NAIRAMETRICS
Equity Investors Lose N700 Billion, A Day After MPC Interest Rate Hike
Nigeria’s stock market, the Nigerian Exchange Group (NGX), experienced a significant sell-off on Wednesday, with investors witnessing a 1.27% decline in the benchmark All-Share Index. This downturn followed a 1.39% loss recorded on Tuesday, intensifying the bearish trend that began on Monday. The selloffs were exacerbated by the… Read More
SUN
High Customs Duty, FX Scarcity Crippling Manufacturers –CPPE
The Centre for the Promotion of Private Enterprise (CPPE) has said the high exchange rate for import duty assessment is fuelling increased production and operating costs for manufacturers, other businesses and generally worsening the cost-of-living crisis. The Centre, therefore, appealed to the Central Bank of Nigeria (CBN) to peg the… Read More
PUNCH
Federal Government to crash drug prices, gets $1bn from AfreximBank
President Bola Tinubu will sign an executive order to bring down the cost of drugs in Nigeria, which has been on the rise. The Coordinating Minister of Health and Social Welfare, Prof. Muhammed Pate, disclosed this on Wednesday at the Ministerial Press Briefing Series with the Minister of Information and National Orientation, Mr Mohammed Idris, in… Read More
Subsidy Removal: Petrol Import Crashes By 990million Litres Monthly
The Minister of Information and National Orientation, Mohammed Idris, on Wednesday, said the importation of Premium Motor Spirit, popularly called petrol, into Nigeria has reduced by 50 per cent since the withdrawal of subsidy on the commodity. During his inaugural speech on May 29, 2023, President Bola Tinubu declared that fuel subsidy was gone… Read More
ECONOMY HEADLINES
SUN
Federal Government Eyes $22.82bn Investment From 51 Oil Fields, 987 Wells
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023. Commission Chief Executive (CCE) of NUPRC, Mr. Gbenga Komolafe, disclosed this in his keynote speech during a panel session at the… Read More
House Of Representatives Okay N446.34bn Budget For FIRS
The House of Representatives Committee on Finance has approved a budget of N446.34 billion for the Federal Inland Revenue Service (FIRS) for the 2024 fiscal year. The committee approved the budget on Thursday after a budget defence session with the Executive Chairman of the FIRS, Zacch Adedeji. The budget consists of N177.44 billion… Read More
PUNCH
I Take Full Responsibility, Nigeria Will Recover – Tinubu
President Bola Tinubu, on Wednesday, appealed for patience from Nigerians over the current economic hardship in the country, giving the assurance that there was light at the end of the tunnel. The President said he was fully aware and took responsibility for the difficulties Nigerians had been subjected to on account of government… Read More
POLITICAL HEADLIINES
VANGUARD
Oronsaye Report: Federal Government, Labour Disagree On Job Losses
Workers and the Federal Government sharply disagreed, yesterday, over how the implementation of the Steve Oronsaye report will affect jobs in the country. While the Federal Government allayed fears of job losses in the implementation of the report, which seeks to rationalise government agencies and parastatals, workers warned… Read More
TRIBUNE
House Of Representatives To Probe Frequent National Grid Collapse
The House of Representatives on Wednesday resolved to probe the frequent collapse of the national grid nationwide, describing it as very embarrassing and unacceptable. This followed the adoption of a motion moved by Hon. Billy Osawaru. at the Plenary session presided over by the Speaker Hon Tajudeen Abbas. The House therefore… Read More
TECHNOLOGY HEADLINE
PUNCH
SIM-NIN Linkage: NCC Rules Out Extension, Telcos Bar 12 Million Lines
The Nigerian Communications Commission has ruled out an extension of the February 28, 2024 deadline for the linkage of Subscriber Identity Module cards to National Identification Numbers. As a result, telecommunication companies have been directed to bar 12 million lines which have not been linked to the owners’ NINs after the expiration of… Read More