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BusinessNewsNigeriaNigerian Immigrants Account For Highest Diaspora Remittances In West Africa – Shettima

Uzoamaka Ikezue (Staff Reporter)December 10, 2024

…Says FG Returned 10,000 Citizens Detained For Sundry Migration Offences In 2024 Vice President Kashim Shettima has expressed support for migration of citizens from one part of the world to another. According to the Vice President, migration is a major contributor to national and global development, says Nigerian immigrants account for highest diaspora remittances in West Africa. He noted that migration goes beyond crossover from one geographical location to another but a system of fostering economic...

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BusinessNewsNigeriaNigeria’s VAT Revenue Hits Record N1.78 Trillion in Q3 2024

By Ezinwanne Onwuka (Senior Reporter)December 9, 2024

Nigeria’s Value Added Tax (VAT) revenue for the third quarter of 2024 reached an all-time N1.78 trillion. This marks a 14.16 per cent growth compared to the N1.56 trillion collected in the previous quarter. This growth reflects the government’s efforts to expand its revenue sources beyond oil. A detailed breakdown of the Q3 2024 VAT figures shows that local payments contributed N922.87 billion, foreign VAT payments accounted for N448.85 billion, while import VAT added N410.62...

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BusinessNewsNigeriaOil & GasCommunity Fault Claims By NNPCL On Port Harcourt Refinery

Hassan Umar Shallpella (Regional Correspondent)November 29, 2024

Alesa community stakeholders have alleged that the petroleum products loaded from the recently revived Port Harcourt Refinery were not newly refined but petrol products left in the storage tank of the facility in the last three years. Timothy Mgbere, the Secretary of the community disclosed this during on Arise TV on Thursday, noting that the Nigerian National Petroleum Company Limited told Nigerians many lies about the revived refinery. He dismissed NNPCL’s position that the Port...

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BusinessNewsNigeriaCBN Raises Interest Rate to 27.50% as Inflation Persists

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

The Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 27.25 per cent to 27.50 per cent to address the nation’s persistent inflation. This decision was announced during the Monetary Policy Committee, MPC, meeting held at the apex bank’s headquarters in Abuja on Tuesday. The MPR is the benchmark interest rate used by the CBN to regulate lending and borrowing in the economy. By raising the MPR, the CBN aims to...

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BusinessEconomyNewsNigeriaNigeria’s GDP Grows by 3.46% in Q3 2024

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

Nigeria’s economy grew by 3.46 percent in Gross Domestic Product (GDP) in the third quarter (Q3) of 2024, up from 3.19 percent in Q2 2024, the National Bureau of Statistics (NBS) reported. This marked an improvement from 2.54 percent in Q3 2023. “In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion ($42.15 billion) in nominal terms,” the NBS stated, noting a year-on-year growth of 17.26 percent compared to N60.66 trillion...

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BusinessNewsNigeriaFG Commends MD of Stine Industries for Implementing New Minimum Wage

Ebuka Onyekwelu (Staff Writer)November 15, 2024

The Federal Government of Nigeria, through the Federal Ministry of Labour, has commended Chief Akai Egwuonwu, the Chief Executive Officer and Managing Director of Stine Industries, for the implementation of the new minimum wage. This commendation was conveyed by Mrs. Oji-Ogbuehi Bernadine, the Anambra State Controller, Federal Ministry of Labour, during a courtesy call to Chief Akai’s office in Awka. During the visit, Mrs. Bernadine and other senior Federal Ministry of Labour staff members noted...

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BusinessNewsNigeriaFG Secures $134m AfDB Loan to Boost Food Production Nationwide

By Ezinwanne Onwuka (Senior Reporter)November 14, 2024

The Federal Government of Nigeria has secured a $134 million loan from the African Development Bank, AfDB, to enhance seed and grain production, according to a press release from the Federal Ministry of Agriculture and Food Security. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this during the launch of the 2024/2025 National Dry Season Farming initiative in Calabar. The event was attended by the Deputy Governor of Cross River State, Peter...

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BusinessEconomyNewsNigeriaCBN Reports 39.77% Rise in 2024 Nigeria’s Foreign Debt Payments

By Ezinwanne Onwuka (Senior Reporter)November 13, 2024

…State Debt Soars to N11.47 Trillion, Fuelled by Currency Devaluation The Federal Government of Nigeria spent $3.58 billion on foreign debt servicing from January to September 2024, reflecting a 39.77 per cent increase from the $2.56 billion spent in the same period in 2023, according to data from the Central Bank of Nigeria, CBN. The CBN’s report on international payment statistics indicates that the highest monthly debt servicing expenditure in 2024 was recorded in May,...

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BusinessNewsNigeriaPetroleum Marketers Group and Dangote Agree On Direct Fuel Sale

Hassan Umar Shallpella (Regional Correspondent)November 12, 2024

Petrol price reduction is imminent as the Independent Petroleum Marketers Association of Nigeria will commence direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members. The direct sale agreement means that petrol marketers will no longer depend on imported fuel but will go for Dangote petrol. The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on...

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BusinessNewsNigeriaPoliticsMinimum Wage: Nigeria Labour Congress To Commence Indefinite Strike

Hassan Umar Shallpella (Regional Correspondent)November 11, 2024

Members of the Nigeria Labour Congress, NLC in states yet to commence the implementation of the new minimum wage are to begin an indefinite strike from December 1, 2024. This is contained in a communique issued after the NLC National Executive Council, NEC, meeting held at the weekend. The communique of the meeting read in part, “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the...

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