FG To Increase Power Supply By 90%

Minister of Power, Adebayo Adelabu, while on a working visit to different power projects in Lagos confirmed that the Federal Government has placed strategies in place that will boost electricity generation capacity by 90%, hence moving from 3,500 megawatts to 6,500 megawatts within the next three (3) to six (6) months. The minister also noted that this increase will not only improve the power supply nationwide but will also satisfy the increasing energy needs. 

Paris Club Fraud: S.Court Delivers Judgment June 7 On Alleged N3.5bn

The appellant is challenging the judgment of the Court of Appeal ordering the forfeiture of the money to the Federal Government of Nigeria, being proceeds of an unlawful activity in the Paris Club Fund involving Melrose General Services Limited.

Strengthen Naira: Presidency Urges Nigerians To Buy Made-in-Nigeria Products

The Presidency urged Nigerians on Friday to buy made-in-Nigeria goods and services in order to strengthen the gains made by the Naira in the foreign exchange market. This was disclosed to State House journalists by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, who stated that a stronger naira would complement the new minimum wage.

CBN Donates N100bn Fertilizer To Boost Food Production

In a bid to mitigate the surge in food prices and improve food production, the Central Bank of Nigeria (CBN) has given 2.15 million bags of fertilizer, valued at over N100 billion to the Federal of Agriculture and Food Security to be distributed to farmers across the country. This is as the minister of Agriculture and Food Security, Abubakar Kyari yesterday confirmed receiving the 2.15 million bags of fertilizer allocated by the CBN to boost food production. The CBN governor Olayemi Cardoso announced the donation yesterday in a new collaboration with the Ministry of Agriculture for the implementation of policies that cultivate a resilient macroeconomic environment. He added that the investment in agriculture would increase food production and reduce inflation, currently at 29.9 percent.

Edo, Delta, Ondo, Ekiti Eyes BEDC Takeover

Edo, Delta, Ondo, and Ekiti state governments expressed their intention to the Nigerian Electricity Regulatory Commission (NERC) to possibly take regulatory control of the Benin Electricity Distribution Company (BEDC) by March 31, 2024. The BEDC states in a unified correspondence to NERC claimed this initiative is a result of operational challenges and failures in service delivery by the Disco within their respective states.

Blackout: FG Directs NERC to Revoke Licenses of Non-Performing DisCos

The Federal Government through the Minister of Power, Chief Adebayo Adelabu has on 11th March 2024, issued a directive to its agencies regulating the power sector, instructing the Nigerian Electricity Regulatory Commission (NERC), to withdraw licenses of electricity distribution companies for non-performance. Chief Adelabu during a meeting with the head of the agencies in Abuja faulted the DisCos for not doing enough despite the availability of power on the national grid to supply quality electricity. More so, stressing that NERC must look for creative ways of getting the DisCos to improve supply including the imposition of stiff sanctions on utilities that fail to pick their allocations and outright cancellation of licenses.

Earnings From Foreign Taxes Doubled In 2023 - NBS

Nigeria's revenue from foreign-related Value Added Tax (VAT) increased by 61% to N824.6 billion in 2023. In its recent release, the National Bureau of Statistics (NBS) disclosed that this represents a huge increase from N510.8 billion in 2022. According to the data released, the Corporate Income Tax (CIT) from foreign increased by 107%, moving from N1.14 trillion in 2022 to N2.38 trillion in 2023. While the increase in tax revenue is a huge boost, experts believe that this boost will not make a huge impact on the economy, as they suspect the weakening of the naira, which has increased the local currency’s value of foreign transactions for non-import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.

Hardship: Tinubu Urges State Gov. To Implement Wage Award

President Bola Tinubu has urged the 36 state governors to commence the payment of wage awards to workers in their various states, while the new minimum wage is decided upon. Tinubu who made this appeal on Monday during a working visit to Minna, Niger State capital, noted that proper implementation would lessen the hardship in the country.

Zenith Bank Appoints Umeoji As New GMD/CEO

Zenith Bank has appointed Umeoji Adaora as its new Group Managing Director (GMD) and Chief Executive Officer (CEO). This was disclosed by the bank on Tuesday in a corporate filing on the Nigerian Exchange Group (NGX), which stated that her appointment will take effect from June 1, 2024. The bank stated that Umeoji has over 26 years of banking experience with Zenith Bank and she is the first female to be appointed as GMD/CEO.

FG Halts Implementation of Expatriate Levy

The Federal Government through the National President, of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Kelvin Oye has announced the suspension of the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service. Director, of Press and Public Relations in the Ministry of Interior, Ozoya Imohimi announced this in a statement on Friday night. He said the Minister of Interior, Dr. Olubunmi Tunji-Ojo had met with a delegation led by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, to address concerns and seek clarification on the recently launched Expatriate Employment Levy (EEL) guidelines.