Economy
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FG targets $2.5bn investment, 25,000 jobs through gas initiative in 4 years
Kunle Sanni The Federal Government said it is targeting over 25,000 jobs and $2.5 billion worth of investment over the span of four years through the Presidential Compressed Natural Gas Initiative. The initiative is focused on promoting the use of compressed natural gas as an alternative fuel for vehicles, which is expected to reduce greenhouse gas emissions and improve the…
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Patronise local metre manufacturers to ease pressure on Naira, says Minister of Power
Minister of Power, Chief Adebayo Adelabu has said that patronising local metre manufacturers in Nigeria to ease the pressure on local currency, expressing satisfaction at what he saw at Protogy Global Services, a company that produces local metre. The Minister who recently visited his host, Chairman and Managing Director of Protogy Global Services, Ademola Agoro, in his metre manufacturing factory…
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Report unjust price hike on goods to authorities- FCCPC tells Nigerians
By Innocent Raphael The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its firm stance against businesses involved in price fixing, urging citizens to report instances of price fixing and related misconduct. In a statement released on its official X platform on Sunday, the FCCPC highlighted the adverse impact such practices have on consumers’ well-being and economic stability. Recognizing…
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Kristalina Georgieva to serve second term as IMF Managing Director
The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024. The Board’s decision was taken by consensus. In line with the selection process it had established on March 13, 2024 (See Press Release No. 24/86), the Board held several discussions,…
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FG taking steps to address falling crude production, says Lokpobiri
The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri on Friiday acknowledged Nigeria’s declining crude oil production in Q1, after an initial rise in recent months. In a statement by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister assured that measures were being taken to address the situation, not only to restore production to previous levels,…
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MDAs generate N835.7bn in February
Earnings of Federal Government-owned entities, ministries, departments, and agencies rose to N835.70 billion in February, 2024. This was disclosed by the Minister of Finance and Coordinating Minister of Economy, Wale Edun, at the Lagos Business School Breakfast Club. In the period under review, there was a significant increase in the amount remitted by MDAs, with a notable growth of N681.45…
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How Emefiele directed me to collect $3m cash in tranches- CBN staff
By Adeola Ogunrinde Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN),…
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FIRS generates N12.3 trillion in 2023
By Adeola Ogunrinde The Chariman, Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, on Friday said that the organisation witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion in 2023. Adedeji, who was represented by an official of the organisation, Mrs Aisha Ribadu, disclosed this at the FIRS special day at the ongoing 35th Enugu…
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Nigeria’s crude oil production plummets for second consecutive month – OPEC
By Innocent Raphael Nigeria, Africa’s largest oil producer, faced a significant setback in its crude oil production, marking the second consecutive monthly decline in output since the start of the year. According to a monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, Nigeria’s crude oil production dropped to 1.231 million barrels per day in…
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BREAKING: Court grants Emefiele N50m bail
By Innocent Raphael Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail by Justice Rahman Oshodi of the Lagos Special Offences Court on Thursday. The bail, set at N50 million, comes in the wake of allegations including abuse of office and fraud totaling $4.5 billion and N2.8 billion. During the ruling on the bail application, Justice…
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