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Economy

Union leader detained over food blockade to South

Written by on 2 March 2021

President of the Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) Mohammed Tahir was yesterday detained by the Department of State Services over the blockade of supply of foodstuffs and cattle from the North to the South. AUFCDN General-Secretary Ahmed Alaramma disclosed this just as newsmen gathered that beef scarcity has hit Ibadan, […]

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Decision To Lift 100 Million Nigerians Out Of Poverty Not By Accident – Buhari

Written by on 24 February 2021

President Muhammadu Buhari says the administration’s policy of lifting 100 million Nigerians out of poverty is a deliberate one that will be pursued with remarkable grit and determination. Speaking on Tuesday at a meeting with the Presidential Economic Advisory Council (PEAC), which was also attended by Vice President Professor Yemi Osinbajo at the State House […]

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9mobile begins NIN registration at customer centres

Written by on 18 February 2021

Mobile network provider, 9mobile, has commenced the National Identification Number registration exercise in select customer centres in Lagos and Abuja. The development follows the Federal Government’s approval granting telecoms the licence for NIN enrollment to ease the pressure of large crowd turnout at the various enrollment centers of the Nigeria Identity Management Commission. Speaking on […]

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IMF backs CBN on cryptocurrency ban

Written by on 18 February 2021

The International Monetary Fund (IMF) has confirmed that some crypto currencies were being used for money laundering and drug trafficking. This confirmation from the IMF thus corroborates what the Central Bank of Nigeria (CBN) has been saying about cryptocurrency transactions in the country. The IMF Resident Representative for Nigeria, Mr. Ari Aisen, made this known […]

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Reps, Ministry Of Finance Disagree Over N2.8bn Payment To OPEC

Written by on 17 February 2021

The House of Representatives and the Ministry of Finance on Tuesday disagreed over the procedure for the payment of the sum of N2.8billion to the Organization of Petroleum Exporting Countries (OPEC) in 2017. The Ministry appeared before the Public Accounts Committee of the House in the ongoing investigative hearing on audit queries by the Auditor-General […]

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FG subsidises electricity by N50bn monthly, says minister

Written by on 17 February 2021

The Federal Government has been subsidising electricity supply across the country to the tune of over N50bn monthly, the Minister of Power, Sale Mamman, has said. He said the subsidy spendings were because the government was worried by the incessant complaints by ordinary Nigerians over the unavoidable and periodic increase in the cost of electricity. […]

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Petrol price will continue to increase – Retailers

Written by on 16 February 2021

The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) has insisted that the price of petrol will continue to increase except there are functional refineries in the country. President of PETROAN, Dr. Billis Gillis-Harry, who stated this during a chat with newsmen in Port Harcourt, Rivers State, said the association has the capacity to […]

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Inflation Hits 16.47%, Highest Since April 2017

Written by on 16 February 2021

The National Bureau of Statistics on Tuesday revealed that Consumer Price Index which measures inflation has increased by 16.47% in January 2021. This is the highest since April 2017. The report also shows that food prices, food inflation also rose to 20.57 per cent in January while core inflation, which excludes the price of volatile […]

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Minister hints at likely petrol price increase

Written by on 10 February 2021

The Federal Government on Tuesday hinted at likely hike in the pump price of petrol. Minister of State for Petroleum Resources Timipre Sylva urged Nigerians to be ready to bear the pains of increased petrol price as crude oil price climbs above $60 per barrel. The price of a litre of petrol is between N160 […]

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Naira overvalued at official market, IMF tells CBN

Written by on 9 February 2021

The International Monetary Fund (IMF) has said the naira was overvalued by 18.5 percent at the official market. The Fund called on the Central Bank of Nigeria (CBN) to establish a more transparent and market-based exchange rate policy to instill confidence in the market. The advice was contained on IMF Article IV Consultation with Nigeria, […]

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