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Tag: FG

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FG tightens rules as imprest, cash advances triple

The Federal Government has moved to curb the rising use of imprest and cash advances following revelations that over N2.27 billion was disbursed under these categories in 2024—a staggering 308% increase from the N556.3 million recorded in 2023. Imprest refers to a fixed sum allocated to public officers for routine expenses, typically retired quarterly, while […]

Nigeria borrowed money to fight Boko Haram - Oyedele
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FG retains 30% CIT under new Nigerian tax act

The federal government has announced that the corporate income tax rate will remain at 30 per cent for all large companies, under the revised Nigerian Tax Act set to take effect from January 2026. According to the provisions of the updated law, small businesses with an annual turnover of less than N25 million will continue […]

FG to track projects of over ₦150m with GPS coordinates
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FG to track projects of over ₦150m with GPS coordinates

The Federal Government has directed all Ministries, Departments, and Agencies to include Global Positioning System coordinates for all capital projects valued at ₦150 million and above in their 2025 expenditure submissions. The directive, outlined in the official implementation guidelines for the 2025 Appropriation Act, aims to enhance transparency, traceability, and accountability in the execution of […]

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FG scales up affordable housing plan with new cities

The Federal Government has announced plans to establish Renewed Hope Cities in four additional geopolitical zones and expand its Renewed Hope Estates initiative to 24 more states, as part of ongoing efforts to boost access to affordable housing across Nigeria. Minister of Housing and Urban Development, Ahmed Dangiwa, revealed the expansion during an inspection of […]

FG reviews road concessions, repairs on Kaduna-Abuja expressway
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FG reviews road concessions, repairs on Kaduna-Abuja expressway

The Federal Government has commenced a thorough review of road concession agreements signed in 2023 under the Highway Development and Management Initiative, with the aim of aligning them with the current administration’s infrastructure agenda. Speaking in Abuja at the close of a two-day stakeholders’ meeting on July 22, Minister of Works, Senator David Umahi, said […]

The Federal Government, through the Debt Management Office, has announced plans to reopen two tranches of its savings bonds worth a combined N350 billion for public subscription.
Business

FG to offer N80bn bonds in July 2025 auction

The Debt Management Office has announced that the Federal Government of Nigeria will offer N80 billion in bonds for subscription via auction on July 28, 2025, with settlement scheduled for July 30, 2025. According to a circular posted on the DMO’s website, the offer includes two re-openings of existing FGN bonds: N20 billion of the […]

Business

FG eyes 460,000 metric tonnes of soybeans production in two years

The Federal Government has announced plans to cultivate one million hectares of farmland and produce 460,000 metric tonnes of soybeans over the next two years, as part of efforts to strengthen food security, cut import dependence, and elevate Nigeria’s role in the global soybean market. Minister of Agriculture and Food Security, Abubakar Kyari, revealed this […]

FG considers removal of 7% import surcharge
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FG considers removal of 7% import surcharge

The Federal Government is considering scrapping the 7 per cent import surcharge, a move aimed at reducing import costs and boosting trade activity across Nigeria. This proposal, currently undergoing legislative review, is expected to ease the financial burden on importers and enhance the competitiveness of Nigerian ports. The development was disclosed at a stakeholder town […]

Business

FG reaffirms commitment to launch National Single Widow initiative

The Federal Government has reiterated its resolve to swiftly implement the National Single Window initiative—one of the key policies of President Bola Tinubu’s administration. This was disclosed on Monday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a session with the National Assembly Joint Committee on Customs and […]

Business

FG eyes 30% GDP via raw material value-added bill

The Federal Government is targeting a 17 per cent year-on-year growth in real output, aiming to raise real Gross Domestic Product to ₦23.2 trillion through a new bill that mandates 30 per cent value addition to raw materials before export. Speaking on phone, the Director-General and CEO of the Raw Materials Research and Development Council, […]

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FG targets 8,500MW power supply in 18 months

The Federal Government has set an ambitious goal to boost the nation’s electricity supply from around 5,500 megawatts to 8,500 megawatts within the next 12 to 18 months, as part of broader efforts to stabilise and expand Nigeria’s power infrastructure. Director-General of the Bureau of Public Enterprises, Ayodeji Gbeleyi, announced the target on Wednesday in […]

Business

FG unveils locally-made machines to cut housing costs

The Federal Ministry of Housing and Urban Development has unveiled a set of locally-developed machines aimed at reducing housing construction costs and enhancing local innovation in Nigeria’s building sector. The initiative, led by the Director and Head of Department of Federal Public Assets Maintenance, Ibechile Egwudale, was presented in Abuja with the Minister of Housing, […]

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