Economy

Nigerians should be proud of fuel imports from Niger Republic —Timipre Sylva

Minister of State for Petroleum Resources, Timipre Sylva, says Nigerians should be proud that the Federal Government is set to resume the importation of petroleum products from neighbouring Niger Republic. Sylva said contrary to comments by critics of the government, the plan by the Federal Government to resume fuel importation from its West African brother …

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NLC Rejects Petrol Price Hike says ‘There’s A Limit To What Nigerians Can Tolerate,’

The Nigeria Labour Congress (NLC) has demanded the immediate reversal of the pump price of Premium Motor Spirit (PMS), also known as petrol. In a statement on Monday by the NLC President, Ayuba Wabba, the union took a swipe at the government and condemned the increase in the price of the product. It stated that …

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Nigeria losing over N400bn annually from fish imports — Lawmaker

Deputy Chairman, House of Representatives Committee on Agricultural Institutions, Rep. Awaji Inombek-Abiante(PDP-Rivers), has bemoaned the failure of the Nigerian government to reap over $1billion annually from the Fisheries Industry. Besides, he pledged his Committee’s commitment to the quick passage of two key fisheries industry bills into law; Brackish Water Fisheries Research Institute Bill and the …

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CBN’s policy blocks banks, investors from N622bn illegal earnings

The new Treasury Bills policy of the Central Bank of Nigeria, CBN, has effectively obstructed about N622 billion interest earnings that would have accrued to banks and other individual and corporate investors in the money market. The banks had mobilised their customers to invest in the NTB at mouth watering yields (interest rate) shortly after …

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Forex demand pressure worries CBN MPC members

Some members of the Monetary Policy Committee of the Central Bank of Nigeria have expressed concerns over the high demand pressure in the nation’s foreign exchange market. The MPC members voiced their concerns at the last MPC meeting in their personal statements, which were obtained by our correspondent from the CBN on Wednesday. The Deputy …

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Petrol to sell at N170 as NNPC hikes ex-depot price

The pump price of Premium Motor Spirit (PMS) otherwise called petrol may settle at N168 – N170 per litre as the Nigerian National Petroleum Corporation (NNPC) increased the wholesale price of the product from N147 to N155. The increase is coming despite the dwindling price of crude oil at the international market and the somewhat …

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FG begins N75bn support fund disbursement this week

Beginning from this week, the Federal Government will start paying grants to Micro, Small and Medium Enterprises that are successful to partake in the N75bn COVID-19 support schemes. On September 10, 2020, the Federal Government inaugurated two schemes to financially support about 1.7 million MSMEs across the country with N75bn. The schemes are the National …

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NECA Projects Economic Contraction In Second Quarter Of 2020

Nigeria Employers’ Consultative Association (NECA) has said Nigeria’s economy is projected to contract in the second quarter of 2020 due to the six weeks lockdown on some parts of the country,. In a statement reacting to the latest Q1 2020 Gross Domestic Product (GDP) report released by National Bureau of Statistics (NBS) which said that …

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Atiku Abubakar sends new message to Buhari govt on economy

Vice presidential candidate of the Peoples Democratic Party, PDP, in the 2019 general elections, Alhaji Atiku Abubakar, has advised the President Muhammadu Buhari-led government on measures to take to better the lives of Nigerians at this time of global crisis Atiku was reacting to the slash of the 2020 budget by the Federal Government, as …

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