Category: Business
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Nigeria’s External Borrowing Declines, Total Debt Hits N87.91tn
In a recent update from the Debt Management Office (DMO), Nigeria’s enthusiasm for foreign loans has waned, leading to a reduction in total public debt. As of September’s end, the nation’s overall debt increased marginally to N87.91tn, marking a 0.61% rise from the second quarter. Notably, there has been a significant drop in external debt,…
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World Bank Says NNPCL is Not Transparent on Subsidy, Dollar Revenues
From Lateef Taiwo The World Bank has said the Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this call in its Nigeria…
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Joints Reps C”ttee Task Minister Of Blue Economy on Utilization of $1.8t
From Lateef Taiwo Senators and members of the House of Representatives yesterday tasked the Minister of Blue Economy, Chief Adegboyega Oyetola on the need for Nigeria to tap into the $1.8 trillion Blue Economy potentials in order to improve the revenue generation through the Maritime industry. The lawmakers under the Joint senate and house of…
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KDSG Reiterate Commitment To Promote Private Investment For Economic Growth
From Lateef Taiwo Kaduna State Government says it will continue to promote private investments for economic growth, job creation, poverty reduction and better social services for its citizens. This was disclosed by His Excellency, Senator Uba Sani, Governor of Kaduna State, at the commissioning of a Neighborhood Center at Sabon Gari, Zaria. The governor, who…
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Zulum Proposes N340B for Borno ☆☆☆Health, Education, Works Takes Lion Shares
… Says he won’t leave debt for successor As He Lists 46 targets to achieve in 2024 Borno State Governor, Babagana Umara Zulum, on Wednesday, presented a budget of N340 billion for the 2024 fiscal year from which Health, Education and works received major allocations. Health was allocated N51b, Education N39b, while N45b was allocated…
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NNPC Ltd remits N4.5trillion Revenue in 10 months
…Says prosperity beckons for Nigeria By Lateef Taiwo The Nigerian National Petroleum Company Limited ( NNPCL), declared Wednesday that it remitted N4.5trillion generated revenue as at October this year into Federation Account . It also declared that prosperity beckons for the country as indices and parameters in that direction are already showing and being strategically…
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Trade Minister under Fire over N1 Billion Budget for Trip to Geneva
By Milcah Tanimu The Minister of Trade, Industry, and Investment, Doris Nkiruka-Anite Uzoka, faced criticism during her defense of the ministry’s 2024 Budget before the Senate Committee on Trade. It was revealed that a substantial sum of N1 billion was allocated for a trip to Geneva, leading senators to express discontent over the budgetary provisions.…
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Cash Scarcity Persists: Banks Ration Cash, CBN Suspends Charges, and PoS Fees Surge
By Milcah Tanimu As the scarcity of Naira continues to plague Nigeria, bank customers are facing heightened frustration, with several banks resorting to rationing cash withdrawals. Simultaneously, Point of Sale (PoS) operators have raised transaction fees by 100 percent. In response to the growing crisis, the Central Bank of Nigeria (CBN) has taken steps to…
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FGN SEEKS N35B, PARTNERS BANKS, OTHERS TO RESTART AJAOKUTA LIGHT STEEL MILL
From Lateef Taiwo The Federal Government of Nigeria (FGN) through the Ministry of Steel Development (MSD) is collaborating with Financial Institutions for the best financing options to re-start the light steel mill section of the Ajaokuta Steel Plant for production of iron rods. Minister of Steel Development Prince Shuaibu Abubakar Audu disclosed this when he…
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Airtel’s Smartcash Launches International Remittance Service to Boost Financial Inclusion
Airtel Africa Plc has announced the launch of an international remittance service through its subsidiary, Smartcash PSB. This move aims to contribute to global financial inclusion by providing customers with a convenient and cost-effective means of funds remittance. Judith Osiobe, Head of B2B Sales at Smartcash PSB, highlighted the competitive tariffs offered by the new…