• Tuesday, July 23, 2024
businessday logo

BusinessDay

Five things to know to start your Thursday

Cart23JULY026

Economic development, debt sustainability key to boosting revenue generation —DMO

Patience Oniha, the Director-General of the Debt Management Office (DMO), said that for Nigeria to achieve accelerated socio-economic development and debt sustainability, there is a need to improve revenue generation.

Speaking at a one-day technical roundtable event titled “Economic Blueprint for President Bola Tinubu’s Administration” in Abuja, Oniha highlighted the need for recent government policies to prioritise revenue generation to address the country’s significant debt burden.

The event was organised by Actionaid Nigeria in partnership with the Nigerian Labour Congress (NLC) and the Centre for Social Justice (CSJ).

She said that recent quick actions to bring revenue to the fore by the present administration were steps in the right direction.

Oniha commended the present administration’s swift efforts to prioritise revenue, recognising them as crucial steps in the right direction towards achieving these objectives.

Read also:African leaders seek grain commitments at Russia summit with Putin

Russian electric car company eyes strategic partnership with Nigeria, Africa

Russian Electric Car Plant, Oktyabrsky Electric Car, is looking to establish ties with Nigeria in rail transportation.

The plant, a subsidiary of Transmashholding, JSC (TMH), which deals with Russian Rail and Urban Transport, expressed its readiness for collaboration.

CEO Valentin Yadritsev of TMH’s subsidiary, OEVRZ, responsible for producing metro trains for St. Petersburg metro, made this statement on Wednesday during a tour of the plant by journalists from various African countries.

The tour covered the train production systems and components delivered by the company to St. Petersburg metro, as well as parts of Russian cities and some Commonwealth of Independent States (CIS).

NNPCL uncovers fresh 162 illegal pipelines and refineries in N’Delta

The Nigerian National Petroleum Company Limited (NNPCL) reported on Wednesday that it has uncovered 162 new illegal pipeline connections and illegal refineries in the Niger Delta.

The oil company said that this discovery is a significant step in the ongoing effort by the Federal Government to combat crude oil theft in the Niger Delta.

According to a documentary shared on its Twitter handle, NNPCL said the discovery, which happened last week, revealed that most of these illegal refineries and pipeline connections were in Bayelsa State.

Specifically, 93 illegal pipeline connections and 69 illegal refineries were identified and subsequently destroyed in the areas of Aboa and Gbokoda between July 15 and 21.

This move is part of the company’s determined fight against illicit activities related to crude oil in the country.

Google opens door to Naira payments on Play Store

Google has teamed up with Verve to simplify digital transactions on the Google Play Store for Nigerians.

Starting Wednesday, Nigerians can use their Verve cards to make purchases on the platform.

With this partnership, Google will handle Verve transactions within Nigeria, and the payments will be in the local currency (naira), treated as local transactions by the country’s banks.

Anthea Crawford, Head of Retail and Payment Partnerships at Google Play, expressed excitement about the collaboration, stating that it will broaden access to Google Play for more Nigerians.

This move aims to enhance the convenience and accessibility of digital purchases for users in Nigeria.

US judge tightens Sam Bankman-Fried’s bail, will consider jailing him

U.S. Judge Lewis Kaplan on Wednesday made Sam Bankman-Fried, founder of FTX cryptocurrency company, bail conditions stricter after concerns arose over his ability to communicate publicly.

The judge may even consider putting him in jail before the trial for the collapse of his FTX cryptocurrency exchange.

During a hearing in a federal court in Manhattan, prosecutors urged the judge to detain Bankman-Fried, saying that he shared his former partner Caroline Ellison’s personal writings with a reporter, which they viewed as witness tampering.

To limit public communication, Kaplan imposed a “gag order” as requested by prosecutors. Both sides have until Aug. 3 to present their arguments on whether jail time is necessary for the ex-billionaire.