Business
FG earns N1.054tn from communication industry in two years
The Federal Government has generated a total of N1.05 trillion in the last two years through its Ministry of Communications and Digital Economy, its departments and agencies.
Minister of Communications and Digital Economy, Dr Isa Pantami, disclosed this on Thursday during the 12th batch virtual inauguration of eight projects in Abuja.
Pantami said the ministry and its agencies got a huge chunk of its revenues from the sale spectrum allocation.
He said, “The ministry and its parastatals have generated over N1 trillion for the Federal Government in less than two years, this translates to an average of about N44 billion every month, or over N1.4 billion every day.For example, about N360 billion of this revenue was largely from spectrum allocated by the National Frequency Management Council (NFMC) to the Nigerian Communications Commission (NCC) and National Broadcasting Commission (NBC) for commercial purposes.
“Another, over N600 billion was paid by ICT Companies to the account of the Federal Government through the Federal Inland Revenue Service (FIRS).”
According to him, over N94 billion was generated for the government, and approved by the National Assembly in line with relevant laws, as part of the 2020 appropriation for personnel, capital projects, capacity building, interventions, etc.
He commended the Chief Executive Officers of the parastatal agencies, stakeholders, partners and all who contributed one way or the other to the success story of the ministry within the last two years.
“The IT Projects Clearance Programme also saved over N5billion for the Federal Government.”
“I wish to thank all our esteemed partners, stakeholders and members of the Communications and Digital Economy family for supporting us in the last two years.
“The CEOs of all the parastatals under the Ministry have been committed to their responsibilities and I commend them for this.
“I also urge them to redouble their efforts in ensuring that we keep up the good work of developing Nigeria’s digital economy,” he said.
The Executive Vice Chairman (of the NCC, Prof. Umar Dambatta, and the Director-General, National Information Technology Development Agency, Kashifu Inuwa, thanked the minister for the feat in project executions.
They also said the projects would help the government in its digital economy drive.
The eight projects inaugurated are Emergency Communications Centre (ECC), Makurdi, Benue State; Virtual Examination Centre, College of Education, Argungu, Kebbi State; and E-accessibility Centre, Alderstown Schools for the Deaf, Warri, Delta.
Others are: E-Health/Data Sharing Project, Leko Abdulrahman Hospital, Daura, Katsina State; Digital Economy Centre & E-Learning Facilities, Ogba Grammar Shool, Lagos State; and Digital Economy Centre & E-Learning Facilities, St Paul Secondary School, Eke, Enugu State.
Digital Economy Centre & E-Learning Facilities, Federal Character Commission, Abuja; E-Accessibility Centre, Bauchi State Orphans and Vulnerable Children School, Bauchi State, are also listed.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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