Economy
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World Bank may approve $2bn loan for Nigeria, says report
The World Bank may approve four loan projects totalling $2 billion for Nigeria this year. A report by Nairametrics stated that the four projects are currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval between Nigeria, which is the borrower and often represented by the Minister of Finance and the World Bank. If approved,…
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NNPCL inaugurates 12 CNG stations in Lagos, Abuja
The Nigerian National Petroleum Company Ltd (NNPCL) has said Compressed Natural Gas (CNG) is 40 per cent cheaper than Premium Motor Spirit (PMS) in Nigeria. Managing Director, NNPC Retail Limited, Huub Stokman, revealed this on Thursday while commissioning 12 Compressed Natural Gas (CNG) stations in Lagos and Abuja to reduce the cost of transportation in the country. Stokman also revealed…
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Samoa Agreement is strictly for economic development, says Bagudu
The Minister of Budget And Economic Planning, Mr. Atiku Bagudu has maintained that the recently signed Samoa agreement is strictly for the economic development, debunking widespread claims that it contains provisions for same-sex marriage. Speaking in defence of the agreement, the minister said there is nowhere in the document where same-sex marriage is mentioned. “The documents signed by the Federal…
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FG announces N3m mining lease licence amid enhancing ease of doing business
The Federal Government, through the Ministry of Solid Minerals Development, has announced N3 million new regime of rate for the mining sector to enhance ease of doing business and consolidate ongoing reforms. At a press conference on Thursday, the Minister of Solid Minerals Development, Dr. Dele Alake stated that the review underscores the federal government’s commitment to increasing revenue from…
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FG highlights key reforms, investment opportunities to Canadian delegation
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun and the Honourable Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu on Thursday have showcased key reforms and investment opportunities to Canadian delegation. The two Ministers met with a high-level delegation of Canadian investors in Abuja. The Director, Information and Public Relations, Federal Ministry…
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FG raises N4.13trn to finance 2024 budget
Data from Debt Management Office (DMO) has revealed that Federal Government raised an estimated N4.13 trillion through the FGN Bond market to finance budget deficit in the first half (H1) of 2024. An investigation by WESTERN POST showed that while DMO offered to raise N4.66 trillion in the period under review, total subscription nearly reached the N5tillion mark to N4.89…
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IBEDC hikes electricity tariff for Band A to N209.50/kWh
Ibadan Electricity Distribution Company Plc ( IBEDC) has reviewed upward the electricity tariff for Band A customers with immediate effect. The new tariff will be adjusted from N206.80/kWh to N209.50/kWh, according to IBEDC. The company in a notice on Wednesday, disclosed that the review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year…
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Lagos, Ogun lead other states with active voice subscribers in Q1 2024, says NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that Lagos and Ogun States led other States in 219,304,281 total active voice subscribers in first quarter (Q1) 2024. NBS in its report “Telecoms Data: Active Voice and Internet, Porting and Tariff Information (Q1 2024)” revealed that total number of active voice subscribers in Q1 2024 was 219,304,281 from the 226,161,713…
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PHOTO NEWS: Wale Edun highlights FG’s commitment to addressing macroeconomic challenges
The Honourable Minister of Finance & Coordinating Minister of the Economy Mr. Wale Edun on Tuesday attended the Manufacturers Association of Nigeria (MAN) Summit themed “Rethinking Manufacturing” at the Banquet Hall of the Presidential Villa, Abuja. The Federal Ministry of Finance on X stated that over three days the high-level dialogue will seek to address the constraints limiting the manufacturing…
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FG exempts small businesses, others from new withholding tax regime
The Federal Government has approved a new withholding tax regime for the country and introduced key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion. Chairman of the Presidential committee on fiscal policy and tax reforms, Taiwo Oyedele disclosed this on his official X handle where he stated…
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