A total sum of N 1.203 trillion August 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country. The revenue distribution was announced at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja. The N1.203 trillion total distributable revenue comprised distributable statutory...
Category: Economy
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IPPIS: OAGF ASSURES THAT EMPLOYEES’ DATA IS SAFE, SECURED.
The Office of the Accountant General of the Federation (OAGF) has reiterated the Federal Government’s determination to maintain and operate a secure and efficient personnel and payroll system. In a statement in Abuja, the OAGF maintained that the Integrated Personal and Payroll Information System (IPPIS) database has not been compromised, assuring that employees personal data...
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PRESIDENT TINUBU’S VISION BEARS FRUIT AS NIGERIA BEGINS PMS SUPPLY IN NAIRA
In a groundbreaking move poised to revolutionize Nigeria’s energy landscape, the Dangote Refinery has today commenced supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL. This bold initiative, championed by President Bola Ahmed Tinubu’s Administration, marks a significant milestone in Nigeria’s quest for energy self-sufficiency and reduced reliance on imported...
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NIGERIA TAKES GIANT LEAP TOWARDS ENERGY SELF-SUFFICIENCY:CRUDE PURCHASE PRODUCT SALES IN NAIRA TRANSACTION KICKS OFF*
In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr...
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FINANCE MINISTER MEETS WORLD BANK VP, DISCUSSES POWER SECTOR REFORMS TO DRIVE INFRASTRUCTURE DEVELOPMENT
In a significant step towards transforming Nigeria’s power sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has met with Guangzhe Chen, Vice President for Infrastructure at the World Bank, to discuss bold reforms aimed at improving electricity access across the nation in order to accelerate infrastructure development and...
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FG RAISES OVER $900 MILLION IN LANDMARK DOLLAR BOND
In a groundbreaking achievement, Nigeria has successfully launched its first domestic dollar-denominated bond, shattering records and signalling a new era of financial innovation and economic growth. With over $900 million raised, this milestone marks a significant turning point in the country’s financial strategy, bolstering its economic resilience and cementing its position as a leader in...
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Kwara State Police Commissioner Visits Bereaved Family, Assures Justice in Ongoing Investigation
The Kwara State Commissioner of Police, CP Victor Olaiya, has assured the family of late Qoyum Abdulyekeen Ishola that the police will conduct a thorough investigation into the circumstances surrounding his death. CP Olaiya, representing the Inspector General of Police (IGP), Kayode Egbetokun, paid a condolence visit to the family on September 10, 2024. During...
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FG PROPOSES TEMPORARY ZERO-DUTY ON FOOD IMPORTS TO EASE INFLATION
In a decisive move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This strategic initiative announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun aims to increase food availability, reduce...
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UNLOCKING AFFORDABLE HOUSING: WALE EDUN LEADS TALKS ON LAUNCH OF MORTGAGE FINANCE FUND
In a significant stride towards making home ownership a reality for millions of Nigerians, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today in his office in Abuja, convened a high-level meeting to discuss the launch of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF). This...
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FG REFUTES VAT INCREASE SPECULATION
The Federal Government has officially debunked reports suggesting that the President Bola Ahmed Tinubu-led Administration plans to raise Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%. In a statement issued earlier this morning, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun clarified that there is no such proposal under...