Economy

  • ECOWAS lifts travel, economic sanctions on Guinea, Mali, Burkina Faso, Niger

    The Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) has lifted travel and economic sanctions against Guinea, Mali, Burkina Faso, and Niger. The decision was announced on Saturday in Abuja by the President of the ECOWAS Commission, Dr Omar Touray, at the end of an Extraordinary Summit on the Political, Peace and Security…

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  • Only 5% Nigerians have N500,000 in bank accounts- Edun

    Innocent Raphael The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has revealed that only an estimated 5% Nigerians have more than N500,000 in their bank accounts. Edun, disclosing this recently in an interview with Channels TV, asserted that the federal government reforms is to rectify the economic imbalances that disproportionately favour a small group of elites in…

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  • Dangote group not responsible for hike in food prices, says Fatima Dangote

    Innocent Raphael An Executive Director of the Dangote Group of Companies, Hajiya Fatima Dangote, has explained that the Dangote Group of Companies is not responsible for the rising prices of food commodities presently being experienced in the country. Stating this in an interview with the Hausa Service of the BBC, Hajiya Fatima revealed that the group had sold the food…

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  • FG, States, LGs shared N1.149trn in Janaury, says FAAC

    Kunle Sanni The Federation Allocation Committee (FAAC) shared a total sum of N1.149 trillion among the Federal Government, States, and Local Government Councils in January 2024 as revenue of the Federation increased to N2.068 trillion, a communique issued at the end of the FAAC meeting held in Abuja revealed According to the communique issued by Bawa Mokwa, a spokesperson at…

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  • Tinubu reshuffles telecom mgt. under Ministry of Communications

    Kunle Sanni President Bola Tinubu has reshuffled the appointments of heads of agencies under the Federal Ministry of Communications and Digital Economy. In a statement issued by his spokesperson, Ajuri Ngelale on Thursday, the president appointed Abraham Oshadami as the executive commissioner Nigerian Communication Commission (NCC). Until his appointment, Oshadami, served as head of information and technology under the NCC.…

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  • BREAKING: Nigeria’s gross domestic product grew by 3.46% YoY in Q4 2023

    The National Bureau of Statistics (NBS) on Thursday revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of (Q4) 2023. This growth rate is lower than the 3.52per cent recorded in the fourth quarter of (Q4) 2022 and higher than the third quarter of (Q3) 2023 growth of 2.54per…

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  • FG to restart direct cash transfers to 15m households, Says Minister of Finance

    The Federal Government has concluded plans to restart the direct cash transfer to the poorest and most vulnerable Nigerians. This is coming in the face of hardship faced by millions of Nigerians with escalating prices of goods and food items as well as the continuous fall of the naira. With about 3 million Nigerians benefitting from these programmes, the federal…

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  • Senate rejects electricity tariff increase

    The Nigerian Senate has rejected plans to increase electricity tariffs. At a recent press conference in Abuja, the Minister of Power, Mr Adebayo Adelabu, disclosed that the current electricity tariffs do not reflect the cost implications of electricity distribution. This hinders DISCOs from meeting revenue targets and investing in reducing technical, commercial, and collection losses. Mr Adelabu said there is…

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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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