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Governor Ahmadu Umaru Fintiri of Adamawa state has restated government commitment to boost the revenue base of the state. The Governor gave the assurance at the official commissioning of the hospitality centre, “Fombina Ambassadors Suites and Apartments” along Army Barracks Road in Jimeta-Yola. Fombina Ambassadors Suites and Apartments is owned by Adamawa businessman and politician, Barr. Aliyu Wakili Boya. “Government will continue to create an enabling environment for business to thrive; the edifice equipped with...

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BENIN —  The Edo government on Wednesday pledged the government’s support and speedy take-off of the AMES-Edo Inland Container Dry Port. Gov. Godwin Obaseki made the pledge when he paid an on-the-spot assessment visit to the project site at Agbonmoba community near Benin. Obaseki said that the project, which was conceived more than seven years ago, had experienced tenacity and doggedness from the Atlantique Marine Engineering Services (AMES), promoters of the project. He said that...

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The All Progressives Congress (APC) claims the administration of President Muhammadu Buhari is keeping his promises to Nigerians. John Akpanudoedehe, national secretary of the APC caretaker and extra-ordinary convention planning committee (CECPC), said this in reaction to the report that Nigeria exited recession after its gross domestic product (GDP) grew by 0.11 percent. In a statement on Thursday, Akpanudoedehe said the report gave credence to the fact that the Buhari administration is doing as he...

The Consumer Price Index (CPI), which measures the increase in the price of goods and services, rose to 16.47 percent last month according to a report by the National Bureau of Statistics (NBS). The recent statistic is the highest since April 2017. The CPI/Inflation report shows that food inflation has also crossed the 20 percent mark. “The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71...

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On Wednesday, the Senate confirmed Mr. Ahmed Kuru; and Bello Hassan as managing directors of the Asset Managing Corporation of Nigeria; and Nigeria Deposit Insurance Corporation. The two nominees were confirmed after consideration of the two separate reports of the Senate Committee on Banking, Insurance and Other Financial Institutions. Others who were confirmed were Ebelechukwu Uneze, and Aminu Ismail as the executive directors of AMCON; and Mohammad Ibrahim as Executive Director of the NIDC. The...

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The fiscal deficit of the Federal Government rose by ₦208.14bn to ₦620.49bn as of the end of November from ₦421.35bn at the end of October. This was disclosed in the Central Bank of Nigeria (CBN)’s the monthly economic report for November on Wednesday on the federation account operation. The report read in part, “At N706.47bn, provisional gross federally collected revenue in November 2020 contracted by 16.6 percent and 19.7 percent, compared with the budget benchmark...

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Nigerian government says it has begun phasing out the bank verification numbers (BVN) introduced by the Central Bank in 2014. President Muhammadu Buhari’s regime had directed citizens to enroll for the NIN and link the number to their SIM cards or risk deactivation of their telephone lines. The National Identity Management Commission (NIMC) Act 2007 mandates all Nigerians and permanent residents to have the NIN but is silent on linking the NIN to SIM registration...

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ABUJA —  African finance ministers have called for 500 billion U.S. dollars in Special Drawing Right (SDR) and an extension in the Debt Service Suspension Initiative (DSSI) to respond to the COVID-19 pandemic. The call was made during a virtual meeting convened by the Economic Commission for Africa (ECA) and International Monetary Fund (IMF) on Feb. 6, according to a statement from ECA on Tuesday. According to an IMF Factsheet, the SDR is an international...

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The Central Bank of Nigeria named terrorism and money laundering as the rationale behind the ban of cryptocurrency-related transactions in Nigeria. In a statement released on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications said the use of cryptocurrencies in Nigeria is a direct contravention of existing law. The decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins. “The use of cryptocurrencies in...

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The United States (U.S.) has commended Nigerian financial expert, Dr. Ngozi Okonjo-Iweala, for her desire to contribute her wealth of knowledge to the development of the World Trade Organization (WTO) as it salutes the decision of the Republic of Korea’s Trade Minister, Yoo Myung-hee to withdraw her candidacy for Director-General of the (WTO). This endorsement and salutation were contained in a statement released by the United State Trade Representative (USTR) Public and Media Affairs, in...

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