Economy
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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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Movement of 10,000 containers by rail from Lagos port, sign of Tinubu’s ports reforms, says TDF
The movement of 10,000 containers by rail in the first half of 2024 from Lagos sea ports to various destinations is an early sign of an emerging revolutionary trend that will ease transportation of goods. `It is also a major breakthrough in the nation’s ports reforms,’’ The Democratic Front (TDF) affirms in a statement signed by Mallam Danjuma Mohammed and…
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CNG has potential to reduce transportation costs by 70% says, Khalil Halilu
… Offers 50% discount to drivers who sign up on MY-CNG App. The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, has revealed that adoption of CNG has the potential to reduce transportation cost by 70 per cent. He disclosed this at the weekend when he presided over the launch of the…
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Healthy Diet: Ekiti, Ogun, Osun record highest cost with ₦1,640, ₦1,599, ₦1,557
Ekiti, Ogun and Osun States have recorded the highest cost of healthy diet with ₦1,640, ₦1,599, and ₦1,557 respectively. Katsina, Kano and Jigawa accounted for the lowest costs with ₦878, ₦926 and ₦937. In June 2024, the average Cost of Healthy Diet was highest in the South West at ₦1,545 per adult per day, compared to ₦956 per adult per…
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FAAC: 36 States allocation grew by 29.23% YoY to N432.96bn in June 2024
A total of 36 States, allocation increased to N432.96 billion in June 2024, about 29.23 per cent Year-on-Year (YoY) growth when compared to N335.02 billion in June 2023. This is according to Federal Account Allocation Committee (FAAC) data. The increase in Federal Government (FG) allocation to states under President Bola Tinubu can be attributed to several factors, including revenue generation…
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To overcome Nigeria’s economic crisis, all hands must be on deck – Bagudu
Nigeria needs collaborative efforts of stakeholders to exit the economic crisis it has found itself in, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said. “These choices we need to make to revive the economy are not the preserve of government or anybody but the collective,” he said. Bagudu spoke at the launch of ActionAid Nigeria Country Strategy…
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Rewane alleges civil servants reselling FG’s rice for N85,000 per bag
The Managing Director/CEO of Financial Derivatives Company Limited, Bismarck Rewane has alleged that some civil servants bought 50kg bags of rice at N40,000 and resold it at N85,000. Rewane disclosed this on Thursday in an interview with Channels Television. Although the Federal Government had withdrawn the sale of subsidised 50 kilogramme bag of rice for N40,000 to public servants, the…
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FG committed to supporting Dangote Refinery, Says Minister
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the Federal Government is committed to supporting the $20bn Dangote Refinery near Lagos. He stated this before a Senator Opeyemi Bamidele-led Ad-hoc Committee over alleged economic sabotage in the petroleum industry in Abuja. “We are also committed to supporting the Dangote Refinery. We are committed to supporting the…
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CGS says suspension of taxes on imported food items will reduce food prices
The Comptroller-General of Customs, Bashir Adeniyi, has expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices. Spesking at the security heads’ meeting in Abuja on Tuesday, Adeniyi stated that his service is dedicated to implementing the policy as outlined by the government. Adeniyi said, “The protest was premised…
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