Author: Ogochukwu Ndubuisi

ICPC Begins Tracking of N1bn FG Projects in Osun Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has commenced the tracking of more than N1 billion worth of Federal Government-funded projects in Osun. The ICPC tracking team lead, Mrs Mary Oke, disclosed this on Wednesday in Osogbo. Oke said the exercise was aimed at ensuring that government-funded projects provided value for money and were executed according to specifications. She said the tracking exercise would cover the three senatorial districts of the state — Osun Central, Osun East and Osun West. According to her, the projects being tracked…

Reforms Saved Nigeria From Economic Crisis- Oyedele The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria’s economic reforms have prevented deeper fiscal and economic crises. Oyedele stated this on Wednesday in Abuja while presenting Nigeria’s Reform scorecard, highlighting the benefits, costs and harms prevented by the reforms. He said the removal of fuel subsidy and unification of the foreign exchange market came with high costs to households and businesses. According to him, the reforms were necessary to address long-standing economic distortions, corruption, arbitrage and unsustainable fiscal pressures. Oyedele said that subsidy savings mobilised N15.8 trillion…

Japan Commits N20bn to Expand Nigeria’s National Grid – JICA The Government of Japan, through the Japan International Cooperation Agency (JICA), has committed N20 billion to the expansion and rehabilitation of Nigeria’s national electricity grid. Mr Ishigame Keiji, Chief Representative, JICA, disclosed this in an interview with the News Agency of Nigeria in Lagos on Wednesday. Keiji said the 2.35 billion Japanese Yen commitment would support the expansion of the Apapa Transmission Substation in Lagos. He said the project was aimed at rehabilitating and reinforcing critical transmission infrastructure in Lagos, where rising electricity demand and ageing facilities had continued to…

Iran Denies Missile Attack on UAE Iran has denied claims that it carried out a missile attack on the United Arab Emirates (UAE) on Tuesday evening. The claims are “completely unfounded,” said Foreign Ministry spokesman Ismail Baghai, according to the state-run news agency IRNA. The UAE Defence Ministry said two ballistic missiles fired from Iran towards the country had been intercepted. The UAE Emirati Foreign Ministry then announced that it would suspend all trade relations and financial transactions with Iran until further notice. The two states maintain a significant trade partnership. Bilateral trade amounts to tens of billions of U.S.dollars…

Cement Price Hike: FCCPC Establishes Possible Manipulation, Summons Key Players The Federal Competition and Consumer Protection Commission (FCCPC) says its investigation into the high cost of cement in the country shows possible manipulation of prices in the market. A statement signed by Mr Ondaje Ijagwu, FCCPC’s Director, Corporate Affairs in Abuja on Tuesday, said the Commission had issued notices of commencement of further investigation and ‘summons to produce’ to key players in the sector. Ijagwu said the companies would be required to provide information and records relating to their pricing methodologies, production and capacity utilisation, exports and relevant commercial relationships,…

Oil prices rose Wednesday as Iran’s decision to keep the Strait of Hormuz closed heightened concerns

President Bola Tinubu will join world leaders to address the 81st Session of the United Nations General Assembly (UNGA 81) General Debate on Wednesday, Sept. 23, in New York.

Digital Payments Vital to Financial Inclusion, Economic Growth – CBN The Central Bank of Nigeria (CBN) has reiterated its commitment to promoting digital payment channels as tools for deepening financial inclusion, stimulating economic growth and accelerating national development. Mr Olayemi Cardoso, the CBN Governor, stated this on Tuesday in Lafia at the CBN Fair organised for stakeholders in Nasarawa State. Cardoso was represented at the event by Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications and Investor Relations Department of the bank. The theme of the fair was: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic…

Revenue Allocation: FG, States, LGs Share N3.007trn for July The Federation Account Allocation Committee (FAAC) has shared N3.007 trillion among the Federal Government, 36 state governments and 774 Local Government Councils (LGCs) as revenue for July. The Director, Press and Public Relations Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, said this in a statement on Tuesday in Abuja. Mokwa said FAAC approved the allocation at its regular monthly meeting in Owerri, Imo. He said the meeting was convened on the margins of the ongoing National Council of Federation and Economic Development (NACOFED). He said the July…

NPA Says 21 Ships to Berth at 3 Lagos Ports The Nigerian Ports Authority (NPA) says 21 ships laden with petroleum products, food items, containers and other cargo are expected to berth at the Apapa, Lekki Deep Sea and Tin Can Island ports in Lagos. The NPA, in its Daily Shipping Position on Tuesday, said the ship would arrive between Aug. 18 and Aug. 25. It said five of the expected vessels would carry petrol, while six would arrive with containers containing various goods. The remaining 10 vessels are expected to berth with crude oil, aviation fuel, bulk pallets, bulk…