We Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

EconomyNewsNigeriaWe Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

Uzoamaka Ikezue (Staff Reporter)January 30, 2025

Ekiti State Government has said that it has maintained a zero borrowing policy in project financing. This was disclosed on Thursday when the government presented a breakdown of the N375.7 billion 2025 Budget signed into law by Governor Biodun Oyebanji on 30th December 2024 to the general public, with a confirmation that the administration has not borrowed a dime to finance its projects. Giving an highlight of the 2025 budget tagged “ Budget of Sustainable...

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NLC to Protest Nationwide Against Planned 50% Hike in Telecom Tariffs

BusinessNewsNigeriaPoliticsNLC to Protest Nationwide Against Planned 50% Hike in Telecom Tariffs

By Ezinwanne Onwuka (Senior Reporter)January 29, 2025

The Nigeria Labour Congress (NLC) has announced a nationwide protest scheduled for Tuesday, 4 February 2025, to resist the proposed 50 per cent increase in telecommunication tariffs. In a communiqué issued at the end of its National Administrative Council (NAC) meeting held in Abuja, NLC President, Joe Ajaero, stated that the mass rally would take place in all 36 states of the federation, including the Federal Capital Territory. “To express our collective opposition to this...

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774 Local Governments To Open Dedicated Accounts With CBN

BusinessNewsNigeria774 Local Governments To Open Dedicated Accounts With CBN

Hassan Umar Shallpella (Regional Correspondent)January 20, 2025

The Association of Local Governments (ALGON) has said 774 local governments in the country are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account. Bello Lawal Yandaki, National President of the Association, who spoke with reporters in Katsina, the capital of Katsina State said the opening of the account is critical to implementing the Supreme Court ruling on direct allocations to the councils....

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Nigeria Governors’ Forum Back FG’s Tax Reform Agenda

NewsNigeriaPoliticsNigeria Governors’ Forum Back FG’s Tax Reform Agenda

By Ezinwanne Onwuka (Senior Reporter)January 16, 2025

The Nigeria Governors’ Forum (NGF) and the Presidential Tax Reform Committee met on Tuesday, 16 January 2025 to discuss critical fiscal and tax policy reforms, issuing a communique with key resolutions. The Chairman of the NGF and Kwara State Governor, AbdulRahman AbdulRazaq, signed the communique, which emphasised the urgent need to modernise Nigeria’s tax system. “The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of...

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Festive Season Drives Inflation to 34.80% in December

BusinessEconomyNewsNigeriaFestive Season Drives Inflation to 34.80% in December

By Ezinwanne Onwuka (Senior Reporter)January 15, 2025

Nigeria’s inflation rate increased for the fourth consecutive month, reaching 34.80 per cent in December 2024, compared to 34.60 per cent recorded in November. This was disclosed by the National Bureau of Statistics (NBS) in its latest report released on Wednesday. The NBS attributed the rise to heightened demand during the festive season, with food and non-alcoholic beverages being the key contributors to the surge. Despite the rise in overall inflation, food inflation slightly eased...

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Dangote Refinery Slashes Petrol Price to ₦899.50

EconomyNewsNigeriaDangote Refinery Slashes Petrol Price to ₦899.50

By Ezinwanne Onwuka (Senior Reporter)December 19, 2024

The Dangote Petroleum Refinery, Africa’s first privately-owned oil refinery, has announced a reduction in the price of its Premium Motor Spirit (PMS), popularly known as petrol, to N899.50 per litre. The price cut is intended to ease transport costs for Nigerians during the Christmas and New Year celebrations. This development was disclosed in a statement issued on Thursday by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina. Mr Chiejina explained that...

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Cost-of-Living Crisis Worsens as Inflation Hits 34.60% in November

EconomyNewsNigeriaCost-of-Living Crisis Worsens as Inflation Hits 34.60% in November

By Ezinwanne Onwuka (Senior Reporter)December 16, 2024

Nigeria’s inflation rate has climbed again, reaching 34.60 per cent in November, up from 33.88 per cent in October. This was revealed in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Monday. The rising cost of living has been linked to the naira’s devaluation and repeated petrol price hikes, both of which have pushed many Nigerians into tough financial situations. To tackle the inflationary pressure, the Central Bank...

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Economy: Group Defends NBS Reports On GDP, Unemployment Figure

EconomyNewsNigeriaPoliticsEconomy: Group Defends NBS Reports On GDP, Unemployment Figure

Uzoamaka Ikezue (Staff Reporter)December 12, 2024

A Think Tank group, the Independent Media and Policy Initiative (IMPI) has defended the two recently released reports by the National Bureau of Statistics (NBS) on Nigeria’s latest Gross Domestic Product (GDP) figure and the unemployment rate, saying that reports agree with global metrics. This is against the backdrop of claims by some critics who had sought to discredit the reports that is why were largely positive a few weeks after they had hailed a...

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Nigeria’s GDP Grows by 3.46% in Q3 2024

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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Dangote Refinery Reduces Petrol Price to N970 Per Litre

NewsNigeriaPoliticsDangote Refinery Reduces Petrol Price to N970 Per Litre

By Ezinwanne Onwuka (Senior Reporter)November 24, 2024

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit, also known as petrol, for marketers. The price has been slashed from N990 per litre to N970 per litre. In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, disclosed that the price reduction is to show appreciation to Nigerians and the government for their support throughout the year. “As the...

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