NLC, TUC declare indefinite strike October 3
Mike Ochonma
< 1 min
MIKE OCHONMA The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) will commence an indefinite strike on Tuesday, October 3. This followed a joint press briefing by both leadership of the union in Abuja, the nation’s capital on Tuesday (today). The unions also asked their state chapters to mobilize for protests […]
Enugu moves to create own electricity market
Saby ElembaSeptember 20, 2023
Governor signs state electricity law Ambition to move economy from $4.4bn to $30bn Saby Elemba in Owerri Nigeria’s subregional government of Enugu State has effectively taken the giant step to create its own electricity market that could be catalytic for the accelerated economic growth of the state. Power supply is a major challenge in […]
LCCI charge businesses on cost reduction strategies to stay afloat amid inflation hike
Onome AmugeSeptember 19, 2023
By Onome Amuge. The Lagos Chamber of Commerce and Industry (LCCI) has emphasised the need for businesses to implement a variety of cost reduction strategies to lower operating expenses and maintain profitability amidst inflationary pressures. Chinyere Almona, director-general, LCCI, in a statement reacting to the 18-year high August inflation rate of 25.80 per cent, noted […]
Nigeria’s inflation rate soars for 8th consecutive month to 25.80% in August
Onome Amuge, Onome Amuge & Innocent ObasiSeptember 15, 2023
By Onome Amuge. Nigeria’s inflation rate rose for the eighth straight month in the year to 25.80 per cent in August 2023,representing an increase of 1.72 percentage points from 24.08 per cent recorded in July 2023. This is according to the latest inflation report by the National Bureau of Statistics (NBS),which measured the rate of […]
Nigeria’s total debt stock rises 75%, hits N87.38trn in Q2’23
Isaac JayeolaSeptember 15, 2023
Nigeria’s debt stock, comprising the domestic and external debt stocks of the federal government,sub-national governments and the Federal Capital Territory, rose to N87.38 trillion at the end of the second quarter of 2023, according to a latest report by the Debt Management Office (DMO). The figure represents a 75.29 per cent or N37.53 trillion increase […]
CBN denies policy to crash exchange rate to N1.25 per dollar
Business a.m.September 13, 2023
The Central Bank of Nigeria (CBN) has debunked a report of planning a naira redenomination policy that would see the Nigerian currency almost equal to the U.S dollar at N1.25 kobo to a dollar. The apex bank issued the disclaimer on its official X. page (formerly Twitter), accompanied by a screenshot of the fake report […]
Banking activities plunge in Lagos,Abuja as NLC embarks on warning strike action
Business a.m.September 5, 2023
Business A.M Financial and industrial operations were on Tuesday, ground to a halt across many government and corporate organisations as the Nigeria Labour Congress (NLC) commenced a two-day warning strike against the government’s handling of the petrol subsidy removal palliative and its adverse impact on the masses. Business A.M observed that a lot of banks, […]
CBN links naira crash to diaspora remittance diversion to black market
Onome AmugeAugust 14, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has attributed the free fall of the naira against the dollar and its resultant volatility in the foreign exchange market to the diversion of diaspora remittances to the parallel market. This is as the currency float implemented by the new administration in June continues to hit […]
FG imposes N1,000 annual fee on all vehicle owners in Nigeria
Business a.m.June 27, 2023
By Business A.M. Nigerian Vehicle owners will from July 2023, pay an annual fee of N1,000 to get a Proof of Ownership Certificate (POC) verification recently introduced by the federal government. AbdulHafiz Toriola, the permanent secretary, Lagos Ministry of Transportation, disclosed the commencement of the new policy at the Bagauda Kaltho Press Centre, Alausa, Lagos,noting […]
Nigeria’s total debt stock rises to N49.85trn in Q1 2023
Business a.m.June 26, 2023
By Business A.M. Nigeria’s debt stock, comprising the domestic and external debt stocks of the federal government,sub-national governments and the Federal Capital Territory, has risen to to N49.85 trillion ( $108.30 billion) for the period ending March 31 2023, from N46.25 trillion or $103.11 billion as of December 21 2022. The Debt Management Office (DMO) […]