Economy
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EDO: NERC transfers regulatory oversight to ESERC
The Nigerian Electricity Regulatory Commission has transferred regulatory oversight of the electricity market in Edo State to the State Electricity Regulatory Commission (ESERC). A statement by the commission on Wednesday said the move complied with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended). It would be recalled that with the EA 2023,…
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Nigeria needs a robust financial system to attract investments for its development, says Bagudu
Minister of Budget and Economic Planning Senator Abubakar Bagudu has said Nigeria needs to attract more resources than it has to fund its development agenda. For this to happen, the nation must develop a sound financial system with integrity, he said. He spoke at the management retreat of the Nigerian Financial Intelligence Unit in Abuja on Monday. “Our Agenda 2050,…
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Oil producers kick over FG’s mandate to sell crude oil to Dangote Refinery, others
Oil producers, under the aegis of the Independent Petroleum Producers Group (IPPG), have warned against being forced to sell crude oil to the Dangote Refinery and other local ones in Nigeria. The IPPG also called on the Nigerian National Petroleum Company Limited (NNPC) to re-direct its allocated crude oil volumes to Dangote Refinery and other local refineries to mitigate the…
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Our members currently suffer supply shortage of petrol- IPMAN Laments
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said its members currently suffer a supply shortage of Premium Motor Spirit otherwise known as petrol in the wake of scarcity of products sweeping across the country. The association currently has more than 3000 members controlling the largest share of filling stations across the country. Chairman Independent Petroleum Marketers Association of…
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LAGFERRY MD tasks staff on improved performance, revenue generation
The Managing Director of Lagos State Ferry Services (LAGFERRY), Hon. Ladi Balogun, on Saturday, called on the staff to be more efficient and put in their best to improve revenue generation. Balogun gave the charge in Lagos at the ongoing 3-day management retreat tagged ” Leveraging on the waterways assets for improved revenue generation “ The retreat was organised by…
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FAAC: FG, States, LGCs share N1.36trn from a gross total of N2.6trn for July 2024
The Federation Account Allocation Committee (FAAC), at its August 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1.3trillion to the three tiers of government as Federation Allocation for the month of July, 2024 from a gross total of N2.6 trillion. The Director, Information and Public Relations,…
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FG plans to issue $500m domestic dollar bond
The Federal Government plans to issue its dollar-denominated domestic bond next week Monday, as it hopes to raise $500 million from local and foreign investors. Managing Director of Investment Banking, at United Capital Group, Dr Gbadebo Adenrele disclosed this during a hybrid roadshow with investors organised by the Debt Management Office (DMO) on Thursday. Adenrele said: “The auction will open…
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NASENI, Ministry of Defence, DICON sign landmark MoU to establish Nigeria’s ammunition production factory
In a significant step towards enhancing Nigeria’s defence capabilities and achieving self-reliance in military hardware production, the National Agency for Science and Engineering Infrastructure (NASENI), signed a Memorandum of Understanding (MoU) with the Ministry of Defence. This partnership marks a pivotal moment in Nigeria’s quest to strengthen its defence infrastructure through Indigenous innovation and technological advancement. During the MoU signing…
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NCS commences implementation of import duty waiver on food items
The Nigeria Customs Service (NCS) has begun the implementation of the zero percent import duty and exemption of value-added tax (VAT) on basic food items. NCS in a circular on Wednesday, said the ministry of finance sent a letter to the NCS, informing the agency that President Bola Tinubu has approved the implementation. Following the approval, Customs said the duty…
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Kyari calls on Military to sustain onslaught against crude oil theft, pipeline vandalism
The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism, saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production. This was contained in a press statement released Chief Corporate Communications Officer, NNPC Ltd, Olufemi…
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