FAAC meeting postponed indefinitely as states, NNPC tussle over N1.7trn remittances The Federation Account Allocation Committee (FAAC) has announced the indefinite postponement of its meetings for February 2025. : TheCable had earlier reported that the FAAC meeting was not held on Wednesday due to a dispute between states and NNPC Limited over outstanding remittances. States decided to boycott the meeting until …

Anambra State Governor, Prof. Charles Soludo has expressed his commitment to collaborating with investors to foster infrastructural and economic growth and drive sustainable development in the state. Welcoming a high-profile delegation from the Shanghai Jianhang Investment Company Limited to the state, Soludo said: ‘We are delighted to host Chairman Peng Yizhong and his team as they explore the immense potential Anambra …

Legislators in Lagos State have commended the state Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing N1 trillion. This landmark accomplishment positions LIRS as the first sub-national revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration. Former Chairman of the House Committee on Economic Planning …

Inflation reduced to 24.48 per cent in January 2025, according to the National Bureau of Statistics (NBS). The Statistician of the Federation, Prince Adeyemi Adeniran, who is also NBS CEO, said at a briefing in Abuja on Tuesday that food inflation was 26.08 per cent year-on-year. According to him, the new figure was as result of the rebasing of Nigeria’s inflation …

Taiwan’s Head of Mission in Nigeria and Chief of Taiwan’s Mission at the Taipei Trade Office, Andy Liu, has called on President Bola Tinubu to ensure the relocation of Taiwan’s Mission in Nigeria from Lagos to Abuja. Speaking to journalists in Abuja on Sunday, Liu also urged the Federal Government to sign the Investment Promotion and Protection Agreement which has …

A video of the former presidential candidate, Dr. Gbenga Olawepo-Hashim discussing his ambitious economic plan for Nigeria in 2018 has resurfaced online, six years after it was initially projected. Olawepo-Hashim was then campaigning for the 2019 presidential election as candidate of the party, Peoples Trust. The resurfaced video has attracted widespread admiration for his deep understanding of the country’s economic …

Nigeria must transform its public debts into strategic assets for economic growth and poverty reduction, rather than viewing it as a financial burden, Vice President Kashim Shettima said yesterday. Shettima spoke while inaugurating the Supervisory Board of the Debt Management Office (DMO) at the State House, Abuja. The board is part of the Federal Government’s efforts to strengthen fiscal and …

A study facility to develop a roadmap on Nigeria’s critical value chain from extraction to beneficiation to be funded by the Global Council for Critical Minerals is one of the low hanging fruits secured by Solid Minerals Development Minister Dr. Dele Alake on the sidelines of the ongoing annual Mining Indaba holding in Cape Town, South Africa. The Global Council …

President Bola Tinubu has asked the National Assembly to increase the proposed 2025 budget from N49.7 trillion to N54.2 trillion, an increase of N4.5 trillion over that present the President last December. President Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio on the floor of the red chamber on Wednesday. Last year, the Senate and …

Local government councils across the country are facing a fresh hurdle in their bid to receive their monthly allocations directly from the Federation Accounts. Each of the 774 Local Government Areas is now required to furnish the Central Bank of Nigeria (CBN) with a comprehensive audit of its finances for two years as a prerequisite for direct remittance of their …