Economy
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PEBEC 90-day action plan: Shettima demands stronger technology synergy from public, private sector
As the Presidential Enabling Business Environment Council (PEBEC) commences its 90-day Regulatory Reform Accelerator Action Plan, the Vice President, Senator Kashim Shettima, has demanded stronger synergy and adoption of technology from stakeholders in the public and private sector to further enhance the business environment in Nigeria. The PEBEC action plan underscores the commitment of the Tinubu administration to delivering impactful…
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FG to recapitalize BOA,transfers Power Plant operations to Penstock
Vice President Kashim Shettima has disclosed plans by the Federal Government to recapitalize and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This is just as the Federal Government has officially transferred operations of the Zungeru Hydroelectric Power Plant to Penstock Limited. The move is expected to boost Nigeria’s power generation capacity…
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FG to audit N22.7trn Ways & Means loan
The Federal Government has initiated moves to audit the N22.7 trillion Ways and Means loan approved by the immediate past administration of former President Muhammadu Buhari. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, at the Public Wealth Management Conference in Abuja, where he explained that the details would be…
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FG steps in to reduce cement price to N7000
The Federal Government and cement manufacturers have agreed to bring the prices of the commodity down to N7000 per bag. WESTERN POST reports that the government’s intervention was at a crucial meeting between the Minister of Works, Engr. David Umahi, his counterpart in the Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite and manufacturers. The government reportedly took the…
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Nigeria’s foreign capital rises by 66.27% in Q4 2023, says NBS
The National Bureau of Statistics (NBS) in a report disclosed that Nigeria witnessed a significant uptick in capital inflows, marking a 66.27per cent surge in fourth quarter (Q4) 2023 when juxtaposed with figures from the third quarter (Q3) 2023. The numbers rose from a previous $654.65 million in Q3 2023 to $1.09 billion in the final quarter of the year,…
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NACCIMA demands transparent financial strategy, tax relief, others from FG
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) on Friday demanded transparent financial strategy, tax relief, and fiscal policy direction, among others from the Federal Government. Other demands include: human capital and domestication plans, security and state policing and governance and cost reduction. “A comprehensive and transparent articulation of the government’s short-term financial strategy is imperative,…
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How FG can strengthen Naira- Lagos Assembly
The Lagos State House of Assembly has decried the continued downward slide in the value of the naira against the dollar. The lawmakers, at plenary, advised the federal government and the Central Bank of Nigeria (CBN) on some bold steps to take so as to shore up the value of the naira. Part of the advice by the House was…
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BREAKING: Inflation rate increases to 29.90% in January, says NBS
The National Bureau of Statistics (NBS) on Thursday said the headline inflation rate increased to 29.90per cent relative to the December 2023 headline inflation rate which was 28.92per cent. According to NBS, “looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98per cent points when compared to the December 2023 headline inflation rate. “Similarly, on…
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Tinubu seeks Senate approval of CBN’s chairman MPC
President Bola Tinubu has made a request to the Senate to approve Yemi Cardoso as the chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The upcoming MPC, led by Cardoso, is scheduled to convene its initial policy meeting on February 26 and 27. This development was announced through a letter written by Tinubu to…
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FG to borrow N2.5trn via FGN Bond in February
The Federal Government seeks to borrow N2.5 trillion from its second FGN bond auction of 2024, according to the latest circular from the Debt Management Office (DMO). According to a circular, the auction is set for February 19, 2024, with the settlement date being February 21, 2024. In the previous month, the DMO offered four bonds worth N90 billion each.…
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