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Tag: FG

N40,000 rice initiative targets public servants, others to follow
News

FG withdraws N40,000 subsidized 50kg rice initiative 

The federal government has put an end to its proposal to sell subsidized 50-kilogram (kg) bags of rice to public servants priced at N40,000. This was disclosed in a circular titled, “Withdrawal of internal circular on sale of subsidized rice to public servants”, and signed by the permanent secretary of the Ministry of Special Duties […]

FG deducts N256.5bn for gas projects in six months
Economy News

FG launches $500m dollar-denominated bonds

The Federal Government of Nigeria has launched its Series I Domestic USD Bond with the intention of raising at least $500 million from domestic and foreign investors. According to the circular, the government aims to double its initial offer, targeting $1bn in subscriptions through this bond auction. However, this auction comes at a time when […]

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Power generation hits 5,105MW in July – Minister 

The Minister of Power, Adebayo Adelabu, has stated that Nigeria’s power sector generated 5,105 megawatts of electricity on July 27, 2024, describing it as a three-year high. Adelabu disclosed this at the inaugural meeting of the Inter-Ministerial Power Sector Working Group in Abuja on Wednesday, according to The Punch. The minister stated, “Just a few […]

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FG considers tax breaks for companies – Minister

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that the federal government is considering giving companies that hire additional employees outright tax breaks Edun disclosed this during an Exclusive interview on AIT’s Money Line where he stated that the measures are part of the inflation reduction Act to […]

News

FG, US agency partner to boost local drug production capacity 

Nigeria is expected to dramatically increase its domestic drug production as part of a new collaboration between the US Pharmacopeial Convention (USP) and the Presidential Initiative for Unlocking the Healthcare Value Chain. This was disclosed by the Minister of Health and Social Welfare, Muhammad Pate in a post on X on Monday. This agreement intends […]

News

Import duty suspension on food items to stop November – Minister

The Minister of Agriculture and Food Security, Abubakar Kyari, announced that the federal government’s suspension of import duties on certain food items will remain in effect only until the next harvest, expected around October or November out this year. Kyari made this statement during an interview with Channels TV in Abuja on Sunday. Kyari explained […]

News

Nigeria’s debt may hit N130tn by Dec – Report

Nigeria’s public debt stock is estimated to rise to N130 trillion this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was disclosed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently. According to the National Bureau of Statistics, Nigeria’s […]

FG deducts N256.5bn for gas projects in six months
News

FG to build manufacturing hubs nationwide

The Federal Government has revealed plans to build manufacturing hubs in each of the country’s six geopolitical zones in order to produce necessary building materials, lower import costs, generate employment, and accelerate economic growth. This was disclosed by the Minister of Housing and Urban Development, Musa Dangiwa during a courtesy visit from the Executive Chairman, […]

AfDB President Adesina criticizes border opening for food imports
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FG to get fresh $500m loan from AfDB

The Federal Government will receive a $500 million loan from the African Development Bank Group to fund the initial phase of the Economic Governance and Energy Transition Support Program. EGET-SP is an initiative aimed at accelerating the transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy. These efforts would decentralize […]

10 facts about the Lekki deep seaport
News

FG projects $7.2bn expenditure on two deep seaport projects

The Federal Government will need to invest about $7.2bn to complete two approved deep seaports across the country. The projects are Ibom, Badagry Deep Seaports, according to The Punch. The federal government granted $2.016 billion for the first phase of the $4.6 billion Ibom Deep Seaport, according to the Akwa Ibom State Government in December […]

News

FG extends free CNG conversion programme nationwide

The federal government on Tuesday announced the extension of the free conversion of petrol and diesel-powered commercial vehicles to Compressed Natural Gas to alleviate the severe effects of the current nationwide economic reforms. Additionally, the government announced that it was in negotiations with the Nigerian Midstream and Downstream Petroleum Regulatory Authority leadership to offer discounted […]

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