Economy
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BREAKING: TCN restores national grid, says ‘fire disaster caused collapse’
The Transmission Company of Nigeria (TCN) has successfully restored the national grid after its sixth collapse in 2024. The company disclosed this in a statement issued on Monday afternoon by the General Manager, Public Affairs, Ndidi Mbah. Mbah said that the facility was successfully restored to its full capacity following a fire incident at the Afam Power Generating Station. The…
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Hike in food prices pushes Nigeria’s inflation rate to 33.20% in March
With the hike in food prices, Nigeria’s inflation rate has increased to 33.20 per cent in March 2024, up by 1.50per cent compared to the February 2024 rate of 31.70per cent. The latest Consumer Price Index (CPI) report by National Bureau of Statistics (NBS) on Monday stated that year-on-year comparison reveals a substantial increase in the headline inflation rate for…
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Nigeria’s electricity grid collapses sixth time in 2024
Nigeria’s electricity grid has collapsed again. This would be the sixth time the national grid will collapse in 2024. The grid was said to have collapsed around 2:42 am on Monday, with generation dropping to 64.70megawatt. Only one generation company, Ibom Power, was active according to data from the Independent System Operator (ISO), a branch of the Transmission Company of…
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FG targets $2.5bn investment, 25,000 jobs through gas initiative in 4 years
Kunle Sanni The Federal Government said it is targeting over 25,000 jobs and $2.5 billion worth of investment over the span of four years through the Presidential Compressed Natural Gas Initiative. The initiative is focused on promoting the use of compressed natural gas as an alternative fuel for vehicles, which is expected to reduce greenhouse gas emissions and improve the…
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Patronise local metre manufacturers to ease pressure on Naira, says Minister of Power
Minister of Power, Chief Adebayo Adelabu has said that patronising local metre manufacturers in Nigeria to ease the pressure on local currency, expressing satisfaction at what he saw at Protogy Global Services, a company that produces local metre. The Minister who recently visited his host, Chairman and Managing Director of Protogy Global Services, Ademola Agoro, in his metre manufacturing factory…
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Report unjust price hike on goods to authorities- FCCPC tells Nigerians
By Innocent Raphael The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its firm stance against businesses involved in price fixing, urging citizens to report instances of price fixing and related misconduct. In a statement released on its official X platform on Sunday, the FCCPC highlighted the adverse impact such practices have on consumers’ well-being and economic stability. Recognizing…
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Kristalina Georgieva to serve second term as IMF Managing Director
The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024. The Board’s decision was taken by consensus. In line with the selection process it had established on March 13, 2024 (See Press Release No. 24/86), the Board held several discussions,…
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FG taking steps to address falling crude production, says Lokpobiri
The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri on Friiday acknowledged Nigeria’s declining crude oil production in Q1, after an initial rise in recent months. In a statement by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister assured that measures were being taken to address the situation, not only to restore production to previous levels,…
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MDAs generate N835.7bn in February
Earnings of Federal Government-owned entities, ministries, departments, and agencies rose to N835.70 billion in February, 2024. This was disclosed by the Minister of Finance and Coordinating Minister of Economy, Wale Edun, at the Lagos Business School Breakfast Club. In the period under review, there was a significant increase in the amount remitted by MDAs, with a notable growth of N681.45…
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How Emefiele directed me to collect $3m cash in tranches- CBN staff
By Adeola Ogunrinde Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN),…
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