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CBN Injects N1.487trn For Food Security
The Central Bank of Nigeria has said it’s disbursed N1.487 trillion under its various agricultural programmes to boost food security. Emefiele said that the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of 2021 to boost dry season output. “Total…
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Sudan To Access $2BN in World Bank Grants
The World Bank and the United States Treasury Department on Friday said the grant would allow the heavily indebted African country access to a much-needed international debt-relief package. World Bank President David Malpass said the move meant Sudan could now access nearly $2bn in grants from the Bank’s International Development Association (IDA). The Sudanese government…
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FG To Open Bid For The Concession Of 13 Highways
The Federal Ministry of Works and Housing has commenced plans for the concession of no fewer than 12 federal highways to private entities to manage. This move would allow for regular and adequate maintenance of the road network across the federation as well as create 250,000 jobs and N1.34 trillion revenue in investments. The concession…
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Nigeria, Yemen, S.Sudan At Risk Of Famine
Nigeria, Yemen, S.Sudan At Risk Of Famine Millions of people living in Yemen, South Sudan, and northern Nigeria are at risk of famine in the coming months, two United Nations agencies warned. The groups said in a joint report that the existing acute food insecurity, heavy constraints on humanitarian access, conflict, economic blows, and climate…
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Nigeria Loses N800b Monthly To Poor Port Operation
The President Shippers Association of Lagos, Jonathan Nicole, has said Nigeria loses over N800 billion monthly due to lack of 24-hour seaport operation – about N9.6 trillion lost in a year. According to Nicole, the Nigerian Customs Service (NCS) generated almost N26 billion daily in the past from seaports but, “the figure has dropped because…
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Nigeria’s Inflation Rises To 17.33% In February 2021
Nigeria’s inflation rate has risen to 17.33 percent in February 2021, from 16.47 percent recorded in January 2021. This, according to the latest inflation report published by the National Bureau of Statistics, represents the highest inflation rate recorded in four years. The last time the country recorded an inflation rate this high was in February…
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Q4 2020: Nigeria’s Unemployment Rate Rise To 33.3%
Nigeria’s unemployment rate at the end of 2020 increased by 6.2 percent in the fourth quarter from 27.1 percent recorded in the second quarter of 2020. The increase, 33.3 percent, indicates that about 23,187,389 (23.2 million) Nigerians remain unemployed in the fourth quarter. This is according to the recently released labour force report published by…
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Nigerians To Pay N6.98 On Every USSD Transaction
The Central Bank of Nigeria’s latest policy now allows all bank customers to pay a flat rate of N6.98 for every financial transaction completed using the Unstructured Supplementary Service Data (USSD) service. According to CBN on Tuesday, March 16, 2021, the new format takes effect immediately for transactions conducted at deposit money banks and all…
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21 States Agree, 6 States Disagree to Livestock Grazing Program
20 state governments and the Federal Capital Territory, Abuja, have agreed to donate lands to be used as grazing reserves for heardsmen under the National Livestock Transformation Programme. Of the 20 states are 17 northern states and three southern states, Ebonyi, Ekiti and Ondo – who signed up for the program. However, six state governments:…
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Experts Warn US Debt Might Triple By 2051
The Congressional Budget Office has warned that by 2051, the United States’ debt will rise to 202 percent, increasing the risk of a fiscal crisis. The legislative arm made the announcement while discussing its long-term budget outlook. The Office estimated debt to be equivalent to 202% of gross domestic product by 2051 from 102% this…