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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…
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EU Partners With Africa To Build Vaccine Production Hubs
The European Union is planning to invest $1 billion in building Covid-19 vaccine production hubs in Africa, according to the head of the European Commission Ursula von der Leyen. According to Reuters, this move is targeted at providing more independence for Africa on vaccine production and ultimately end Africa’s vaccine dependency on other parts of…
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FG Spends $5 Billion On Poverty Alleviation In 5 Years
The administration of President Muhammadu Buhari has revealed it has spent over $5 billion in the last 5 years fighting poverty in Nigeria. The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Farouq, has said the President has since backed his pledge to pull out 100 million Nigerians from poverty by committing…
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Universities Threaten Strike Over Staff Retrenchment
The Senior Staff Association of Nigeria Universities (SSANU), has advised the Federal Government of Nigeria to review the circular directing that workers of the Staff schools should not be captured in the 2022 budget. The Senior Staff Association of Nigerian Universities (SSANU) is a trade union of senior non-teaching employees of Nigerian universities. Like other trade unions…
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UAE Places Indefinite Ban On Nigerian Flights
Barely 48 hours after lifting the ban on travels between Dubai and Nigeria, the United Arab Emirates has announced the reinstatement of its indefinite travel ban on flights from Nigeria. Dubai had placed a ban on travellers from Nigeria, South Africa based over a breach of Covid-19 protocols. The authorities initially fixed Wednesday, June 23,…
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Should Purchasing NIMC’s Storage Servers Cost N25 Billion?
The National Identity Management Commission (NIMC) has revealed its storage servers cannot adequately store data for the country’s population. While appearing before the Senate Public Accounts Committee, the Director-General of NIMC, Aliyu Abubakar Aziz, disclosed that 57 million persons had been registered, but the commission would need additional 90 servers to register 100 million Nigerians. …
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Nigeria Serviced Domestic Debts With N612.7b In 3 Months
The Federal Government has spent N612.71 billion from January to March 2021 to service domestic debt obligations. In a report by the Debt Management Office, the government redeemed its Nigerian Treasury Bills (obligations by paying holders of mature NTBs N17.23 billion in January, N12.3 billion in February and N5.49 billion in March 2021– totalling N35.03…
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Nigeria’s Inflation Rate Drops
Nigeria’s inflation rate has dropped to 17.93 percent in May from 18.12% in April 2021. This is according to the ‘Consumer Price Index Report’, released by the National Bureau of Statistics. On a month-on-month basis, the headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded…
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External Reserves Drop In Two Months
According to the latest data by the Central Bank of Nigeria, the country’s external reserves fell by $1.4bn in two month. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. The CBN Governor, Godwin Emefiele, said at the recent Monetary Policy…
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Telcos Lose Three Million Subscribers In April
Telecommunication companies in Nigeria have lost more than three million subscribers in the month of April 2021. This is according to new industry statistics released by the Nigerian Communications Commission. Subscriber base fell from 192,413,613 in March to 188,705,734 in April. Globacom was the biggest loser with about 2 million subscribers lost; MTN lost about…