FG Recorded N13.33bn Revenue Loss From Gas Flaring Fines   The Federal Government recorded a revenue shortfall of N13.33bn from gas flaring penalties issued against oil and gas firms in January and February 2023. It was earlier reported that the Federal Government would impose $49m (N22bn) fine...

'Subsidy Removal Expected To Generate Fiscal Savings Of N2trn By Year End' The removal of the PMS subsidy is expected to provide fiscal savings of N2 trillion in 2023 and this, together with earnings from improved oil exports and non-oil sources would buoy government’s revenue. According...

We Recovered N471.82bn Intervention Loans In Six Months – CBN   The Central Bank of Nigeria (CBN) has said it recovered N471.82bn as cumulative repayment from the bank’s intervention programmes in the first half of 2022. According to the apex bank’s half-year report for 2022, the recovery...

NERC May Okay Tariff Hike As Electricity Subsidy Hits N2.8tn   There are strong indications the Federal Government may consider the request by power distribution companies for a review of their tariff, as the government spending on electricity subsidy has risen to N2.8tn. A new report by...

Bank Customers Lose N472m To Fraudsters In Three Months - Report A report by FITC has revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023. It was also disclosed that there was a total of 12,553 cases of fraud...

Customs Arrests 344 Smugglers, Impounds N3bn Smuggled Rice   The Nigeria Customs Service (NCS) seized a total of N3.02bn worth of smuggled rice between May 2022 and May 2023. Data obtained from the service through its National Public Relations Officer, who is a Chief Superintendent of Customs,...