FG Orders Oil Firms to Relocate Headquarters to Niger Delta

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya The local currency weakened against the United States Dollar by N1 at the parallel market on Friday, selling at N506/$1 in contrast to N505/$1 it closed at the preceding trading session. The usual weekend rush for Dollar at the unregulated segment of the foreign exchange (forex) market may have contributed to the poor performance of the domestic currency at the market yesterday. However, the Naira traded flat against the Pound Sterling at N708/£1 and also remained unchanged against the Euro at the same black market during the final session for the week at N596/€1. But at the

Following the extension of lockdown by another 14 days in Lagos and Ogun States, the Lagos State Government has made concessions to street boys with propensity to cause havoc and left out the law-abiding educated folks with literarily no succour. Here’s a wake-up call to that category of people to use their elitist education to demand and obtain concessions from LASG too. Watch the visuals below where Mr Sunkanmi Vaughan is making a case for the educated folks

By Adedapo Adesanya The Naira strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday. Business Post reports that during the session, the local currency appreciated by N1.67 or 0.4 per cent to close the session at N410/$1 in contrast to the previous session’s N410.67/$1. It was observed that the domestic gained this strength despite coming under a significant FX demand pressure at the market segment. Yesterday, the I&E recorded a turnover of $169.07 million, 79.5 per cent or $74.9 million higher than the $94.17 million recorded on Monday. At the

By Adedapo Adesanya The Milwaukee Bucks is one win away from their second NBA Championship after defeating the Phoenix Suns 123-119 in Game 5 over the weekend and taking a 3-2 lead in the NBA Finals. They will have an upper hand when the series shifts back to Milwaukee for Game 6, a must-win on the road for the Suns. The Bucks were led by Giannis Antetokounmpo who recorded 32 points and nine rebounds, with some big plays down the stretch from Khris Middleton (29 points and seven rebounds) and Jrue Holiday (27 points, 13 assists and three steals). Devin

By Adedapo Adesanya Crude oil extended gains on Friday, rising to a highest level in three months after news reached the market that the United States and China have agreed a resolution to the trade war between the world’s two biggest economies that has affected global demand for the commodity. Business Post reports that at Friday’s trading session, prices of crude oil at the global market reached their highest since September when the attack on Saudi Arabia Aramco oil fields drove oil prices up. As a result, the Brent Crude hit the $65 mark on Friday night as it climbed

By Dipo Olowookere Shareholders opposed to the delisting of 11 Plc (formerly known as Mobil Oil Nigeria) will receive N213.90 for each of the company’s stock in their possession. Mobil Oil is planning to end its almost three decades’ relationship with the Nigerian Stock Exchange (NSE). According to its profile on the exchange, the energy firm joined the NSE on July 25, 1991, affording it the opportunity to attract retail and institutional investors. But like the popular saying, ‘whatever has a beginning must have an end,’ Mobil Oil is leaving. Last year, shareholders of the company voted to leave the

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By Adedapo Adesanya The negative run at the NASD Over the Counter (OTC) Securities Exchange could not run into the fourth straight day on Thursday, March 4. At the trading session, the NASD Security Index (NSI) and the market capitalisation recorded almost traded flat as there were marginal gains. The market capitalization had closed Wednesday’s trading session at N498.99 billion, but yesterday, it slightly moved higher by 0.004 per cent or N20 million on Thursday to close at N499.01 billion. In the same vein, the NSI rose by 0.003 per cent or 0.02 points to close at 695.47 points as