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By Abass Ganiyu In a decisive move, the House of Representatives has ordered the Nigerian National Petroleum Corporation (NNPC) to suspend its controversial crude-for-loan deal, effective immediately. This directive follows mounting scrutiny and calls for transparency regarding the terms of the agreement and its implications for Nigeria’s oil sector and national finances. The crude-for-loan deal, which involves the exchange of crude oil for loans to finance various infrastructure projects, has faced criticism over its potential impact on Nigeria’s oil revenues and national debt. Critics argue that the deal may compromise Nigeria’s oil assets and expose the country to financial risks. The decision by the House of Representatives comes after a series of debates and hearings on the deal’s terms and its alignment with national interests. Legislators expressed concerns about the lack of transparency and the potential for adverse effects on the country’s financial stability. With...

By Feranmi Bolanle Lagos, Nigeria – 1st August, 2024: In a significant display of civil unrest, banks and various businesses across major Nigerian cities were forced to shut down today as a widespread hunger protest intensified. The demonstration, organized by grassroots groups and activists, is drawing attention to escalating food insecurity and economic hardships affecting millions of Nigerians. The protest, which began early this morning, saw thousands of demonstrators taking to the streets to voice their frustrations over soaring food prices and inadequate government responses. Major financial institutions and retail outlets, including several prominent banks, were compelled to close their doors as protestors converged on key business districts. The shutdown of banks and businesses has caused significant disruptions in daily economic activities. Many customers were left stranded, unable to access banking services or conduct transactions. The protestors' demands incl...

By Abass Ganiyu Lagos, Nigeria – The Nigerian government has revised its economic growth forecast for the year, adjusting projections due to recent fluctuations in global oil prices and changes in domestic market conditions. The new forecast anticipates a modest increase in GDP, driven primarily by growth in non-oil sectors. Economists suggest that this shift reflects both the resilience and diversification of Nigeria’s economy in response to global economic pressures. In a bid to stimulate economic development, the Ministry of Trade and Investment has introduced a new initiative aimed at attracting foreign direct investment (FDI). The program offers various incentives for startups and established businesses, including tax breaks and subsidies. This initiative is expected to foster industrial growth and job creation, positioning Nigeria as a more attractive destination for international investors. The Central Bank of Nigeria has announced updates to its monetary policy, inc...

By Joy Adekayero Both chambers of the National Assembly have raised the threshold for the Ways and Means advances by the Central Bank of Nigeria to the Federal Government from five per cent to 10 per cent of the previous year’s revenue. However, this decision was opposed by the Organised Private Sector and members of the opposition parties in the National Assembly, as they kicked against the move. Ways and Means are advances provided by the CBN to the Federal Government to cover revenue shortfalls in budget implementation. The National Assembly also rescinded and re-enacted the 2024 Appropriation Act through an amendment bill sponsored by leaders of both chambers. In the Senate, the increase in the threshold was achieved through the consideration and passage of a bill sponsored by its Leader, Senator Opeyemi Bamidele (APC Ekiti Central). In his lead debate, Bamidele explained that the bill seeks to amend the CBN Act to increase the total CBN advances to the Federal Governme...

By Bolanle Esther Feranmi  The electricity subsidy obligation of the Federal Government rose from N252.76bn to N633.30bn in the first quarter of 2024, a report by the Nigerian Electricity Regulatory Commission has disclosed. The NERC said the electricity subsidy skyrocketed to N211.10bn per month in the first three months of 2024, from N84.25bn in the last quarter of 2023. NERC revealed that the increase was largely attributable to the government’s policy to harmonise the exchange rates while also issuing a policy directive that end-user customer tariffs remain at the rates that came into effect in December 2022. “Due to the absence of cost-reflective tariffs across all distribution companies, the government incurred a subsidy obligation of N633.30bn (90.57 per cent of total Nigerian Bulk Electricity Trading Plc invoice) in Q1 2024 (average of N211.10bn per month). Across 2024/Q1, this represents an increase of N380.56bn (150.56 per cent) compared to the N252.76bn (aver...