Category: Economy
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Nigeria loses 300,000 tonnes of sugar to smugglers annually – Dangote
Nigeria is currently losing at least 300,000 tonnes of sugar to smuggling annually, the Chairman, Dangote Group, Alh. Aliko Dangote, has said. He made this known during the Dangote Sugar Annual General Meeting (AGM) in Lagos on Tuesday. He said that the smuggling activities in the sugar industry had hindered the employment of at least…
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Tin-Can Customs Command generates N78.8bn in Q1, 2019
The Tin-Can Island Port Command of the Nigeria Customs Service (NCS) saiys it generated N78.8 billion in the first quarter of 2019, up from N76.7 billion realised in the corresponding period of 2018. NCS Area Controller, Mohammed Musa, made this known in an interview with the News Agency of Nigeria in Lagos on Sunday. He…
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Rising Debt: We are mindful of our borrowings, says FG
The Minister of Finance, Mrs Zainab Ahmed says while government borrows to deliver on its promises, it was also mindful of rising debt burden, which eats up about 25 per cent of the country’s annual earnings. Ahmed said this in an interview with the News Agency of Nigeria on the side-line of the just concluded…
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Customs generates N311.2bn revenue in 3 months
The Nigeria Customs Service (NCS) has generated revenue of N311.2 billion for the first quarter of 2019. A document released by the office of the Public Relations Officer of the service, Mr Joseph Attah to the News Agency of Nigeria in Abuja showed that the revenue was generated between January and March. The Federal Government…
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Nigeria needs growth to neutralize poverty time bomb –Bloomberg
Only economic growth can defuse poverty time bomb in Nigeria, Bloomberg said in an editorial on Sunday. The New York-based international news agency, which described President Muhammadu Buhari’s record over the last four years as disheartening, wondered whether he “is up to the task” of reviving the economy. According to the editorial, one of humanity’s…
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FG saves N24.7bn monthly through IT— NITDA DG
Dr Isah Pantami, Director General, National Information Technology Development (NITDA) says the Federal Government saves N24.7 billion monthly, through deployment of information technology. Pantami made the disclosure at the “March 2019 Lunch Time Reform’’ seminar organised by the Bureau of Public Service Reforms on Thursday in Abuja. “Under E-Governance today, so many leakages in government…
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Breaking: Senate Approves N30k minimum wage report
The Nigerian Senate has just passed the Report of the Ad-hoc Committee on the National Minimum Wage on the National Minimum Wage Act CAP N61 LFN (repeal and re-enactment) Bill, 2019 (SB. 722). The Bill, which was laid and presented by Senator Francis Alimikhena, sets the new minimum wage at N30,000. Speaking on the passage…
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CBN, EFCC meet to tackle economic crimes
…………..may bar culprits from opening bank accounts in Nigeria Officials of the Central Bank of Nigeria (CBN) and their counterparts in the Economic and Financial Crimes Commission (EFCC) met on Thursday, March 7, 2019, with the aim of strengthening the country’s fight against economic crimes. The meeting, which took place at the Head Office…
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Why Naira remain immune from election spendings
Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has identified factors that kept the naira immune from election spendings. Gwadabe told the News Agency of Nigeria (NAN) on Friday in Lagos that internal control mechanisms of the electoral umpire contributed greatly to checkmating political spendings as the naira remained stable at…
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Nigeria’s GDP increases as non-oil sector grows by 2.70% – NBS
The National Bureau of Statistics (NBS, said Nigeria’s Gross Domestic Product (GDP) grew by 2.38 per cent in real terms year-on-year as the economy recorded positive growth in the fourth quarter of 2018. The bureau said the economy recorded positive growth in the non-oil sector in the quarter as the sector grew by 2.70 per…