World Bank, AFDB provide $550m support for off-grid solutions –REA

By Constance Athekame Abuja – The Rural Electrification Agency (REA) has announced the provision of $550m in funding by the World Bank (WB) and the African Development Bank (AfDB) to support the implementation of its off-grid solution projects. Mr Ahmed Abubakar, Communication Expert, REA, who made this known in a statement in Abuja, on Monday, added that out of the amount, $213m dollars was for …

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How Nigeria’s Loans From World Bank, AfDB Rose To $14.35bn Under Buhari

By Our Reporter Abuja – The data obtained from the Debt Management Office have shown that Nigeria’s liabilities to the World Bank and the African Development Bank rose from $7.14bn to $14.25bn between June 30, 2015 and March 31, 2021. This means that the commitment of the banks to the country rose by $7.11bn within the period under review. This represents an increase of 98.48 …

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BDC: Mailafia says Banks can’t be trusted, will hoard dollars

By Ogechi Okorie Abuja – A former Deputy Governor of the Central Bank of Nigeria, Dr. Obadiah Mailafia, says commercial banks in the country cannot be trusted with forex sales, adding that they will “corner” the dollars and only release whatever that is left after satisfying their interest. He spoke on Wednesday while featuring on PUNCH Online interview programme, The Roundtable. Recall that CBN Governor, …

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E-Naira will make transactions cheaper, says CBN

The Central Bank of Nigeria (CBN) has said that transactions will be cheaper to conduct with Nigeria’s digital currency, e-naira. The Governor, Godwin Emefiele, spoke in Abuja at the end of the bi-monthly Monetary Policy Committee (MPC) meeting. He said: “Our digital currency which is tagged e-naira will certainly come into operation in October and we are working very hard for this. “We believe transactions …

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Elon Musk’s Tesla Now Worth $630 Billion After Making $1.1billion Between April-June

One of the richest men in the world, Elon Musk is smiling to the bank. This comes after his company, Tesla earned a staggering $630billion after its quarterly profit surpassed $1billion for the first time. The financial milestone was announced on Monday, July 26. The Palo Alto, California, company earned $1.1billion, or $1.02 per share, in the April-June period. Tesla earned $1.45 a share in …

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Glo subscribers to get 22X value of every recharge

Abuja – One of the telecom giants in Nigeria, Globacom has said that it will reward subscribers with the 22 times the value of every recharge from N100. The telecommunications company, in a statement said “Customers who recharge with N100 will be credited with N2,200 value. The statement said further that subscribers would first get the N100 recharge amount in their main account, which they …

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Cooking gas price soars to N500/kg, retailers, consumers lament

Abuja – The price of Liquefied Petroleum Gas, also known as cooking gas, has skyrocketed to a record high of N500 per kilogramme, forcing some Nigerians to turn to alternatives such as charcoal, kerosene and firewood amid high unemployment and poverty levels in the country. The price of cooking gas has risen by more than 60 per cent since early December last year on the …

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MultiChoice unveils packages to boost businesses

To help organisations increase productivity, MultiChoice Nigeria has launched its simplified DStv packages. The DStv Business packages, which contain curated content are aimed at ensuring business owners and organisations enjoy the ultimate TV experience, all in HD. “We always ask ourselves how we can make our customers experience better for businesses. We have revamped our DStv Business packages, offering business owners the right mixture of …

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Why Nigeria wants small-scale fishers exempted from WTO’s subsidy ban

Abuja – The Minister of Industry, Trade and Investment, Niyi Adebayo, has called on the World Trade Organization to exempt small-scale and artisanal fishers from the scope of its fisheries subsidies discipline. Adebayo expressed Nigeria’s readiness to negotiate on appropriate special and differential treatment provisions for developing countries and least developed countries. A statement by his Special Adviser on Media, Ifedayo Sayo, said the minister …

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PIB: NUPENG, PENGASSAN oppose fuel import licence restriction, 2 regulators

The Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have called for a “serious rethink” on the provision in Petroleum Industry Bill that restricts the import licence of petroleum products to only refiners in the country. The leadership of PENGASSAN and NUPENG, in a joint statement on Tuesday, appreciated the members of the Senate …

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NIPC Statistics: Foreign investors’ interest in Nigeria declines by 27.5%

By Our Reporter Abuja – Nigeria received about $8.4bn investment announcements as at 4th March 2021, out of which $5.46bn were pledged by foreign investors. The remaining $2.08bn was promised by domestic investors, statistics obtained from the Nigerian Investments Promotion Commission showed. The sum pledged by foreign investors in Q1 2021 is 27.5 per cent lower than the $7.54bn foreign investment announcements recorded by the …

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BudgIT: Nigeria made N3.42tn in 2020, debt servicing gulped N3.34tn

Abuja – An analysis from BudgIT has shown that the Federal Government spent N10.01tn in 2020. The analysis also showed that the Federal Government made N3.42tn and spent N3.34tn on debt servicing in 2020. According to analysed data by BudgIT, the Federal Government funded salaries, overhead, and capital expenditure with loans and the Central Bank of Nigeria’s Support. In 2020, N5.37tn was projected as total …

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Nigerian stock market resumes week with N54bn loss

By Chinyere Joel-Nwokeoma Lagos – The Nigerian equities market began trading for the week on Monday still on negative mood with 0.27 per cent loss due to renewed profit taking. Specifically, the All-Share Index which opened for the week at 38,648.91 shed 103.61 points or 0.27 per cent to close at 38,545.30. Accordingly, month-to-date gain moderated to 0.3 per cent, while year-to-date loss increased to …

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FG earned $34.22b from oil, gas sector in 2019 – NEITI Report

ABUJA – According to the information and data contained in the 2019 oil and gas industry audit report conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI) in Abuja, the Federal Government earned $34.22billion from the oil and gas sector in 2019. The figure represented an increase of 4.88percent over the $32.63billion revenue gained from the sector in 2018. A breakdown of the earnings showed …

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Keep your borrowing from CBN within legal limits – IMF warns FG

By Our Reporter Abuja – The federal government of Nigeria has been warned to keep its borrowing from the Central Bank of Nigeria within legal limits. The International Monetary Fund (IMF) gave the warning in a statement issued at the end of its staff visit to Nigeria. The mission led by Ms. Jesmin Rahman urged the authorities to keep reliance on CBN overdrafts for deficit …

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Innovation: FIRS introduces Online naira tax-filing platform

ABUJA – As part of its efforts at modernising tax administration in the country, the Federal Inland Revenue Service (FIRS), has introduced a new Tax Administration Solution (TaxPro-Max) for ease of tax compliance. A public notice signed by the Executive Chairman, FIRS, Mr Muhammad Nami, disclosed that “TaxPro-Max enables seamless registration, filling, payment of taxes and automatic credit of withholding tax as well as other …

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