According to the Federation Account Allocation Committee (FAAC), the gross revenue generated from Value Added Tax (VAT) in the month of May amounted to N270.197 billion. In line with this, a total of ₦786.161 billion from the May 2023 Federation Account Revenue has been distributed among the Federal Government, states, and Local Government Councils (LGCs).…

The Seme land border has been granted approval for reopening by the Federal Government of Nigeria, specifically for the importation of vehicles. This information was disclosed by Ibrahim Musa, the Director of Road Transport in the Ministry of Transportation, during an ECOWAS meeting between officials from Nigeria and Benin Republic. Musa explained that the decision…

On Monday, the Nigerian Naira experienced a depreciation against the US Dollar at the Investors and Exporters window, with an exchange rate of ₦‎770.38 to the dollar. This represents a significant decrease of 16.19% compared to the rate of ₦‎663.04 recorded on June 16 at the close of business. The open indicative rate for the…

Ghana’s Finance Minister, Ken Ofori-Atta, Outlines Plan for Debt Restructuring before IMF Loan Assessment Ghana’s Finance Minister, Ken Ofori-Atta, recently unveiled the country’s strategy to conclude debt restructuring before the upcoming assessment of its $3 billion loan from the International Monetary Fund (IMF). The Ghanaian government is actively engaged in negotiations to secure a memorandum…

The Minister of Labour and Employment, Dr. Chris Ngige, says Nigeria is currently broke. The Minister mentioned this while speaking at the 2022 World Day Against Child Labour. According to him, the Federal Government does not have money to prosecute capital projects next year, a development that might worsen unemployment and poverty.? ? “I can…

The Transmission Company of Nigeria (TCN) has explained why the national grid collapsed for the sixth time this year, on Wednesday July 20. TCN spokesperson, Ndidi Mbah in statement released on Thursday July 21, said the collapse was caused by a tripped off turbine that affected an entire Generation Company (GenCo), causing a loss of…

Foreigners and their representatives have been barred from purchasing agricultural produce directly from farmers in the country by the Federal Executive Council (FEC). With the new ban, only licensed and duly registered local buying agents can now buy farm produce directly from farmers in Nigeria. Niyi Adebayo, minister of industry, trade and investment said…

A fire outbreak at the Egbin Power Plant in Ikorodu, Lagos state has led to power generation dropping by 630 megawatts (MW). The fire incident occurred at the company’s power plant on Wednesday February 2 at about 4.20 pm, leading to a blackout in Lagos state. The fire outbreak was successfully contained by a team of firefighters…

The Nigerian Communications Commission (NCC) has warned Nigerians about a newly discovered cyberattacks on Android devices in public places. The commission, through its Cyber Security Incident Response Team (CSIRT), identified vulnerabilities that hackers use in gaining unauthorised access into smartphones at public charging stations. The first is described as Juice Jacking, which can gain access into…