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The Sea Empowerment and Research Centre (SEREC) has submitted a detailed memorandum to the newly formed Committee on the Review of Incessant Boat Mishaps in Nigeria’s Inland Waterways. The committee, established by the Minister of Marine and Blue Economy, Adegboyega Oyetola, has been tasked with addressing safety concerns and administrative inefficiencies within the National Inland ...
Business
President Bola Ahmed Tinubu has granted approval for the establishment and development of Inland Dry Ports (IDP) in Ijebu-Ode, Ogun State, and Moniya, Oyo State, as part of efforts to alleviate congestion at seaports in Lagos, reduce persistent delays, and bolster Nigeria’s economy. Once completed, these Inland Dry Ports will provide significant employment opportunities for ...
Maritime
The Minister of Marine and Blue Economy, His Execellence, Adegboyega Oyetola, on Tuesday defended the N12.2 billion budget proposal of the ministry for 2025. The ministry is proposing N11,770,533,003 for the capital budget and N453,856,327 for overhead. The budget was defended on Tuesday at the National Assembly before the Joint Committee of the Senate on ...
Digital Economy
…Implementation of new tariffs will be gradual not immediate — Source Telecommunications Operators in the country have received approval from the Nigerian Communications Commission (NCC) to hike their tariffs by 50 percent. The approval follows a series of outcry by the operators over the sustainability of the telecom business in Nigeria decrying high operational costs ...
News
...As Judge adjourns case to February 13 The counsel to the Chairman of the Honeywell Group, Oba Otudeko, on Monday protested at the Federal High Court, Lagos. The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Otudeko, the former Group Managing Director of First Bank of Nigeria (FBN) Limited, Bisi Onasanya, and two others ...
Maritime
The Sea Empowerment and Research Center (SEREC) has said to the Federal government that the N35.75bn allocated for capital expenditure of the Marine and Blue Economy won’t drive the potential of the new ministry. In a statement made available to newsmen on Monday by the Head of Research at SEREC, Eugene Nweke, the Centre said ...
News
The Transmission Company of Nigeria (TCN) says more than 18 transmission towers were vandalised between Jan 9 and Jan 14 across Rivers, Abia, and Kano states. The General Manager, Public Affairs, TCN, Mrs Ndidi Mbah said this in a statement in Abuja on Sunday. Mbah said that General Manager, Transmission TCN’S Port Harcourt Region, Emmanuel ...
Energy
Dangote Petroleum Refinery has adjusted the ex-depot price of Premium Motor Spirit (PMS) from N899.50 to N950 per litre, citing the recent rise in global crude oil prices. The adjustment comes as Brent Crude prices surged by 15%, moving from $70 to $82 per barrel, alongside a $3 premium for Nigerian crude in international markets. ...
Energy
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated its commitment to fostering growth, sustainability, and investment in the petroleum sector during the inaugural meeting of the Petroleum Industry Stakeholders’ Forum (PISF). In his address, the Authority’s Chief Executive, Farouk A. Ahmed, emphasised that the PISF provides a critical platform for periodic engagement ...
News
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has constituted a 7-man Special Committee to review the operations of commercial boat operators in coastal and inland waterways across the country. This was disclosed in a statement by the Director of Information and Public Relations of the ministry, Mrs Anastasia Ogbonna on Thursday in Abuja. ...
Business
...Expresses assurance of passage of bill ...as Lawmakers set N25trn 2025 revenue target for FIRS The Executive chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji has stated that the passage of the tax reform bills into law by the National Assembly will position Nigeria to reap more benefits from the digital economy. The FIRS ...
Business
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has charged agencies under the Ministry to align and prioritise their 2025 budget proposals. The Minister stated that the agencies should ensure massive and impactful development in line with the pillars of the National Policy on Marine and Blue Economy and the 2021-2025 National Development Plan. ...
Top Story
...Marwa seeks NASS support, defends N67.5B 2025 NDLEA budget ...As Reps threaten to recommend scrapping non-performing agencies The National Assembly Joint Committee on Finance has given revenue generating agencies of government 48 hours ultimatum to appear before the parliament or risk being withdrawn from government funding for 2025 operations. This is even as Chairman/Chief Executive ...
Maritime
The Federal Inland Revenue Service (FIRS) has recognised SIFAX Group for its significant contribution to Nigeria’s tax revenue growth and compliance efforts in 2024. During an appreciation visit to SIFAX Group’s headquarters in Lagos, Mr. Kazeem Olanrewaju, Head of the Taxpayers Service Unit at FIRS’ Lagos Mainland West Medium Taxpayers Office, announced that SIFAX Group ...
Energy
The Minister of Power, Adebayo Adelabu said on Monday that Nigeria’s power generation increased by 30 percent in 2024. The Minister, speaking during a budget defence session with the Senate Committee on Power, revealed that his administration inherited an average generation capacity of 4,100 megawatts (MW) in 2023 and raised it to 5,528 MW by ...
Business
...Threatens to cut funding of JAMB over N1.1b spent on meals, N850m to kill mosquitoes On Monday, the National Assembly Joint Committee on Finance established a special panel to investigate a shortfall of N4 trillion in revenue, attributed to indiscriminate waivers granted by government agencies. This comes as the committee has threatened to cut the ...
Politics
By Seun Ibiyemi. The House of Representatives Committe on Customs and Excise on Monday frowned at the refusal of heads of government agencies to respond to the invitation of the House to appear before an investigative hearing on the operations of the Nigeria Customs Service and the management of the nation’s borders. The committee, alongside ...
Energy
...Issues captive power generation permits to Nigerian Breweries, universities The Nigerian Electricity Regulatory Commission (NERC) has announced the transfer of regulatory oversight for the electricity market in Niger State to the Niger State Electricity Regulatory Commission (NSERC). The announcement was made via NERC’s official X (formerly Twitter) handle on Friday. This development aligns with the ...
Business
Nigeria has attracted $7.6 billion in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from 4 to 6 December 2024. The announcement was made by Dr Akinwumi Adesina, President of the African Development Bank, in a post on his X (formerly Twitter) account over the weekend. Adesina expressed optimism about the ...
Money market
...hits N1,647/$ in parallel market The naira experienced sustained pressure across foreign exchange markets this week, closing at N1,544.50/$ on the official market and trading as high as N1,647/$ in the parallel market. On Friday, January 10, 2025, the naira closed at N1,544.50/$ on the Central Bank of Nigeria (CBN) currency tracker, a slight decline ...
