Category: Business and Economy

Amid a projection by the Federal Government to spend a whopping sum of N6.7tn on fuel subsidy next year and a major shortfall in government oil revenue this year, economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians. The Minister of Finance, Zainad Ahmed, had on Thursday released the four-month fiscal report of the economy during a public consultation on the 2023-2025 Medium Term Expenditure Framework/FSP. “Crude oil production challenges and PMS subsidy deductions by NNPC constitute significant threat to the achievement of our…

A High Court sitting in the Federal Capital Territory has remanded the suspended Accountant-General of the Federation, Ahmed Idris, in prison custody over his alleged illegal diversion of public funds to the tune of N109.4 billion. He was arraigned on 14 counts bordering on conspiracy, criminal breach of trust, and money laundering. Trial Justice A.O. Adeyemi Ajayi who remanded the suspended AGF and other defendants in the matter, said they remain in the custody of the Nigerian Correctional Service till Wednesday when their bail applications would be heard. Idris was…

Former Deputy President of the Senate, Ike Ekweremadu, has withdrawn from the Enugu State governorship race. Ekweremadu said he would not participate in today’s governorship primary election of the Peoples Democratic Party in Enugu State. This was contained in a statement made available to our correspondent on Wednesday morning by his campaign organisation. Ekweremadu, who is currently representing Enugu West Senatorial District at the Senate, was a foremost governorship aspirant in the state before announcing his withdrawal. But on Wednesday morning, in what appeared a new twist, the campaign organisation…

The international wing of the Murtala Muhammed International Airport, Lagos, was temporarily shut in the early hours of Thursday after the mangled body of a dead man was found on Runway 18R of the nation’s flagship airport. The identity of the corpse could not be ascertained as of press time. Also, it could not be established whether the dead man was knocked down by an aircraft taking off or landing on the runway. However, airport officials told our correspondent that the runway was temporarily shut down while a team of…

The National Bureau of Statistics, NBS, said inflation rate rose to 16.82 percent in April  2022, representing a 0.90 percent rise when compared to 15.92  per cent recorded in March 2022. The bureau also said that the composite food index rose year-on-year (YoY) by  1.17 basis points  to 18.37  percent in April  2022 from 17.20  per cent in March 2022. In its Consumer Price Index (CPI) released today, the bureau said the rise in food index was due to increases in prices of bread and cereals, food products, potatoes, yam,…