Economy
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FAAC: FG, States, LGCs share N1.36trn from a gross total of N2.6trn for July 2024
The Federation Account Allocation Committee (FAAC), at its August 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1.3trillion to the three tiers of government as Federation Allocation for the month of July, 2024 from a gross total of N2.6 trillion. The Director, Information and Public Relations,…
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FG plans to issue $500m domestic dollar bond
The Federal Government plans to issue its dollar-denominated domestic bond next week Monday, as it hopes to raise $500 million from local and foreign investors. Managing Director of Investment Banking, at United Capital Group, Dr Gbadebo Adenrele disclosed this during a hybrid roadshow with investors organised by the Debt Management Office (DMO) on Thursday. Adenrele said: “The auction will open…
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NASENI, Ministry of Defence, DICON sign landmark MoU to establish Nigeria’s ammunition production factory
In a significant step towards enhancing Nigeria’s defence capabilities and achieving self-reliance in military hardware production, the National Agency for Science and Engineering Infrastructure (NASENI), signed a Memorandum of Understanding (MoU) with the Ministry of Defence. This partnership marks a pivotal moment in Nigeria’s quest to strengthen its defence infrastructure through Indigenous innovation and technological advancement. During the MoU signing…
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NCS commences implementation of import duty waiver on food items
The Nigeria Customs Service (NCS) has begun the implementation of the zero percent import duty and exemption of value-added tax (VAT) on basic food items. NCS in a circular on Wednesday, said the ministry of finance sent a letter to the NCS, informing the agency that President Bola Tinubu has approved the implementation. Following the approval, Customs said the duty…
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Kyari calls on Military to sustain onslaught against crude oil theft, pipeline vandalism
The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism, saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production. This was contained in a press statement released Chief Corporate Communications Officer, NNPC Ltd, Olufemi…
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Movement of 10,000 containers by rail from Lagos port, sign of Tinubu’s ports reforms, says TDF
The movement of 10,000 containers by rail in the first half of 2024 from Lagos sea ports to various destinations is an early sign of an emerging revolutionary trend that will ease transportation of goods. `It is also a major breakthrough in the nation’s ports reforms,’’ The Democratic Front (TDF) affirms in a statement signed by Mallam Danjuma Mohammed and…
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CNG has potential to reduce transportation costs by 70% says, Khalil Halilu
… Offers 50% discount to drivers who sign up on MY-CNG App. The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, has revealed that adoption of CNG has the potential to reduce transportation cost by 70 per cent. He disclosed this at the weekend when he presided over the launch of the…
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Healthy Diet: Ekiti, Ogun, Osun record highest cost with ₦1,640, ₦1,599, ₦1,557
Ekiti, Ogun and Osun States have recorded the highest cost of healthy diet with ₦1,640, ₦1,599, and ₦1,557 respectively. Katsina, Kano and Jigawa accounted for the lowest costs with ₦878, ₦926 and ₦937. In June 2024, the average Cost of Healthy Diet was highest in the South West at ₦1,545 per adult per day, compared to ₦956 per adult per…
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FAAC: 36 States allocation grew by 29.23% YoY to N432.96bn in June 2024
A total of 36 States, allocation increased to N432.96 billion in June 2024, about 29.23 per cent Year-on-Year (YoY) growth when compared to N335.02 billion in June 2023. This is according to Federal Account Allocation Committee (FAAC) data. The increase in Federal Government (FG) allocation to states under President Bola Tinubu can be attributed to several factors, including revenue generation…
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To overcome Nigeria’s economic crisis, all hands must be on deck – Bagudu
Nigeria needs collaborative efforts of stakeholders to exit the economic crisis it has found itself in, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said. “These choices we need to make to revive the economy are not the preserve of government or anybody but the collective,” he said. Bagudu spoke at the launch of ActionAid Nigeria Country Strategy…
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