FG Fines BAT, Others $110Mn

The Federal Government (FG) through the Federal Competition and Consumer Protection Commission (FCCPC) has fined the British American Tobacco and its affiliate companies $110 million. This was made known in a statement issued on Wednesday by FCCPC, which stated that an investigation was initiated on 28 August 2020, over the company’s alleged infringement of the Federal Competition and Consumer Protection Act (FCCPA), National Tobacco Control Act and sundry legal instruments.

CBN Blames Hoarding For Naira Scarcity, Assures Nigerians Of Availability

The Central Bank of Nigeria (CBN) has declared that there are enough naira notes in circulation to meet cash needs. This is in response to a recent outcry by Nigerians over cash scarcity which is causing frustration even as the Christmas and New Year celebrations are days away. A statement on Wednesday signed by CBN's Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1 trillion in February to N3.4 trillion in December.

FG Commences Payment of N-Power Beneficiaries Salary Arrears

The Federal Government has approved the payment of backlog of NPOWER beneficiaries’ arrears across the country. Commencement of the payment was initiated by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation after a painstaking verification exercise. Minister, Betta Edu, announced the release of funds on Wednesday night, stating that it brings renewed hope for Nigerian youths during the Christmas and New Year celebrations. Edu said President Tinubu’s interest in Nigerian youths is evidenced by the numerous policies and programs of his administration largely tailored toward providing opportunities for them. She wishes the beneficiaries who went through the painstaking process of the verification exercise, a Merry Christmas and a prosperous New Year with their loved ones.

Nigeria Boast Of Excellent Credit Rating

Senior Special Assistant to the President on Public Engagement, Fredrick Nwabufo has disclosed that despite the current economic quagmire, the country can still boast of an excellent credit rating. In his exposé, Nwabufo stated that the reports are coming in. And they betoken blue skies and clement weather for Nigeria’s economy. In November 2023, Morgan Stanley made a fetching prognosis on Nigeria’s economic health. The global financial services firm said President Bola Tinubu’s “policy reforms could spur economic growth and the rise of a mass consumer market, with potential opportunities in mobile banking and consumer goods” in Nigeria.

Telcos To Fully Block Subscribers Without NIN In February

Telecom companies in Nigeria including MTN, Airtel, and Globacom have advised all subscribers, whose Subscriber Identity Module, SIM cards are yet to be linked with their National Identity Numbers, NIN, to do so before February 28, 2024, or lose the numbers permanently. This came as the umbrella body of the telcos, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) yesterday, said it had agreed to abide by the Nigerian Communications Commission (NCC) directive to delist telephone lines without NIN.

NNPC Remits Trillions To Federation Account

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed it has remitted N4.5 trillion as revenue for the federation for 2023 as of October. Group Chief Executive Officer, Mr Mele Kyari made this disclosure on Wednesday at an interactive session with the Senate Committee on Finance. Kyari, while updating the committee on the activities of the company, noted that in "October, we deliver N4.5 trillion into the federation account as a company to this country in 2023."

NLC Expresses Concern Over Lingering Naira Scarcity

The Nigeria Labour Congress (NLC), on Tuesday, expressed concerns over the lingering cash scarcity in the country. Five days to the Christmas Day celebration, the congress said in a statement by its National President, Joe Ajaero, that the situation has serious implications for citizens, insisting that urgent steps must be taken to address it to avoid social unrest. “If the Central Bank of Nigeria, CBN, is saying that those with ill-gotten wealth are stashing cash in their houses to avoid detection, it becomes a heavy indictment on the government’s anti-corruption agenda. This is because what the CBN is saying is that since the assumption of office of this government, the level of graft has increased resulting in the creation of hideouts for the slush funds. “The question then is; should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war or is it that there is actually no anti-corruption war going on?

Airlines to Pay Compensation for Delayed, Cancelled Flight

The Ministry of Aviation has revealed plans to ensure commercial airlines operating in Nigeria compensate passengers for delayed or canceled flights beginning from January 2024. Minister of Aviation, Festus Keyamo, made this known when he met with the Joint Committee of the National Assembly on Aviation for the defense of the 2024 budget. Kayamo stated that its ministry also plans to publish the list of airlines that delays or cancels flight weekly as part of its efforts.

NASS Will Pass 2024 Budget By December 30- Rep

The House of Representatives has announced plans to pass the 2024 budget by Saturday, December 30, 2023, and other budget-related processes, including compilation, processing, and harmonization, would follow suit.

As the festive season draws nearer, Nigerians are yet again faced with naira scarcity as individuals find it difficult to easily access cash. The development is coming despite the assurance of the Central Bank of Nigeria, CBN, on the availability of the currency notes. Like the cash crunch of December last year and the first quarter of 2023 due to the implementation of the failed Naira redesign policy, the resurgence of the naira scarcity has begun to bite hard on Nigerians. As of Monday, Automated Teller Machines of Deposit Money Banks in many parts of the country are either not dispensing cash or are witnessing long queues.