Author: Ogochukwu Ndubuisi

Kano to Digitalise Markets to Enhance IGR, Financial Transparency Kano State Government has announced plans to digitalise all its markets to improve financial transparency, track economic activities, and boost revenue generation. Alhaji Shehu Sagagi, State Commissioner for Commerce, Investment and Industry, disclosed the initiative during a meeting with the Emirate Council Committee on Economic and Social Matters on Monday in Kano. Sagagi emphasised that market digitalisation would enable the government to monitor financial activities and understand cash flow within the state. “We will discuss the need to digitalise our markets so that the government can track economic transactions and know…

No Export Permits for Crude Cargoes Meant for Domestic Refining – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will deny export permits for crude oil cargoes intended for domestic refining, if oil companies do not fulfill their domestic crude obligations. The Commission Chief Executive (CCE), Mr Gbenga Komolafe, insisted that any changes to cargoes designated for domestic refining must receive express approval from the commission. Komolafe, in a letter dated Feb. 2, 2025, addressed to exploration and production companies and their equity partners reiterated that diverting crude oil meant for local refineries violates the law.…

Kogi Targets AfDB’s Multi-Billion-Dollar Food Security Project Kogi Government has announced that it is in advanced discussions with the African Development Bank (AfDB) to secure a multi-billion-dollar project aimed at enhancing food production and security in the state. The Commissioner for Agriculture, Mr Timothy Ojomah, said this in an interview with the Newsmen on Monday in Lokoja. Ojomah said the government is strategically ensuring smooth negotiations to secure the project and boost agricultural productivity across all 21 local government areas. “This is why we are engaging with the President of AfDB, who has assured us. We are looking at what…

WHO Meets as U.S. Withdrawal Blows Hole in Budget The executive board meeting of the World Health Organisation (WHO) on Monday was set to take on an atmosphere of crisis as it grappled with the consequences of the looming withdrawal of the U.S. Since President Donald Trump ordered the U.S. to exit the WHO on his first day back in office, there has been an atmosphere of alarm at the UN agency’s headquarters in Geneva. The U.S. is by far the largest contributor to the WHO. In 2024, its share of the budget was 18per cent. It now appears inevitable…

2025 Budget: Reps Move to Improve Funding for NiMC, NYSC, NDA The Deputy Spokesman for the House of Representatives, Rep. Philip Agbese (APC-Benue) says plans are ongoing to increase funding for some strategic agencies in the 2025 Appropriation Bill. The agencies are National Identity Management Commission (NIMC) National Youth Service Corps (NYSC) and the Nigerian Defence Academy (NDA) among others. Addressing newsmen in Abuja on Monday, Agbese that the agencies are considered very critical to the nation’s socio-economic development and have been pencilled down for improved funding in the 2025 fiscal year. “We are making a case for improved funding…

Effect N32,000 Pension Increase, Pensioners Urge FG Some pensioners have urged the Federal Government to pay the N32, 000 pension increment according to the National Minimum Wage (Amendment) Act, 2024. The pensioners, in an interview with the Newsmen in Abuja on Sunday, said they needed their entitlements to take care of their feeding, medicals and other bills. The pensioners, who complained about the hard times they faced, urged the Federal Government to increase their monthly pension in line with the present economic reality. The National Public Relations Officer (PRO), the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr…

Power sector: FG Prioritises Protection of Most Vulnerable Nigerians Mrs Olu Verheijen, Special Adviser to the President on Energy, on Monday clarified reports suggesting an imminent 65 per cent increase in electricity tariffs. A statement signed by Verheijen said the report was a misrepresentation of what she actually said in a recent press interview. “I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 per cent of the actual cost of supplying electricity, with the Federal Government continuing to subsidise the difference,” she said. According to her, the government is…

FG Commits to Ease of Doing Business, Policy Stability for Investors The Federal Government has reaffirmed its commitment to improving the ease of doing business, ensuring regulatory stability, and fostering strategic alliances to boost Nigeria’s economic competitiveness. Sen. John Enoh, Minister of State for Industry, Trade and Investment, said this at the Renewed Hope Global Virtual Conference 2025. Enoh said that while significant progress had been made, the government was focused on streamlining business operations, reducing bottlenecks, and enhancing investor confidence. The minister reiterated the role of the Presidential Enabling Business Environment Council (PEBEC) in driving reforms to simplify business…

Naira Gains 4.3% on Tripartite FX Inflows Sources The Nigerian naira experienced a rapid yet strong rally in the currency market as inflows from tripartite sources boosted US dollar liquidity in the official window. In January, the naira rose by 4.30% to close the month at N1,474.78 in the official market, according to spot data from the FMDQ platform following the last FX intervention. The Central Bank of Nigeria (CBN) sold US dollars to authorised dealer banks to strengthen the supply side. Also, the foreign portfolio investors and international oil companies’ inflows lifted the liquidity level in the forex market.…

FG Reaffirms Commitment to Industrial Transformation, Economic Growth The Federal Government, FG, has reaffirmed its commitment to driving industrial transformation for a prosperous Nigeria, with policies focused on accelerating industrialisation, boosting manufacturing, and leveraging digital technology. Sen. John Enoh, Minister of State for Industry, said this while speaking on the Federal Government’s economic agenda, at the Renewed Hope Global Virtual Townhall Conference 2025. Enoh emphasised the Renewed Hope Administration’s eight-point agenda, particularly the seventh pillar, which prioritised industrial growth through a digital economy, manufacturing, and innovative technology. According to the minister, the administration has established targeted funding mechanisms to support…