Economy

UAE Removes $10k Bank Balance and N640k Fee Requirement for Nigerian Visa Applicants

Emeka Udeh - July 19, 2024

In recent days, there has been significant confusion and concern regarding the visa application process for Nigerian travelers wishing to visit the United Arab Emirates (UAE). Allegations have surfaced suggesting that the UAE government was imposing stringent new requirements,...

Economy

Tinubu Approves New Minimum Wage of N70,000

Abbah Umar - July 19, 2024

President Bola Tinubu has approved a new minimum wage of N70,000 for Nigerian workers and pledged to review the national minimum wage law every three years. This significant announcement came after the leadership of the Nigeria Labour Congress (NLC)...

Economy

Affordable Housing: Addressing Abuja’s Growing Housing Deficit in the Face of Thousands of Unoccupied Houses

A Effanga - July 18, 2024

In recent years, Abuja, Nigeria’s capital city, has faced an unprecedented challenge in the housing sector: a burgeoning housing deficit amid a landscape dotted with thousands of unoccupied houses. This paradox of high housing demand juxtaposed with surplus properties...

A Effanga - July 18, 2024

Agriculture has always been at the heart of Nigeria's economy. Before the discovery of oil in the 1950s, Nigeria's agricultural sector was the mainstay of the economy, providing employment, food, and raw materials for industries. Today, with the fluctuating...

Politics

NASS Passes Bill to Increase 2024 Budget by N6.2 Trillion in Second Reading

A Effanga - July 17, 2024

Both chambers of the National Assembly have approved the second reading of bills for amending the 2024 Appropriation Act and the 2023 Finance Act. This legislative move represents a significant step in adjusting the country's financial and budgetary policies...

Economy

“Nigeria’s Federal, State, and Local Governments Share N1.354 Trillion in June”

Abbah Umar - July 17, 2024

The Federation Accounts Allocation Committee (FAAC) reported that in June, a total of N1.354 trillion was distributed among the federal, state, and local governments. This announcement was made by Bawa Mokwa, spokesperson for the Office of the Accountant-General of...

Economy

IMF Revises Down Nigeria’s 2024 Economic Growth Forecast to 3.1%

Mfon Ekanem - July 17, 2024

The International Monetary Fund (IMF) has updated its economic growth prediction for Nigeria, forecasting a growth rate of 3.1 percent for 2024. This marks a slight decrease from the previously expected 3.3 percent announced in April. The adjustment of...

Economy

Tinubu Directs Security Chiefs to Halt Oil Theft and Pipeline Vandalism

Abbah Umar - July 17, 2024

President Bola Ahmed Tinubu has given marching orders to the Chief of Defence Staff (CDS), General Christopher Musa, to curb the menace of crude oil theft and vandalism in the Niger Delta region of Nigeria in the shortest possible...

Economy

The Human Cost of Oil Exploitation in the Niger Delta

A Effanga - July 16, 2024

When the first commercial quantities of oil were discovered in Oloibiri in the Niger Delta in 1956, there was widespread jubilation. It was hailed as the harbinger of prosperity and modernization for Nigeria. Fast forward to the present day,...

Economy

Ailing Economy: NNPCL and CBN Promise Quick Recovery as NASS Holds Key Session with Stakeholders; Nigeria to Become Net Petroleum Exporter by December

A Effanga - July 15, 2024

Critical stakeholders of Nigeria’s economy, including the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and other key entities, gathered in Abuja on Monday to announce that the country's struggling economy is showing signs of...

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