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Wed, Dec

Naira Hits N502/$1 At Parallel Market, Lowest Since 2017

The Nigerian Naira on Friday fell to its lowest level in over four years at the parallel market to N502 to $1, crossing the 500 mark. The Naira also depreciated against the Pound sterling and Euro, at N701 and 608, respectively. This comes two weeks after the Central Bank of Nigeria (CBN) devalued the currency in an effort to ease the naira against foreign currencies.

FG: 75 Companies Bid For Concession of 12 Federal Highways

A total of 75 companies have officially submitted bids to become concessionaires for 12 federal roads under the first phase of the Highway Development Management Initiative (HDMI). This was disclosed at the opening of the Request for Qualification (RFQ) bid by Mrs. Abimbola Asein, Head, Public-Private Partnership (PPP) Unit of the Federal Ministry of Works and Housing.

Despite COVID-19 Challenge, Nigeria Economy Wax Strong – NBS

The National Bureau of Statistics has yesterday revealed that Nigeria’s economy despite challenges posed by the coronavirus pandemic has grown by 0.51% in the first quarter of 2021. In the new report were the results for the two consecutive quarters of growth following the negative growth that send the country into recession in the second and third quarter of last year.

NDPHC, EKEDC Sign MoU To Boost Power Supply To Ibeju-Lekki

The Niger Delta Power Holding Company, NDPHC, has signed an agreement with Eko Electricity Distribution Company Plc, EKEDC, to deliver 300 megawatts of power to Ibeju-Lekki and other franchise areas in Lagos State.

Buhari Approves Four Airports As Speciall Economic Zones

President Muhammadu Buhari has approved the four International airports in Nigeria as Special Economic Zones, Minister of Aviation, Hadi Sirika said on Thursday. The airports are the Murtala Muhammed International Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja; PortHarcourt International Airport, Rivers and Mallam Aminu Kano International Airport, Kano.

FG Has Been Borrowing From Recovered Loot – Finance Minister

The Minister of Finance and National Planning, Zainab Ahmed has revealed that the government has been borrowing from recovered loots to fund the budget. The minister revealed this while appearing before the House of Representatives committee investigating recovered loots on Thursday. The minister, who appeared alongside the Accountant General of the Federation, Ahmed Idris, among other revelations, said that the federal government borrowed from recovered loot to fund its operations, and that the unusual circumstances the country found herself had made it difficult to pay back the loan. Ms. Ahmed, however, said that the government was hoping to pay back in the 2022 budget. The chairman of the committee, Adeogun Adejoro, said that it was imperative for the committee to know the amount of recovered loot and where it was being kept. Ms. Ahmed noted she had no idea of the number of accounts being used to keep the recovered loot. Adding that N50 billion was provided from recovered loot to fund the 2020 budget, adding that there were two types of recovery accounts- interim forfeiture and final forfeiture accounts.

New National Air Carrier To Take Off First Quarter 2022 - Aviation Minister

The Minister of Aviation, Hadi Sirika has revealed today (Wednesday) in a briefing at the State House noting the Federal Government is on a course in providing a national carrier to the country. The Minister noted that the new national carrier which is meant to commence operation by the first quarter of 2022 is long overdue, and expected to be a viable airline with a potential poised to cater to millions of travelers in Nigeria and Africa with possible cheaper rates.

Prices Of Bread and Biscuits Surges By 30%

National President of the Association of Master Bakers and Caterers of Nigeria (AMBCN) Mansur Umar has directed its members to increase prices of bread and other bakeries by 30%, citing an increase in the purchase of baking ingredients and materials; Although, Lagos chapter of AMBCN, Progressive Bakers Association of Nigeria (PBAN) says it will not increase its own prices for the time being.

AfDB, EBRD Partner To Address $2.5Trn Financing Gap In Africa

The African Development Bank Group (AfDB) and European Bank for Reconstruction and Development (EBRD) have partnered, signing a Memorandum of Understanding (MoU) to promote the development of a sustainable private sector in Africa. According to the new partnership, the AfDB and EBRD will capitalize on their respective expertise, focusing on climate change, green and resilient infrastructure, and capital markets development, while bridging the $2.5 trillion annual financing gap.

Petroleum Subsidy: Nigerians To Know Their Faith Today As FG, Labor Conclude Meeting

The Nigerian National petroleum corporation (NNPC) has disclosed that it is not stopping the petroleum subsidy despite the recommendation by state Governors to stop it with immediate effect. According to the NNPC, its authorities are awaiting the outcome of today’s meeting which is to be convened between the organized Labor and the federal government on whether to discontinue the subsidy regime or not.

Total Black Out As TCN Knock Off All 33kv Line In Kaduna

Following an early warning by the National Union of Electricity that it had been directed by the Nigeria Labor Congress to join in the warning strike, they have been a total blackout in Kaduna state which took place midnight Saturday. This is coming after NLC has pleaded with the government of Malam Nasir El-Rufai to revoke its policy of the sack workers ahead of a five-day warning strike which is to commence from midnight today (Sunday).

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