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FG To End Petrol Subsidy June 2022, W/Bank Condemns N2.9trn Funding

FG To End Petrol Subsidy June 2022, W/Bank Condemns N2.9trn Funding   The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year. Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during […]

States, LGs Should Take 59% Of Federal Allocation – North-West

States, LGs Should Take 59% Of Federal Allocation – North-West   The North-West geopolitical zone of the country has demanded the lion’s share of the federation allocation for states and local governments. The zone said the two arms of the government should take 60 per cent while 40 per cent should go to the Federal […]

Foreign Firms Eyeing Nigerian Airports, FG Demands Proposals

Foreign Firms Eyeing Nigerian Airports, FG Demands Proposals   The Federal Government has said it will send requests for proposals to qualified bidders for the concession of Nigeria’s four major international airports after assessing the requests for qualification. It also said the preceding stage – request for qualifications phase of the Nigeria Airport Concessions Programme […]

FG Mulls Locally Produced Barite To Cut N123.1bn Annual Import Bill

FG Mulls Locally Produced Barite To Cut N123.1bn Annual Import Bill   The federal government is midwifing a local production of Barite that will save the country’s import bill of over $300 million (about N123.1 billion based on N410.99 official exchange rate) annually. Barite is a mineral used by industries in the oil and gas […]

In One Year, Oil Companies’ Gas Flare Payments Jump From $15.4m To $307.4m

In One Year, Oil Companies’ Gas Flare Payments Jump From $15.4m To $307.4m   Gas flaring payments made by oil companies increased from a meagre $15.5 million to $307.4 million between 2018 and 2019, the most recent audit report from the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. While gas flaring, the controlled combustion […]

IPMAN To Present Over N50bn Claim To Downstream Authority

IPMAN To Present Over N50bn Claim To Downstream Authority   The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it would present its outstanding claims of over N50 million to the Midstream and Downstream Regulatory Authority’s management. It’s National Vice President, Alhaji Abubakar Maigandi, said IPMAN had assigned a consultant to calculate the actual […]

Fed Govt Uncomfortable Exceeding Borrowing Limit – Ahmed

Fed Govt Uncomfortable Exceeding Borrowing Limit – Ahmed   The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government is very uncomfortable with the fact that it exceeded the borrowing threshold in the Fiscal Responsibility Act. Ahmed, who spoke at the ongoing 27th National Economic Summit in Abuja on Monday, […]

eNaira Launch: Digital Currency will Boost our GDP by $29bn in Ten Years – Buhari

The adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called block chain, can increase Nigeria’s GDP by $29billion over the next 10 years, President Muhammadu Buhari said Monday in Abuja at the official launch of the eNaira. The President also declared that the introduction of the eNaira would enable the government […]