CBN Increases MPR To 16.5% To Tackle Inflation

The Central Bank of Nigeria has increased the Monetary Policy Rate from 15.5 percent to 16.5 percent in other to control inflation and ease pressure on the naira, making it the fourth consecutive increase this year. This was revealed by the CBN governor Godwin Emefiele at the end of the Monetary Policy Committee Meeting held in the nation’s capital on 22nd November 2022. Mr. Emefiele said the decision to raise the rate was a unanimous one as all 11 members of the MPC voted in favor of an increase.
He said the decision was made tame inflationary pressure which was expected to rise due to end-of-year spending as well as election-related spending.

Domestic Airlines Takes FG To Court

Airline operators which include Azman, Air Peace, Max Air, Tropbrass Aviation, and United Nigeria as requested the Federal High Court of Nigeria in Lagos to terminate the government's national deal with Ethiopian Airlines. The domestic airlines have filed a suit against the FG seeking among others that the national carrier deal be stopped and the Air Transport License being issued to Nigeria Air by Nigerian Civil Aviation Authority be withdrawn, stating that firm which served as Transaction Adviser for the deal was incorporated in March 202. They also demanded an order of N2bn only as damages “for the injury suffered by the Plaintiffs and still suffering as a result of the wrongful exclusion of the Plaintiffs, wrongful action; unlawful bidding and selection processes and their wrongful projection of the plaintiffs as not having properly, rightly and timely bid for the Nigeria Air project.”

President Buhari Flags-Off Oil Mining Project

President Muhammadu Buhari and relevant stakeholders flagged off the Kolmani Integrated Development Project (KIPRO) located on the boundary of Bauchi and Gombe States, the first official crude oil drilling site in the Northern region of the country. The President performed the official-ground breaking ceremony of the Kolmani Oil Prospecting Lease (OPL) 809 and 810 at the Kolmani River II Oil Well.

TCN Capacity To Increase By 1000 Megawatts- FG

The Federal Government through the Minister of Power, Mr. Abubakar Aliyu has revealed plans of increasing the wheeling capacity of the Transmission Company of Nigeria (TCN) by over 1000 Megawatts to improve electricity supply. This was disclosed during the 'Abuja Ring Project' which was executed on 11th November 2022 in the nation's capital. He said that the projects which are six in number were made up of lines and substations, adding that when completed it will increase TCN’s willing capacity by over 1000 Megawatts (MW). ”The project is about six and they are over 90 percent completed and hope to be completed Nov, Dec, the contractor is chasing the completion date and when completed it will increase power supply in Abuja and environ.

Naira Redesign: CBN Unveils Countdown Clock

In a bid to remind Nigerians of the proposed Naira redesign of N200, N500, and N1,000 notes, the Central Bank of Nigeria (CBN) has unveiled a countdown clock on its website. The apex bank previously announced in October that the new Naira notes will be released for circulation on December 15, 2022. It stated that both the old and new Naira notes would remain legal tender from December 15, 2022, to January 31, 2023, however, the old Naira notes will no longer be regarded as legal tender from January 31, 2023.

NNPC MD Mele Kyari Reports Threat To Life

_{The Group Managing Director (GMD) of the Nigeria National Petroleum Company (NNPC Ltd), Mr Mele Kyari, has cried out that he is receiving death threats as a result of the ongoing reformation in the NNPC. Kyari made the revelation on Wednesday in Abuja at the Legislative Transparency and Accountability summit organised by the House of Representatives Committee on Anti-Corruption tagged ‘Enhancing Transparency and Accountability in the Oil and Gas Sector: Challenges and Prospects.’}

Oil Theft Responsible For Worsening Unemployment - Dr Chris Ngige

The Federal Government has blamed the menace of crude oil theft for being responsible for the worsening unemployment situation in the country. The Minister of Labour and Employment, Dr Chris Ngige, said this while declaring open the 8th Meeting of the National Employment Council on Friday in Abuja.

FIRS Approves VAT Collection By MTN, Others

The Federal Inland Revenue Services (FIRS) has permitted telecommunications companies such as MTN and Airtel, and Deposit Money Banks (DMBs) to deduct Value Added Tax (VAT), charged on all taxable supplies (goods and services) made to them and remit the VAT to the tax agency. This was made known in a statement signed by the Executive Chairman, FIRS, Muhammad Nami, which “explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax”.

Visa Ban: Air Peace Set To Suspend Flights To Dubai

Air Peace has announced its plans to suspend flight operations to Dubai, United Arab Emirates (UAE) due to the non-issuance of visas to Nigerians by Emirati authorities. This was made known in a statement by Air Peace which reads as follows: “We hereby inform the public, especially our Dubai passengers that effective from Tuesday, November 22, 2022, we shall be suspending our Dubai operations till further notice.

Naira Note Redesign: CBN Issues New Directives On Bank Accounts

The Central Bank of Nigeria (CBN) has directed all banks in the country, that individuals can only make a deposit of 5 million naira for a new account and 50 million naira for an old account monthly. This directive was issued by the CBN Director of Currency, Ahmed B. Umar, stating that this development was a result of the new redesigned note which is to take effect next month. According to Umar, individuals whose transaction involves a new account can only make a maximum deposit of N5 million, while those operating an old account can only make a maximum deposit of N50 million monthly. More so, stating that those with multiple accounts will be monitored via the Bank Verification Number (BVN). Noting that those who hoarded large sums of naira notes stand a chance of losing.