The Bank of Industry said it disbursed over N1.2tn to 4,205,920 enterprises and created over 9,048,444m estimated direct and indirect jobs between 2015 and 2021. The bank said in a statement on Monday that the successful completion of €1bn Guaranteed Senior Loan Facility to further enhance its capacity to deliver on its mandate, in line […]

Latest data on the amount spent in subsidising Premium Motor Spirit, popularly called petrol, seen in Abuja on Monday showed that the government subsidised the commodity with N1.593tn between January and June 2022. It was also gathered that the Nigerian National Petroleum Company Limited pumped N54.66bn into refinery rehabilitation during the six months period. Figures […]

Cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System, NIBSS. From January to July 2022, N210.08tn was processed on the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), which explain how cashless […]

The Office of the Auditor General for the Federation has queried the Nigerian Ports Authority over the failure of 18 port terminal operators to remit total sums of $753m and N1.61bn to the Federal Government. These operators are the Lagos Port Complex, Tin Can Island Port, Delta Port, Rivers Port Complex, Onne Port Complex and […]

Investors lost N571bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The NGX All-Share Index and market capitalisation of equities listed on the NGX depreciated by 2.09 per cent to close at 49,664.07 and N26.787tn last week. All other indices finished lower with the exception of The NGX […]

Nigeria’s oil production slumped by 28 million barrels between January and July 2022, threatening the Federal Government’s N9.37tn oil and gas revenue target by the end of the year. The Federal Government, in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget and National Planning, Dr […]

The Lagos Chamber of Commerce and Industry has expressed worries over debt servicing cost of the Federal Government and advised it to consider deficit financing from equity instead of expensive debts spent on recurrent expenditures. The chamber made the call in a statement signed by its president, Michael Olawale-Cole, titled ‘LCCI statement on Nigeria’s debt […]

The Nigerian National Petroleum Company Limited and international oil companies operating in Nigeria, on Friday, signed various agreements that would ensure the production of about 10 billion barrels of crude oil and generate over $500bn revenue to all parties involved. NNPC officials and their counterparts from the IOCs including Shell, Chevron, Texaco, Sinopec, Sapetro, Esso […]