Wed, Dec

Just In: Buhari Appoints Chairman, Executive Secretary For PPPRA

President Muhammadu Buhari has approved the appointment of Mr. Atuonwo A. Obinna and Mr. Abdulkadir Saidu as Chairman and Executive Secretary, respectively for the Petroleum Product Pricing Regulatory Agency (PPPRA). The appointment was disclosed in a statement by presidential spokesperson, Mr. Femi Adesina, noting that Saidu was reappointed as Secretary for another four years.

LGAs, States, And FG Share N605.958 Billion For May 2021

The Federation Accounts Allocation Committee (FAAC) on Wednesday at its virtual meeting disbursed a total sum of N605.958bn as federation allocation for the month of May to the three arms of government. From the above amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government, got N242.120bn, the States received N194.19bn, and Local Government councils got N143.742bn, while oil-producing states received N26.901bn as derivation. These were revealed in a statement issued in Abuja by the spokesperson of the Federal Ministry of Finance, Budget, and National Planning, Charles Nwodo. The communique issued by the committee at the end of the meeting specified that the Gross Revenue available from the Value Added Tax for May was N181.078bn as against N176.710bn distributed in April, resulting in an increase of N4.368bn.

Threatened Strike By NUPENG, PENGASSAN Over Sacked Chevron Workers

The joint executive council of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to commence an industrial action against Chevron Nigeria Limited (CNL) without further notice.

NSE Ends Week In High Hopes With Naira Gaining Against The Dollar

Nigeria’s stock exchange (NSE) market which is currently valued at N20.13 trillion ended the day's trading session in high hopes with the All-Share Index making a 0.09% increase to close at 38,648.91 from 38,615.11. As the NSE ended the week on high, the exchange rate between the naira and the dollar at the parallel market strengthened, rising from N503/$1 to N485/$1.

Central Bank of Nigeria To Unveil Digital Currency Before December

The Central Bank of Nigeria (CBN) has revealed its plan on launching a digital currency, this was disclosed by the Director of the Information Technology Department, Rakiyat Mohammed at the end of the 306th Bankers' Committee meeting.

Air Peace Takes Delivery Of New Aircraft As FG Gives Waivers For New Planes

Air Peace airline has on Thursday received the third brand new Embraer 195-E2 aircraft out of the 13 new aircraft expected to be delivered to the airline by the Embraer Aircraft Manufacturing Company in Brazil. Chairman of Air Peace airline, Allen Onyema said this during the delivery ceremony at the Nnamdi Azikiwe International airport in Abuja, adding that two additional aircraft are expected to be delivered by August. The purchase of the new aircraft comes after the Federal Government’s waiver of customs duty on airlines, encouraging the airline’s purchase of new aircraft for better operations and the improvement of the aviation sector.

Buhari Commissions Lagos-Ibadan Railway Project

President Muhammadu Buhari has on Thursday commissioned the 157 kilometres Lagos-Ibadan standard gauge rail line for commercial operations at the Ebute Metta terminal of the Mobojaji Johnson railway station in Lagos State. According to Femi Adesina, presidential spokesperson, the project was established to reduce the heavy traffic congestion on the Lagos-Ibadan highway. Speaking during the inauguration, Buhari noted that the railway project was another milestone achieved by the present administration in its efforts of revitalizing the transportation system for both passenger and freight.

The Nigerian Economy Is Gradually Recovering From Negative Impact Of COVID-19 – IMF

The International Monetary Fund (IMF) said on Thursday that Nigeria’s economy has started to gradually recover from the negative impact of COVID-19 but noted that both unemployment and inflation rates remain elevated. The IMF, in a statement at the end of its virtual meetings with the Nigerian authorities to converse recent economic, financial developments and outlook described the recent removal of the official exchange rate from the Central Bank of Nigeria (CBN) website as “encouraging”. It was revealed that following the sharp output contractions in the second and third quarters, gross domestic product (GDP) turned positive in Q4 2020 and growth reached 0.5 percent year-on-year in Q1 2021 supported by agriculture and services sectors. “Nevertheless, the employment level continues to fall dramatically and, together with other socio-economic indicators, is far below pre-pandemic levels. Inflation slightly decelerated in May but remained elevated at 17.9 percent, owing to high food price inflation,” the statement reads.

FEC Approves N895bn 2021 Supplementary Budget

The Federal Executive Council has approved the 2021 supplementary budget draft of eight hundred and ninety-five billion Naira N895 billion. This was revealed by the Minister of Finance, Zainab Ahmed while briefing State house correspondents after the council meeting which was presided over by President Muhammadu Buhari, in Abuja on Wednesday. Mrs Ahmed noted that the approval was based on the need for funding to ensure that Nigeria is able to meet its commitment under the Nigerian Comprehensive AIDS programme. She further stated that the supplementary budget will be utilized on security, Covid-19 vaccines, salaries and other health-related expenditure as well as a recurrent component of the defence and security expenditures. “Today the Federal Minister of Finance, Budget and National Planning presented to council a proposal to seek approval for the draft Federal Government of Nigeria 2021 supplementary budget.” She said.

President Buhari Flags-Off Long-Awaited Train 7 Project

President Muhammadu Buhari on Tuesday flagged off a long-awaited project to construct Train 7 project in Bonny Island, Rivers state. The flag-off for the construction work for the Nigerian Liquefied Natural Gas (NLNG) came amidst uneasy calm trailing last week Thursday’s protest by the host Finima community. President Buhari during the virtual event had sought stakeholders cooperation to ensure completion of the Train 7 project “safely and on time” to pave way for a Train 8 expansion, but leaders in Finima insist they won’t lend support to the project till NLNG accords to the community desires host status. The project was delayed last year following the impact of COVID-19-induced economic slowdown and lower gas demand worldwide. The Train 7 project is a joint venture consortium that seeks to boost Nigeria’s Liquefied Natural Gas (LNG) output to 30 million tons per annum (mtpa) from 22 mtpa. On May 13, 2020, NLNG had awarded the engineering, procurement, and construction (EPC) contracts for the Train 7 project to SCD JV Consortium, comprising affiliates of Saipem, Chiyoda, and Daewoo.

FG Shortlists 550,000 N-Power Applicants For Final Stage

The Federal Government said it has shortlisted about 550,000 applicants out of 1.8 million Batch C applicants for the final stage of the N-Power Programme. The above was made public by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq, at a press briefing on Tuesday, in Abuja. This follows the launching of the National Social Investment Management System (NASIMS) for the Batch C applicants on March 11, 2021. Hajiya Farouq also said that the successful candidates are being contacted via email addresses.

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