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Naira redesign: CBN has my approval, Buhari clarifies
Oil and Gas

Buhari makes a U-turn over Seplat, ExxonMobil $1.3bn deal

The President, Major General Muhammadu Buhari (retd.) in alignment with the Nigerian National Petroleum Company Limited, reversed his authorisation of the $1.3bn acquisition shares capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. Buhari’s change of position was disclosed to newsmen by the Senior Special Assistant to the President on Media and Publicity, […]

Elon Musk discloses plans for self-driving cars
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Elon Musk sells $7bn Telsa shares amid Twitter buyout fray

Amid the legal battle with Twitter over his $44 billion buyout deal, the Chairman of Telsa, Elon Musk has sold about $7 billion worth of his electric car company shares. According to AFP, a legal filing published on the Securities and Exchange Commission’s website showed that Musk had on Tuesday sold Telsa shares after he […]

Diesel hike: NRC slash Lagos-Ibadan trips by 67%
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Diesel hike: NRC slash Lagos-Ibadan trips by 67%

The Nigeria Railway Corporation has decided to reduce the number of trips on the Lagos-Ibadan Train Service by about 66.67 per cent. The decision was made as a result of a hike in the price of diesel, the Managing Director, NRC, Fidet Okhiria, disclosed. According to The Punch, the corporation on Tuesday had sent recommendations […]

Nigeria's mineral production rose by 39% in 2021 - NBS
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Nigeria’s mineral production rose by 39% in 2021 – NBS

The National Bureau of Statistics has disclosed that Nigeria’s mineral production increased by 39.19% in 2021, from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021. This was disclosed in an NBS report on Monday titled, ‘Mineral production Statistics’ for 2021. The report added that the most mined mineral in Nigeria remains […]

FG budgets N8.68tn for agric, food imports - Report
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FG budgets N8.68tn for agric, food imports – Report

The Federal Government budgeted an estimated N8.68tn for agriculture and food imports from 2016 to 2021, according to a report. The PUNCH reported that of the estimated N8.68tn, about N874.83bn was budgeted for the Federal Ministry of Agriculture and Rural Development, whereas the imports of agricultural goods into Nigeria during the same period were estimated […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Harmonise foreign exchange rate – Group tells CBN

The Nigerian Economic Summit Group has urged the Central Bank of Nigeria to harmonise foreign exchange rates as the nation battles scarcity of forex and dwindling value of the naira, amongst other economic challenges. NESG’s call comes hours after the Nigeria Employers Consultative Association asked the government to allocate available forex to manufacturing and other […]

Buhari
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Nigeria ranks fourth on World Bank debtors’ list

Nigeria under the regime of the President, Major General Muhammadu Buhari(retd), currently ranks fourth on the World Bank’s top 10 International Development Association borrowers’ list. Rising debt has pushed Nigeria from the fifth position with $11.7bn IDA debt stock as of June 30, 2021 on the World Bank Fiscal Year 2021 audited financial statements, known […]

Experts slam FG as debt servicing nears N10.43tn
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Experts slam FG as debt servicing nears N10.43tn

Experts have slammed the Federal Government following its projection that debt servicing will cost N10.43tn by 2025. According to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper, the projection represents a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. The PUNCH reported that multilateral agencies and economists have […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Why govt should make forex available for manufacturers – NECA

The Nigeria Employers Consultative Association has revealed why the Nigerian government should allocate available forex to manufacturing and other productive sectors of the economy. According to the Director-General, NECA, Mr Wale Oyerinde, the available forex to manufacturing and other productive sectors of the economy should be given priority towards resolving the challenges faced by the nation. […]

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Bakers to raise bread prices over rising costs
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Bakers to raise bread prices over rising costs

Bakers, under the aegis of the Premium BreadMakers Association of Nigeria, have announced their readiness to increase the prices of bread following the rising costs of baking materials. This was disclosed by the President of the association, Emmanuel Onuorah, during a recent interview with The PUNCH. stating that the recent developments in the global marketplace […]

Jet A1 hike threatens airlines' existence - Ibom Air COO
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Jet A1 hike threatens airlines’ existence – Ibom Air COO

The Chief Operating Officer of Ibom Air, Mr Goerge Uriesi, has expressed fears that the continuous fuel price hike could threaten the existence of Nigerian airlines. The former Managing Director of the Federal Airports Authority of Nigeria discusses the prospects and challenges of the aviation industry, in this exclusive interview with The PUNCH. Some analysts […]

News

Rising debt affecting investment in infrastructure, others – DMO

The Director General of the Debt Management Office, Patience Oniha, has said that high debt levels lead to high debt services and affect investment in infrastructure. This is according to a document by her, which was presented during a workshop for civil society organisations organised by the SFTAS programme coordination unit held in Abuja on […]

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