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Finance

FG’s Savings Surge by Over 500% After Petrol Subsidy Removal — NOA Report

Petrol Subsidy Removal Yields Massive Financial Gains The Federal Government’s savings jumped by over 500% in the first quarter of 2025 following the removal of petrol subsidies in 2023, according to a recent report by the National Orientation Agency (NOA) . This surge in revenue marks a major shift in Nigeria’s fiscal policy and has allowed the government to direct billions toward infrastructure, education, agriculture, and debt reduction. “For decades, oil subsidies were a major burden on our economy,” the report stated.“But today, we are seeing real progress thanks to President Tinubu’s bold decision.” A Historic Move That Stopped Billions in Waste President Bola Ahmed Tinubu ended the long-standing fuel subsidy regime shortly after taking office in 2023. The move stopped years of economic bleeding that had cost Nigeria over $84 billion between 2005 and 2022. Before the reform, fuel […]

Mujahid Yusuf June 10, 2025

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Finance

La BCEAO Assouplit sa Politique Monétaire : Quelles Opportunités pour l’UEMOA ?

Une Baisse des Taux Directeurs pour Stimuler l'Économie La Banque Centrale des États de l'Afrique de l’Ouest (BCEAO) a annoncé une réduction de 25 points de base de ses taux directeurs à l’issue de la récente réunion du Comité de Politique Monétaire (CPM). Cette mesure, entrée en vigueur le 16 juin 2025, abaisse le taux directeur principal de 3,50% à 3,25%, selon un communiqué relayé par Eco & Finances. Qu’est-ce que le Taux Directeur et Pourquoi cette Baisse ? Le taux directeur est l’un des principaux outils dont dispose une banque centrale pour influencer l’économie. Il représente le coût auquel la BCEAO prête de l’argent aux banques commerciales de la région. En abaissant ce taux, la BCEAO rend l’argent moins cher pour les banques, ce qui devrait les inciter à :✔ Accorder plus de crédits aux entreprises et aux ménages✔ Réduire les taux d’intérêt sur les prêts✔ Stimuler l’investissement et la consommation Contexte et Objectifs de cette Décision […]

Mahmud Auta June 10, 2025

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Finance

Nigeria’s Economy Back on Track – Says Minister Atiku Bagudu

Nigeria’s Economy Is Improving — Says Economic Planning Minister The Nigerian economy is moving in the right direction , though it has not yet reached its full potential, according to Atiku Bagudu , Minister of Budget and Economic Planning. Speaking after a meeting with President Bola Ahmed Tinubu at his Lagos residence over the weekend, Bagudu praised the administration’s bold policy decisions and outlined how they are setting the stage for long-term growth. “We’re not where we want to be, but these steps have turned the economy in the right direction.” Structural Reforms Begin to Pay Off Bagudu credited President Tinubu’s government for making tough but necessary choices , including the removal of costly subsidies on fuel, foreign exchange, and electricity —a move that freed up billions for more impactful spending. “Decades of underinvestment brought Nigeria to a point where […]

Mujahid Yusuf June 9, 2025

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Finance

AGF Clears Fidelity Bank CEO of Criminal Charges

AGF Clarifies Discontinuation of Case Against Fidelity Bank CEO The Office of the Attorney General of the Federation (AGF) has officially discontinued the criminal case against Dr. Nneka Onyeali-Ikpe , Managing Director and CEO of Fidelity Bank Plc , citing her lack of direct involvement in the alleged fraudulent activities under review. This decision came after a comprehensive legal review by the AGF’s office. A statement issued on Monday clarified that Dr. Onyeali-Ikpe did not manage the account in question nor was she in her current role when it was opened. Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, explained the move: “The Attorney General’s decision is a testament to the office’s commitment to upholding justice and fairness.” He added that as the chief law officer of the federation, the AGF has the constitutional power to stop […]

Mujahid Yusuf June 9, 2025

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Finance

FG Reaffirms Nigeria’s Global Leadership in Entrepreneurship at 2025 GEC

Nigeria Reinforces Commitment to Entrepreneurship on Global Stage At the 2025 Global Entrepreneurship Congress (GEC) in Indianapolis, USA , Nigeria once again asserted its role as a leader in entrepreneurship-driven industrial transformation . Minister of State for Industry, Trade and Investment, Senator John Owan Enoh , represented the Federal Government at the event, delivering a strong message about Nigeria’s growing influence in global innovation and SME development . Speaking before an audience of ministers, policymakers, and global innovation leaders, Enoh emphasized that Nigeria sees MSMEs —not just as small businesses—but as key drivers of economic diversification, job creation, and inclusive growth . “With over 39 million MSMEs contributing 84% of total employment, we are investing in national resilience and the architects of our economic future.” Major Reforms Empowering Nigerian Entrepreneurs The Nigerian delegation highlighted several major reforms and initiatives aimed […]

Mujahid Yusuf June 6, 2025

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Events

Zenith Bank Named Nigeria’s Best Bank at 2025 Global Finance Awards

Zenith Bank Crowned Nigeria’s Best Bank Again Zenith Bank Plc has once again been recognized as “Best Bank in Nigeria” at the 2025 Global Finance Best Banks Awards —marking its fifth win in just six years . The award celebrates banks across 36 African countries , with Zenith standing out among top financial institutions for excellence in service, innovation, and performance. This year’s selection followed an extensive review by Global Finance , involving consultations with corporate executives, bankers, analysts, and consultants worldwide. Criteria Behind the Recognition Global Finance evaluated banks using both objective and subjective criteria , including: Growth in assets and profitability Geographic reach and strategic relationships New business development and product innovation Analyst opinions, customer feedback, and industry reputation Zenith Bank impressed judges with its consistent growth , customer-centric services , and investment in digital transformation . “We […]

Mujahid Yusuf June 5, 2025

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Finance

AEDC Workers Threaten Strike, Power Outage Looms in Abuja and 3 States

AEDC Workers Warn of Nationwide Power Disruption The Abuja Electricity Distribution Company (AEDC) is facing an imminent strike action that could lead to widespread power outages in Abuja and three other states — Nasawara, Kogi, and Niger — unless management meets workers’ long-standing demands. Two major unions — the Senior Staff Association of Electricity and Allied Companies (SSAEAC) and the National Union of Electricity Employees (NUEE) — have issued separate notices warning of industrial action if their grievances remain unresolved. Unpaid Wages, Pensions, and Benefits Trigger Strike Warning In a letter dated June 4, 2025 , signed by Deputy General Secretary Rosemary Odey, SSAEAC gave AEDC a two-week ultimatum to address several unresolved issues: Unpaid 2024 productivity bonuses 18 months of pension deductions not remitted Failure to implement national minimum wage No staff promotions since 2013 Collapse of health services […]

Mujahid Yusuf June 5, 2025

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Finance

VP Shettima: Nigeria’s Vision To Transition From Cocoa Production to Processing

In a bold declaration that signals a new era for Nigeria’s agriculture sector, Vice President Senator Kashim Shettima has announced the government’s commitment to transforming the country from a cocoa-producing nation into a major global processor of cocoa beans. During a meeting with the World Cocoa Foundation (WCF) delegation at the Presidential Villa on Monday, Shettima said the administration under President Bola Ahmed Tinubu aims to revive Nigeria’s role in the global cocoa value chain. A Strategic Shift: From Production to Processing Shettima laid out a clear vision for the revival of Nigeria’s cocoa industry . He emphasized the need to move beyond exporting raw beans toward value addition and industrialization . “We don’t want to be producers of cocoa; we want to be processors of cocoa,” Shettima declared. “A tonne of cocoa will fetch $9,000 now, but processed cocoa […]

Mujahid Yusuf June 3, 2025

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Events

Tinubu’s Aide Backs Women Entrepreneurs as Pink Fleur Launches Purpose-Driven ‘Noor Collection’

Abuja's fashion elite witnessed a powerful fusion of style and social impact as Princess Atika Ajanah, Senior Special Assistant to President Tinubu, championed women entrepreneurs at Pink Fleur's exclusive "Noor Collection" launch. 💼 Government's SME Boost Ajanah revealed concrete support for entrepreneurs: *"This administration is creating sewing hubs where designers rent machines for ₦200/hour. We're providing grants and technical training – especially in fashion."* Key initiatives include:✅ Ministry of Industry, Trade & Investment programs✅ Youth Development Ministry skill-building✅ Affordable infrastructure for startups✅ Direct grants for qualifying businesses "Pink Fleur proves SMEs can scale rapidly. This isn't small business – it's inspirational," Ajanah declared, urging resilience: "Push through startup hiccups. Consistency brings success." 👗 Noor Collection: Fashion With Meaning Designer Zainab Salihijo unveiled her sunrise-inspired line featuring:🌅 Ethereal fabrics reflecting dawn's glow💝 Social impact: Employing IDP women to clean Abuja parks♻️ Timeless pieces designed for 10+ […]

Mujahid Yusuf June 2, 2025

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