Economy
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Court stops IKEDC, NERC from implementing new tariff
The Federal High Court sitting in Lagos has restrained Ikeja Electric PLC and the Nigerian Electricity Regulatory Commission (NERC) from implementing the purported tariff stipulated in the April 2024 Supplementary Order on Tariff Increase On ‘Bank A’ Feeders. In a ruling on Tuesday, the court held that the tariff comprises those published by Ikeja Electric on April 4, 2024, and/or…
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Nigeria’s N24 trillion debt is normal, within limit, says Debt Management Office
The Debt Management Office said the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March was partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. She clarified misconceptions about the recently released update…
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Tinubu Govt does not rely on Ways & Means to pay salaries, says Wale Edun
Kunle Sanni The Minister of Finance, Wale Edun says the administration of President Bola Tinubu does not rely on Ways & Means to pay salaries and to finance external debt service. He said the administration has adopted and implemented a robust campaign to source for funding. Edun made these remarks while addressing state house correspondents about his presentation at the…
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Nigeria’s N121.67trn debt within limit, says DMO
The Debt Management Office (DMO) said the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March was partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. She clarified misconceptions about the recently released…
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Nigeria lost N95trillion in 5 years due to multinational companies exit- Obi
By Innocent Raphael The presidential candidate of Labour Party in 2023 general elections, Peter Ob, on Monday said that Nigeria has suffered a financial loss of N95 trillion over the past five years due to the departure of multinational companies from the country. Obi expressed concern over the exit of prominent companies such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter…
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NCC organises training for Media Executives on telecom trends
The Nigerian Communications Commission (NCC) has organized a two-day training session for media executives in Lagos, tagged “Upskilling on Trends in the Telecom Sector for Media Executives”. According to NCC, the event aimed to keep media stakeholders informed about the latest developments, regulatory strides, challenges, and prospects in the telecom industry. The training held in Ikeja, Lagos State, featured expert…
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Inflation: Nigerians resort to loans as consumer credit jumps by 12% in January 2024
Nigerians have resorted to loans as one of their survival strategies, as a report by the Central Bank of Nigeria, said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. According to CBN’s latest monthly economic report, the total consumer credit outstanding increased to N3,823bn in January 2024. The…
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Finance Minister, Edun holds high-level meeting on ECOWAS single currency
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun recently conducted a virtual high-level committee meeting at the Finance Ministry headquarters, Abuja to examine the logistics of establishing the ECOWAS single currency. The Central Bank of Nigeria, the Ministers of Finance of Ghana, Cape Verde, Cote d’Ivoire, and other notable delegates, attended the virtual meeting. “Known…
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AKK gas pipeline project to boost power generation, others, Wale Edun highlights benefits
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed satisfaction with the progress made so far on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, spearheaded by the Nigerian National Petroleum Company Limited (NNPC Ltd)and commended the team for their doggedness and dedication. The Director, Information and Public Relations, Mohammed Manga stated in a statement. The…
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Data, Statistics crucial in national planning- EFCC Chairman
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has described data and statistics as crucial in national planning and developmental processes.He made the observation in Abuja on Thursday when a combined delegation of the management team of National Bureau of Statistics (NBS), led by Statistician General of the Federation, Prince Adeyemi Adeniran and the…
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