DAILY BUSINESS HEADLINES

THIS DAY

Stock Market Commence 2023 On Positive Note as Market Cap Hit N28trn

In the first trading day of the year, the Nigerian Stock Exchange (NGX) stock market opened on a bright note as capitalisation hit above N28 trillion, yesterday. The NGX All Share Index (ASI) rose by 344.60 basis points, representing a gain of 0.67 per cent to close at 51,595.66 basis points. Accordingly, investors gained N188 billion in value as… Read More

Tackling the Challenges of Nigeria’s Energy Transition Plan

As countries and businesses shift from fossil-based energy production to renewable energy sources like wind, solar and hydro, Ejiofor Alike reports that the adoption of natural gas as a transition fuel by the European Union (EU) is a boost for Nigeria, which has over 209 trillion cubic feet (TCF) of gas reserves that can be harnessed to help the… Read More

PUNCH

Capital Market Players Foresee Election Year Turbulence, Recovery

In this piece, UTHMAN SALAMI examines the performance of the stock market in 2022 and stakeholders’ expectations for this year Despite the harsh economic environment, the Nigerian stock market was resilient, putting up a better-than-expected performance in the 2022 trading year, according to market observers. The Nigerian Exchange… Read More

GUARDIAN

‘New Banknotes Scarcity, Rejection Threaten Economy’

Experts have warned that the scarcity of the new banknotes and widespread rejections over reported counterfeiting would threaten smooth business transactions and the economy if the associated issues are not properly handled. This comes as Nigerians, especially the rural folks, continue to complain about the unavailability of the redesigned notes… Read More

ECONOMY HEADLINES

THE CABLE

Buhari Signs N21.83trn 2023 Budget Into Law

President Muhammadu Buhari has signed the 2023 appropriation bill of N21.83 trillion into law. This is the eighth and final annual budget of the incumbent administration. Buhari also signed the 2022 supplementary appropriation bill of N819 billion into law at an event at the state house on Tuesday. Ahmad Lawan, president of the senate… Read More

PUNCH

N22tn loan to attract additional N1.8tn interest – Buhari

The President, Major General Muhammadu Buhari (retd.), on Tuesday, signed into law the 2023 budget proposal of N21.83tn along with the 2022 supplementary appropriation bill. It is the eighth and final budget of his regime. Buhari signed the 2023 budget at the Council Chambers of the Presidential Villa, Abuja, in the presence of Vice President… Read More

Railway Debt Servicing Gulps N246bn, NRC Revenue Tumbles

The Federal Government spent $548.67m (N246.11bn using the official exchange rate of N448.55 to a dollar by the Central Bank of Nigeria ) to service railway-related debts between 2016 and 2022, according to Nigeria’s external debt service payments reports by the Debt Management Office. Between January and December 2016… Read More

POLITICAL HEADLIINES

PUNCH

ASUU Protests As Federal Government Withholds Union Dues

The check-off dues deducted by the Federal Government from the November 2022 salaries of university lecturers were not remitted into the account of the Academic Staff Union of Universities, The PUNCH has learnt. Check-off due is the money deducted from an employee’s pay for membership in a union or an organisation that represents… Read More

Reps Warn EFCC Against Selling Assets To Looters

The House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loot Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation has urged the Economic and Financial Crimes Commission to prevent looters from… Read More

TECHNOLOGY HEADLINES

THE CABLE

‘$600 For Hardware, Subscription At $43’ — Elon Musk’s Starlink Begins Preorder Sales In Nigeria

Elon Musk’s Starlink, a satellite internet service, has announced the prices for its starter kits as preorder sales begin in Nigeria. Starlink made the announcement in statement seen by TheCable on Tuesday. The development follows the company’s plans to roll out and expand its services to Nigeria this year. According to the statement, interested… Read More