Economy
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7.3 milllion electricity customers unmetered- NERC
Almost 7.3 million customers are currently unmetered, according to Nigerian Electricity Regulatory Commission (NERC). This portends a serious challenges to the metering of electricity customers across Nigeria. The latest figures, released by the Nigerian Electricity Regulatory Commission (NERC) showed that out of over 13.16 million registered customers, the electricity distribution companies also known as the DisCos, have been able to…
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FEC approves Economic Stabilisation Bill to boost growth
By Kunle Sanni The Federal Executive Council (FEC) has approved the landmark Economic Stabilisation Bill, designed to enhance the country’s economic stability and drive sustainable growth. The bill introduces critical reforms aimed at improving liquidity, fostering investment, and creating new opportunities for entrepreneurship. The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun,…
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Nigeria may get World Bank’s $1.5bn loan this week
Nigeria is on the verge of securing World Bank’s approval for three major loan projects worth a total of $1.5 billion, currently under negotiation, this week, according to a report by Nairametrics. According to information obtained from the website of the World Bank, the expected approval date for these projects is September 26, 2024. These loans aim to support Nigeria’s…
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Presidency refutes Bloomberg report on Nigeria’s debts payments
assures financial obligations are on schedule Kunle Sanni The Presidency has dismissed a Bloomberg report claiming the country had delayed coupon payments on its savings bonds, reaffirming that all financial commitments are being met as scheduled. Bayo Onanuga, Special Adviser to the President on Information and Strategy, refuted the report via a post on his verified X account, @aonanuga1956, describing…
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CBN announces temporary withdrawal of MCFEP guidelines
…says cybersecurity levy not reintroduced The Central Bank of Nigeria has made some clarifications regarding the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024. It disclosed this in a new statement published on its website on Friday. The apex bank also revoked the document, adding that the…
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Nigeria owes no outstanding Saving Bonds payments, says FG
Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, on behalf of the Federal Government has hinted that Nigeria does not owes no outstanding Saving Bonds payments.. The Miniister responding to Bloomberg’s recent report titled “Nigeria Says ‘System Issues’ Delaying Coupon Payment on Savings Bond” stated that the report is inaccurate The Finance Minister stated that Nigeria has…
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Nigeria’s external reserves increase by $2.35bn net inflow
Nigeria’s external reserves have received a significant boost, with a net inflow of $2.35 billion in the first seven months of the year, Minister of Finance Wale Edun announced on Thursday. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at the Corporate Customers Forum in Lagos state “There has been a net inflow in…
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FG tackles grid performance with $56m’ SCADA
The Gederal government has unveiled an advanced supervisory control and data acquisition (SCADA) technology (worth $56 million) to monitor the national power grid performance. Speaking on Wednesday, the Transmission Company of Nigeria (TCN) said the project was funded by the World Bank to reduce frequent power grid collapses and enhance supply reliability. Minister of power, Adebayo Adelabu during a demonstration…
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FG, AfDB seek to improve food security
The Federal Government and African Development Bank on Wednesday commended President Bola Tinubu’s economic reforms, emphasising on the need to improve food security in the country, in view of the next harvest season. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met with a high-level delegation from the AfDB led by the Director General for…
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Nigeria set to lead $7.7 trillion global halal market, says VP Shettima
By Kunle Sanni Vice President Kashim Shettima has projected that Nigeria will emerge as a leading hub in the global halal economy, a market expected to reach $7.7 trillion by 2025. Speaking at the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, Shettima highlighted the country’s economic and demographic strengths, positioning Nigeria for…
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