Again, FG Increases Electricity Tariff, Breaks Agreement with Labour

BusinessNewsNigeriaPowerAgain, FG Increases Electricity Tariff, Breaks Agreement with Labour

Bada Yusuf Amoo (Correspondent)January 5, 2021

The Federal Government has again increased the electricity tariff that power consumers across the country are expected to be paying. The new hike in the electricity tariff was approved by the Nigerian Electricity Regulatory Commission (NERC). The increase varies. It was based on different consumer classes and took effect from January 1, 2021. The tariff hike was announced by the NERC in its December 2020 minor review of the Multi-Year Tariff Order (MYTO) and Minimum...

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Sen. Ndume asks Buhari to Establish a Budget Impact Assessment Office

EconomyNewsNigeriaPoliticsSen. Ndume asks Buhari to Establish a Budget Impact Assessment Office

PilotnewsJanuary 4, 2021

Sen. Ali Ndume, (APC-Borno) has called on President Muhammadu Buhari to establish a Budget Implementation and Impact Assessment office so that he could monitor the releases of funds and performance of his cabinet members. Ndume, Chairman of the Senate Committee on Nigerian Army, made the call while fielding questions from journalists on Monday, in Maiduguri. “Buhari is a good leader but quite a number of his cabinet members are not doing enough to reposition the...

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Gov. Zulum Signs Borno N248bn 2021 Budget into Law

EconomyNewsNigeriaGov. Zulum Signs Borno N248bn 2021 Budget into Law

PilotnewsJanuary 4, 20211

Gov. Babagana Zulum of Borno on Monday signed the state N248 billion 2021 budget into law. Speaking at the ceremony in Government House, Maiduguri, Zulum charged all government ministries, departments and agencies to comply strictly with the provisions of the budget. The governor expressed appreciation to the state House of Assembly for the speedy passage of the budget. Zulum said that his administration would continue to place a priority on security, education, healthcare, agriculture and...

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Former Vice President Atiku Accuses Buhari’s Government. of Destroying his ‘Legitimate Business

BusinessNewsNigeriaPoliticsFormer Vice President Atiku Accuses Buhari’s Government. of Destroying his ‘Legitimate Business

Hassan Umar Shallpella (Regional Correspondent)January 4, 2021

Former Vice President, Atiku sold off his shares in Integrated Logistics Services Limited(Intels) accused Buhari’s led government of destroying his ‘legitimate business. Former Vice President, Atiku Abubakar has sold off his shares in Integrated Logistics Services Limited (Intels), just as he accused President Muhammadu Buhari’s led government of destroying his ‘legitimate business that employed thousands of Nigerians. Founded in 1982 as Nicotes Services Ltd, Intels Nigeria Limited is regarded as Nigeria’s largest logistics company. In...

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CBN Defends Naira with $4.37bn in the Third Quarter of 2020

EconomyNewsNigeriaCBN Defends Naira with $4.37bn in the Third Quarter of 2020

Bada Yusuf Amoo (Correspondent)January 4, 2021

The Central Bank of Nigeria injected $4.37bn in the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira. This was disclosed in the third-quarter economic report. The bank added that through its periodic interventions in the forex market, it continued to boost the supply side of the market, as the private sector supply chain segment of the market is weakened by the COVID-19 crisis....

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African Nations Begin Trading Under AfCFTA Pact

AfricaBusinessEconomyNewsAfrican Nations Begin Trading Under AfCFTA Pact

PilotnewsJanuary 3, 2021

African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA). Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open to ideas and markets are to trade. Trade defuses the most fraught relations and integrated markets generate prosperity.” South African President Ramaphosa said:...

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Balogun Market Shifts Resumption to Jan. 11 for Security Reasons –Official

CoronavirusMarketsNewsNigeriaBalogun Market Shifts Resumption to Jan. 11 for Security Reasons –Official

PilotnewsJanuary 3, 2021

The Caretaker Management Committee of Balogun market,  Lagos Trade Fair Complex, has shifted its resumption, earlier scheduled for  Jan. 4, to Jan. 11, for security reasons, the Secretary of the committee, Mr. Leonard Ogbonnia has said. Ogbonnia said in a statement on Sunday, in Lagos, that it would be risky to reopen the market, earlier closed on Dec. 24 for the Christmas holidays, on the stated date because of the security situation in the market....

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BusinessCrime & SecurityNewsNigeriaBoko Haram Activities Brought Shortage Of Meat In The Markets

Hassan Umar Shallpella (Regional Correspondent)January 2, 2021

The over decade-long Boko Haram insurgency in northeast Nigeria and Borno state, in particular, has contributed to economic backwardness of the region as Maiduguri Cattle Market which used to be one of the most beehive livestock markets in West Africa is now a ghost of itself. Though, recently the market has witnessed an upsurge in livestock supply from some displaced people rushing to dispose of their livestock and resettle in Maiduguri metropolis, the Borno State...

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African Continental Free Trade Area Agreement Comes into Effect January 1, 2021

AfricaBusinessMarketsNewsAfrican Continental Free Trade Area Agreement Comes into Effect January 1, 2021

PilotnewsJanuary 1, 2021

The African Continental Free Trade Area (AfCFTA) agreement comes into effect on January 1, 2021, but Zambia is one of the 21 countries that have not yet deposited their instruments of ratification. Zambia’s Minister of Commerce, Trade and Industry, Christopher Yaluma, disclosed at a media briefing in Lusaka on Thursday that the official launch of the AfCFTA will take place at a virtue event which will be graced by the African Union (AU) Chairperson, South...

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Buhari Signs 2021 Appropriation Bill into Law

EconomyNewsNigeriaPoliticsBuhari Signs 2021 Appropriation Bill into Law

Bada Yusuf Amoo (Correspondent)December 31, 2020

President Muhammadu Buhari on Thursday, signed into law, the 2021 Appropriation Bill. The brief signing ceremony was done inside the President’s office at the Presidential Villa, Abuja. On Monday, the National Assembly passed ₦13.58trn budget for the next fiscal year. The Buhari led administration had desired to restore the budget of the country to January to December cycle. All Progressive Congress-led government achieved this with the 2020 budget as Buhari signed the document into law...

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