Category: Business
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“Nigeria’s Oil Output Rises 30% to 1.6 Million bpd”
Summary: Nigeria’s crude oil production, including condensate, increased by 30% year-on-year to 1.6 million barrels per day (bpd) in October 2023. Despite the improvement, the output is still lower than the 2023 budget benchmark of 1.69 million bpd and the OPEC quota of 1.7 million bpd. The Minister of State Petroleum Resources expressed the government’s…
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Internally Generated Revenue: CSO to react to allegations against NLTF
Centre for Peace, Transparency and Accountability has responded to allegations against the National Lottery Trust Fund (NLTF) by the House of Representatives Committee on Finance for The Internally Generated Revenue (IGR) The Executive Director, Centre for Peace, Transparency and Accountability, Comrade Patrick Ogheneyero, reacted while offering clarifications during a press briefing on Thursday in Abuja.…
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FG is Committed to Innovation, Responsible Use of Artificial Intelligence
…seeks collaboration towards protection of digital rights From Lateef Taiwo Deputy Speaker of the House of Representatives Hon. Benjamin Okezie Kalu has emphasized the commitment of the federal government in use of Artificial Intelligence (AI) to improve the economy. Hon Kalu made the disclosure during a courtesy visit to him by a delegation from Meta…
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Senate seeks establishment of Federal Data Bank
By Lateef Taiwo The Senate Wednesday set machinery in motion for establishment of Federal Data Bank by passing for first reading , a bill sponsored to that effect by Senator Jimoh Ibrahim ( APC Ondo South) The intendment of the bill as explained by Senator Ibrahim in a chat with journalists , is to provide…
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CBN Perpetually Extends Validity of Old N200, N500, N1000 Notes
The Central Bank of Nigeria (CBN) has announced the indefinite extension of the legal tender status for the old denominations of N200, N500, and N1,000 banknotes. Initially, the CBN had introduced redesigned versions of these notes in October 2022, setting deadlines for the phasing out of the old notes. In a statement signed by Isa…
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KANO EXCO APPROVES OVER N40bn FOR VARIOUS PROJECTS
Kano State Executive council has approved the release of N40,353,117,070 for the execution of various projects in the state in it’s 8th meeting The Council approved the release of N15,974,357,203 to the state Ministry of Works and Housing for the construction Dan Agundi Interchange Underpass and Flyover while the sum of N14,455,507,265 for…
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Dangote Produce 30 Entrepreneurs
The Dangote Cement Plc has announced the creation of 30 new entrepreneurs who are expected to help bolster food production and ginger the Nigerian economy. The new Chief Executives were graduated weekend following a three-month intensive entrepreneurial and skill acquisition training on poultry farming and business. President Bola Ahmed Tinubu had advocated for Public Private…
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Fitch Affirms Nigeria’s Credit Rating as Stable, Expresses Concerns Over $10 Billion Forex Loan
By Milcah Tanimu Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default outlook as ‘B-‘ with a stable outlook. Despite its strengths in having a large economy, a developed domestic debt market, and substantial oil and gas reserves, Fitch noted weaknesses such as weak governance, low non-oil revenue, high dependence on hydrocarbons, security challenges, high…
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“Inconsistent Policies Threaten $155 Million Smart Meter Project Supported by World Bank in Nigeria”
By Milcah Tanimu A $155 million smart meter project in Nigeria, backed by the World Bank, is facing a significant threat due to policy inconsistencies. The project’s primary objective is to procure and distribute smart electricity meters to 11 electricity distribution companies (DisCos) in the country. Under the previous administration of former President Muhammadu Buhari,…
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“Dangote Refinery’s October Production Delay Due to Crude Oil Shortage”
By Milcah Tanimu The Dangote Refinery’s failure to commence production in October was primarily attributed to a shortage in crude oil supply to the facility. The refinery, with an expected production capacity of up to 370,000 barrels per day of diesel and jet fuel, faced delays in achieving its production targets. According to reports from…