Category: Business
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ICRC Anticipates N185.2 Billion Revenue from Asset Concession in 2023
The Director-General of the Infrastructure Concession Regulatory Commission, Michael Ohiani, has disclosed that various asset concessions are projected to contribute N185.2 billion in revenue to the Federal Government’s treasury account in 2023. Ohiani made this announcement in the commission’s second-quarter bulletin, which was obtained by Saturday PUNCH on Friday. He emphasized that these projects, attracting…
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Promoting Financial Inclusion: PalmPay Advocates for Collaborative Efforts
Advocating for Financial Inclusion: PalmPay Emphasizes the Need for Collaboration September 23, 2023 PalmPay News By Oluwakemi Abimbola PalmPay, a leading financial technology platform, has called for strategic collaborations within the financial sector to drive inclusivity. This call was made during the 2023 annual conference of the Finance Correspondents Association of Nigeria, which centered on…
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Benchmark Index Drops by 0.1% as Equity Investors See N35 Billion Loss
By Milcah Tanimu The Nigerian equities market remained in negative territory on Thursday, causing the All-Share Index to decline by 0.09% and close at 68,271.14 basis points. The bearish sentiment was primarily driven by losses in MTN Nigeria Communication, Access Holdings, and FBN Holdings, even though some stocks like MTN Nigeria Communication gained 0.41%, Access…
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Central Bank of Nigeria (CBN) Delays MPC Meeting Indefinitely
The Central Bank of Nigeria (CBN) has indefinitely postponed the 293rd meeting of the Monetary Policy Committee (MPC). The announcement was made in a release by CBN spokesman Abdulmumin Isa, without providing a specific reason. A new meeting date will be communicated in the future. Originally scheduled for Monday and Tuesday of the following week,…
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Telecom Investment in Nigeria Soars to $77 Billion from $38 Billion in 2023 – NCC
According to Professor Umar Danbatta, the Executive Vice Chairman and Chief Executive Officer (VC/CEO) of the Nigerian Communications Commission (NCC), investment in the telecom sector in Nigeria reached $77 billion by the second quarter of 2023, up from $38 billion. This significant growth contributed 16 percent to the country’s Gross Domestic Product (GDP). During a…
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NIWA Director Expresses Condolences Over Boat Mishaps in Niger and Adamawa States
George Moghalu, the Managing Director of the National Inland Waterways Authority (NIWA), has expressed deep sadness over the recent boat mishaps that occurred in Niger and Adamawa states, resulting in the loss of lives. In a statement, Moghalu described the incidents as tragic and unfortunate. On September 10, a boat carrying over 100 passengers capsized…
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Forex shortage intensifies, pushing Naira to N950 against the dollar.
The naira experienced a further decline against the dollar, reaching 950/$ in the parallel market on Wednesday. This comes after the currency previously closed at 930/$ the day before. In transactions with Bureau de Change (BDC) operators, the naira ranged between 935/$ and 950/$ on Wednesday, compared to its closing rate of 930/$ on Tuesday.…
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FG issues 42 licenses for gas flare commercialization.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the granting of gas flaring licenses to 42 companies as part of the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP). Out of 300 interested companies, these 42 were selected after a rigorous auction process. The licensing aligns with the stipulations in the Petroleum Industry Act, 2021, addressing…
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Customs announces Nigerians can now clear goods at Cotonou ports.
Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, confirmed on Tuesday that Nigerian importers will soon clear their goods at Cotonou ports in Benin Republic. This decision came after a two-day meeting in Abuja with the customs service heads of Benin Republic. The meetings led to several agreements aimed at enhancing trade ties between…
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“Tinubu has no plans to increase tax rates for Nigerians, says Oyedele.”
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed that President Bola Tinubu will not introduce new taxes or increase current rates for Nigerians. Speaking on his X handle, Oyedele, who was appointed by the President in August, elaborated that the committee’s goal is to streamline and reduce taxes…