Economy
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Port Harcourt Refinery: NNPCL advises Nigerians to focus on achievements
The Nigerian National Petroleum Corporation Limited (NNPCL) has advised Nigerians to concentrate on the enormous progress made in bringing the Port Harcourt refinery online and steer clear of “malicious claims” that it is not producing refined products. ”We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu, GCFR, and…
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TMSG attributes 3.46% GDP growth to efficacy of Tinubu’s economic reforms
The Tinubu Media Support Group (TMSG) has described the 3.46 per cent growth in Nigeria’s GDP for the third quarter of 2024 as further proof of the efficacy of the economic policies of the President Bola Tinubu administration. In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that the Q3 2024 figure is…
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President Tinubu welcomes Q3 GDP growth, promises stronger economic output
By Kunle Sanni President Bola Tinubu has assured Nigerians of improved economic performance as the country’s economy continues to expand, following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS). According to the NBS, Nigeria’s GDP grew by 3.46% in the third quarter, compared to 3.19% in the previous quarter. In a…
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NNPCL targets 2mb/d oil production by end of 2024
The Nigerian National Petroleum Company Limited has said it is working closely with relevant stakeholders to boost crude oil production to 2 million barrels per day and above by the end of 2024. This was revealed by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye on Monday while dispelling reports on production disparity figures supplied by the company and…
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Nigeria’s GDP expands by 3.46% in Q3 2024, boosted by services sector
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS). This represents an improvement from the 2.54% growth recorded in Q3 2023 and the 3.19% growth reported in Q2 2024. The Q3 2024 growth was primarily driven by the Services…
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Nigeria has saved $20bn from subsidy removal, FX policies, says Edun
Minister of finance and coordinating minister of the economy, Wale Edun says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate. Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja. “An amount of five…
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Domestic revenue mobilization will drive up Nigeria’s economy — RMAFC Chairman
By Kunle Sanni The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has emphasized the importance of domestic revenue mobilization as a critical driver of Nigeria’s economic development. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Dr. Shehu highlighted the urgent need for Nigeria to diversify its…
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Only DisCos with N500bn capital base should be allowed to operate- Reps tell FG
The House of Representatives has suggested that only electricity distribution companies (DisCos) with a capital base of N500 billion be allowed by the Federal Government to operate. According to the lower legislative chamber, only financially capable DisCos would ensure maximum consumer satisfaction. The resolution was passed by the House during a plenary session on Wednesday following the adoption of a…
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FG, states, LGs share N1.411trn for October 2024
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments as federation allocation for October 2024. The announcement was made during FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein. The distributed funds were drawn from a gross revenue of…
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Tinubu requests ₦4.5 trillion loan to address budget deficit
By Kunle Sanni President Bola Ahmed Tinubu has formally sought the approval of the House of Representatives for a ₦4.5 trillion loan to address part of the ₦9.7 trillion budget deficit outlined in the 2024 Appropriation Act. The request was presented by Speaker Tajudeen Abbas during Tuesday’s plenary session, as reported by the News Agency of Nigeria (NAN). Alongside the…
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