By EXACTLY OBI, Abuja- Federation Account Allocation Committee (FAAC) has distributed a total of N1.818 trillion to the Federal Government, states, and Local Government Councils (LGs) for June. This significant revenue sharing comes after the FAAC meeting held in Abuja on Friday night. Revenue Breakdown The total distributable revenue...
BUSINESS
By MBAFAN ADE, Abuja- Federal Government, in collaboration with the African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the Abia State Government, has launched a transformative $263.8 million Integrated Infrastructure Development Project aimed at revolutionizing urban infrastructure, improving mobility, and fostering sustainable growth in Abia State. The...
By MBAFAN ADE, Abuja- Nigeria has exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) for the second time in 2025. According to OPEC’s Monthly Oil Market Report (MOMR) for July 2025, Nigeria recorded a crude oil production of 1,505,000 bpd in June 2025....
By JOY ADARA, Abuja- National Bureau of Statistics (NBS) announced that Nigeria’s headline inflation rate eased to 22.22% in June 2025, marking a 0.76% decline from May’s 22.97%. This is according to the Consumer Price Index (CPI) and Inflation Report released on Wednesday, July 16, 2025, in Abuja. “This...
Nigeria’s leading commercial bank, First Bank of Nigeria, has joined forces with Mighty Media Plus Network Limited for the maiden edition of the QEDNG Creative Powerhouse Summit. Also supporting the event are Nigeria LNG (NLNG) and Shell Nigeria, two major players in the country’s energy and development sectors. Chief...
Nigerian stock market commenced the week on a bullish note, with investors’ gains totaling N340 billion. This upward trend follows the previous week’s five-day surge. Market capitalization jumped by 0.43% to N80.143 trillion, while the All-Share Index rose by 539.95 points to 126,689.54. Some stocks driving the market’s growth...
Nigerian stock market has recorded a significant gain of N1.077 trillion in a bullish week, driven by increased investor demand for banking stocks. The market capitalization rose by 1.37% to close at N79.803 trillion, while the All-Share Index (ASI) increased by 1,702.79 points or 1.37% to settle at 126,149.59....
An article in TheCable edition of July 4, 2025, entitled: “Lessons from Kenya’s e-procurement revolution,” examined the East African country’s e-procurement reforms and the rapid transformation in how it buys and spends. It was a good read. And what it did, perhaps without meaning to, was remind us that...
Nigerian stock market has recorded a significant gain of N212 billion, marking the third consecutive positive trading session in a week. The market capitalization rose by 0.28% to close at N76.970 trillion, while the All-Share Index (ASI) climbed by 335.74 points or 0.28% to reach 121,989.67. According to market...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the nation’s oil production rig count has risen significantly from 8 in 2021 to 46 in July 2025. This growth is attributed to the enactment of the Petroleum Industry Act (PIA) in 2021 and the commission’s commitment to increasing oil...
Stanbic IBTC Holdings Plc has successfully concluded its Rights Issue, raising N148.7 billion and exceeding the Central Bank of Nigeria’s (CBN) recapitalization requirement. The offer recorded an impressive oversubscription rate of 21.9%, demonstrating strong investor confidence and shareholder support. According to the bank, the successful outcome of the rights...
Nigeria, through the Nigerian Communications Commission (NCC), has won the 2025 World Summit on the Information Society (WSIS) prize for its project, the Digital Awareness Programme (DAP), under Category C3, which is on Access to Information and Knowledge. The DAP, one of hundreds of projects submitted for the WSIS...
OPEC+ alliance, led by Saudi Arabia and Russia, has announced a further increase in oil output to 548,000 barrels per day in August, exceeding market expectations. Analysts had predicted a hike of 411,000 bpd, but the group’s decision to boost production sends a clear message of its shift towards...
Nigeria’s premier gas distribution company, Shell Nigeria Gas (SNG) has identified development of infrastructure and regulatory and fiscal stability as key drivers for the development of Nigeria’s gas resources. “Major investments are required to develop large scale infrastructure along the gas value chain (pipelines, gas processing plants, gas distribution...
By ANKELI EMMANUEL, Sokoto – Dangote Cement Plc has launched a Farmers Empowerment Programme in Benue State, aimed at enabling 50 farmers to produce subsistence and cash crops in commercial quantities. The programme is part of the company’s efforts to encourage food security and sufficiency in the country. The...
National Bureau of Statistics (NBS) has reported an increase in the average price of cooking gas in Nigeria. According to the NBS’s “Cooking Gas Price Watch” for May 2025, the average price of a 5kg cooking gas cylinder rose to N8,167.43, representing a 3.57% increase from N7,885.60 in April....
ECOWAS Bank for Investment and Development has approved €174 million for investments and $125 million for social development to boost trade, strengthen infrastructure, and support social development in the West African region. According to a report from the bank’s 92nd ordinary session, the funding will finance projects aimed at...
Nigerian Electricity Regulatory Commission (NERC) has disclosed that Electricity Distribution Companies (DisCos) collected a total revenue of N553.63 billion in the first quarter of 2025. This amount was realized from a total billing of N744.27 billion issued to customers during the period, representing a collection efficiency of 74.39%. The...
By OLA MODUPE, Lagos- Nigeria Customs Service (NCS), Tin Can Island Port Command, Lagos, has generated a remarkable ₦747.07 billion in revenue between January and June 2025. This represents a 29.85% increase compared to the same period in 2024, with a surplus of ₦171,719,786,247.68. The Customs Area Controller (CAC)...
Naira has appreciated by N3.42 against the US dollar at the official market, amid praise from the International Monetary Fund (IMF) for the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms. According to data from the CBN website, the Naira traded at N1,526.15 to a dollar on Wednesday,...