BUSINESS

The Senate on Tuesday commenced investigation into alleged illegal payment of N19bn to four federal agencies, by the Budget Office. Officials of the Budget Office did not appear before the Senate Public Accounts Committee. SPAC, relying on the 2016 report of the Auditor General for the Federation, alleged that the N19bn was paid to four agencies through verbal directive by the Director General of the Budget Office in 2015. The […]

Nigeria’s crude oil production plunged to a record low of 1.24 million barrels per day last month as a result of lingering disruptions, S&P Global Platts reported on Wednesday. The report quoted industry and ministry sources as saying that the country’s oil output had fallen sharply in the past few weeks due to an oil spill near the key Forcados export terminal. Nigeria has been facing many operational and technical […]

Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year despite recording 111.32 per cent in crude oil exports. However, statistics released by the National Bureau of Statistics in Abuja on Wednesday showed that the country’s deficit improved within the period. In the first quarter of the year, the country’s trade deficit stood at N3.94tn. The Foreign Trade in Goods Statistics report for Q2 2021 by […]

Strategists at the Institute of Strategic Management have developed a position paper that outlines frameworks and strategies that can assist the Federal Government harness the benefits of the African Continental Free Trade Agreement. The ISMN said if adopted, the strategies could significantly grow the country’s economy, boost its Gross Domestic Product and strengthen the value of naira. The President of ISMN, Alex Enebeli, said this at the institute’s annual conference […]

The Nigerian National Petroleum Corporation on Sunday announced a trading surplus of N43.57bn in April 2021, representing a 23.64 per cent increase over the N35.24bn surplus it recorded in the preceding month of March 2021. It disclosed this in a statement issued in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru. Meanwhile, trading surplus or trading deficit is derived after deduction of the expenditure profile […]

Music superstar 2baba has declared July 11 as ‘Sound Sultan Day’ in honour of the late music icon. Every year on July 11, which is the date late Sound Sultan passed on, fans from within Nigeria and around the world remember his music and legacy. Sound Sultan passed away on July 11, 2021 in the United States of America, after a sad battle with Angioimmunoblastic T-cell lymphoma (AITL), a rare […]

The Central Bank of Nigeria has assured members of the public that it has implemented monitoring mechanisms to ensure that deposit money banks fulfill the legitimate foreign exchange demands of customers. This follows the apex bank’s directive to commercial banks to commence the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance and medical and tuition fees. The assurance was given by the apex […]

Airline operators have canvassed the overhaul of the procedures adopted by the civil aviation regulator in the issuance of the all-important Air Operators Certificate (AOC), a mandatory requirement before airlines could embark on commercial scheduled flights. The carriers have expressed concerns over the four-stage laborious and revenue depleting procedures adopted by the Nigeria Civil Aviation Authority (NCAA) in considering carriers that qualify to be issued the licence. Rather than sticking to the […]