Nigeria Breaking News
More Nigerians are relying on their pension savings to acquire residential mortgage as the number of Retirement Savings Account, RSA, holders that transferred part of their pension savings into residential mortgage increased by 65.03 per cent quarter on quarter, QoQ, to 3,804 in the third quarter of 2024, Q3’24. This form of transfers recorded 2,305 in …
THE Port and Terminal Multi-Purpose Services Limited, PTML, Command of the Nigeria Customs Service, NCS, has commenced the process to achieve a one hour cargo clearance time from its command after recording a two hour clearance time previously. Speaking at the International Customs Day celebration in Lagos, the Command’s Comptroller, Mr. Tenny Daniyan, said: “You all …
A Central Bank of Nigeria, CBN, survey report has shown that lenders experienced high loan default rate in the fourth quarter of 2024, Q4’24. The report titled: “Credit Condition Survey Report for Q4’24” released yesterday stated: “Lenders observed higher default rates for all lending types in the review quarter; Secured, Unsecured and Corporate.” It added that “Lenders …
The Nigerian Shippers’ Council, NSC, has said that the implementation of its International Cargo Tracking Note, ICTN, will commence by second quarter of 2025. This development is expected to tighten oversight on cargo movements and significantly increase transparency. As at October 2024, Nigeria had lost about $2.5 billion in five years, $500 million annually over non-implementation …
The Federal Government has secured a $1.1 billion loan from African Development Bank, AfDB, to provide electricity for 5 million people by the end of 2026. Special Adviser to the President, (Information & Strategy), bayo Onanuga, who disclosed this in a statement, said President Bola Tinubu made this known at the just concluded two-day Mission …
Lagos State Government has disclosed plans to launch a N500 million intervention fund “Ounje Eko,” Farmers’ Subsidy Program from next week Wednesday, aimed at providing affordable, domestic food sufficiency for its over 23 million residents. The intervention program, which will be implemented in collaboration with the private sector and stakeholders, will also ensure fair product …
President Bola Tinubu has concluded his visit to Dar es Salaam, Tanzania, where he joined other African leaders to participate in the Mission 300 Africa Energy Summit. The President and his team arrived on Sunday. He is now on his way back to Abuja. The two-day Summit, hosted by the government of Tanzania in collaboration with the …
The Nigerian Ports Authority (NPA) yesterday announced changes to truck entry protocols, saying manual presentation of number plates and Minimum Safety Standards (MSS) stickers at port gates will no longer be allowed. In a notice issued by Truck Transit Parks Limited, NPA’s technical partner for traffic management, the agency emphasized the transition to automated verification as …
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso yesterday said that the apex bank will soon commence final settlements of the outstanding amount from the $7 billion foreign exchange obligation backlog. Cardoso at the launch of the new Foreign Exchange, FX Code in Abuja, disclosing that the forensic verification process is now near …
The Debt Management Office (DMO), has dismissed media reports claiming that Nigeria’s public debt rose from N21 trillion to N142 trillion under the administration of President Bola-Ahmed Tinubu. DMO made this clarification in a statement posted on its website. The agency said that the country’s debt was N87 trillion when Tinubu assumed office in 2023 , …