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Saturday, 21 December 2024 04:53

P’Harcourt refinery shuts down less than one month after recommissioning

Less than one month after the Port Harcourt Refining Company appeared to have resumed production, the facility has stopped working. Our correspondent, who visited the refinery on Thursday, December 19, 2024, observed that the lifting of Premium Motor Spirit (petrol) had stopped. It was gathered that lifting of petrol actually stopped since December 13, as the 18-arm loading bay of the new Port Harcourt refinery was empty. While about 18 trucks littered the stretch of the busy road leading to the refinery itself, nine trucks were spotted inside the parking yard, while the loading bay was empty. The depot, which…

Saturday, 21 December 2024 04:51

Appeal Court limits Customs' power to seize imported rice

The Kaduna Court of Appeal has ruled that the Nigeria Customs Service (NCS) cannot seize foreign rice from markets or highways, limiting their enforcement authority to land borders only. The December 6 judgment, delivered by a three-member panel led by Justice Ntong Ntong, upheld a lower court's decision that acquitted businessman Suleiman Mohammed of illegal rice importation charges. The case stemmed from a 2019 incident where customs officials seized Mohammed's truck containing 613 bags of foreign rice and 80 bags of millet on the Kaduna-Zaria expressway. The federal high court initially acquitted Mohammed in 2021, ruling that customs failed to…

Thursday, 19 December 2024 04:56

Hackers compromise National Bureau of Statistics website

Hackers have breached the website of the National Bureau of Statistics (NBS), rendering it temporarily inaccessible. As of Wednesday evening, visitors to the official site — www.nigerianstat.gov.ng — were met with a message reading, “Page hacked” on a blank white background. The NBS confirmed the cyberattack in a statement posted on X (formerly Twitter), urging the public to disregard any content appearing on the website until it is fully restored. “We wish to inform the public that the NBS Website has been hacked, and we are actively working to recover it. Please disregard any messages or reports posted until the…

Thursday, 19 December 2024 04:55

Nigeria’s internet subscriptions in hit 134.8m in October 2024

Nigeria's telecommunications sector continued its growth trajectory as internet subscriptions reached 134.78 million in October 2024, according to the latest industry report from the Nigerian Communications Commission (NCC). This represents an increase of 1.88 million subscribers from September's figure of 132.9 million. The report shows that mobile (GSM) services dominated the market with 134.27 million subscribers, with the remainder using fixed wired and VoIP connections. Most major telecom operators saw subscriber growth, with MTN Nigeria leading the pack. Subscriber Breakdown by Provider: - MTN Nigeria: 69.52 million (up 1.13 million) - Airtel: 45.47 million (up 678,219) - Globacom: 17.10 million…

Wednesday, 18 December 2024 04:44

Foreign tech giants paid N3.85trn in taxes in 9 months

In a significant fiscal development, major international technology companies, including Google, Facebook, Netflix, and others, have paid N3.85 trillion in taxes to the Nigerian Federal Government during the first nine months of 2024. Tax Collection Highlights: - 68.12% increase from N2.29 trillion in the same period of 2023 - Comprises Company Income Tax (CIT) and Value Added Tax (VAT) - Quarterly progression shows consistent growth in tax revenues Detailed Tax Breakdown: 1. Company Income Tax (CIT) - Total collection: N2.57 trillion - 43.65% increase from N1.789 trillion in 2023 - Quarterly progression: * Q1: N598.13 billion * Q2: N1.12 trillion…

Tuesday, 17 December 2024 04:47

Inflation surged to 34.60% in November, driven by food prices

Nigeria's inflation rate climbed to 34.60% in November, according to the National Bureau of Statistics (NBS), marking a continued upward trajectory in the country's economic challenges. The report reveals an increase of 0.72 percentage points from October's 33.88% inflation rate. Compared to November 2023, the current inflation rate is significantly higher, jumping 6.40 percentage points from the previous year's 28.20%. Food inflation has been particularly stark, reaching 39.93% year-on-year, which is 7.08 percentage points higher than November 2023's 32.84%. The surge is attributed to price increases in key food categories, including: - Tubers like yams and potatoes - Grains such…

Monday, 16 December 2024 04:57

FG exceeds 2024 borrowing target by N4trn

As President Bola Tinubu prepares to present the 2025 national budget to the National Assembly, the Federal Government is poised to significantly overshoot its domestic borrowing target for 2024 by N4 trillion, representing a 67% increase from the initial budget projection. The escalating borrowing comes despite widespread concerns about the nation's mounting debt burden. Preliminary data reveals that the government has already borrowed N8.93 trillion from domestic investors in the first eleven months of 2024, compared to the planned N6 trillion for the entire year. Current borrowing trends suggest that total borrowing could reach N10 trillion by year-end. This borrowing…

Monday, 16 December 2024 04:56

Mali, Burkina Faso, and Niger say no going back on decision to leave ECOWAS in January

The leaders of the Economic Community of West African States (ECOWAS) have agreed to extend a six-month grace period for Mali, Burkina Faso, and Niger, giving them time to reconsider their planned departure from the regional bloc. The decision follows a summit on Sunday, where ECOWAS leaders sought to address the countries’ scheduled exit, set for January 29, 2024, exactly one year after the three nations announced their intention to leave. The exit marks a significant reversal of decades of regional integration. Despite ECOWAS efforts, the junta-led governments of Mali, Burkina Faso, and Niger—located in the insurgency-ravaged Sahel—have increasingly distanced…

Sunday, 15 December 2024 05:06

Nigeria significantly reduces IMF debt, pays $1.22bn in 9 months

Nigeria has made substantial progress in repaying its International Monetary Fund (IMF) debt, paying $1.22 billion over three consecutive quarters from late 2023 to mid-2024. The payments have dramatically reduced the country's outstanding debt to the IMF. The debt repayment breakdown shows: - Q4 2023: $401.73 million - Q1 2024: $409.35 million - Q2 2024: $404.24 million These payments have resulted in a significant reduction of Nigeria's IMF debt, dropping from $3.26 billion in June 2023 to $1.16 billion by June 2024 – a 64.42% decrease within one year. The loan originated in April 2020 when the IMF disbursed $3.4…

Sunday, 15 December 2024 05:05

CBN threatens ₦150m fine against banks caught in sales of new Naira notes

The Central Bank of Nigeria (CBN) has announced a ₦150 million fine for Deposit Money Banks (DMBs) found guilty of facilitating the illicit distribution of newly minted naira notes to currency hawkers. This decision comes as part of the CBN’s ongoing efforts to curb the illegal flow of mint naira notes into the hands of unauthorized traders. In a circular issued on Friday, signed by Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department, the central bank expressed concern over the growing prevalence of mint naira notes being sold by hawkers, which disrupts the proper distribution of cash to…

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Saturday, 14 December 2024 04:52

FAAC: FG, states, LG share N1.72trn for Nov 2024

The Federation Account Allocation Committee (FAAC) distributed a substantial N1.72 trillion among Nigeria's three tiers of government in November 2024, marking a significant increase of N310 billion from October's allocation. Key Highlights of the November Allocation Overall Financial Breakdown - Total gross allocation: N3.14 trillion - Distributable amount: N1.72 trillion Distribution by Tier - Federal Government: N581.85 billion - State Governments: N549.79 billion - Local Governments: N402.55 billion Notable Financial Components - Oil-producing states received N193.29 billion (13% derivation) - Cost of collection: N103.3 billion - Transfers, intervention, and refunds: N1.31 trillion Revenue Streams Gross Statutory Revenue - November 2024:…

Friday, 13 December 2024 04:57

Nigeria moves closer to state policing as all 36 states back proposal

All 36 Nigerian states have now agreed to the creation of state police, according to Governor Uba Sani of Kaduna, who announced this after the 146th National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima. The decision comes amid escalating security challenges across Nigeria, including insurgency, banditry, and separatist violence in various regions. Governor Sani highlighted the critical need for state police, noting that current national security agencies lack sufficient personnel to cover the entire country. "Knowing fully well that we have a lot of ungoverned space in Nigeria, and also that we have a deficit in…

Friday, 13 December 2024 04:54

Pension Fund assets surge to N21.92trn as PenCom reveals strategies to combat economic challenges

The National Pension Commission (PenCom) has reported a significant growth in Nigeria's pension fund assets, reaching N21.92 trillion as of October 2024, with 10.53 million registered contributors, PenCom Director General Omolola Oloworaran announced on Thursday. Key Highlights: - Pension fund assets increased by N1.113 trillion from July's N20.79 trillion - Total registered contributors reached 10.53 million - Ongoing efforts to protect fund value amid economic challenges Economic Challenges and Strategic Responses: Oloworaran acknowledged the complex economic landscape, including high inflation, naira devaluation, and monetary policy impacts that have eroded the real value of pension funds. In response, PenCom has initiated…

Thursday, 12 December 2024 04:58

Corruption in Nigeria still not being fought in fundamental ways, World Bank, others say

The World Bank has highlighted Nigeria's ongoing struggle with institutional corruption, emphasizing the critical need for comprehensive reforms to drive sustainable national development. During a recent policy dialogue hosted by Agora Policy and MacArthur Foundation, key stakeholders delivered a stark assessment of corruption's devastating impact on Nigeria's potential. World Bank Country Director Ndiamé Diop underscored the systemic challenges, particularly in fiscal transparency and data management. "Our current data systems are riddled with manual processes that create opportunities for leakage," Diop explained. "Genuine transparency requires accurate, reliable data – something Nigeria has yet to consistently achieve." MacArthur Foundation's Africa Director Kole…

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