In response to Nigeria’s ongoing FX crisis and the significant devaluation of the naira, multinational consumer goods company PZ Cussons has initiated plans to sell its Nigerian subsidiaries. The decision to sell Nigerian subsidiaries comes as the company seeks to mitigate its exposure to currency fluctuations, with the naira losing 70% of its value over…
Key Supreme Court rulings from H1 2024 redefined governance, financial autonomy, and election integrity in Nigeria. In the first half of 2024, Supreme Court rulings in 2024 played a crucial role in reshaping Nigeria’s legal, political, and governance landscape. These pivotal decisions ranged from establishing the authority over Lagos’ waterways to strengthening local government financial…
The Federal Government has issued a stern warning to private sector employers, emphasizing that failure to comply with the new N70,000 minimum wage enforcement could lead to jail time. This mandate, aimed at addressing the nation’s economic challenges, applies to all Nigerian workers, regardless of whether they are employed by the government or private firms….
Former Head of State Abdulsalami Urges Nigerian Government to Tackle Economic Challenges Former Nigerian Head of State, General Abdulsalami Abubakar, has called on the Federal Government to take immediate steps to address Nigeria’s economic hardship. As the nation faces ongoing challenges like inflation, unemployment, and a weakened currency, Abdulsalami stressed the need for urgent and…
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)…
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