AuG Uncovers N14bn Tax Irregularities in Over 30 MDAs A report by the Auditor-General of the Federation has unearthed tax irregularities amounting to N14.33bn across more than 30 Ministries, Departments, and Agencies. The findings, disclosed in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses,...

African Refiners Applaud Restoration of Port Harcourt Refinery The African Refinery Group has congratulated the Nigerian National Petroleum Company Limited (NNPCL) for the restoration of production and resumption of crude oil processing at the Port Harcourt Refinery Company. It said the reopening, which took place on...

FG Approves Licence for Construction of 27,000bpd Refinery The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced the approval of a licence for the construction of a new refinery. The approval given to a company named Process Design and Development...

Electricity Subsidy may Reach N2.4tn by Year-end – NERC The Federal Government, through its Nigerian Electricity Regulatory Commission (NERC), has declared that it would spend about N2.4tn on power subsidies before the end of this year. NERC’s Commissioner of Planning, Research, and Strategy, Dr Yusuf Ali,...

CBN Predicts Increased Food Production as FG Improves Security in North-East The Central Bank of Nigeria (CBN) has predicted an improvement in food production in the country, following the Federal Government's efforts to improve security in the North-East. Speaking at the end of the 298th Monetary...

CBN Raises Interest Rate to 27.50% to Combat Inflation The Central Bank of Nigeria (CBN) has increased the interest rate by 25 basis points to 27.50% to tackle the rising inflation rate, which stood at 33.87% in October 2024. This decision was made during the 298th...