Telecom Costs Rise by 50% as NCC Implements Tariff Hike After 12 Years

BusinessNewsNigeriaTelecommunicationTelecom Costs Rise by 50% as NCC Implements Tariff Hike After 12 Years

By Ezinwanne Onwuka (Senior Reporter)January 20, 2025

The Federal Government, on Monday, approved a 50 per cent increase in telephone tariffs, marking the first adjustment in 12 years. The decision was announced by the Nigerian Communications Commission (NCC) in a statement signed by its Director of Public Affairs, Reuben Muoka. The NCC explained that the tariff hike was necessitated by the rising operational costs faced by telecom operators, including naira devaluation, forex instability, vandalism, and insecurity. Telecom operators had for years pushed...

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774 Local Governments To Open Dedicated Accounts With CBN

BusinessNewsNigeria774 Local Governments To Open Dedicated Accounts With CBN

Hassan Umar Shallpella (Regional Correspondent)January 20, 2025

The Association of Local Governments (ALGON) has said 774 local governments in the country are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account. Bello Lawal Yandaki, National President of the Association, who spoke with reporters in Katsina, the capital of Katsina State said the opening of the account is critical to implementing the Supreme Court ruling on direct allocations to the councils....

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Festive Season Drives Inflation to 34.80% in December

BusinessEconomyNewsNigeriaFestive Season Drives Inflation to 34.80% in December

By Ezinwanne Onwuka (Senior Reporter)January 15, 2025

Nigeria’s inflation rate increased for the fourth consecutive month, reaching 34.80 per cent in December 2024, compared to 34.60 per cent recorded in November. This was disclosed by the National Bureau of Statistics (NBS) in its latest report released on Wednesday. The NBS attributed the rise to heightened demand during the festive season, with food and non-alcoholic beverages being the key contributors to the surge. Despite the rise in overall inflation, food inflation slightly eased...

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Mubi Livestock Market Supplies 29M Animals To Lagos Annually – Gov Fintiri

BusinessNewsNigeriaPoliticsMubi Livestock Market Supplies 29M Animals To Lagos Annually – Gov Fintiri

Hassan Umar Shallpella (Regional Correspondent)January 10, 2025

Adamawa State governor, Ahmadu Umaru Fintiri said the Mubi livestock market supplies 29 million animals to Lagos annually, generating N29 billion in revenue. Fintiri disclosed this during a meeting with the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, commended President Bola Ahmed Tinubu for creating the Ministry of Livestock Development and appointing Maiha as Minister. He emphasized the significant contribution of the livestock industry to the state’s economy. He called on the federal government...

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NBS to Capture Prostitution, Drug Trade in Nigeria’s GDP Calculation

BusinessNewsNigeriaNBS to Capture Prostitution, Drug Trade in Nigeria’s GDP Calculation

By Ezinwanne Onwuka (Senior Reporter)January 10, 2025

The National Bureau of Statistics (NBS) has announced plans to include illegal and hidden activities such as prostitution and drug peddling in the calculation of Nigeria’s Gross Domestic Product (GDP). This disclosure was made at a sensitisation workshop on GDP and Consumer Price Index (CPI) rebasing, organised in collaboration with the Nigerian Economic Summit Group (NESG). Speaking at the event, the Statistician General of the Federation, Prince Adeyemi Adeniran, explained that the rebasing exercise is...

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Warri, Kaduna Refineries Still Idle Despite $2.9 Billion Allocation – CSOs

BusinessNewsNigeriaOil & GasWarri, Kaduna Refineries Still Idle Despite $2.9 Billion Allocation – CSOs

Uzoamaka Ikezue (Staff Reporter)December 12, 2024

Human rights lawyer, Chief Femi Falana (SAN) and a coalition of 145 Civil Society Organisations (CSOs) have expressed concerns over the $2.9 billion reportedly allocated for the rehabilitation of Nigeria’s three local refineries, Warri, Kaduna, and Port Harcourt. The coalition has called on the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation Limited (NNPCL), Mallam Mele Kyari, to address the pressing questions surrounding the utilization of the funds. They are demanding detailed...

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Nigerian Immigrants Account For Highest Diaspora Remittances In West Africa – Shettima

BusinessNewsNigeriaNigerian Immigrants Account For Highest Diaspora Remittances In West Africa – Shettima

Uzoamaka Ikezue (Staff Reporter)December 10, 2024

…Says FG Returned 10,000 Citizens Detained For Sundry Migration Offences In 2024 Vice President Kashim Shettima has expressed support for migration of citizens from one part of the world to another. According to the Vice President, migration is a major contributor to national and global development, says Nigerian immigrants account for highest diaspora remittances in West Africa. He noted that migration goes beyond crossover from one geographical location to another but a system of fostering economic...

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Nigeria’s VAT Revenue Hits Record N1.78 Trillion in Q3 2024

BusinessNewsNigeriaNigeria’s VAT Revenue Hits Record N1.78 Trillion in Q3 2024

By Ezinwanne Onwuka (Senior Reporter)December 9, 2024

Nigeria’s Value Added Tax (VAT) revenue for the third quarter of 2024 reached an all-time N1.78 trillion. This marks a 14.16 per cent growth compared to the N1.56 trillion collected in the previous quarter. This growth reflects the government’s efforts to expand its revenue sources beyond oil. A detailed breakdown of the Q3 2024 VAT figures shows that local payments contributed N922.87 billion, foreign VAT payments accounted for N448.85 billion, while import VAT added N410.62...

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Community Fault Claims By NNPCL On Port Harcourt Refinery

BusinessNewsNigeriaOil & GasCommunity Fault Claims By NNPCL On Port Harcourt Refinery

Hassan Umar Shallpella (Regional Correspondent)November 29, 2024

Alesa community stakeholders have alleged that the petroleum products loaded from the recently revived Port Harcourt Refinery were not newly refined but petrol products left in the storage tank of the facility in the last three years. Timothy Mgbere, the Secretary of the community disclosed this during on Arise TV on Thursday, noting that the Nigerian National Petroleum Company Limited told Nigerians many lies about the revived refinery. He dismissed NNPCL’s position that the Port...

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CBN Raises Interest Rate to 27.50% as Inflation Persists

BusinessNewsNigeriaCBN Raises Interest Rate to 27.50% as Inflation Persists

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

The Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 27.25 per cent to 27.50 per cent to address the nation’s persistent inflation. This decision was announced during the Monetary Policy Committee, MPC, meeting held at the apex bank’s headquarters in Abuja on Tuesday. The MPR is the benchmark interest rate used by the CBN to regulate lending and borrowing in the economy. By raising the MPR, the CBN aims to...

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