Author: New Daily Prime

In a bid to alleviate the financial burden on commuters in the nation’s capital, the Federal Government has launched a free Compressed Natural Gas (CNG) bus service in Abuja. The service, which began operations on December 2, 2024, is designed to ease transportation costs for residents in the city. The announcement was made by the Presidential CNG Initiative, which shared a video on its X (formerly Twitter) page, showing the buses in operation. The CNG buses will run along major routes connecting suburban areas to key locations in Abuja, including routes from Mararaba to Eagle Square and the Berger bus…

US President Joe Biden has arrived in Angola for a pivotal two-day visit, marking his first and only trip to sub-Saharan Africa during his presidency. The visit, which began late on Monday, is primarily focused on advancing a major infrastructure initiative that is set to provide a significant counterpoint to China’s growing investments in the region. Biden’s visit is centred on the Lobito Corridor project, a large-scale multinational initiative aimed at rehabilitating a vital railway line that connects mineral-rich inland countries, such as the Democratic Republic of Congo (DRC) and Zambia, to Angola’s Atlantic port city of Lobito. This project…

The Office of the Auditor-General of the Federation (OAuGF) has now received all necessary documents to verify the Nigerian National Petroleum Company Limited’s (NNPCL) N2.7 trillion fuel subsidy claim against the Nigerian government. This follows the procurement department of the Ministry of Finance obtaining the terms of reference and scope of work to guide the process of engaging an external firm that will assist the OAuGF with the audit. In April 2024, the Federal Government initiated a fresh audit of the N2.8 trillion fuel subsidy claim made by NNPCL. The initial audit, conducted by KPMG, had already reduced the original…

In a significant policy change aimed at addressing the financial challenges faced by low-income pensioners, the National Pension Commission (PENCOM) has announced that retirees with insufficient savings can now withdraw the entirety of their retirement savings, or continue receiving their monthly pension payments. This decision follows the enactment of Nigeria’s new National Minimum Wage, which has seen a significant rise in the minimum wage to N70,000. The new regulation, which amends the guidelines on the administration of retirement and terminal benefits, allows pensioners whose savings cannot generate a pension equal to at least one-third of the national minimum wage—N23,333.33—to opt…

Stakeholders across Nigeria have called for more extensive consultations on the controversial tax reform bills currently under consideration in the National Assembly. This follows growing opposition from the Peoples Democratic Party (PDP), northern lawmakers, and various public figures who have expressed concerns about the potential economic and social impacts of the proposed legislation. The proposed tax reforms, which include the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, aim to overhaul the nation’s tax system. The reforms seek to consolidate existing tax laws, establish clearer frameworks for tax…

Former President Olusegun Obasanjo has expressed his gratitude to General Yakubu Gowon (rtd.) after Gowon revealed that he had personally pleaded with the late General Sani Abacha to spare Obasanjo’s life during the latter’s imprisonment. Gowon made the revelation during the Plateau Interdenominational Unity Christmas Carols and Praise Festival in Jos, where he spoke of his efforts to prevent Obasanjo’s execution. He explained that he wrote a letter to Abacha, appealing for clemency for Obasanjo, who had been incarcerated by the Abacha regime on charges of plotting a coup to overthrow the military dictator. Gowon mentioned that he had sent…

Workers in the Federal Capital Territory (FCT), Cross River, Nasarawa, Ebonyi, Kaduna, and Zamfara states are set to embark on a strike from Monday, December 2, following the failure of state authorities to implement the N70,000 new minimum wage. This strike is a response to the ongoing inability of various state governments to negotiate and finalize the payment of the national minimum wage. The Nigeria Labour Congress (NLC) had earlier directed workers in 14 states, including the FCT, to begin an industrial action, demanding the payment of the new wage. In response, the FCT NLC council had announced an indefinite…

The NASD Over-the-Counter (OTC) Exchange has urged public limited companies to adhere to the Securities and Exchange Commission’s (SEC) regulation mandating that the securities of public unlisted companies be traded exclusively on SEC-registered OTC platforms. Under this rule, the purchase, sale, and transfer of securities for unlisted companies are prohibited outside of a registered stock exchange, to ensure greater transparency in trading. The SEC requires that the securities of public companies be registered with the commission immediately upon creation, and their trading must occur through an SEC-approved OTC Exchange platform. The rule specifies that all securities of unlisted public companies…

The Nigerian Exchange Limited (NGX) ended last week on a negative note, reflecting the stock market’s response to the Central Bank of Nigeria’s (CBN) recent interest rate increase. On the heels of the Monetary Policy Committee (MPC) decision, the CBN raised its benchmark interest rate, the Monetary Policy Rate (MPR), by 25 basis points to 27.5%, up from 27.25%. This marked the sixth consecutive rate hike of the year, bringing the total increase to 875 basis points, compared to 225 basis points in 2023. In line with the rate hike, the NGX All-Share Index (ASI) dropped by 0.3% Week on…

Dozens of people were killed on Sunday, December 1, following violent clashes between football fans at a match in N’Zerekore, Guinea’s second-largest city, hospital sources reported to AFP. The scenes at the local hospital were described as horrific, with bodies filling every available space. “There are bodies lined up as far as the eye can see in the hospital. Others are lying on the floor in the hallways. The morgue is full,” said one doctor, who requested anonymity. Another medical professional confirmed that there were “dozens of dead,” while other reports suggested that around 100 people had lost their lives.…