Economy
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Nigeria’s GDP expands by 3.46% in Q3 2024, boosted by services sector
Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms during the third quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS). This represents an improvement from the 2.54% growth recorded in Q3 2023 and the 3.19% growth reported in Q2 2024. The Q3 2024 growth was primarily driven by the Services…
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Nigeria has saved $20bn from subsidy removal, FX policies, says Edun
Minister of finance and coordinating minister of the economy, Wale Edun says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate. Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja. “An amount of five…
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Domestic revenue mobilization will drive up Nigeria’s economy — RMAFC Chairman
By Kunle Sanni The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has emphasized the importance of domestic revenue mobilization as a critical driver of Nigeria’s economic development. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Dr. Shehu highlighted the urgent need for Nigeria to diversify its…
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Only DisCos with N500bn capital base should be allowed to operate- Reps tell FG
The House of Representatives has suggested that only electricity distribution companies (DisCos) with a capital base of N500 billion be allowed by the Federal Government to operate. According to the lower legislative chamber, only financially capable DisCos would ensure maximum consumer satisfaction. The resolution was passed by the House during a plenary session on Wednesday following the adoption of a…
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FG, states, LGs share N1.411trn for October 2024
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments as federation allocation for October 2024. The announcement was made during FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein. The distributed funds were drawn from a gross revenue of…
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Tinubu requests ₦4.5 trillion loan to address budget deficit
By Kunle Sanni President Bola Ahmed Tinubu has formally sought the approval of the House of Representatives for a ₦4.5 trillion loan to address part of the ₦9.7 trillion budget deficit outlined in the 2024 Appropriation Act. The request was presented by Speaker Tajudeen Abbas during Tuesday’s plenary session, as reported by the News Agency of Nigeria (NAN). Alongside the…
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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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