Power Sector Debts: FG approves N3.3trn payment President Tinubu has approved a phased payment plan to clear the N3.3 trillion debt to power generation and gas companies, providing a welcome relief to the affected industries. The Minister of Power, Adebayo Adelabu, disclosed this at the 8th Africa Energy[Read More…]
Nigeria to unveil auto-credit scheme to boost local automobile industry The federal government has announced plans to launch an auto-credit scheme to boost the local automobile industry. Doris Uzoka-Anite, minister for industry, trade, and investment, spoke on Tuesday at a 3-day automobile conference in Lagos. Uzoka-Anite, who was represented by[Read More…]
FG denies demanding $150m bribe from Binance The federal government has accused Binance of blackmail after the company alleged officials demanded $150 million in cryptocurrency payments as a bribe to settle the prosecution of its executives in Nigeria. On Tuesday, Richard Teng, Binance’s chief executive officer (CEO), said some[Read More…]
FG to give Dangote Refinery full Operating licence The Nigerian government on Tuesday said it will soon grant the Dangote refinery a valid licence to operate fully in the country. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief Executive, Farouk Ahmed, disclosed this at the[Read More…]
FG to harness Nuclear energy for electricity generation The Nigeria Atomic Energy Commission (NAEC) in partnership with the Centre for Energy Research and Training (CERT), Ahmadu Bello University, Zaria, are in plans to deploy nuclear technology to strengthen electricity generation in Nigeria. Yusuf-Aminu Ahmed, chairman of NAEC,[Read More…]
New minimum wage: FG sets May 1 for implementation The Federal Government says although the Tripartite Committee On National Minimum Wage is yet to conclude its negotiations, workers will not lose anything as the new minimum wage will take effect from May 1, 2024. The Minister of State Labour,[Read More…]
FG approves pay rise for civil servants The Federal Government, on Tuesday, announced an increase of between 25 per cent and 35 per cent in salary increase for civil servants on the remaining six Consolidated Salary Structures. The salary increase, announced on the eve of the Workers’ Day celebration,[Read More…]
FG announces $10bn Diaspora Investment Fund The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad. In a post on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said the federal government is seeking bids from[Read More…]
FG, Bill Gates propose digital identity platform to boost tax collection Bill Gates, former chief executive officer (CEO) of Microsoft, has said he is working with the federal government (FG) on an identity technology platform for easy tax collection. Gates disclosed this during a meeting with President Bola Tinubu[Read More…]
FG to get $2.25bn loan from World Bank in June The World Bank will, in June 2024, consider and give final approval to Nigeria’s $2.25 billion loan request, the finance ministry said Monday. The loan comprises a $1.5 billion loan in Development Policy Financing and another $750 million in[Read More…]
