Economy
FG, States, LGCs share N1.411trillion October 2024 revenue
The Federal Government, States and the Local Government Councils has shared a total sum of N1.411 trillion being October 2024 Federation Accounts Revenue. The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State, and chaired by the Accountant General of…
Read More »NAICOM, EFCC Strengthen Partnership to Combat Fraud in Insurance Sector
The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have bolstered their partnership to address money laundering and other financial fraud affecting growth in Nigeria’s insurance sector. This renewed commitment was announced during a working visit by NAICOM’s leadership, led by Commissioner for Insurance and Chief…
Read More »NNPCL to boost 1.6bscf gas supply for domestic market with 12 CNG Mother Stations, Mini LNG plants
Group CEO of NNPC Ltd, Mele Kyari has said that the company had perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6bscf of gas supply for domestic market. Speaking at the opening ceremony of…
Read More »NDIC commence auction of landed properties, Chattels of defunct Heritage bank
In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the auction of landed properties and chattels of the failed bank. This exercise is in pursuant of the Corporation’s statutory powers…
Read More »CBN Strengthens Diaspora Ties to Boost Nigeria’s Economic Growth
In a strategic move to harness the economic potential of Nigeria’s diaspora, the Central Bank of Nigeria (CBN) has led a combined team of the Nigeria Inter-Bank Settlement System (NIBSS), major Nigerian banking institutions, and International Money Transfer Operators (IMTOs), to engage with the Nigerian Diaspora community in Houston, Texas,…
Read More »IMF retains global growth at 3.2%, as inflation recedes
The International Monetary Fund (IMF), says global growth is projected to remain unchanged at 3.2 per cent in 2024 and 2025, as Inflation recedes. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for October 2024: “Policy Pivot, Rising Threats,” released on Tuesday during the IMF/…
Read More »FG, states, LGs share N1.298trn for September
Federal Accounts Allocation Committee (FAAC), has shared N1.298 trillion among the Federal Government, states, and the Local Government Councils (LGCs) for September. A communique issued at the end of FAAC meeting for October held on Thursday in Abuja said N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716…
Read More »Access Bank Reaffirms Commitment to Nigeria’s War Against Illicit
Access Bank PLC has reinforced its dedication to the fight against illicit drug trafficking and money laundering, committing to a closer partnership with the National Drug Law Enforcement Agency (NDLEA). The bank made this commitment at the formal decoration of its Group Chief Executive Officer/Managing Director, Roosevelt Ogbonna, and Group…
Read More »Nigeria’s inflation up by 0.55% to 32.70% in September
Nigeria’s headline inflation rate increased to 32.70 per cent in September 2024, according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation, Adeyemi Adeniran in a statement issued on the Consumer Price Index (CPI) and Inflation Report for September 2024 in Abuja on Tuesday showed that the…
Read More »CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds
The Central Bank of Nigeria (CBN) reiterates its strong commitment to safeguarding the stability and security of the Nigerian financial system. The apex bank in a statement on Tuesday by its Acting Director, Corporate Communications, Hakama Sidi Ali, said CBN recognises the crucial role that confidence plays in banking operations…
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