The Federal Government’s electricity subsidy has surged by 269%, rising from ₦650 billion in 2023 to an estimated ₦2.4 trillion in 2024. This increase comes despite the implementation of the Band A tariff service category in April, which was expected to reduce subsidy obligations by ₦1.14 trillion. Dr Yusuf Ali, Commissioner for Planning, Research,…
The Senate has passed, for second reading, the four tax reform bills that were forwarded to it for consideration. After scaling Second Reading during plenary on Thursday, Nov. 28, the President of the Senate, Senator Godswill Akpabio referred the four bills to the Senator Sani Musa, APC, Niger East led Committee on Finance to carry…
A painting by renowned surrealist artist Rene Magritte has shattered auction records, selling for more than $121 million at Christie’s in New York on Tuesday, November 19. The painting, titled Empire of Light (L’Empire des Lumières), sold for $121,160,000 after a tense nearly 10-minute bidding war, far surpassing its pre-auction estimate of $95 million.This…
The Lagos Chamber of Commerce and Industry (LCCI) has described the N1,400 foreign exchange rate projection in Nigeria’s proposed 2025 budget as unrealistic. The federal government has proposed a total expenditure of N47.9 trillion for the 2025 budget, with parameters including a crude oil price benchmark of $75 per barrel, an oil production target of…
The Nigerian Electricity Regulatory Commission, NERC, has cautioned electricity consumers against paying for replacement of faulty meters, saying it is the responsibility of electricity distribution companies, DisCos, to replace the meters. The Commission in a statement on Monday, November 18, explained that as long as meters were not tempered with by consumers, replacement must be…
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed claims that its Group Chief Executive Officer (GCEO), Mele Kyari, is set to step down. Reacting to speculations published by The Africa Report following a leadership shakeup at NNPCL, the company’s spokesperson, Olufemi Soneye, described the rumors as baseless and unfounded. The report alleged that…
The National Bureau of Statistics (NBS) has released a report indicating that just 20 out of Nigeria’s 36 states generated revenue from local governments in 2023. Sixteen states, along with the Federal Capital Territory (FCT), did not report any revenue from local government sources throughout the year, signaling a potential challenge for local government funding…
China has a new richest person and it’s the entrepreneur behind the app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday, October 29. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking…
The International Monetary Fund (IMF) has reported that Nigeria’s local currency, the naira, is beginning to show signs of stability, largely due to recent interest rate hikes and the clearing of foreign exchange (FX) backlogs by the Central Bank of Nigeria (CBN). This observation was highlighted in the IMF’s global financial stability report, unveiled…
The Federal Government has announced the suspension of exports of locally produced Liquefied Petroleum Gas (LPG), also known as cooking gas, effective November 1, 2024. This decision aims to address the rising costs of cooking gas in Nigeria. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement during a stakeholder meeting in…
