Business
FAAC shares N900bn of N1.9tn revenue, N1tn for foreign reserves
FAAC shares N900bn of N1.9tn revenue, N1tn for foreign reserves
The 36 state governors have endorsed the proposal of the Federal Government not to share the entire revenue of N1.9tn that accrued to the federation by Federation Accounts Allocation Committee.
It was agreed that only N900bn should be shared while N1tn be transferred to the Central Bank of Nigeria and converted to foreign reserves.
This was the outcome of a meeting held by the governors on Wednesday night in Abuja, a report by The Whistler stated.
The Federal Government had proposed that the sharing of the entire N1.9tn was not a good idea because it would increase the amount of money in circulation and cause further inflation.
Nigeria’s inflation stands at about 22.7 per cent based on figures released by the National Bureau of Statistics.
The report quoted one of the governors at the meeting as saying in view of the removal of fuel subsidy, the Federal Government raised concerns that if the entire N1.9tn was shared, it could put pressure on the naira and affect the price of fuel.
Rather than sharing the entire N1. 9tn, the governors reportedly agreed that N900bn be shared while the balance of N1tn be used to shore up the nation’s external reserves.
Figures obtained from the CBN showed that as of July 18, Nigeria’s external reserves stood at $33.99bn.
The idea, it was learnt, was to help the CBN raise the foreign reserves to $40bn from the current $33bn.
The revenue of N1.9tn is the highest amount generated in one month in the history of Nigeria.
The amount almost tripled the N786.161b shared in June and N655.93bn in May.
Aviation
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.
It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.
“Tickets can be booked now on Emirates.com or via travel agents.”
It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.
“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.
Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.
Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.
Business
Dollar crashes against Naira at official market
Dollar crashes against Naira at official market
The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
READ ALSO:
- Reps invite Ribadu over faulty presidential air fleet
- What autopsy revealed on cause of Mohbad’s death – Pathologist
- UK varsities considering NECO results for admission – Registrar
Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.
Dollar crashes against Naira at official market
Business
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.
Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.
-
Business23 hours ago
Dollar crashes against Naira at official market
-
News13 hours ago
Updated: Reps condemn assault on Nasarawa female doctor by patient family
-
metro24 hours ago
Three police officers sentenced to life imprisonment in Anambra
-
News21 hours ago
Wike, Fubara are ego-driven, crude – Reno Omokri
-
Aviation16 hours ago
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
-
Auto2 days ago
150 OEMs, others set for Lagos motor fair, Africa autoparts expo
-
metro2 days ago
Nigerian who killed wife in UK bags life jail
-
metro3 days ago
Edo community attacked, houses razed, 8 cars burnt