NBS Website Hack Stalls Inflation Data Release
Since December 18, 2024, a cyberattack on the National Bureau of Statistics (NBS) website has delayed the release of inflation data.
Following a report on ₦2.3 trillion paid in ransoms, the breach has disrupted access to vital economic information. NBS assures restoration efforts are ongoing, with ₦35 million allocated in its 2025 budget for cybersecurity upgrades.
Nigeria Earned ₦50tn from Crude Oil in 2024 – Report
Nigeria earned ₦50.88 trillion from crude oil in 2024, producing 408.7 million barrels at an average price of $80.53 per barrel. Despite missing its 1.78mbpd target, higher oil prices and naira devaluation boosted revenue beyond budget projections. Total production, including condensates, was 566.79 million barrels, though the country fell short of its OPEC quota throughout the year.
Resolve ₦200bn USSD Debt, Banks Urged
ACAMB has called for dialogue to resolve the ₦200bn USSD debt owed by banks to telecom companies, warning of potential service disruptions. The NCC has threatened to suspend services and name defaulting banks. Access Bank confirmed payment, but most banks are yet to settle.
FG Receives 255 Tractors for Mechanised Farming
The Federal Government has received 255 tractors as part of its $1bn Mechanization programme with Belarus, aimed at boosting food production. Minister of Agriculture Abubakar Kyari confirmed the delivery, noting it represents 10% of the 2,000 tractors and 9,000 implements expected. Shipments are arriving weekly to support the initiative.
Adesina, N’Sele Named Influential Africans
AfDB President Akinwumi Adesina and VP Hassatou Diop N’Sele were listed among New African Magazine’s 100 Most Influential Africans of 2024. Adesina expanded the AfDB’s capital to $318bn, while N’Sele pioneered a $750m climate finance bond.
Stanbic IBTC Relaunches Self-Service Pension Platforms
Stanbic IBTC Pension Managers has enhanced customer access with self-service options, including the MyPension Portal and mobile app, for seamless updates, balance checks, and transactions. CEO Olumide Oyetan affirmed the firm’s commitment to 24/7 tech-driven pension management.
AI May Displace 92 Million Jobs by 2030 – WEF
The World Economic Forum predicts AI could replace 92 million jobs by 2030 but create 170 million, resulting in a net gain of 78 million roles. Employers plan to retrain workers as roles evolve, emphasising skill development to adapt to the AI-driven workforce shift.
Stakeholder Suggests Solutions for Pilot Shortage
Okechukwu Onuchukwu recommends enhancing pilot training, forming public-private partnerships, and offering better career incentives to address the pilot shortage. He also advocates for competitive pay, work-life balance, and initiatives to attract diverse talent, along with retention strategies like loyalty bonuses and mental health support.
E-hailing Drivers Call for Federal Regulation to Protect Interests
E-hailing drivers, under the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are urging the federal government to implement a national regulatory framework. They claim app companies exploit drivers and repatriate profits abroad, leaving drivers with unfair terms. The union seeks regulations that ensure fairer fares, reduce multiple taxation, and benefit all stakeholders.
Aviation Unions Demand 70% IGR Retention
Aviation unions seek a 70:30 IGR sharing formula with the Federal Government, countering the finance ministry’s 60:40 proposal. They argue aviation agencies need more funds for operations and had previously protested a 50% IGR deduction. Talks are ongoing.
CBN Fines Nine Banks N1.35bn for ATM Cash Shortage
The Central Bank of Nigeria (CBN) has fined nine banks a total of N1.35bn for failing to ensure cash availability at ATMs during the festive season. Each bank was fined N150m after spot checks revealed non-compliance with CBN guidelines. The fined banks include Fidelity, First Bank, UBA, Zenith, and others. CBN warned of further sanctions and pledged to intensify monitoring of cash flow and withdrawal limits.
UN Projects 2.8% Global Growth in 2025
The UN forecasts global economic growth at 2.8% in 2025, driven by steady performances from the US, China, India, and Indonesia. The US is expected to slow to 1.9%, while India leads with 6.6% growth. The recovery remains uneven, with global progress largely dependent on major economies.
NDDC Calls for Stakeholder Collaboration to Drive Niger Delta Development
The NDDC urged Niger Delta stakeholders to collaborate for regional development. During a forum on the Borikiri-Okrika Bridge, Alabo Boma Iyaye emphasized its economic importance. The 2024 budget approval ensures funding for key projects. Local leaders pledged support for timely completion.
CITN Trains Gambians on Oil Tax Auditing
The Chartered Institute of Taxation of Nigeria (CITN) is training Gambia Revenue Authority personnel on oil and gas tax auditing from January 13-20, 2025. CITN President Samuel Agbeluyi emphasized the institute’s commitment to regional development, while GRA’s Deputy Commissioner Fafanding Cham praised Nigeria’s support in preparing Gambia for future oil production.
Customs Exceed Revenue Target, Collect N6.1tn
The Nigeria Customs Service collected N6.1tn in 2024, surpassing its N5.07tn target by 22% and recording a 90% rise from 2023. Comptroller-General Adewale Adeniyi attributed the growth to reforms and enhanced monitoring. Key revenues included N3.6tn for the federation account, N816.9bn in levies, and N1.6tn in import VAT.
