Insecurity Fuels 22% Food Inflation, Surveillance Gulps N476bn       The Federal Government may have spent N475.8bn on surveillance to curtail the high level of insecurity threatening both the economy and lives of Nigerian citizens. Analysis of the Federal Government budgets between 2017 and 2021 showed that the...

Nigeria, Others Lose $2bn Annually To Illegal Sea Activities       The United States (U.S) Consul-General, Claire Pierangelo, has said West Africa loses about 800,000 tons of fish a year, worth almost $2 billion in gross revenue, to illegal activities by both foreign and domestic vessels. Pierangelo stated...

Anticipated $3.4bn SDRs From IMF, $6.2bn Eurobond Issuance Lift Naira At BDC, Parallel Markets     Despite the suspension of supply of foreign exchange sales to Bureau De Change (BDCs) by the Central Bank of Nigeria (CBN, the naira strengthened against the dollar at the BDC and...

Customs Impound N22bn Animal Parts, N338.58m Goods     The Nigeria Customs Service (NCS), on Wednesday, said it intercepted N22.2 billion worth of elephant and pangolin scales and claws in an apartment in Lekki area of Lagos. The Nigeria Customs Service (NCS), on Wednesday, said it intercepted N22.2...

FEC Okays $1.48bn For Refineries Repair       The Federal Executive Council on Wednesday approved $1.48bn for the rehabilitation of two refineries in Warri and Kaduna. The decision was taken at the weekly meeting of the council presided over by Vice-President Yemi Osinbajo. Osinbajo stood in for President Muhammadu...

Nigeria Loses N530bn Annually To Motor Insurance Evasion       Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance. The implications are that the nation’s insurance industry may be losing about N530 billion due to the...