Nigeria Loses Rank as Africa’s Largest Oil Producer to Libya

BusinessOil & GasNigeria Loses Rank as Africa’s Largest Oil Producer to Libya

Bada Yusuf Amoo (Correspondent)November 12, 2021

Nigeria has lost its tank as the top Africa oil producing country to Libya as its crude oil production further fell last month amid lingering supply disruptions. This was according to a news report by the Organization of the Petroleum Exporting Countries (OPEC). According to the report, Nigeria told OPEC that its oil production fell to about 1.23 million barrels per day in October from about 1.23 million bpd in the previous month. This was...

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DMO to Auction N150bn FGN Bonds

EconomyDMO to Auction N150bn FGN Bonds

Beloved John (Staff Writer)November 11, 2021

ABUJA — A total of N150 billion bonds will be offered for subscription in November on behalf of the federal government according to the Debt Management Office (DMO) In a circular issued on Thursday, the agency said the bonds will consist of three equal tranches worth N50 billion each. The tranche is a 10-year reopening which will mature in January 2026 at the rate of 12.50%; the second is a 20-year reopening which will mature...

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EconomyMoneySenate Grants Buhari’s $16bn, €1bn Loan Requests

Beloved John (Staff Writer)November 10, 2021

ABUJA — Two loans of $16,230,077,718 and €1,020,000,000 requested by President Muhammadu Buhari has been approved by the Nigerian Senate. The upper legislative chamber also approved grant components of $125 million. According to the chairman of the Senate committee on local and foreign debts, Clifford Ordia, the projects for which funds had been requested for in the 2018-2020 borrowing plan are currently ongoing. According to him, these projects will stimulate a rebirth of commercial and engineering activities...

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Minister Attributes Cost Of Foodstuff To Insecurity

Crime & SecurityEconomyMinister Attributes Cost Of Foodstuff To Insecurity

Hassan Umar Shallpella (Regional Correspondent)November 9, 2021

Defence Minister, Bashir Magashi on Monday has attributed the rising cost of food prices is due to the prevalence of insecurity in the country. The minister who spoke to newsmen at the opening of a retreat for defence advisers/attaches organised by the Defence Intelligence Agency (DIA) in Abuja, said security agencies must explore all avenues within their respective systems to come up with innovative ways of confronting the challenges facing Nigeria. The Minister also stated...

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Why Empowerment Can’t Tackle Unemployment — Sunday Dare

JobsWhy Empowerment Can’t Tackle Unemployment — Sunday Dare

Beloved John (Staff Writer)November 9, 2021

ABUJA — The minister of youth and sports development, Sunday Dare has said empowerment cannot be used to combat the problem of unemployment in the country. Speaking before the house of representatives committee on youth development on Monday, Dare indicated that the ministry has gone beyond offering empowerment programmes to investing in youths across the country. “We have a massive youths population, most of them waiting for opportunities for digital skills to upscale themselves, for...

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Marketers Halt Importation of Cooking Gas as Price Jumps by 240%

BusinessOil & GasMarketers Halt Importation of Cooking Gas as Price Jumps by 240%

Bada Yusuf Amoo (Correspondent)November 9, 2021

LAGOS — Importers of Liquefied Petroleum Gas, popularly called cooking gas, have stopped importing the commodity. Investigations also show that the cost of the product increased by 240 per cent for 12.5kg, jumping from N3,000 to N10,200 between January and October. About 65 per cent of LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the halt in imports could further shoot up cooking gas price if the situation is...

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Agric Minister Says Nigeria Customs Cannot Fight Rice Smuggling Alone

AgricultureBusinessAgric Minister Says Nigeria Customs Cannot Fight Rice Smuggling Alone

Beloved John (Staff Writer)November 8, 2021

Mohammed Abubakar, the minister of agriculture and rural development, has vowed to ensure that his ministry maintains a good relation with security agencies to reduce the illegal importation of rice through land borders. He said this at a meeting of the steering committee of the national task force on illegal importation. This is according to a statement from the ministry’s senior information officer, signed by Mabel Mbosire. Abubakar stated that the improvement of the rice...

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Foundation Empowers Over 1,000 Women With Starter Packs Worth 10 Million

BusinessPhilanthropyFoundation Empowers Over 1,000 Women With Starter Packs Worth 10 Million

Hassan Umar Shallpella (Regional Correspondent)November 8, 2021

KEFFI — Peugeot Automobile Nigeria (PAN) has trained no fewer than 1,000 women in different skills in Nasarawa West Senatorial District and empowered them with starter packs worth 10 Million. Alhaji Ahmed Wadada, chairman of the company, while presenting the packs to the beneficiaries, who recently completed an intensive five-day training on Saturday in Keffi, Nasarawa State, said the gesture aimed to reduce poverty among rural women in Nasarawa West. “The empowerment programme was organised...

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N1, 000, N500 Denominations Constitutes Bulk Of Counterfeited Banknotes-CBN

MoneyN1, 000, N500 Denominations Constitutes Bulk Of Counterfeited Banknotes-CBN

Hassan Umar Shallpella (Regional Correspondent)November 8, 2021

ABUJA — The N1, 000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 per cent and 30.79 per cent, respectively, of the total counterfeit notes in Nigeria. However, the Central Bank of Nigeria (CBN) says the faking of higher denomination banknotes in Nigeria dropped 20.80 per cent in volume and 12.18 per cent in value in 2020, lower than 84,934 pieces and N64.71 million in 2019. This is contained in the...

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Taaooma Under Serious Attack From the Youths for Meeting With the Vice President of Nigeria, Yemi Osinbajo Behind Closed Doors

BusinessEntertainmentNewsTaaooma Under Serious Attack From the Youths for Meeting With the Vice President of Nigeria, Yemi Osinbajo Behind Closed Doors

Favour Ebubechukwu (Staff Writer)November 8, 2021

A Nigerian comedienne, Apaokagi Adedoyin Maryam, popularly known as Taaooma has been castigated by the youths for meeting with Vice President Yemi Osibanjo at the Presidential Villa, Abuja. The Vice President on Wednesday received on a courtesy call, a delegation of young Nigerian (comedy) Skit Industry practitioners under the aegis of the Nigeria Skits Industry Awards (NSIA), led by its promoter, Bimbo Daramola. The delegation also included Josh Alfred (Josh2funny); Ayo Ajewole (Woli Agba); Adebamiro...

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