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Economy News NigeriaNigeria Debt Stock Stood At N32.92 Trillion-NBS

Hassan Umar Shallpella (Regional Correspondent)March 29, 2021

The National Bureau of Statistics (NBS) on Monday said on its website that States and Federal debt stock stood at N32.92 trillion as of December 2020. The data captioned “Nigerian Domestic and Foreign Debt (Q4 2020)” said while N12.71 trillion was external, representing 38.60 per cent of the total debt stock, N20.21 trillion, representing 61.40 per cent was domestic. According to NBS “States and Federal Debt Stock data as of 31st December 2020 reflected that the country’s total...

Economy Oil & Gas OpinionOPINION: Nigerian Lawmakers Consider a Petroleum Investment Bill

PilotnewsMarch 24, 2021

By John Campbell Nigerian lawmakers are seeking passage of a Petroleum Industry Bill (PIB) that would reorganize the oil industry. Since the establishment of civilian government in 1999 after a generation of military rule, repeated attempts at passing a PIB have been made. But the government, the political class, and the industry’s leaders (foreign and domestic) have never reached a consensus that would make the reordering possible of such a crucial industry. The technical issues are exceedingly complex. Uncertainty around...

Crime & Security EconomyHow Insecurity is Inciting High Inflation

Beloved John (Staff Writer)March 24, 2021

The spiraling inflation in Nigeria has been attributed to the awful security situations in some parts of the country, particularly in the north. Worsening insecurity in major food-producing states in the country primarily contributed to the country’s high inflation rate. Inflation has been on the rise for 18 consecutive months. The governor of the Central Bank of Nigeria, Godwin Emefiele made this pointed on Tuesday while presenting the communique from the Monetary Policy Committee (MPC)...

Agriculture Economy NigeriaSenate Approves Establishment of National Agricultural Development Fund

PilotnewsMarch 24, 2021

ABUJA — The Senate has approved the establishment of the National Agricultural Development Fund for the purpose of providing finance to support strategic aspects of agricultural development of Nigeria. This followed the clause by clause consideration of the report presented by the Senate Committee on Agriculture and Rural Development by the lawmakers during the plenary on Wednesday. According to the News Agency of Nigeria, the chairman of the committee Sen. Abdullahi Adamu had earlier presented...

Economy News Nigeria Oil & GasFG Approves $1.5bn For the Renovation of Port Harcourt Refinery

Bada Yusuf Amoo (Correspondent)March 18, 2021

On Wednesday, the Federal Executive Council approved the plan by the Ministry of Petroleum Resources to rehabilitate the country’s 210,000-barrel-a day Port Harcourt refinery with $1.5bn. The decision was taken at the weekly meeting of the council presided over by President Muhammadu Buhari. This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, to the state House correspondents at the end of the meeting at the Presidential Villa in Abuja. The minister...

Economy News NigeriaNigeria Accrued N32.915tn Public Debt in 2020

Beloved John (Staff Writer)March 17, 2021

Nigeria’s Total Public Debt rose significantly in 2020 after declining steadily for three years since 2017 according to the national Debt Management Office (DMO). As at last December, the total debt which is a combination of both the federal and state government stock stood at N32.915 trillion. This information was disclosed in a press release published on its website on Tuesday. Nigeria’s Total Public Debt as at December 31, 2020 was N32.915 Trillion. The figures...

Business Economy NewsAmid Economic Hardship, CBN Introduces N7 Fee For USSD Transaction

Beloved John (Staff Writer)March 16, 2021

Despite the country’s growing inflation and unemployment rate, the Central Bank of Nigeria has introduced a flat fee of N6.98 per transaction for every Unstructured Supplementary Service Data (USSD) service. This implies that for every time a consumer uses a USSD service, a flat fee of N6.98 will be deducted. In a statement, jointly signed by the apex bank’s acting director of corporate communications Osita Nwanisobi and director of public affairs at the Nigerian Communications...

Economy Money NewsCentral Bank of Nigeria Introduced New Charges For USSD Services

Hassan Umar Shallpella (Regional Correspondent)March 16, 2021

ABUJA — The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data (USSD) services. The apex bank has announced that from Tuesday, customers will pay N6.98 per transaction every time they use USSD services. This was contained in a statement jointly signed by CBN’s Acting Director, Corporate Communications, Osita Nwanisobi, and Director, Public Affairs, Nigerian Communications Commission (NCC), Ikechukwu Adinde. The statement read in part “Effective March...

Economy World NewsDollar Holds Firm in Cautious Trading Before Fed Meets

PilotnewsMarch 16, 2021

TOKYO — The U.S. dollar clung to small gains on Tuesday as caution reigned in currency markets, ahead of major central bank meetings. The meeting begins with a two-day Federal Reserve gathering due to start later in the global day. The greenback hovered just off its highest since June versus the yen and cemented a position around $1.19 per euro in muted trading. The firmer tone for the dollar came despite a retreat in U.S....

Economy Labour News NigeriaReps Summons NLC to Hearing Over Wage Bill

Beloved John (Staff Writer)March 11, 2021

The Nigeria House of Representatives has asked the Nigerian Labour Congress (NLC) to submit its argument against the bill to decentralize minimum wage to the house public hearing. Garba Datti, the lawmaker who had initiated the bill which removes the power to negotiate minimum wage at the federal level urged the NLC to bring forth a constructive argument. The bill titled; An Act to alter the Constitution to transfer minimum wage prescription from the Exclusive...

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President Tinubu Transmits State Police Bill To The House

Bode George Condemns Use Of Judiciary To Suppress Opposition

CDHR Condemns Intensification Of Economic Sanctions Against Cuba By U.S.

Makinde Picks Adamu Bala as Running Mate for 2027 Presidential Election

Travel

Airline: Green Africa has launched zero naira fare campaign

Nigeria Ranks Sixth in 2022 Africa Visa Openness Index

Fuel scarcity: NNPC assures Nigerians of steady petrol supply

Second Niger Bridge Will Be Open Only For Other Vehicles Not Heavy Duty Trucks ― FRSC

Doing Business in United States is Not So Easy

Business News NigeriaNigeria’s Petroleum Resources Minister Demands Reduction Of Fuel Prices

Business News NigeriaCBN Orders Banks to Freeze Accounts Linked to Terrorism Financing

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Resident Doctors Add Four Weeks Ultimatum

FG Approves S-OIRF Disbursement To States Over Ebola Virus Disease

Ebola: Overseas Arrivals through Enugu Must Complete a Health Declaration Form

Plateau state records reduction of Malaria prevalence