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CBN To Provide N60bn for Mass Metering
The Central Bank of Nigeria (CBN) will provide N60 billion for the first phase of its national mass metering programme, the federal government has said. The fund will be provided for the supply of one million electricity meters meant for free distribution to unmetered power users across the country. This was contained in a document…
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NNPC Partners Security Agencies to Control Smuggling
The Nigerian National Petroleum Corporation has said it was collaborating with relevant law enforcement agencies to curb the menace of petroleum products smuggling and crude oil theft. NNPC, noting that the partnership was also with relevant downstream and upstream stakeholders, named the law enforcement agencies to include the Economic and Financial Crimes Commission, Department of…
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Nigeria Might Lose $34bn In Annual Export Earnings
Nigeria risks losing $34.3 billion in its annual export earnings, a new study by Standard Chartered has said. The study said the loss is inevitable if the country does not cut carbon emissions in line with the net-zero plans of the biggest multinational companies operating in the country. The study, titled ‘Carbon Dated’, was…
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Unemployment To Push More Nigerians Into Poverty
Many Nigerians are expected to fall into the poverty amid rising unemployment in the country, the Nigerian Economic Summit Group has said. The NESG, a private sector-led think-tank, noted in its economic report for the first quarter of 2021 that the country’s economic growth in the period under review was relatively weak. “Nigeria’s economic…
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Beans, Garri Prices Drove Annual Food Inflation
The National Bureau of Statistic has said in a new report that the prices of beans and garri drove annual food inflation in May 2021. According to the ‘Selected food prices watch for May 2021’, there was a general rise in food prices in the month under review. The report stated that the national bean…
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Cargo Value Increased In Three Months
The value of cargo throughput recorded by the different seaports in Nigeria increased in the first quarter of 2021. This is from N4.44 trillion in the first quarter 2020 to N6.85 trillion in the same period in 2021. According to the release by the National Bureau of Statistics (NBS) on trade between Nigeria and foreign…
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Nigeria Made $34.22bn From Oil In 2019
The Nigeria Extractive Industries Transparency Initiative has said Nigeria earned $34.22bn from the oil and gas sector in 2019. It said this in its 2019 Oil and Gas Industry Audit report noting that the $34.22bn revenue represented an increase of 4.88 percent over the $32.63bn garnered from the sector in 2018. A breakdown of the…
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FG, States Owe N33.11trn Debt In Q1 2021
The National Bureau of Statistics has said the Federal and State governments owe a total sum of N33.11 trillion in public debts, as at March 31, 2021. NBS disclosed this in its “Nigerian domestic and foreign debt for Quarter one, 2021 (Q1 2021)”. It added that upon disaggregation, the nation’s total public debt indicated that…
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FAAC Shares N605bn In May 2021
A total sum of N605.958 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee in May 2021. In a statement, Charles Nwodo, spokesperson of the federal ministry of finance, budget and national planning, said the disbursed fund is lower by N11 billion when compared to the…
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COVID-19: Africa Loses $190bn In GDP
The President of the African Development Bank Group, Akinwumi Adesina, has said that the African economy lost over $190 billion due to the effect of the COVID-19 pandemic. Adesina, during the AfDB’s 2021 virtual Annual Meeting, added that the pandemic has forced 30 million people into extreme poverty with an estimation of 39 people going…