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Federal government has exempted the importation of liquefied petroleum gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT). The move is expected to result in a drop in the cost of cooking gas in the country. The ministry of finance disclosed this in a letter (dated November 28, 2023) to the special adviser to the president on energy; the comptroller-general of the Nigeria Customs Service (NCS); and the chairman of the Federal Inland Revenue Service (FIRS). The letter was signed by Wale Edun, the minister of finance and coordinating minister of the economy. According…
Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings. President Bola Tinubu says he is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity. Tinubu scraped a popular but costly fuel subsidy in May, removing exchange controls and ending a ban…
Central Bank of Nigeria (CBN) has warned banks to beware of the circulation of counterfeit naira banknotes, particularly higher denominations, in major cities across the country. The warning was made in a statement signed by Hakama Sidi Ali, CBN’s acting director of corporate communications on Friday in Abuja. Ali said these counterfeit naira notes were mainly used for transactions in food markets and other commercial centres across the country. She said any person found complicit in the circulation of the counterfeit currency would face severe sanctions. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the…
The federal government is spending at least N2.7 billion to sponsor delegates to attend the United Nations’ annual climate summit, COP28, which started in Dubai last Thursday and will continue until at least 12 December. Nigeria has 1,411 delegates, ranking third among countries with the highest numbers of delegates at the meeting. Only the host country, UAE (4,409), and Brazil (3,081) have more participants than Africa’s most populous country. Other delegations surpassing 1,000 participants include China which registered 1,411 people just like Nigeria, followed by Indonesia with 1,229, Japan with 1,067 and Turkey with 1,045. Parties to this Convention from…
In 2012, Aruma Oteh, former director-general of the Securities and Exchange Commission (SEC) while appearing before a committee of the House of Representatives, accused Herman Hembe, former chairman of the House Committee on Capital Market, and his deputy, Chris Azubogu, of converting $4,095 to personal use. The money was given to Hembe as an estacode to attend a conference in the Dominican Republic, but he failed to attend the conference, thereby allegedly committing an offence contrary to section 308 of the Penal Code Act Laws of the Federal Republic of Nigeria (Abuja) 2004 and punishable under section 309 of the…
National Judicial Council, NJC, has recommended the elevation of 11 Justices to the Supreme Court. The legal body took the decision at its 104 meeting that held in Abuja on Wednesday. The Council, in a statement made available to newsmen through its Director, Information, Soji Oye, said it considered the list of candidates presented by its Interview Committee and at the end of deliberations, recommended the 11 Justices for the apex court bench. It gave names of the successful candidates as: Jummai Hannatu Sankey; Chidiebere Nwaoma Uwa, Chioma Egondu Nwosu-Iheme; Haruna Simon Tsammani; Moore Aseimo A. Adumein; Obande Festus Ogbuinya;…
Nigeria’s foreign reserves dropped by $4.07 billion in 11 months of 2023 amid Central Bank of Nigeria (CBN) intervention in the foreign exchange market. Nigeria’s foreign exchange buffer closed November 30, 2023 at $33 billion; dropping by nearly 11 per cent or $4.07 billion from $37.069 billion it opened this year. CBN governor, Olayemi Cardoso, recently disclosed that it responded to the backlog of foreign exchange forward obligations with payments made to 31 banks. According to him, “We have been subjecting these payments to detailed verification to ensure only valid transactions are honoured. In a properly functioning market, it is…
Several workers at federal ministries, departments and agencies (MDAs) are yet to receive their November salaries. One of the affected civil servants who spoke with TheCable said some workers at the federal ministry of labour and employment have not been paid since October. The staff, who asked not to be named, said they were told that the government is broke. “Only a few members of staff have been paid half of their November salary while the previous two months are still outstanding,” the labour ministry worker said. Some of the workers said they have received no explanation from the authorities…
National Bureau of Statistics (NBS) says Nigeria recorded a N3.5 trillion trade surplus between January and September of 2023. NBS made this known in its foreign trade report for the third quarter (Q3) of 2023 on Monday. In the nine months of the year, according to the bureau, Nigeria’s exports totalled N23.3 trillion and total imports N19.7 trillion — which gives a trade surplus of N3.5 trillion. A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports. On foreign trade for Q1 2023, NBS said total exports were…
Amid raging criticism over Nigeria’s large delegation to Dubai for the COP28 climate summit, the Federal Government said it only sponsored 422 delegates out of the 1,411 Nigerians reported to be at the conference. A source in the Presidency had on Sunday night disclosed that the number of delegates sponsored by the government was less than 100. But the Minister of Information and National Orientation, Mohammed Idris, in a statement on Monday said 422 delegates were chosen from the Presidency, National Council on Climate Change, Federal Ministry of Environment, All Ministries, Office of the Vice President, National Assembly, and federal…
March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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