In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira According to a press statement signed by Mohammed Manga, the Director of Information and Public Relations in the…
Author: Michael Chibuzo
Nigeria has witnessed a trade surplus of more than N12.15 trillion for the first six months of 2024. According to the Q2 2024 Foreign Trade Report released by the National Bureau of Statistics, Nigeria between January to June, 2024 exported goods and services worth N38.586 trillion and imported N26.44 trillion worth of goods and services within the same period. This amounts to a whooping combined trade surplus of N12.14 trillion for the Q1 and Q2 of 2024. For Q2 2024, Nigeria’s total merchandise trade stood at N31.89 trillion. For the quarter, total exports stood at N19.42 trillion, accounting for 60.89%…
The Minister of Federal Capital Territory (FCT), Nyesom Wike, has reacted angrily to the insinuation in some quarters that he is a political mole and outsider in the Peoples Democratic Party (PDP). He dared any PDP Governor or member of the National Working Committee of the party to openly say he is a mole or an outsider in the PDP. Nyesom Wike who was a guest on Channels TV flagship political programme, Politics Today said: “There is no governor today in the PDP, not anybody born of a woman can say I am an outsider. Who?” “I dare anybody in…
By Olufemi Soneye In the face of the challenges in the oil sector, particularly the current tightness in the supply of petrol, it has become fashionable to blame the national oil company, the Nigerian National Petroleum Company Ltd (NNPC Ltd), for everything. Last week, it was Prof. Pat Utomi who railed and fumed at the NNPC Ltd calling it one of the most opaque and unreliable companies in the world. Before then, The Punch had published an editorial in which it described the NNPC Ltd as a danger to Nigeria. The latest of these vitriolic attacks is by Dr. Muiz…
A chieftain of the Labour Party and Chairman of the Fundraising Team of the Obi-Datti Campaign Organisation, Aisha Yesufu has been caught in another financial scandal over usage of funds donated by Nigerians both at home and in the diaspora towards the presidential campaign of the Labour Party presidential candidate in the 2023 presidential election, Mr. Peter Obi. This latest financial scandal came to light following an escalation in the leadership crisis rocking the Labour Party after Mr. Peter Obi and Gov. Alex Otti ditched embattled national chairman of the party Julius Abure and constituted a National Caretaker Committee headed…
By Dada Olusegun President Bola Tinubu on Friday rounded off his official visit to China with his trip to the world’s 2nd largest economy ending with very significant and mouthwatering gains for Nigeria. It was obvious that the President was looking forward to a trip heavy on deals that would impact on Nigeria’s quest to improve our infrastructure, agriculture, power, solid minerals etc judging by the public officials in his official entourage. From the Finance Minister/Coordinating Minister of the Economy, the Minister of Trade and Investment, the Minister of Solid Minerals, Minister of Power, FCT Minister, Minister of Defence, Minister…
President Bola Tinubu has accepted the application seeking an indefinite leave of absence from his Special Adviser on Media and Publicity, Chief Ajuri Ngelale over health and personal reasons. A State house press statement said, “the President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.” According to the statement, the President accepted Ajuri Ngelale’s reasons for the leave, fully…
In a landmark event chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun that heralds a new era of economic cooperation, Nigeria and China have reaffirmed their commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development. The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has set the stage for unprecedented collaboration and growth between the two countries. In his keynote address, the Honourable Minister underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals. As chair…
The Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale has stepped down from his role as President Bola Tinubu’s chief spokesman. This is contained in a letter he submitted to the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila on Friday. Speaking on his decision, Ajuri said, “on Friday, I submitted a memo to the Chief of Staff to the President informing my office that I am proceeding on an indefinite leave of absence to frontally deal with medical matters presently affecting my immediate, nuclear family.” “While I fully appreciate that the ship of…
In the wake of the palace coup by some stakeholders of the Labour Party, which saw the appointment of a National Caretaker Committee chaired by former Finance Minister, Mrs. Esther Nenadi Usman to replace the party’s National Working Committee led by Julius Abure, the stage is set for a messy fight for the soul of the party. On Wednesday, during an Expanded Stakeholders Meeting of the Labour Party at the Banquet Hall of the Abia State government house in Umuahia, many stakeholders of the Party approved the constitution of a 29-member Caretaker Committee to oversee the affairs of the Labour…