Economy
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NLC insists States can pay N615,000 minimum wage
The Nigeria Labour Congress (NLC) has insisted the proposed N615,000 minimum wage is realistic, dismissing claims that some states cannot pay such an amount if approved. It would be recalled that the NLC proposed a N615,000 monthly salary for workers, a jump from the current N30,000. Although many believe it is unrealistic, the labour union believes many states can pay…
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Nigeria’s economy will witness positive changes, Shettima assures
Again, Vice President Kashim Shettima has implored Nigerians to be patient with the administration of President Bola Ahmed Tinubu as he steers the ship of state through the economic turbulence and storm he met on ground on assumption of office. “Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all…
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LASG builds leather hub for N4bn
By Adeola Ogunrinde The Lagos State government has said a total of N4bn was spent to build the State’s Industrial Leather Hub. The project was said to be 90 percent completed and would be commissioned soon. Commissioner for wealth creation and Employment, Akinyemi Bankole Ajigbotafe, made this known during 2024 Ministerial press briefing where he gave the account of the…
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Lagos generates N433bn in First Quarter of 2024
By Adeola Ogunrinde The Lagos State Government has generated a total revenue of ₦433,408 billion in the first quarter of the 2024 fiscal year. Commissioner for Economic Planning and Budget, Mr. Ope George, disclosed this on Thursday, during the ongoing ministerial press briefing to commemorate the first year in office of the second term of Governor Sanwo-Olu, held at Alausa,…
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IPMAN threatens to disrupt petrol supply over unpaid N200bn bridging claims
By Innocent Raphael The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to disrupt petrol supply in response to an alleged non-payment of over N200 billion in bridging claims. According to IPMAN, the decision comes amidst a petrol scarcity that has resulted in higher transport costs nationwide. During a press conference, Oliver Okolo, the association’s unit chairman and…
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NERC moves to deregulate prices for prepaid metres
In a move to deregulate the metre supply and pricing market, the Nigerian Electricity Regulatory Commission (NERC) released an order on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme. According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of…
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SERAP drags NNPC to Court over alleged missing $2.04bn, N164bn oil revenues
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) over failure to account for the alleged missing USD$2.04 billion and N164 billion oil revenues. The suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the…
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We’ ll break power sector 60 years jinx, says Adelabu
Kunle Sanni Minister of Power, Adebayo Adelabu said the President Bola Tinubu administration is committed to breaking the 60years jinx bedeviling the power sector. The minister stated this when he received the Senate Committee on Power led by its Chairman, Senator Enyinnaya Abaribe who visited the Ministry for its familiarization/oversight function recently in the Ministry’s headquarters in Abuja. “The steps…
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Nigeria launches new fiscal incentives to revitalise oil & gas sector
Aims to Attract $10 billion investment In a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, presided over the signing ceremony endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of…
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FG to unbundle 11 power distribution companies, orders sale of four
The Federal Government on Monday declared power distribution companies (Discos) are currently being unbundled along state lines due to their large sizes which often result in inefficiency and ineffectiveness, It stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines so as to be…
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