Enugu State Government has banned all forms of illegal tolls and extortion of motorists by touts, warning that flouters of the order would face…

Following the Enugu State Electricity Law signed by Governor Peter Mbah and the recent constitution of the Enugu State Electricity Regulatory Commission, ESERC, by the Mbah Administration, the Nigerian Electricity Regulatory Commission…

A Bureau de change (BDC) operator identified as Abubakar Mannir has been accused of defrauding the Chief Executive Officer of Allkraft Technology and Industries Limited, Mr Manas Das, of $737,015.00. It was gathered that Das, a…

The Presidency has said it is set to launch about 2,700 Compressed Natural Gas-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office. It said the federal government was set to deliver 100…

The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has reported. Impeccable sources within the commission said the…

_…insists on quality, integrity, and timely delivery Governor of Enugu State, Dr. Peter Mbah, has charged contractors and the site engineers handling construction of the 260 smart schools and 260 Type-2 Primary Health…

The Nigerian Ports Authority says has secured a $700m loan from Citibank for the rehabilitation of the Apapa and Tincan Island Ports in Lagos. The loan was funded by the UK Export Finance, an export credit agency, Announcing this in a…

In a recent update from the International Monetary Fund, Nigeria’s economic growth forecast for the year 2024 has been adjusted upward to 3.3 per cent. This revision was announced in the IMF’s World Economic Outlook for April, which was…

Foreign Direct Investments, FDI, into Nigeria fell by $19bn in 10 years, from $22.7bn in 2014 to $3.7bn in 2023, it has been learnt. This was contained in a presentation made by the Minister of Finance and Coordinating Minister of the…

The Nigerian Civil Aviation Authority has suspended the permit of three private jet operators for engaging in commercial flights. This was according to a Riot Act on the NCAA’s website on Tuesday, signed by the Acting Director…

_…set to begin enforcement, confiscation of erring tankers_ _...reads riot act to vandals of pipelines, other public facilities' sabotage_ The Enugu State government has issued the last warning to tanker drivers operating…

The Minister of Power, Adebayo Adelabu, has assured Nigerians that the country would generate 6,000MW of electricity in the next six months. Adelabu stated this while featuring on Channel Television’s Politics Today on Thursday.…

The Federal Government has raised the amount that it would save this year following the recent hike in electricity tariff for Band A customers to N1.5tn. It also stated that about 2.5 million meters would be installed this year in a bid…

Nigeria is set to receive a $1.05bn syndicated loan backed by oil from the African Export-Import Bank next month. The loan is part of a larger $3.3bn prepayment facility arranged by Afreximbank, with repayment terms tied to crude cargoes…

Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja on Thursday, April 4, 2024 adjourned  arraignment of Binance Holdings Limited to April 8, 2024 for a ruling on the service of charges on the company. The…

The Private Telecommunications and Communications Senior Staff Association of Nigeria has suspended its planned strike, which was to begin on Thursday. In a statement signed by its General Secretary, Okonu Abdullahi, on Wednesday, the…

The naira, on Wednesday continued its gain against the United States dollars, appreciating both at the official foreign exchange and parallel markets, to the delight of many Nigerians. At the Nigerian Autonomous Foreign Exchange Market,…

Some communities in Abuja, Lagos and Nasarawa are currently experiencing power outages due to technical glitches. The Ikeja Electricity Distribution Company on Tuesday said the service disruption was due to significant load restrictions…

About 107 companies including Dangote and Mikano International are currently enjoying tax exemption from the Federal Government despite its insistence to discontinue the programme and drastic steps to improve its revenue base, findings by…

The Federal Government has adopted a virtual means of evacuation of crude oil that involves the utilisation of barges and trucks for the transportation of crude from the point of production to injection/storage points for eventual…

In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange market by $2.5bn, making the naira strengthen to N1,309 against the United States dollar. Official…

…as lawyer withdraws appearance for fleeing Anjarwalla The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation…

Google, US-based multinational technology corporation has revealed it blocked over 5.5 billion adverts. The world's search engine and advertising company also said 12.7 million others were suspended. Google said the blocking and…

The Nigerian National Petroleum Company Limited has denied claims that it has reduced the pump prices of petrol and diesel. The NNPCL spokesperson, Olufemi Soneye, in a statement, described the claims as false, asking Nigerians to…

STAKEHOLDERS in the Nigerian Labour market have expressed outrage over increasing illegal profits from forced labour in the private economy globally including Nigeria. According to the latest report from the International Labour…

The Nigerian Communications Commission data showed that 5G adoption in Nigeria has moved to 1.11 per cent of all connections in January 2024. According to the data sourced from its website on Tuesday, 5G recorded a marginal increase from…

Air strikes from Nigerian Air Force‘s component of Operation Delta Safe have destroyed Illegal Refining Sites (IRS) and barges in oil communities in Rivers state. The communities were identified as Bille, Dariama,  Elem Bekinkiri,…

Nigeria’s public debt stock increased from N87.91 trillion (114.35 billion dollars ) in the third quarter of 2023 to N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023. The National Bureau of Statistics (NBS) said…

The naira Tuesday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from…

Data consumption reached 721,522 terabytes, the highest monthly consumption ever recorded, according to the Nigerian Communications Commission. Data obtained on Tuesday from the regulator’s website showed that this record surpassed…

• CBN implements Deloitte FX audit report, EFCC may summon CEOs over $2.4bn invalid requests • Several FX requests fraudulent, made with invalid, illegal documents, Cardoso insists The Governor of the Central Bank of…

In a startling revelation, the Central Bank of Nigeria (CBN), Governor Yemi Cardoso, has disclosed that law enforcement agencies are investigating foreign exchange forwards valued at approximately $2.4 billion. Cardoso noted that these…

The European Union, in continuation of its commitment to supporting the Federal Government in providing clean, affordable and sustainable energy for all, has introduced two new projects worth €9m in Nigeria’s energy sector. The EU…

The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN. The MPC at the end of…

The Nigerian Security and Civil Defence Corps Commandant General’s Special Intelligence Squad has uncovered a massive illegal oil refining site at a forest in Odagwa Community in Etche Local Government Area of Rivers State. The site…

The Federal Government has deducted over N415bn from state government allocations to service their external loans, according to findings by The PUNCH. This was according to data from the Federation Account Allocation Committee…

The Federal Government, on Monday, contacted the International Criminal Police Organisation and issued an arrest warrant for the apprehension of one of the detained executives of a global crypto-currency firm, Binance, Nadeem Anjarwalla,…

Binance, the global cryptocurrency exchange, has confirmed that its executive, Nadeem Anjarwalla, is no longer in Nigerian custody. The spokesperson for Binance, Samantha Fuller, disclosed this information on Monday. The crypto…

The Office of the National Security Adviser (ONSA) has admitted that a Binance Executive, Nadeem Anjarwalla, escaped from custody with a smuggled passport. It also said the personnel in charge of Anjarwalla’s custody have been arrested…

Thirty-one state governments owe the Central Bank of Nigeria, CBN, a total of N339.9bn obtained to pay workers’ salaries between 2015 and 2023, a document obtained from the apex bank has revealed. The document also stated that the…

The Debt Management Office (DMO) of Nigeria has disclosed that Nigeria’s public debt rose to ₦97.34trn ($108bn) as of the fourth quarter of 2023. DMO made this known in a statement made available to journalists on Friday. This…

The naira maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close 1,382/$ at the official market. This came as Presidency warned currency speculators to desist from unpatriotic act against the…

The Federation Account Allocation Committee shared N1.152.trn to the three tiers of government for February 2024 from a gross total of N2,326.14trn. This was revealed in a statement signed by its Director, Press and Public Relations,…

The ENUGU State government says it has entered into partnership with Africa Leadership Accelerator, ALX, to train youths in ENUGU on modern skills in tech. This is part of the measures put in place to reduce youths unemployment and…

The National Bureau of Statistics says the average retail kerosene price of a litre increased from N1,329 recorded in January 2024 to N1,340 in February 2024. The bureau said this in its Petrol Price Watch for February 2024, released in…

The World Bank has commended Governor Peter Mbah of Enugu State over his numerous developmental strides in the areas of water and agriculture, particularly livestock farming, stressing that the governor’s efforts at transforming…

Th removal of subsidy on Premium Motor Spirit, popularly called petrol, pushed up the statutory revenue allocations from the Federation Account that was shared by the three tiers of government in 2023 to N10.14tn. Data released on…

The naira on Tuesday appreciated to N1,580 per dollar in the parallel market from N1,590 per dollar on Monday. Similarly, the naira  appreciated N1,560.57 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from…

Abia State Governor, Alex Otti, says the state government plans to secure loans to implement the 2024 Budget, adding that already, the Islamic Development Bank has approved $125 million for the state. Otti disclosed this Monday during a…

The Federal High Court in Abuja, on Monday, ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform. The court handed…

In a bid to ensure compliance to Environmental laws, the National Environmental Standards and Regulations Enforcement Agency, NESREA had closed down 13 facilities. The Director General NESREA, Aliyu Jauro during an enforcement exercise…

The Nigerian Army has expressed concern about the inadequate power supply in the Ikeja Military Cantonment, Lagos. This is as the Federal Government allocated N12.7bn for the mass metering project in all Army formations.…

The Federal Government has provided clarifications regarding the recent Memorandum of Understanding between the Ministry of Transportation and MPH Rail Development Limited, a construction firm from the United Kingdom. According to the…

Enugu State, Nigeria: New political leadership, bold economic vision