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Governor of Osun State, Adegboyega Oyetola, has denied reports by the Pandora Papers linking him to multi-billion naira business and property ownership overseas. The Pandora Papers is an investigation carried out by the International Consortium of Investigative Journalists, which exposed shady deals as well as hidden wealth owned by hundreds of politicians and serving heads of governments in countries across the world. According to the investigation, Oyetola was said to have bought a multi-billion naira...

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ABUJA — A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, says that the naira is not appreciating because Nigeria is not a productive economy. Moghalu said this in Abuja on Friday while announcing his defection to the African Democratic Congress, the party on whose platform he is expected to contest the 2023 presidential election. He added that the only thing Nigeria exports is crude oil but the price is not...

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ABUJA — The newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion according to Garba Abubakar, registrar/chief executive officer of the Corporate Affairs Commission (CAC). This was documented in a statement issued by Femi Adesina, the presidential spokesperson. According to the statement, the registrar disclosed this on Friday in Abuja after President Muhammadu Buhari received the certificate of incorporation of the NNPC as a limited liability company. Capitalisation is the...

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KADUNA — Kaduna State Council of Nigeria Labour Congress (NLC) and Textile Workers Union have protested against the alleged plans by the northern governors to sell off the moribund Kaduna Textile Limited. Kaduna Textile Limited which was one of the legacies of the late Premier of Northern Nigeria, Sardauna of Sokoto, Sir Ahmadu Bello was established in 1957 and commenced operations in 1959. The workers, while marking the International Day of Decent Work on Thursday,...

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ABUJA — President Muhammadu Buhari has, on Thursday, October 7, 2021, proposed a budget of N1939 trillion for the year 2022 to the National Assembly. Speaking at the assembly chambers, the President tagged the appropriation bill “a Budget of Economic Growth and Sustainability”. He said the budget will focus on diversifying the economy, with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing...

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The World Bank has projected that Nigeria’s economy could expand by 2.4 percent this year. The new projection is significantly higher than the 1.8 percent forecasted by the bank earlier this year. According to World Bank, within Africa, economic recovery will be multi-speed. The projection was documented by the bank in a report titled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’. World Bank cited Angola, Nigeria, and South Africa as the largest economies...

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ABUJA — President Muhammadu Buhari has blamed Nigeria’s rising debt profile on economic recessions in the country. According to him, the country’s debt is growing consistently because the federal government had to spend its way out of recessions. Buhari disclosed this while addressing a joint session of the national assembly on Thursday. He stated that the economy would not have recovered without the government’s expenditure that was funded by debt. “As you are aware, we...

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ABUJA — The cost of petrol subsidy depleted revenue that should have been available to fund the 2021 budget according to President Muhammad Buhari. The president who spoke on Thursday while presenting the 2022 appropriation bill at the national assembly, said an increase in the pump price of petrol was due to opposition from the labour unions and other stakeholders. He noted that the subsidy significantly destroyed revenues that should have been available to fund...

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ABUJA — Senate President Ahmad Lawan has said with the confirmation of the board members of the newly created Nigerian Upstream Regulatory Commission, the Department of Petroleum Resources (DPR) has been scrapped. After the confirmation of the board members on Wednesday, Lawan said with the Petroleum Industry Act (PIA) and the confirmation of the nominees sent to the Senate by President Muhammadu Buhari, said the new commission would take over the functions of the defunct...

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ABUJA — The Federal Executive Council (FEC) has approved the 2022 Appropriation Bill for an aggregate expenditure of N16.39 trillion for presentation to the National Assembly by President Muhammadu Buhari today Thursday. Zainab Ahmed, Minister of Finance, Budget and National Planning, made this known when she briefed State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari, on Wednesday in Abuja. On the approved 2022 Appropriation Bill for an...

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