FG Commences Disbursement of Palliative Loans

The Federal Government (FG) via the Ministry of Industry, Trade and Investment has commenced the disbursement of the N200 billion Presidential Conditional Grant Scheme which was disclosed by the Minister of Industry, Trade and Investment, Doris Aniete through her official X (formerly Twitter) page. She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.

CBN Sells Dollars To BDCs at N1,101/$1, Bans Use Of Foreign Currency as Collaterals

The Central Bank of Nigeria (CBN) in its latest circular dated 8th of April 2024, notified Bureau De Change operators (BDCs) of the sale of $10,000 to each BDC at a rate of N1,101/$1, while also banning the use of foreign currency-denominated collaterals for naira loans; except under specific conditions. While directing BDC operators to sell to eligible customers at a spread of not more than 1.5 percent above the purchase price, the CBN asked operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

NCAA Suspends Operating Licenses of Three Private Jet Owners

The Nigerian Civil Aviation Authority (NCCA) has revealed through its Acting Director-General, Chris Najomo the suspension of the operating license of three private jet owners for carrying out commercial flight operations, as against the annexure provision of their PNCF and Part 9114 of the Nigeria Civil Aviation Regulations. This announcement was made by Najomo in Lagos today during the presentation of the agency's project for 2024. To ensure strict compliance with directives, the authority deployed its officials to monitor the activities of private jets at terminals across the airports in the country and as a consequence of this heightened surveillance.

Nigeria's Foreign Reserve Declines BY $1.02 Billion In 18 Days

Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline by approximately $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defense of the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had plummeted to $33.50bn, based on the latest data from the CBN. Prior to the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn. The apex bank attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

Import Duty Exemption Certificates Monitoring, Evaluation Automated- FG

The Federal Government of Nigeria has guaranteed electronic monitoring and evaluation framework to the process of granting Import Duty Exemption Certificates (IDEC) to private companies and government establishments towards reducing tax expenditures.

New Electricity Tariff: NERC Fines AEDC N200Mn

The Nigerian Electricity Regulatory Commission (NERC) has fined the Abuja Electricity Distribution Plc (AEDC) N200million for violating the new electricity tariff order. This was made known in a statement by NERC issued on Friday which reads, “The Nigerian Electricity Regulatory Commission (“Commission”) has taken enforcement action against the Abuja Electricity Distribution Plc (“AEDC”) for non-compliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for AEDC (the “Order”).

Nigeria Inflation Surges to 33.2% In March

According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Monday, Nigeria's Inflation rate spiked in March 2024 reading 33.2 percent as against February which was 31.70 percent. “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS. “On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. “On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

Bobrisky Arrives Court for Money Laundering Trail

Nigerian cross-dresser, Idris Okuneye aka Bobrisky, has arrived at the Federal High Court in Ikoyi, Lagos, for his arraignment on money laundering and naira abuse allegation scheduled to take his plea before the vacation judge, Justice Abimbola Awogboro. The crossdresser, who had been in the EFCC detention since Wednesday night, failed to meet the administrative bail offered to him on Thursday.
Recall that the cross-dresser was arrested on Wednesday night for allegedly spraying and stepping on naira notes.

NIMC: Banks To Issue New GMPC National Identity Card

The National Identity Management Commission (NIMC) in a statement signed by the Head of Corporate Communications of NIMC, Kayode Adegoke disclosed that the new General Multipurpose Card (GMPC) will be issued to applicants through their respective banks. The statement reads, “The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by the Nigerian Interbank Settlement System (NIBSS).

FG Hike Electricity Tariff By 300%

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase of 300 per cent electricity tariff for Band ‘A’ consumers in the country. The power Distribution Companies (DisCos) will be allowed to raise electricity prices to N225 ($0.15) per kilowatt-hour from N68 for urban consumers, effective from April 1, 2024.