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Tag: FG

Nigeria's mineral production rose by 39% in 2021 - NBS
Oil and Gas

Manufacturing sector remitted N114.37bn Q3 2022 – NBS

The manufacturing sector topped the list of highest contributors to Value Added Tax revenue generated by the Federal Government in the third quarter of 2022.   The National Bureau of Statistics third quarter report revealed that the sector had a remittance of N114.37 billion, accounting for 18.29 percent of the total N625.39 billion generated as […]

Business

Nigeria’s biovaccine company to begin production before Q2 2023

Biovaccines Nigeria Limited, a joint venture between the Federal Government of Nigeria and May & Baker Nigeria Plc, is set to commence the production of vaccines before the second quarter of 2023.   Nairametrics reported that the Managing Director of May & Baker Nigeria Plc, Patrick Ajah, disclosed this on Wednesday in Lagos, while noting […]

Agribusiness

West Africa gets US’ $4m grant to tackle child labour

The United States Department of Labour has announced a $4 million award to support the International Labour Organization’s work to implement a technical assistance project in West Africa.     The department made this known in a press release on its website on Tuesday, stating that the ILO is expected to work with the government […]

Economy

Nigeria to lose 123.4% revenue in 2023 – World Bank

The World Bank has projected a 123.4% deficit from the country’s revenue in 2023 as a result of debt servicing.   The international financial institution made this assertion via its Lead Economist for Nigeria, Alex Sienaert during a presentation titled: ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’ for the month […]

FG owes N100bn electricity bill debt - Distributors
Opinion

Why FG must localize electricity distribution – Experts

Several energy and real estate experts in the country have called on the Federal Government to localise electricity distribution within the country to improve its supply and grow the power sector.   According to PMNews, this call was made at the closing of the 3rd Lagos Real Estate Market Place Conference and Exhibition in Lagos, […]

Agribusiness

UN, FG pick 13 states for agric intervention

The United Nations through its Food and Agricultural Organisation, in partnership with the Federal Government have selected 13 states in Nigeria for agricultural intervention with respect to the production of a few crops such as rice, sorghum, soybean, etc, and dairy.   The PUNCH reported that the Minister of Agriculture and Rural Development, Mahmood Abubakar, […]

Oil and Gas

Nigeria may lose $23bn to crude oil theft

The National Security Adviser, Major General Babagana Monguno, has warned the Federal Government of an impending loss of about $23 billion in 2023 if the menace of crude oil theft persists in the country.   Monguno gave this warning on Tuesday, at the inauguration of a special investigation panel set up to check crude oil […]

Maritime

FG to life ban in Nigerdock terminal

The Federal Government has announced that it is planning to lift the ban imposed on Nigerdock terminal following the firm’s willingness to abide by the rules amid its contributions to the growth of the national economy.   According to a statement released by the Deputy Director of Press, Anastasia Ogbonna, on Friday, the Minister of […]

Economy

Inflation: NBCC raises concerns over excise duty increment

The Nigeria-British Chamber of Commerce has warned that the proposed increment in the excise duty by the federal government will lead to more inflation in the country.   Daily Post reported that the organisation made this assertion via a statement issued on Tuesday by its President, Mrs Bisi Adeyemi.   Recall, that the federal government […]

FG owes road contractors over N11tn – Fashola
News

FG owes road contractors over N11tn – Fashola

The Minister of Works and Housing, Babatunde Fashola (SAN) on Tuesday revealed that the federal government is owing contractors about N11.16tn for the construction of various highways across the country and certificates of completion. According to The PUNCH, Fashola made this known while defending the proposed budget of his ministry in the 2023 Appropriation Bill, […]

Why Islamic bank approved $1.8bn for Nigerian projects
News

Why Islamic bank approved $1.8bn for Nigerian projects

The Islamic Development Bank has revealed why the institution approved the sum of $1.8bn for Nigeria for Nigerian projects. According to The PUNCH, the President of the Saudi-based bank, Dr Mohamed Jasser at a meeting with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in Abuja on Monday stated that the funds […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

Why we lost our most-valued crude oil customers – FG

  The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has revealed why the country lost its most valued crude oil customers. FG on Thursday revealed that Nigeria lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market. […]

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