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…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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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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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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Due to high cost of petroleum which jumped to N1, 150, 00 in Kano state, some car owners have abandoned their vehicles and resort to trekking, while others use bicycles, electric bikes and commercial tricycles for mobility. It was observed that the number of pedestrians, bicycle riders and electric bike users have increase with fewer cars on the road. One of the pedestrians, Sani Isa, said he resorted to the use of a bicycle because...

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Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, WTO, has been confirmed as the sole candidate for a second four-year term, with overwhelming support from member states. This development follows the African Group’s proposal for Okonjo-Iweala’s reappointment, backed by 58 countries. Okonjo-Iweala, who made history as the first woman and African to lead the global trade body in 2021, is set to conclude her first term on 31 August 2025. The WTO formally...

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The Anambra State House of Assembly member representing Njikoka I constituency, Hon. Chidi Ibemeka, has commenced up skilling programme to train and equip his constituents with all the necessary tools that would enable them to thrive in the marketplace. The programme which commenced in Enugwu-Ukwu a few days ago, has St. Anthony’s Catholic Church Hall Enugwu-Ukwu, as the venue of the training. However, this training is expected to be extended throughout the Njikoka I State...

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Chief Akai Egwuonwu, also known as “Anambra Rice,” the Chief Executive Officer of Stine Industries; a reputable Nigerian industry with an interest in agriculture, food production, retailing, shipping, and oil and gas, has said that his company’s compliance with the new minimum wage of N70 thousand Naira is borne out of conviction. This, he disclosed during a recent interview session with the West African Pilot News, in his office. According to Chief Akai Egwuonwu who...

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The Central Bank of Nigeria, CBN, has signed an agreement with the International Finance Corporation, IFC, to expand local currency financing and mitigate foreign exchange risks for Nigerian businesses. The agreement, announced in a joint statement by the CBN and the IFC on Monday, aims to unlock over $1 billion in investments across key sectors of the Nigerian economy. According to the statement, the partnership will focus on sectors such as agriculture, infrastructure, housing, energy,...

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The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024. In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023. The...

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The Chairman and Chief Executive Officer of JP Morgan, Mr. Jamie Dimon, has counseled Nigeria and other countries, seeking Foreign Direct Investments (FDIs) to ensure consistency in their regulatory framework and policies. Dimon who stated this on Wednesday at the 30th Nigerian Economic Summit (NES#30) in Abuja, noted that to attract investments requires consistent laws, regulations, rules, legislation, and legal environments, to woo foreign investors. Dimon stated that when these are in place, investors would...

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