Tensions erupted in the Senate on Wednesday as lawmakers clashed over a motion by Senate Leader Opeyemi Bamidele to suspend the rules and allow Federal Inland Revenue Service (FIRS) Chairman Zaccheus Adedeji and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, to address the chamber. Bamidele argued that the motion was … Read more
The Kano Public Complaints and Anti-Corruption Commission (PCACC) has uncovered a warehouse where 16,800 bags of rice, intended as federal government palliative aid, were being repackaged for sale on the open market. The rice, suspected to have been released during last year’s ‘Ramadan Kareem’ palliative distribution, was marked with the label “Not for sale” and … Read more
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms (constant price) in the third quarter (Q3) of 2024, according to the Statistician General of the Federation, Adeyemi Adeniran. This marks a 0.92 percentage point increase compared to the 2.54% growth recorded in Q3 2023. In a statement released on Monday, Adeniran also noted … Read more
Disagreements emerged among National Assembly members on Monday over President Bola Tinubu’s requests for foreign loans, despite significant revenue surpluses reported by federal agencies for the 2024 fiscal year. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, revealed during an interactive session with the National Assembly’s joint Committees on Finance, Budget, and … Read more
The Federal Government has announced plans to establish a National Youth Development Bank and a Youth Data Bank to provide financial and informational support to young Nigerians. President Bola Tinubu, represented by Vice President Kashim Shettima, revealed this at a Stakeholders Roundtable on Northern Youth Development in Abuja, organized by the Sir Ahmadu Bello … Read more
Human rights lawyer Effiong Inibehe has called on Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church of God (RCCG), to step back from defending President Bola Tinubu’s administration. Inibehe made this statement in response to Pastor Adeboye’s remarks crediting his prayers for preventing the naira’s collapse to ₦10,000 per dollar. Adeboye also commended … Read more
President Bola Ahmed Tinubu since assuming office, has placed significant focus on shaping the image of his administration, appointing numerous media aides to manage public communication. EKO HOT BLOG reports that on Thursday, President Tinubu added Daniel Bwala, a former media aide to Atiku Abubakar, to his growing media team, bringing the total number of … Read more
Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, testified that the bank’s board did not recommend the 2022 naira redesign to then-President Muhammadu Buhari. Obiora, who once served as Special Adviser on Economic Matters to former CBN Governor Godwin Emefiele, stated that the board first learned of the redesign policy on … Read more
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that its members can now purchase petrol directly from Dangote Refinery at rates of N990 per liter for loading at depots and N940 per liter when transported by vessel. This landmark agreement, aimed at providing a steady and potentially cheaper fuel supply across Nigeria, signals … Read more
A recent report reveals that the cost of building materials in Nigeria has surged by over 100% in the past year, causing significant disruptions in the construction industry. This sharp rise in prices has posed major challenges for large-scale developers and homeowners alike. Several factors have contributed to this increase, including disruptions in the supply … Read more
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has cautioned the Federal Government against issuing import licences to petroleum traders, warning it could harm Nigeria’s nascent refining sector. CORAN’s Publicity Secretary, Eche Idoko, voiced concerns that some marketers were determined to import substandard petrol, using Nigeria as a dumping ground for rejected products from … Read more
Senator Sani Musa, representing Niger East Senatorial District, commended President Bola Tinubu’s decision to end the fuel subsidy in Nigeria, calling it a major positive development for the country. In an interview with Channels TV on Friday, Musa praised the subsidy removal as a necessary move, noting it was made with the nation’s best interests … Read more
The Spiritual Director of Adoration Ministry, Enugu State, Rev. Fr. Ejike Mbaka, has called on Nigerians to pray against the looming threat of famine in the country. He decried the escalating cost of fuel, warning that Nigeria is already grappling with hunger, and if left unaddressed, the situation could spiral into a full-blown famine crisis. … Read more
The Federal Government has initiated the disbursement of a N75 billion loan aimed at supporting the manufacturing sector, following a 14-month delay since the initiative’s announcement. The funds, provided through the Bank of Industry (BOI) at an annual interest rate of 9%, are designed to assist larger companies in managing production costs and adapting to … Read more
Senator Mohammed Ali Ndume, representing Borno South in the National Assembly, has urged Minister of Finance Wale Edun, the Federal Inland Revenue Service (FIRS), and other economic managers to stop misleading President Bola Tinubu. Ndume made this statement in response to the Federal Government’s plan to increase the country’s tax regime. He expressed concern that … Read more
The federal government, led by President Bola Tinubu, has revealed plans to significantly reduce the use of the U.S. dollar, in the Nigerian economy , focusing on strengthening the local currency, Naira. According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the administration aims to de-dollarise the economy as part of … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has begun the process of addressing its outstanding debt of over $6 billion, a development confirmed by the Nigerian government through the Ministry of Finance. EDITOR’S PICKS BREAKING: Tinubu Arrives Abuja After Two-Week Working Vacation In UK, France NIDCOM Gears Up for 7th Nigeria Diaspora Investment Summit, Aims … Read more
The NNPC Limited and Chevron Nigeria Limited Joint Venture (NNPC-CNL JV) has announced a major oil discovery following the successful drilling of the Meji NW-1 well in Petroleum Mining Lease (PML) 49, located in the shallow waters of the Western Niger Delta. This region remains a key part of Nigeria’s energy production and now operates … Read more
Senator Orji Uzor Kalu, representing Abia North Senatorial District, has expressed his intention to run for president in 2027, but only if President Bola Tinubu does not seek a second term. EKO HOT BLOG reports that Speaking during an interview on Channels Television’s Politics Today on Thursday, Kalu emphasized his qualifications and readiness for the role. … Read more
The federal government is planning to raise the Value Added Tax (VAT) from 7.5 percent to 10 percent. EKO HOT BLOG reports that an executive bill to formalize the increase has already been submitted to the National Assembly. According to a Sunday report by The Cable, the proposed legislation seeks to gradually raise the VAT … Read more