Category: Economy
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COVID-19: N3.5 trillion spent on economic growth – CBN
The Central Bank of Nigeria (CBN), says it has so far made a total of N3.5trillion disbursements to cushion the effect of COVID-19 pandemic on the country’s economy. This is contained in a review of the 132nd communique of the Monetary Policy Committee (MPC) meeting obtained from the apex bank’s website, and signed by its…
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2021 Budget Defence: You must remit 25% of IGR or no deal, Reps Cttee tells MDAs
…turn down proposals by defaulting agencies The House of Representatives has declared that revenue generating agencies of government must remit the correct amount of their internally generated revenues which is 25 percent as stipulated by extant laws into the federation account. TheNewsGuru.com, (TNG) reports that the House made the declaration while attending to MDAs defending…
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Textile alone can generate 2.5 million jobs – Issa Aremu tells FG
Mr Issa Aremu, Vice President of IndustriALL Global Union, has said that the textile industries alone can generate over 2.5 million jobs in Nigeria if rejuvenated. To President Muhammadu Buhari, Aremu said the current government could create 100 million jobs over the next 10 years with the resuscitation of the textile industries. Aremu made the…
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Debate on 2021 budget: Senators call for infrastructure development
As debate on the 2021 appropriation bill of N13.08 trillion entered the second day, senators have called for infrastructure development in the country to make life easy for citizens. Leading the debate on the general principles of the bill on Wednesday during plenary, Senate Leader Yahaya Abdullahi announced continuation of the budget consideration by the…
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2021 budget: How to achieve oil production benchmark – Omo-Agege
The Deputy President of the Nigerian Senate, Senator Ovie Omo-Agege has said for the nation to be able to achieve the oil production benchmark as stipulated in the 2021 budget, certain things must be put in place. TheNewsGuru.com (TNG) reports Senator Omo-Agege stated this on Wednesday as the Senate began debate on the 2021 budget…
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‘Funding 2021 budget with oil revenue will be difficult’
Prof. Wumi Iledare, Professor of Petroleum Economics says it will be difficult to fund 2021 budget with oil revenue going by the development in the global oil market. Iledare made this known in an interview on Sunday in Abuja, saying it was impossible under the current global economic projections to fund the budget by revenue…
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NBS: 36 States, FCT get N1.7trn in total revenue
The total revenue available for the 36 States of Nigeria and the Federal Capital Territory (FCT) to spend for the first half of 2020, being January to June has been placed at N1.7 trillion. TheNewsGuru.com (TNG) reports the National Bureau of Statistics (NBS) made this known with its report of Internally Generated Revenue (IGR) at…
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Why prices of food items continue to rise in Nigeria
Dr Tunde Arosanyin, a farmer, has identified insecurity, farmers/herdsmen clashes, poor mechanisation and unstable government policies as factors responsible for the high cost of food items. Arosanyin, a former Chairman of the All Farmers Association of Nigeria (AFAN) in Kogi told NAN on Tuesday that other variables included poor credit facility to farmers, and negative…
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DPR remits $1.03 billion in royalties, legacy debts to FG
The Department of Petroleum Resources (DPR) has said it remitted 1.03 billion dollars to the Federation Account from oil and gas royalties and legacy debts. DPR’s Director, Mr Sarki Auwalu made this known in a statement issued on Tuesday in Lagos. Auwalu said this was achieved through robust regulatory reforms that had been put in…
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Oil jumps above $41 as storm hits U.S. output
Oil rose for a second day on Wednesday, gaining more than two per cent, as a hurricane closed U.S. offshore production and an industry report showed U.S. crude inventories unexpectedly decreased. More than a quarter of U.S. offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude…