The National Identity Management Commission (NIMC) introduces a multi-purpose NIN card for identification and financial transactions. The card facilitates ATM withdrawals, online payments, and money transfers. Issued through banks, it promotes financial inclusion and addresses past challenges...
The Central Bank of Nigeria's Monetary Policy Committee (MPC) is expected to raise interest rates again at its final meeting of 2024, addressing rising inflation and fiscal pressures. Analysts predict a 25-50bps increase, aiming to stabilize prices, manage money supply growth, and attract...
Nigeria's Finance Minister Wale Edun announced that the country has saved $20 billion by ending fuel subsidies and adopting a market-driven exchange rate. The reforms, aimed at redirecting funds to health, education, and infrastructure, mark a significant shift in economic policy, fostering...
Dangote Petroleum Refinery has reduced its petrol price to ₦970 per litre for oil marketers, down from ₦990. This move is a token of appreciation for Nigerian support and government backing. Dangote reassures that the quality of products will remain high, aiming to meet domestic fuel...
Nigeria’s Auditor-General uncovered N197.72bn in contract irregularities across MDAs, including payments for unexecuted jobs and procurement violations. The Rural Electrification Agency and NBET led in irregularities, highlighting systemic corruption. Experts urge stricter enforcement of...
Nigeria’s Finance Minister, Wale Edun, attributes current economic hardships under President Tinubu’s reforms to past administrations’ failure to implement necessary policies. Edun highlights gains from subsidy removal and currency reforms, despite rising inflation and public struggles, as a...
Dangote Petroleum Refinery is struggling to secure enough crude oil supplies under Nigeria’s naira-based sale scheme. Despite agreements with NNPC to supply 385,000 barrels per day, deliveries have been inadequate. Other Nigerian refineries also face challenges accessing naira-priced crude...
Nigerians will now need to pay for the new multipurpose National Identity card to avoid the issue of uncollected cards. NIMC cites financial constraints and a need-based system for the card’s production. The card will serve as an identity, payment, and government services tool, with provisions...
NERC has directed electricity distribution companies (DisCos) to downgrade Band A customers if they cannot meet the promised 20 hours of power daily. The Commission emphasized that states now have the constitutional right to regulate their electricity markets and handle complaints through a new...
A recent NBS survey reveals that two-thirds of Nigerian households struggle to afford healthy food, with economic hardship increasing food insecurity. The survey also highlights frequent power blackouts, limited access to electricity in rural areas, and poor sanitation conditions, reflecting...
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