Economy
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FG’s economic policies on track to address poverty, strengthen economy- Edun
The Minister of Finance and Coordinating Minister of the economy Dr Wale Edun, has said the Federal Government’s economic policies are on track to address poverty, mismanagement of resources and strengthen the economy for national development. Edun stated this during the opening ceremony of National Council On finance and Economic Development NACOFED 2024 currently holding in Bauchi State North East…
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It’s unfair to allocate 70% VAT proceeds to Lagos, Rivers, FCT, says FIRS boss
The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has described the allocation of 70per cent of value-added tax (VAT) proceeds to Lagos, Rivers, and the Federal Capital Territory (FCT) as unfair to the remaining 34 states. Speaking during an interactive session with members of the House of Representatives on the proposed tax reform bills on Monday,…
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300 illegal miners arrested across Nigeria- Alake
The Federal Government has arrested a total of 300 illegal miners across the country in a move to revitalise Nigeria’s mining sector. This was revealed during a strategic briefing of the House Committee on Solid Minerals’ Oversight visit to the Minister, Ministry of Solid Minerals Development, Dr Dele Alake at the ministry’s Headquarters, in Abuja on Thursday. The visit saw…
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Armed men attack Obajana transmission substation in Kogi, says TCN
The Transmission Company of Nigeria (TCN) said armed men attacked the construction site of its ongoing 330/132/33kV transmission substation in Obajana, Kogi State. The attack occurred on the night of November 12 at approximately 11:55 PM. The attack resulted in the damage of the radiator of the 330/132/33kV power transformer that was already positioned. These were contained in a statement…
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FG to begin clearing pension backlog next week, says Wale Edun
The Federal Government has announced plans to begin addressing the pension backlog for retired workers under the Contributory Pension Scheme (CPS) starting next week. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a peaceful rally organized by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal…
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Obsolete meters: FCCPC warns DisCos over violation of Nigerians’ rights
The Federal Competition and Consumer Protection Commission (FCCPC) has warned Ikeja and Eko electricity distribution companies (IKEDC and EKEDC) to cease all activities related to the planned replacement of Unistar meters stating that any attempt to proceed in contravention will attract severe consequences. The warning which is pursuant to Sections 17(j), (l) (s), 116 (2), 124, 125, 138 and 155…
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FG’s domestic debt stock grew to N66.96trn in H1 2024
According to reports from the Debt Management Office (DMO), by the first half of 2024, the federal government’s domestic debt stock by instrument reached N66.957 trillion. Notably, this is an increase from the N61.578 trillion recorded at the end of Q1, marking an 8.74% increase. During Q2 2024, the federal government incurred an additional debt of N5.379 trillion locally. The…
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FG signs partnership agreement with BFI Group, CNCEC to restart $3.5bn ALSCON
The Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo has described the signing of partnership agreement between BFI Group, core investor in Aluminium Smelter of Nigeria (ALSCON), and China National Chemical Engineering Corporation (CNCEC) to restart the $3.5billion company as an epoch-making event. Assistant Director (Information), Ministry Of Petroleum Resources, Chris Ugwuegbulam in a statement said the Minister…
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Nigeria, Chinese firm sign $1.2bn deal to revamp gas processing plant
The minister of state for petroleum resources (gas), Ekperikpe Ekpo on Tuesday disclosed that Nigeria has signed a $1.2 billion contract with China National Chemical Engineering (CNCEC) to revamp a gas processing plant in Akwa Ibom. Ekpo, announcing the deal on X, said the gas plant is crucial for the production of aluminium in the country. He said the contract,…
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NNPCL not sabotaging domestic refineries- Kyari
….Says NNPC To Unveil Twelve CNG Stations Soon The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has insisted that the company is not working against the prosperity of local refineries in the country. Kyari revealed this while outlining the vision for Nigeria’s energy future at the opening ceremony of the 42nd Nigeria Association of…
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