Economy
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IPMAN threatens to disrupt petrol supply over unpaid N200bn bridging claims
By Innocent Raphael The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to disrupt petrol supply in response to an alleged non-payment of over N200 billion in bridging claims. According to IPMAN, the decision comes amidst a petrol scarcity that has resulted in higher transport costs nationwide. During a press conference, Oliver Okolo, the association’s unit chairman and…
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NERC moves to deregulate prices for prepaid metres
In a move to deregulate the metre supply and pricing market, the Nigerian Electricity Regulatory Commission (NERC) released an order on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme. According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of…
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SERAP drags NNPC to Court over alleged missing $2.04bn, N164bn oil revenues
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) over failure to account for the alleged missing USD$2.04 billion and N164 billion oil revenues. The suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the…
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We’ ll break power sector 60 years jinx, says Adelabu
Kunle Sanni Minister of Power, Adebayo Adelabu said the President Bola Tinubu administration is committed to breaking the 60years jinx bedeviling the power sector. The minister stated this when he received the Senate Committee on Power led by its Chairman, Senator Enyinnaya Abaribe who visited the Ministry for its familiarization/oversight function recently in the Ministry’s headquarters in Abuja. “The steps…
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Nigeria launches new fiscal incentives to revitalise oil & gas sector
Aims to Attract $10 billion investment In a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, presided over the signing ceremony endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of…
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FG to unbundle 11 power distribution companies, orders sale of four
The Federal Government on Monday declared power distribution companies (Discos) are currently being unbundled along state lines due to their large sizes which often result in inefficiency and ineffectiveness, It stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines so as to be…
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FG to attract foreign savings with new Diaspora Bond, says Minister of Finance
The Federal Government said it has planned to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora. The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun disclosed this, yesterday, at his wrap up media briefing at the end of the 2024 Spring Meetings of the IMF and World…
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PHOTO NEWS: Cardoso’s fruitful first outing at World Bank/IMF Spring Meeting in Washington
The Governor, Central Bank of Nigeria (CBN), Yemi Cardoso attended his first World Bank/IMF Spring Meeting in Washington. The Governor had many important meetings. The day 5 of the IMF/World Bank Spring Meetings saw the CBN continue its strategic engagements with key stakeholders, focusing on strengthening Nigeria’s economic partnerships and shaping the global economic landscape. #IMFSpringMeetings Governor Cardoso was the…
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SERAP threatens to sue Wike, 36 governors over FAAC allocations
The Socio-Economic Rights and Accountability Project (SERAP) has threatened to drag the 36 state governors and the Minister of the Federal Capital Territory, Abuja, Nyesom Wike to court if they failed to provide with documents how they spent trillions of FAAC allocations received by their States and the FCT since 1999. SERAP also urged them “to invite Independent Corrupt Practices and…
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FG, States, LGs share N1.123trn for march 2024
The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Accountant General of the Federation, Mrs. Oluwatoyin S. Madein, shared a total sum of N1,123.391 trillion to the three tiers of government as Federation Allocation for the month of March, 2024 from a gross total of N1,867.808 trillion. From the amount inclusive of Gross Statutory Revenue, Value…
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