The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, rose to N42.84 trillion (103.31 billion dollars) by June. According to a statement on its website, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT). It said that while the foreign component of the debt remained at the same level of N16.61 trillion (39.96 billion dollars), the local component increased to N26.23 trillion (63.24 billion dollars). The News Agency of Nigeria (NAN) reports that…
Author: Elvis Eromosele
The price of cooking gas and kerosine, over the last year rose by 101 per cent and 102.38 per cent respectively. This was revealed in the Cooking Gas Price and Household Kerosene Price Watch released by the National Bureau of Statistics (NBS) this week. The report indicated that the average price of five kilograms of cooking gas increased from N4,397.68 in July to N4,456.56 in August. This, according to the statistics agency, shows that the price in August experienced a 1.34 per cent increase on a month-on-month basis. it stated further that “On a year-on-year basis, the August 2022 price…
The Nigeria Communication Commission (NCC) has said that the Federal Government will generate over N500bn in the 2023 fiscal year through the 5G spectrum. The Executive Vice Chairman of the NCC, Prof.Umar Danbatta, made this known on Monday at an interactive meeting on 2023-2025 MTEF-FSP, organised by the Senate Committee on Finance. Danbatta said the projected revenue would be realised from the auctioning of two 5G spectrums and the bidding process for auctioning of the spectrums in 2023. He also disclosed that NCC had generated N257 billion in the first quarter of 2022, while N195bn was remitted to government coffers.…
The Nigerian Communications Commission (NCC) has deployed 84 assistive Information Technology projects at different locations in Nigeria to support people with special needs while supporting policies that enable disadvantaged members of the society to live a more qualitative life. “The E-Accessibility project seeks to meet the ICT needs of persons living with disabilities in Nigeria by providing ICT tools, assistive technologies, training, and Internet provision in the identified locations. Between 2012 to 2020, the NCC has deployed the E-Accessibility Projects in, at least, 84 locations nationwide.” The Executive Vice Chairman (EVC) of the Commission, Prof. Umar Danbatta, disclosed this during…
The Memorandum of Understanding for the start of the 5,600 km Nigeria-Morocco gas pipeline’s construction was signed last week Thursday by the Nigerian National Petroleum Company Limited and the Office National des Hydrocarbures et des Mines of Morocco. Following the signing of the Memorandum of Understanding (MoU) between the two countries and the Economic Community of West African States in Rabat, Morocco, according to NNPC, the much-anticipated Nigeria-Morocco Gas Pipeline project officially got underway. According to the statement, the two nations and ECOWAS carried out the MoU agreement on the project, which was an important step in achieving the Federal…
The Nigerian National Petroleum Company, NNPC Limited, has announced that the unrelenting crude oil theft and dwindling production caused by insecurity is costing Nigeria about $700 million every month as no less than 470,000 barrels of oil are illegally siphoned off vandalised pipelines every four weeks. The NNPC’s Group General Manager in charge of National Petroleum Investment Management Services, NAPIMS, Bala Wunti, speaking with some journalists during a tour of the facilities of the NNPC, revealed that the oil pipelines around the Bonny terminal cannot be operated due to the activities of criminals. He noted that for this reason, about…
Nigeria’s leading fintech startup, Flutterwave has enabled the eNaira wallet on its platform for Nigerian merchants looking to make and receive payments. The integration was done amid a series of changes being made by the most capitalised African startup ahead of its much-talked-about Initial Public Offering (IPO). The eNaira is a Central Bank of Nigeria-issued digital version of the Nigerian Naira launched on October 25th, 2021. It allows seamless payments and facilitates payment across borders with ease as users only need to scan QR codes or generate one-time tokens on the wallet to perform transactions. With Flutterwave’s integration of the…
Kuba Microfinance Bank, one of Nigeria’s leading fintech startups, has incurred a loss of more than N6 billion. According to the financial report of the bank, it incurred a loss of N868 million in 2020. This indicates that between FY 2020 and 2021, Kuda Bank’s losses increased by more than 600 per cent. Investors King learnt that Non-Performing Loans (NPL) significantly contributed to the loss. The bank’s Non-Performing Loan stood at 69 per cent as at the end of the 2021 financial year. A closer analysis of the company’s financial report indicated that its revenue increased by 4,315 per cent…
Close to 90 million people have enrolled on the National Identification Number (NIN) database, according to the National Identity Management Commission (NIMC). NIMC Director-General and Chief Executive Officer, Aliyu Aziz, disclosed this on Friday in Abuja at an event to commemorate the fourth National Identity Day with the theme ‘Traditional Institution as Critical Stakeholders for Citizens Mobilisation’. “Without sounding immodest, NIMC has made great strides on so many fronts in the last three years,” he said. “From just over 1,000 enrolment centres and 2,000 enrolment devices across the country, NIMC in partnership with its licensed enrolment partners now has over…
The World Health Organisation (WHO) says medication errors contribute to more than three million deaths globally every year. Its Regional Director for Africa, Dr Matshidiso Moeti, made the declaration in her message to mark the 2022 World Patient Safety Day. The Day is observed annually on September 17 to raise global awareness about patient safety and to call for solidarity and united action by all countries and international partners to reduce patient harm. Moeti said the Day aims to raise awareness of the importance of people-centred care and preventing patient harm. She noted that medication errors were exacerbated by overwhelmed…