Author: Ogochukwu Ndubuisi

China Imposes 15% tarrifs on U.S Coal, LNG Imports China will introduce tariffs of 15 per cent on imports of liquefied natural gas (LNG) products and coal from the United States in response to US tariffs. The Ministry of Finance in Beijing announced on Tuesday. According to the ministry, a 10 per cent tariff will also be applied to oil and agricultural machinery imported from the U.S., in measures set to come into force on February 10. In addition, Beijing announced an antitrust investigation into U.S. technology giant Google. U.S tariffs of 10 per cent on all Chinese imports were…

FG, NLC Signs MoU Over Proposed 50% Telecom Tariff Hike The Federal Government (FG) and the Nigeria Labour Congress (NLC) has signed a Memorandum of Understanding (MoU) over the proposed 50 per cent hike in telecommunications tariff. This was contained in an MoU reached on Monday at a meeting convened by the federal government and the NLC over the proposed hike in telecom tariff. The MoU was signed by Sen. George Akume, Secretary to the Government of the Federation, Muhammadu Dingyadi, Minister of Labour and Employment, Mr Joe Ajaero, President of NLC and Mr Emmanuel Ugboaja, General Secretary of the…

CBN Extends Deadline for Temporary FX Sales to BDCs Operators The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators in the informal currency market until May 30, 2025, according to an official statement. This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of the Trade and Exchange Department, to BDCs on Monday and made available on its website. The circular, titled, “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible…

Equities Investors Gain N83bn as Telecom, Palm Oil Stocks Rally Equities investors gained more than N83 billion on Monday as telecom and palm oil stocks rallied. The equities market trading activities closed on a positive note, as key performance indicators grew by 13 basis points. Despite its positive close, market breadth signalled negative sentiment, as 22 gainers fell short of 35 losers, resulting in a weak advancers-to-decliners ratio of 0.63x. Data from the Nigerian Exchange, NGX, showed that today’s gain was supported by buying interest in some blue-chip stocks. Top gainers in the market include PRESCO (10.00%), OKOMUOIL (9.99%), TRANSCORP…

Enugu Assembly Passes Bill to Harmonise Revenue Collection An executive bill that will harmonize, consolidate, and provide administrative backing for revenue collection has been passed by the Enugu State House of Assembly. The bill, which scaled through the second and third readings on Monday was wholesomely supported by members at plenary. Introducing the benefits of the bill, the member representing Nkanu West constituency, Mr Iloabuchi Aniagu, said the bill did not in any way seek to stop the powers of local government areas as it concerned revenue collection. Aniagu said it would rather harmonise revenue collection to avoid multiple taxation.…

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…