Economy Archives - Page 3 of 15 - Independent Digital News Network

FCC–Nigeria Revenue Service Collaboration Signals Governance Reform Alignment

The FCC Nigeria Revenue Service collaboration has been positioned as part of broader institutional reforms aimed at strengthening transparency and constitutional compliance across federal agencies. During a high-level meeting in Abuja, leaders of both bodies emphasized regulatory alignment, data governance coordination, and the role of inter-agency cooperation in reinforcing national cohesion and macroeconomic stability.

Tinubu Signs Executive Order Redirecting Oil Revenues to Federation Account

IDNN7 months ago7 months ago0

President Bola Tinubu has signed a sweeping executive order mandating direct remittance of key oil and gas revenues to the Federation Account, halting several retention mechanisms previously operated under the Petroleum Industry Act. The directive targets multiple deductions by NNPC Limited and signals a structural fiscal reset with implications for federal, state, and local government finances.

NLC Threatens Strike Over Grid Collapse as Power Instability Deepens

IDNN7 months ago7 months ago0

The Nigeria Labour Congress has warned of nationwide industrial action as NLC threatens strike over grid collapse following repeated failures of the national power grid. Labour leaders argue that persistent instability reflects structural weaknesses in the post-privatisation framework, raising concerns about economic productivity, worker welfare and Nigeria’s fragile energy infrastructure.

Shettima to Lead FG Delegation to Kano After Singer Market Fire

IDNN7 months ago7 months ago0

Vice President Kashim Shettima will lead a Federal Government delegation to Kano following the devastating Singer Market fire Kano incident that reportedly destroyed goods worth billions of naira. President Bola Tinubu has ordered financial support for affected traders and a full investigation into recurring market fires in the state.

Soludo Says Sit-at-Home Suspension Is Driving Monday Trade Rebound in Onitsha

IDNN7 months ago7 months ago0

Anambra Governor Charles Soludo says the sit-at-home suspension trade rebound is becoming visible in Onitsha, with increased Monday market activity following recent security enforcement. He linked improved commercial turnout to restored public confidence, though no independent economic data has yet quantified the scale of recovery.

Health Minister Says Only ₦36m Released From ₦218bn Capital Budget Allocation

IDNN7 months ago7 months ago0

Nigeria’s Minister of Health has disclosed that only ₦36 million has been released from a ₦218 billion capital allocation to the ministry, raising concerns about budget execution in the health sector. The revelation highlights widening gaps between appropriation and disbursement as public hospitals grapple with funding shortages and service pressures nationwide.

Senate Vows No Budget Extension Beyond December, Signals Tighter Fiscal Discipline

IDNN7 months ago7 months ago0

Nigeria’s Senate has vowed to end the practice of extending federal budgets beyond December, warning that delays undermine fiscal discipline and accountability. Lawmakers said the 2026 budget would mark a decisive break from past spending habits, as concerns mount over revenue shortfalls, rising deficits, and the need for stricter oversight of service-wide votes.

IMF Growth List Sparks Debate After Elon Musk Reacts to Nigeria Ranking

IDNN7 months ago7 months ago0

Nigeria’s inclusion on an International Monetary Fund list of top global growth contributors has triggered online debate after billionaire Elon Musk reacted to the ranking. While the IMF data reflects projected contributions to global growth, economists caution that headline figures often mask domestic pressures, turning the spotlight on how global metrics intersect with local realities.

World Bank Praises Nigeria’s Reform Consistency as Tinubu Says ‘No Turning Back’

IDNN7 months ago7 months ago0

The World Bank has commended Nigeria for maintaining consistency in its ongoing economic reforms, while President Bola Tinubu reaffirmed his administration’s commitment to staying the course despite short-term pressures. The remarks come as the government pushes fiscal and monetary adjustments aimed at stabilisation, investor confidence and long-term growth.

FG to Share Electricity Subsidy Burden With States From 2026

IDNN7 months ago7 months ago0

The Federal Government has announced plans to share electricity subsidy costs with state and local governments from 2026, ending the long-standing practice of carrying the burden alone. Officials say the move is aimed at transparency and fiscal discipline, as Nigeria grapples with mounting power-sector debt and seeks to stabilise an electricity market strained by unpaid subsidies.