Category: Economy
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NASS opts for joint probe of economic sabotage in the Petroleum Sector
From Lateef Taiwo Investigation of alleged economic sabotage in the petroleum sector by Ad – hoc committees separately set up by both the Senate and the House of Representatives in July , will now be jointly handled by both Chambers , said the leader of the Senate , Senator Opeyemi Bamidele . Senator Bamidele who…
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Tinubu Advocates Collective Action to Enhance Economic Stability, Security
President Bola Tinubu emphasized the importance of collaboration between the government, business leaders, civil society, and citizens to ensure economic stability and national security. Represented by the Head of Service of the Federation, Mrs. Didi Walson-Jack, Tinubu made the statement at the Nigerian Institute of Management Chartered (NIM) Annual National Management Conference in Port Harcourt.…
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Nigerian Economy Expected to Reach $400 Billion by 2026, Says Rewane
Bismarck Rewane, Managing Director and CEO of Financial Derivatives Company Limited, has projected that Nigeria’s economy will grow by 3.5% by 2026, potentially raising the country’s GDP to around $400 billion. He shared this forecast at the Access Bank Customer Forum in Lagos. Rewane noted that Nigeria is on track to become the second-largest economy…
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Neveah Limited Redeems N1.9 Billion Commercial Paper Notes
Neveah Limited, a prominent commodity trading company focused on the export of solid minerals and agricultural products, has successfully redeemed its N1.9 billion Series 15 commercial paper notes, initially issued in November 2023. Since its inception in 2014, Neveah has seen remarkable growth, with revenue surging by over 858%. The company has transitioned from a…
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FCT Residents Struggle to Access FG’s Subsidized N40,000 Rice
Residents of the Federal Capital Territory are facing significant challenges in accessing the Federal Government’s subsidized 50kg bags of rice, priced at ₦40,000. The initiative, aimed at alleviating food insecurity, has been marred by difficulties at the Nigerian Agricultural Insurance Corporation (NAIC) headquarters, a designated payment center. A correspondent from the News Agency of Nigeria…
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Borno, NAFDAC Seize Unsafe Drugs Worth Millions in Maiduguri
In a significant operation on Wednesday, a joint team from the National Agency for Food and Drug Administration and Control (NAFDAC) and the Borno State Ministry of Health uncovered several neglected warehouses in Maiduguri’s Gamboru area, storing flood-damaged drugs worth millions of naira. The warehouses, found in isolated and unsafe locations, were used to store…
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Yahaya Bello not in EFCC Custody
From Lateef Taiwo The Economic and Financial Crimes Commission, EFCC , has denied media reports that the embattled former governor of Kogi state, Yahaya Bello submitted himself to the Commission.In a statement made available to news , head media and publicity to the Commission Dele Oyewale stated that ” Media reports today that a former…
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FAAC Allocates N1.2 Trillion for August 2024, Reflecting 11% Drop
The Federal Accounts Allocation Committee (FAAC) allocated N1.2 trillion in revenue for August 2024 to the Federal Government, states, and Local Government councils, as announced during FAAC’s September meeting in Abuja. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, confirmed the disbursement. This allocation marks an…
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Organised Private Sector Questions Drop in Inflation Rates
The Organised Private Sector (OPS) has expressed skepticism regarding the National Bureau of Statistics’ (NBS) report showing a drop in Nigeria’s inflation rate for August 2024. The NBS reported a decrease in the headline inflation rate to 32.15%, down from 33.40% in July. Dele Oye, President of the Nigerian Association of Chambers of Commerce, Industry,…
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FG Launches N110bn Youth Skills Programme to Reduce Unemployment by 20%
The Federal Government of Nigeria has launched a N110 billion National Youth Skills Programme (NYSP) designed to reduce youth unemployment by 20% over the next five years. The initiative, which was unveiled by the Minister of Youth, Dr. Jamila Bio-Ibrahim, is a significant step towards addressing the high levels of youth unemployment in the country.…