Category: Economy
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FG, States, LGCs share N954.085 billion in July
The Federation Account Allocation Committee (FAAC), has shared N954.085 billion to the three tiers of government, as federation allocation for July.
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Food prices rose in July 2022 – NBS
The National Bureau of Statistics (NBS), says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday.
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FG rakes in N68bn from beer, cigarettes, others in 6 months
The Nigeria Customs Service (NCS) collected over N68 billion from excise duty on beer, spirits and other alcoholic beverages, cigarettes, and tobacco for the federal government between January and June.
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CBN reverses itself on 5% interest rate on intervention loans
As inflation continues to rise unabated across several advanced economies, the Central Bank of Nigeria has reversed its interest rate on intervention facilities from five per cent to nine per cent. This is according to a circular released on Wednesday August 17, signed by the director, financial policy and regulation department Chibuzo Efobi. “All intervention…
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Nigeria’s inflation rate increases to 19.64%
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 19.64 per cent on a year-on-year basis in July.
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Bayelsa spends N3.52bn on debt service to commercial banks in May
The Bayelsa government on Friday said it spent N3.52 billion on servicing its loan obligations to commercial banks for the month of May.
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Fuel price increase not from government – Sylva
The Minister of State for Petroleum Resources, Chief Timipre Sylva has disclosed that the increase in the price of Premium Motor Spirit (PMS), otherwise known as fuel, is not by the government. TheNewsGuru.com (TNG) reports Sylva, who disclosed this while speaking with journalists on Monday in Abuja, stressed that the federal government was yet to remove…
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U.S. economy hits back-to-back negative growth, slips into recession
The economy of the United States of America (USA) has recorded two back-to-back negative growth in the year 2022, which can be said to be a recession.
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IMF retains projected economic growth of 3.4% for Nigeria
The International Monetary Fund (IMF) has retained projected economic growth of 3.4% for Nigeria in 2022, TheNewsGuru.com (TNG) reports. The Washington-based institution disclosed this in its World Economic Outlook (WEO) for July 2022, dubbed “gloomy and more uncertain”.
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Why we’ve not had accrual to ECA in 4 years – Finance Minister
The Minister of Finance, Dr Zainab Ahmed has said in the past four years, because of volatility in the course oil market, Nigeria has not had accrual to the excess crude account (ECA). TheNewsGuru.com (TNG) reports Ahmed made this known when she addressed State House correspondents on the outcome of the Federal Executive Council (FEC) meeting…