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Mobile Subscribers In Northern Nigeria Grows By 7.9 Million In 2020
According to the National Bureau of Statistics, the number of mobile subscribers in the northern geopolitical regions in Nigeria increased by 7.9 million new mobile subscribers in 2020. This is according to the latest Telecom data report, revealed that the northern region recorded 7.96 million new mobile subscribers in the year under review from 51.52…
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21 Countries Lost $4.1bn To Frauds In 2020
No fewer than 21 countries, including Nigeria and America lost over $4.1bn to cyber scam, identity theft, Internet romance scam, business email compromise and other fraudulent activities in 2020. According to the Internet Crime Complaint Centre of the Federal Bureau of Investigation, it reported that the fraudsters also targeted the Coronavirus Aid Relief, and Economic…
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OPEC Predicts 6 mb/d Global Demand of Oil In 2021
The Organisation of Petroleum Exporting Countries has predicted that the global demand will increase by six million barrels per day, mb/d in 2021 despite the prolonged impact of the Covid-19 pandemic. OPEC noted that oil demand contracted by a very significant 9.5 mb/d in 2020 and it is forecasted to grow by around 6 mb/d…
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NNPC Expects $8.7 Billion Investments From Refineries
The Nigerian National Petroleum Corporation has said that it expects an inflow of about $8.7 billion investment during the rehabilitation of three refineries and revamping of pipelines. This investment is expected form the Warri Refinery and Petrochemical Company (WRPC), the Kaduna Refinery and Petrochemical Company (KRPC), as well as the revamping of some of its…
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IMF Projects 2.5% Growth For Nigeria Economy
The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 percent from 1.5 per cent earlier announced in January. The report also projected a 16 per cent consumer price for the country in 2021. IMF disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, projecting an…
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NBET Owes Power Producers N437.67bn For 2020’s Generation
With a total invoice of N739.68bn, power generation companies were not paid 59.17 percent of the invoice issued in 2020 for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the…
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FG Earmark N396 Billion for COVID-19 Vaccine In 2021-2022
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has said that the Federal Government had budgeted N396 billion for the provision of the COVID-19 vaccine in the 2022 Appropriation. She noted that the request which is being prepared to be passed down to the national assembly as a supplementary budget for COVID-19…
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NBS: Transport Fare Rises In February
The transport fare paid by passengers for bus, motorcycle and waterway journeys rose in February 2020. The increase was attributed to the slight increase in petrol price during the period. This was contained in its ‘Transport fare Watch’ report for February 2021 released by the National Bureau of Statistics. The report said the fare paid…
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Petrol Imports Gulped N2.11tn In 2020
The amount spent on the importation of Premium Motor Spirit (petrol) rose to N2.11tn in 2020– a 17.54 percent increase against the previous year. According to the data obtained from the National Bureau of Statistics, the country spent N1.71tn on petrol imports in 2019, down from N2.95tn in 2018. The data also showed that petrol…
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Currency In Circulation Drops To N2.78tn
The currency in circulation in the country dropped to N2.78 trillion in February from N2.83 trillion as of January 2021 – a N50 billion different. The figures obtained from the Central Bank of Nigeria disclosed that the currency in circulation dropped by N70bn in January from N2.9tn as of December 2020. Analysis showed that the…