Author: New Daily Prime

The Federal Government has raised $2.2 billion in Eurobonds to fund the fiscal deficit in the 2024 budget. According to a statement by the Debt Management Office (DMO), the bonds will mature in the international capital markets in 2031 (6.5-year) and 2034 (10-year). The statement noted that the funds have $700 million and $1.5 billion placed in the 2031 and 2034 maturities, respectively. The 6.5-year and 10-year notes were priced at coupon and re-offer yields of 9.625 per cent and 10.375 per cent, respectively. The DMO said, “The Federal Government has successfully priced US$2.2 billion in Eurobonds maturing in 2031 (6.5-year)…

President Bola Tinubu has directed the Federal Ministry of Justice to work with the National Assembly to ensure that “genuine concerns” associated with the Tax Reform Bills are addressed before they are passed by lawmakers. Minister of Information and National Orientation Mohammed Idris disclosed this in a statement on Tuesday, December 3. “In line with the established legislative procedure, the Federal Government welcomes meaningful inputs that can address any grey areas in the bill. “In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the…

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to advancing local content development in Nigeria’s energy sector, aiming to foster sustainable growth and innovation within the industry. This commitment was expressed by the Group Chief Executive Officer (GCEO), Mele Kyari, during the 13th Practical Nigerian Content (PNC) Forum held in Yenagoa, Bayelsa State. Kyari, represented by Udobong Ntia, Executive Vice President of Upstream, emphasised that the forum offers stakeholders a platform to reflect on progress, share best practices, and identify strategic growth opportunities. He noted that the Nigerian Oil and Gas Industry Content Development Act of 2010…

A US judge has upheld her decision to reject Elon Musk’s $55.8 billion compensation package at Tesla, denying an attempt to restore the deal through a shareholder vote. Chancellor Kathaleen McCormick of Delaware’s Court of Chancery ruled on Monday that Tesla’s attempt to ratify Musk’s compensation plan through a vote in June could not overturn her earlier January decision, which deemed the package excessive and unfair to shareholders. In her ruling, McCormick pointed out several flaws in Tesla’s ratification attempt, including “material misstatements” in the documents provided to shareholders regarding the impact of their vote. She stated, “The motion to…

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…