Jelfah invests N24bn, as Enugu divests 60 per cent equity stake Enugu State Government and Jelfah Nigeria Ltd have signed a N40bn deal for the revitalisation of the long-moribund and state-owned Sunrise Flour Mills, Enugu. The deal, which was signed at the Government House, Enugu, today, saw Jelfah acquire 60 per cent equity stake in…
N1.203 Trillion Revenue Shared Among Federal, State, and Local Governments for August 2024 In a bid to sustain the fiscal operations of all tiers of government, the Federation Accounts Allocation Committee (FAAC) has disbursed N1.203 trillion in revenue for August 2024. This distribution, which was revealed in the committee’s September meeting in Abuja, was shared…
Debt Pressures Mount as 20 Nigerian States Borrow N446bn Amid Shrinking Revenues Twenty Nigerian states have borrowed a fresh N446.29 billion to navigate growing fiscal challenges as their revenues continue to plummet. Despite an increase in statutory allocations from the Federation Account, the financial strain from existing debt servicing has left state governments struggling to…
In a significant development, trucks began loading petrol at the Dangote Refinery in Ibeju-Lekki, Lagos, marking the first major fuel distribution from the highly anticipated facility. The process, which took place on Sunday, saw trucks belonging to the Nigerian National Petroleum Corporation Limited (NNPCL) arriving at the refinery for Premium Motor Spirit (PMS) loading. This…
SERAP sues President Tinubu, demanding a reversal of the petrol price hike and an investigation into NNPCL’s alleged corruption President Bola Tinubu has been sued over his administration’s failure to reverse the recent petrol price hike. The lawsuit, filed by the Socio-Economic Rights and Accountability Project (SERAP), challenges the legality of the hike and demands…
Petroleum marketers push for a liberalized market with direct access to the Dangote refinery, as NNPC remains the sole off-taker of products Marketers Call for Direct Access to Dangote Refinery as NNPC Locks in Deal at N766/Litre Petroleum marketers are advocating for direct access to the Dangote Refinery, challenging the Nigerian National Petroleum Corporation’s (NNPC)…
The FG has announced that the loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, 15th September, by NNPC. “I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September” –…
Labour Party’s Peter Obi emphasizes the need for Nigerian politicians to lead by example in reducing wasteful spending In a recent exclusive interview, Peter Obi, the Labour Party’s 2023 presidential candidate, urged President Bola Tinubu’s administration to cut governance costs as a measure to curb the growing wastefulness in government spending. Obi emphasized that the…
Nigeria’s Accountant General outlines revenue distribution for June 2024, detailing allocations to federal, state, and local governments. Nigeria’s Office of the Accountant General of the Federation has published a detailed summary of the June 2024 Gross Revenue Allocation, providing insights into how funds were distributed among various governmental bodies. The report, issued by the Federation…
Why demanding everything for free could hinder Nigeria’s economic progress, according to President Tinubu. President Bola Tinubu has urged Nigerians to reconsider their expectations of receiving goods and services for free, emphasizing that this mindset hinders “Nigeria’s economic development.” Speaking during a meeting in China with the Nigerian community, he pointed out that while the…
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