President Muhammadu Buhari has said henceforth the Federal Government would allocate at least 0.5 per cent of the nation’s Gross Domestic Product, GDP, to Research and Development(R&D) as a means of fast-tracking meaningful development in the country. Buhari represented by his Chief of Staff, Prof. Ibrahim Gambari, announced the plans …
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The Central Bank of Nigeria, CBN, has given a fresh update on the deadline to phase out old naira notes. CBN disclosed this on Monday in a bulk message to Nigerians. Nigeria’s apex bank urged Nigerians not to wait until January 31, 2023, the deadline, before depositing their old naira …
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The Nigeria Employers’ Consultative Association, NECA, disclosed that the nation has lost close to $2.5 billion monthly over failure to meet the 1.8m barrel per day crude oil production allocation by the Organisation of Petroleum Exporting Countries, OPEC. In a statement, the Director-General of NECA, Adewale-Smatt Oyerinde, claimed that though …
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The price of cooking kerosene increased to N1,083.57/litre in November 2022 from N441.06 in the same month of 2021, the National Bureau of Statistics, NBS, latest data disclosed. On a state analysis, Akwa Ibom, Cross River and Abuja recorded the highest average price in November with N1,417, N1,367 and N1,367, …
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The United Kingdom subsidiary of GT Bank has been slapped a N4.1 billion fine (7.6 million pounds) on account of what the country’s financial watchdog assessed as failures in the bank’s anti-money laundering systems and controls. Reuters reported on Tuesday that the bank had paid the fine and it …
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The Central Bank of Nigeria (CBN) urged commercial banks in the country to comply with the directive of loading the newly redesigned naira notes in their Automated Teller Machines (ATMs). CBN Director, Currency Operations, Mr Ahmed Umar, stated this in Abuja on Monday, Jan. 9. Umar, who spoke …
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An economic expert has identified six critical considerations for the N21.88 trillion 2023 National Budget. The Regional Senior Partner, Nigeria and West Africa, KPMG, Tola Adeyemi, disclosed this during an Arise TV/KPMG programme on Tuesday. Adeyemi gave a step-by-step breakdown of the country’s 2023 budget, saying it is a deficit. …
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Nigeria’s swelling debt profile without a commensurate infrastructural development has become of great concern to many Nigerians. For economic experts, the situation would spell doom for President Muhammadu Buhari’s successor as from May 29, 2023. Just recently, the Debt Management Office, DMO, said Nigeria’s total debt stock would hit N77tn …
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The Central Bank of Nigeria’s policy on restriction on daily cash withdrawal takes off across the country today, Monday, January 9. NEWSEXTRA24 reports that in this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is N500,000 and N5 million, respectively. Individuals …
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Following the N95.8 billion owed by customers, there are indications that all electricity distribution companies (DisCos) may embark on mass disconnection of customers to enable them to pay up their debt with GenCos. The Nigerian Electricity Regulatory Commission (NERC) said electricity distribution companies (DisCos) in Nigeria averaged a collection efficiency …
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