Economy
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Report on Commission’s approval of Shell-Renaissance $1.3bn deal baseless, says NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday said that a news report indicating that it had given the nod to the divestment deal between Shell and the Renaissance Consortium was baseless. In a statement signed by the Head, Public Affairs and Corporate Communication of the NUPRC, Mrs Olaide Shonola, the upstream regulator urged stakeholders and the general public…
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Nigeria raises over $900m in domestic FGN dollar bond
In an unprecedented move aimed at strengthening the economy and advancing financial inclusion, the Federal Government has raised over $900million from its first-ever Domestic Federal Government of Nigeria (FGN) US Dollar Bond issuance. The Debt Management Office (DMO) described the achievement as a pivotal step in Nigeria’s economic development. The Minister of Finance and Coordinating Minister of the Economy, Mr.…
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Higher PMS price to exacerbate inflationary pressures, says report
A report by Cordros Research hinted that higher Premium Motor Spirit (PMS) or petrol price to exacerbate inflationary pressures in Nigeria, projecting about 32.64 per cent inflation rate in 2024. The Nigerian National Petroleum Company Limited (NNPCL) effectively increased the base pump price of PMS by 47.4per cent to N855.00/litre on September 3, up from N568.00/litre. Cordros Research stated that,…
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MOFI, Lagos Govt., CHEC sign MoU on 68km Green Rail Line
Ministry of Finance Incorporated (MOFI), Lagos State Government, and China Harbour Engineering Company (CHEC) have signed a Memorandum of Understanding (MoU) for the Green Line Rail Project in Lagos. The MoU, witnessed by Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun ; Chief Executive Officer, Ministry of Finance Incorporated (MOFI), Mr. Armstrong Takang; Lagos State Governor,…
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Minister of Finance debunks hike in VAT to 10%
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10per cent from 7.5 per cent. The Minister, in a statement signed by him, affirmed that VAT rate as contained in relevant tax laws and chargeable on goods and…
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SERAP asks Tinubu to reverse petrol pump price, probe NNPCL
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL), to immediately reverse what it described as the “illegal and unconstitutional” increase in the pump price of petrol across its outlets. A statement by SERAP Deputy Director, Kolawole Oluwadare on Sunday, urged Tinubu to direct the Attorney General of…
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China, Nigeria sign $3.3bn deal to develop brass industrial park
Nigeria has signed a $3.3 billion agreement with China to develop the Brass Industrial Park and Methanol Complex. This was disclosed by the Ministry of Finance in a statement singed by the Director, Information and Public Relations, Mohammed Manga, on Friday. According to the statement, the agreement was signed during the 2024 Forum on China-Africa Cooperation (FOCAC) and the inaugural…
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Nigeria, 3rd largest debtor to World Bank- Financial Statement
A financial statement published by the World Bank has placed Nigeria as the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024. According to the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the…
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FG will not fix petrol price for Dangote Refinery- Source
The Federal Government will not fix the price for Dangote Refinery that is set to roll out Premium Motor Spirit any time from now. This is contrary to the impression given by the President of Dangote Group, Alhaji Aliko Dangote when he met with journalists to present to the world samples of the company’s PMS. Asked by journalists at the…
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FOCAC Summit: Economic, Trade partnership between Africa, China hits $280bn- Tinubu
KUNLE SANNI President Bola Tinubu says the economic trade partnership between Africa and China has significantly grown, reaching an estimated $280 billion since 2000, following the establishment of FOCAC. Speaking at the ongoing Forum on China–Africa Cooperation (FOCAC) meeting in Beijing, Thursday, President Tinubu underscored the significance of this collaboration, describing it as a testament to mutual respect and cooperation…
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