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States’ Judicial Panel Submit #EndSARS Reports
In what was tagged to be a non-partisan solidarity demonstration against excessive abuse of authority, Nigeria youths in October 2020 championed a nationwide protest demanding the dissolution of the Special Anti-Robbery Squad (SARS) over its extra-judicial brutalities against the youth. Although the protest started in 2016 when Nigerian activists, youths and celebrities signed a petition…
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Petrol Consumption Hit 340m Liters
New figures released by the Nigerian National Petroleum Corporation has shown, petrol consumption in Nigeria has risen by 340 million litres in a month. The data contained in its March 2021 financial and operations report. According to the report, the oil firm said 1.75 billion litres of petrol was consumed in March 2021. This is…
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Nigeria’s PMI Hits 55.4 in July
Nigeria’s Purchasing Managers Index has risen to 55.4 in July from 53.6 in June this year. This is according to a report by the lender Stanbic IBTC. The company said this signalled a marked improvement in business conditions, describing it as one of the strongest PMIs since January 2020. According to the report, “Nigeria’s private…
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Nigeria Loses 2.5tr Oil Barrels In 4 Years
According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years. Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021. The Ministry of…
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In 6 Months Foreign Investors Withdraw N116.72bn
The Nigerian Exchange Limited has said that foreign investors in the equities market withdrew a total of $116.72billion from January to June 2021. According to the NGX Domestic & Foreign Portfolio Investment Report for June 2021, foreign investors invested a total of N105.24billion in the market. This represents a year-on-year drop by 57.44 percent from…
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Cement: Dangote, BUA, Lafarge Post 62% Profit Increase
In the first half of this year, three of the largest cement manufacturers in Nigeria saw their combined profit before tax jump by 61.90 percent. This is according to an analysis of their unaudited financial statements. Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc posted a total pre-tax profit of N237.60billion in H1…
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Covid-19: Nigerian Health Centres Lack Capacity To Administer Vaccines
An estimate of 80 percent primary healthcare centres in 15 states of Nigeria lack the capacity to administer COVID-19 vaccines. This is according to a field research conducted by the Connected Development (CODE), a non-governmental organization tracking government’s expenditure.Q Nigeria received 3.92 million doses of AstraZeneca COVID-19 vaccines in March – the first batch of…
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Nigeria Suffers N1.4tn Shortfall In Five Months
An analysis of the Medium Term expenditure framework and Fiscal Strategy paper for 2022-2024 has shown that between January and May 2021, the Federal Government recorded a revenue shortfall of N1.4trillion. The report obtained from the Budget Office of the Federation said the Federal Government’s projected revenue for the 2021 fiscal year is N7.9tn, of…
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INFOGRAPHICS: Forex Price Increase Over New Policy
The Central Bank of Nigeria, last week, announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The end of forex sales and new licence was approved after the Monetary Policy Committee two-day meeting. BDCs were set up to receive a weekly supply of FX from the CBN for onward…
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In Two Weeks, External Reserves Gain $280m
Nigeria’s external reserves have risen to a growth path with a gain of $280 million in two weeks. This is according to the latest figures from the Central Bank of Nigeria. Figures obtained revealed that the reserves rose to $33.38 billion on July 29 from $33.1 billion on July 14. Recall that the reserves had…