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FG To Commence Distribution Of 42,000mt Palliative Grains Next Week

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The federal government has said that the distribution of 42,000 metric tons of grains to vulnerable Nigerians will be flagged off by next week in Niger State. Niger State Governor, Umar Bago, who disclosed this after a meeting with the Minister of Agriculture and Food Security ahead of the commissioning of the mechanisation program by the President in the state, said the distribution of the grains will be flagged off in the state as the state will be used as pilot state in the North Central so that the distribution can commence in earnest.

Presidency To Merge EFCC, ICPC, Others

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The Minister of Information and National Orientation, Mohammed Idris, disclosed to pressmen after Monday’s Federal Executive Council (FEC) meeting on Monday, 26th February 2024, that the federal government (FG) is considering merging the nation’s top three anti-corruption agencies—the Economic and Financial Crimes Commission, EFCC, the Independent Corrupt Practices and other Related Offences Commission, ICPC, and the Code of Conduct Bureau.⁣

N30bn Food Crisis Intervention: Makinde Chides Akpabio, Labels Senate President A ‘Liar’

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Oyo State governor and Vice Chairman of the Nigerian Governors’ Forum, ‘Seyi Makinde, has declared that there is no truth in the claim by the President of the Senate, Godswill Akpabio, that states of the federation got additional N30 billion each outside of their statutory revenue allocations, to address the food insecurity challenges in their states.

CBN Revokes Operational Licenses of 4,173 BDCs, Faults Renewal

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The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change operators in the country. According to the bank, the affected institutions did not pay for the renewal of their licenses, file returns, or follow CBN guidelines regarding counterterrorism funding, anti-money laundering, and proliferation finance. regulations. The statement signed by the bank's Director of Corporate Communications, Sidi Ali Hakama, read thus: “The Central Bank of Nigeria (CBN), in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.

Sales of N1.64trn Treasury Bills Bid For Q2’24- CBN

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The Central Bank of Nigeria, CBN, has revealed it plan to sell N1.64 trillion worth of Treasury Bills by the second quarter 2024 (Q2’24). This is contained in the CBN Treasury Bills Issue programme released today, and notified to commence on March 7th, and ends on May 23rd, 2024. During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on 182 days and N1.18 trillion on 364 days. Treasury Bills or T-Bills are short-term debt securities issued by the government to make up for budget deficit and fund projects. It is issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government to control money supply in the economy. 

Blackout: FG Pays $120M Debt To Gas Companies

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The Federal Government has paid over $120 million to offset some of the debts owed to the gas companies (GasCos), for supply of gas to run gas-fired power plants across Nigeria. The Director, Decade of Gas Secretariat, Ed Ubong, revealed this at the ongoing 7th edition of the Nigerian International Energy Summit (NIES 2024) in Abuja on Thursday. "The arrears gas producers are owed as of last year was about $ 1.3 billion. But I am pleased that between October 2023 and the end of January, the government has paid over $120 million to offset some of that money,” Mr Ubong said. Mr Ubong however said the government is also working on a framework that can mitigate most of the failures.

Port Harcourt-Aba Train Service Set To Commence Operations

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The Federal Government (FG) through the Nigeria Railway Corporation (NRC) announced that the Port Harcourt to Aba train service is set to commence operation by the end of March 2024. This was made known by the Managing Director of NRC, Fidet Okhiria during an inspection tour of the facility in Port Harcourt, Rivers State.

CBN Increases Interest Rate From 18.75% To 22.75%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from the previous rate of 18.75%. This was made known to journalists on Tuesday by the CBN Governor, Olayemi Cardoso, immediately after the first MPC meeting of the year.

Nationwide Protest: Labour Disregards DSS Warning, Insist On Protest

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The Nigeria Labour Congress, NLC, has disregards the Department of State Services, DSS, advisory to shelve its planned nationwide protest in the interest of peace and public order.