Economy
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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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FG to begin clearing pension backlog next week, says Wale Edun
The Federal Government has announced plans to begin addressing the pension backlog for retired workers under the Contributory Pension Scheme (CPS) starting next week. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a peaceful rally organized by the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the Federal…
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Obsolete meters: FCCPC warns DisCos over violation of Nigerians’ rights
The Federal Competition and Consumer Protection Commission (FCCPC) has warned Ikeja and Eko electricity distribution companies (IKEDC and EKEDC) to cease all activities related to the planned replacement of Unistar meters stating that any attempt to proceed in contravention will attract severe consequences. The warning which is pursuant to Sections 17(j), (l) (s), 116 (2), 124, 125, 138 and 155…
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FG’s domestic debt stock grew to N66.96trn in H1 2024
According to reports from the Debt Management Office (DMO), by the first half of 2024, the federal government’s domestic debt stock by instrument reached N66.957 trillion. Notably, this is an increase from the N61.578 trillion recorded at the end of Q1, marking an 8.74% increase. During Q2 2024, the federal government incurred an additional debt of N5.379 trillion locally. The…
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FG signs partnership agreement with BFI Group, CNCEC to restart $3.5bn ALSCON
The Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo has described the signing of partnership agreement between BFI Group, core investor in Aluminium Smelter of Nigeria (ALSCON), and China National Chemical Engineering Corporation (CNCEC) to restart the $3.5billion company as an epoch-making event. Assistant Director (Information), Ministry Of Petroleum Resources, Chris Ugwuegbulam in a statement said the Minister…
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Nigeria, Chinese firm sign $1.2bn deal to revamp gas processing plant
The minister of state for petroleum resources (gas), Ekperikpe Ekpo on Tuesday disclosed that Nigeria has signed a $1.2 billion contract with China National Chemical Engineering (CNCEC) to revamp a gas processing plant in Akwa Ibom. Ekpo, announcing the deal on X, said the gas plant is crucial for the production of aluminium in the country. He said the contract,…
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NNPCL not sabotaging domestic refineries- Kyari
….Says NNPC To Unveil Twelve CNG Stations Soon The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has insisted that the company is not working against the prosperity of local refineries in the country. Kyari revealed this while outlining the vision for Nigeria’s energy future at the opening ceremony of the 42nd Nigeria Association of…
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FG trains 150 farmers on mechanised ginger farming in Southern Kaduna
With Nigeria’s population rapidly growing, a shift from subsistence farming methods has become essential to meet the nation’s agricultural demands. This message resonated at a two-day training on mechanised ginger farming for women and young farmers in Zonkwa, southern Kaduna. The ginger industry in southern Kaduna has been facing significant challenges and just two years ago, a devastating disease hit…
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Nigeria’s economy will retrogress if states collect VAT, says Oyedele
Chairman of the presidential tax reform committee, Taiwo Oyedele has said businesses will suffer and the economy will retrogress if state governments are allowed to collect value-added tax (VAT). Oyedele spoke on Friday during an interview on Channels Television’s Hard Copy programme. According to the tax committee chairman, a similar approach was attempted in the 1980s with sale tax, but…
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‘You can make it in Nigeria,’ Fashola advises young people against ‘Japa’
Babatunde Fashola, former governor of Lagos, has asked Nigerian youths to remain in the country despite economic challenges. In recent times, there has been a wave of migration by Nigerians who are seeking greener pastures abroad. “Japa” is a popular word used to describe migration in the country. Speaking on Saturday at the combined 8th and 9th convocation ceremonies of…
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