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Tue, May

FG Approves Tax Reliefs, Other Support For Tech Start-ups

The Federal Government (FG) has approved tax reliefs and other incentives for tech start-up companies to enable the implementation of strategies to support the development of more Innovation-Driven Enterprises (IDE). The approved tax reliefs and incentives are expected to create millions of jobs across the country. This was disclosed in a statement signed by the Minister of Communications and Digital Economy, Isa Pantami.

FG Appoints New Accountant-General

The Federal government has approved the appointment of Mr Anamekwe Chukwuyere Nwabuoku to oversee the Office of the Accountant-General of the Federation. This was revealed in a statement by one of the President's media aides Tolu Ogunlesi via social media on 22nd May 2022, noting that Nwabuoku is to assume the office of the OAGF pending the outcome of Ahmed Idris's investigation by the Economic and Financial Crimes Commission (EFCC).

Airline Operators Announce Flight Disruption, Cancellations

Nigerian airlines, through the Airline Operators of Nigeria (AON), have announced that there would be disruption of planned flights as a result of the growing scarcity of aviation fuel also known as Jet A1. This was made known on Monday by the spokesperson of AON, Prof Obiora Okonkwo in a statement titled ‘Public Notice: Disruptions In-Flight Operations’.

FIIRO: President Buhari Appoints New DG

President Muhammadu Buhari has approved the appointment of Dr. Adamu Tutuwa as the substantive Director General (DG) of the Federal Institute of Industrial Research, Oshodi (FIIRO), Lagos State with effect from May 10, 2022, for a five-year non-renewable tenure. Her appointment was announced on Friday in a statement issued by the Federal Ministry of Science, Technology, and Innovation.

SEC Releases New Regulations On Digital Assets

The Securities and Exchange Commission (SEC) has issued new regulations guiding the issuance, exchange, and custody of digital assets in the country. These regulations were contained in a document titled ‘New Rules on Issuance, Offering Platforms and Custody of Digital Assets’ where a digital asset is defined as a “digital token that represents assets such as a debt or equity claim on the issuer”.

Road Reconstruction: FEC Approves N169.7Bn

The Federal Executive Council (FEC) has approved the sum of N169.7bn in private sector investments for the reconstruction of four roads. This was disclosed by the Minister of Works and Housing, Babatunde Fashola, after the conclusion of the Council’s meeting on Wednesday which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Airline Operators Lament Aviation Fuel Scarcity

Barely few days after the Airline Operators of Nigeria (AON) suspended their planned grounding of operations over skyrocketing price of aviation fuel, known as Jet A1, the product has become scarce once again in the local market, thereby leading to disruption in flights schedules across the country. In letters addressed to their passengers, some of the airlines apologised for the protracted delays and even cancellations of some of its flights, blaming it on the scarcity of aviation fuel. They explained that following the cancellation of the plan to shut down flight operations on May 9, 2022, there had been marked delays in the supply of aviation fuel to the airports by oil marketers. Azman Air, in its message to passengers said though there has been promising prospects address the problem, it became important to advice the general public that until there is resolution, disruption of flights may be unavoidable.

Naira Loses Against Dollar Despite CBN Intervention

The Naira on Monday depreciated at the Investors and Exporters windows, exchanging at 421.50 to the dollar, representing 0.60 per cent, as compared to 419 traded on Friday 13th May 2022. Most currency dealers who participated at the foreign exchange auction on Monday sustained bids between N412.00 and N444.00 per dollar. A total of 70.68 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

Naira Bounces Back After Monday's Decline

The Naira has bounced back from Monday's fall at the Investors and Exporters window after gaining 0.18% to the dollar. Officially, the naira is now exchanging at N418.25 to the dollar, compared with the N419 traded on Monday. The naira began the day at N417.70/$1 before oscillating to an intraday high of N412.00, reaching a low of N444.00 before closing the day at N418.25/$1 on Tuesday.

Inflation in Nigeria Jumps To 16.82% In April

The National Bureau of Statistics (NBS) has released Nigeria's latest Consumer Price Index (CPI) report, which shows inflation rate climbing to 16.82% in April up from 15.92% in March. The jump in fuel and food items costs is driven by fuel price increases and accelerating costs for food, including bread and cereals, occasioned by global supply disruptions following Russia’s invasion of Ukraine, analysts say. Prices for wheat, a key ingredient in cereals and flour for pasta and bread, have jumped more than 5 percent over the weekend, and over 68 percent year-on-year, according to commodities data compiled by the Financial Times. The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining.

Airline Operators Association Halts Nationwide Shutdown

The Airline Operators of Nigeria (AON) through its President Alhaji Abdulmunaf Yunusa Sarina revealed that its association has canceled its planned nationwide shutdown on 8th May 2022 after deliberation with the Federal Government, noting that the government had promised to intervene in the challenge bedeviling the aviation sector.

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