Business

The International Monetary Fund, IMF, has said inflation, debt, and forex crisis is pushing the Nigerian economy to the brink. IMF Managing Director, Kristalina Georgieva, noted that ministers of finance and central bank governors disclosed this to her. Georgieva advised countries to raise money from the global financial markets.

Banks borrowed N595.34bn from the Central Bank of Nigeria between January and February. Data showed that while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced to N255.75bn in February.

The Nigeria Union of Petroleum and Natural Gas Workers says it will not hesitate to join in the proposed Nationwide strike, following the prolonged ASUU, NASU and SSANU industrial actions that have left activities in Tertiary Institutions paralyzed. In a statement jointly signed by its National President, Williams Akporeha, and General Secretary, Afolabi Olawale, the Union joined others to condemn the lackadaisical attitude of the Federal Government towards finding a […]

The Organization of the Petroleum Exporting Countries, OPEC, says Nigeria’s crude oil production increased to an average of 1.238 million barrels per day in the month of June 2022. This was contained in the Oil Market Report for July 2022 by OPEC where it was stated that the country’s crude oil production averaged 28.72 million barrels per day in June 2022. It added that the figure is a far cry […]

The Port-Harcourt Area ll Command, Onne, of Nigeria Customs Service has said that it collected a total of N115.264billion from January to June, 2022. A statement issued by the Command’s Public Relations Officer, Ifeoma Ojekwu, noted that the 2022 half-year collection showed a remarkable difference from the N78 billion collected in the first half of 2021 and N46.6 billion collected in the same period of 2020.

The Management of the Benin Electricity Distribution Company has said that there is no legal basis for the takeover of the company following the purported activation of the call on its collateralized shares by a Nigerian Bank. In a statement issued by the Corporate Affairs Officer, Ibeamaka Odoh, in Benin on Thursday, the Company disclosed that all matters relating to the BEDC and the Bank were subjects for litigation before […]

National Conservation Foundation has hinted that the rising sea level problem in Nigeria will get worse if ecological resources are not preserved. The NCF gave the forecast during a panel discussion in Lagos. It added that the continuous reduction in our forest cover has dropped from 35 per cent to four per cent today and continues to fall.

Federal Government has approved N22.45bn for projects in the Ministries of Petroleum Resources and Environment. The Minister of Environment, Muhammed Abdullahi, and the Minister of State, Petroleum Resources, Timipre Sylva revealed this to newsmen in Abuja. Sylva noted that the Council approved N22bn for the provision of a Conference Hostel Facility in Yenagoa.

The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Uba Sani, has reiterated the willingness of the National Assembly to continually support the debt recovery efforts of Asset Management Corporation of Nigeria, AMCON. Sani made this known while speaking at a one-day retreat held in Niger State. The Lawmaker appealed to sister agencies of the Federal government and all Stakeholders to support the recovery drive of AMCON, adding […]