FG Secures $750m World Bank Loan For Power Projects   The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector. The loan with project ID P174622 was approved on June 9, 2023, making it the first World Bank loan approved under the...

Palliative: FG Considers N702bn as Allowance for Workers Over Subsidy Removal   The National Economic Council has considered recommendations from the National Salaries Income and Wages Commission to pay N702bn as cost of living allowance to civil servants as part of intervention plans to mitigate the...

Election Uncertainties Trigger Increase In Consumer Loans to N2.45trn   Banks increased consumer loans to N2.45 trillion in February 2023, up by 5.6 per cent from N2.32 trillion in December 2022. Financial industry experts attributed the development to an increase in demand occasioned by apprehension about the...

Telecom Sector Contributes N2.5trn to GDP In Q1, 2023   The Telecommunications and Information Services sector in Nigeria contributed N2.508 trillion, representing 14.13 per cent, to the nation’s gross domestic product, GDP, in the first quarter of 2023 (Q1’23). The National Bureau of Statistics (NBS) report showed...

In Four Months, Nigeria Loses N150bn To Gas Flaring   Oil and gas companies operating in Nigeria flared 92.3 million standard cubic feet, mscf, of gas, worth an estimated N150 billion between January and April 2023, according to a report by the National Oil Spill Detection...

Senate Grills AGF Over N910bn MDAs Loan   The Senate has indicted the Office of Accountant General of the Federation over failure to repay short-term loans given to Ministries, Departments, and Agencies from Special Funds Accounts totalling N910bn. The lawmakers discovered this after a thorough investigation by...