Economy

Sep
09
2024
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By Abia ThinkTank
Benue Government Seals Ortom’s Oracle Business Over Tax Default

Benue Government Seals Ortom’s Oracle Business Over Tax Default

Business, Economy, News Flash, Northern Nigeria
Benue Govt Seals Ortom’s Oracle Business Over Tax Default The Benue State Board of Internal Revenue Service (BIRS) weekend sealed off the premises of Oracle Business Limited, owned by former Governor Samuel Ortom over an alleged N93.5 million tax default. Also sealed in the Makurdi operation led by the BIRS acting Chairman, Mr. Sunday Odagba and Board Secretary/Legal Adviser, Mr. Ushahemba Dekaa were Jagshu Filling Station over alleged N2.1millon default and Ubgechi Filling Station also in default of alleged N2.1million. The enforcement was a sequel to an order of a Makurdi High Court empowering the Board to enforce the consequences…
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Sep
06
2024
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By Abia ThinkTank
VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike

VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike

Economy, FGN, News Flash, Oil & Gas
VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike Vice President, Kashim Shettima, on Thursday summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari. The Vice President also summoned the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), otherwise known as petrol. The Vice President is meeting with the trio in his office at the State House, Abuja NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855,…
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Sep
06
2024
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By Abia ThinkTank
FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN

FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN

Agriculture, Economy, FGN, News Flash
FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN The federal government has commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidised rates of N40,000 per 50-kilogramme bag. “It is my pleasure to welcome you all to this historical, all-important and long-awaited inauguration of the sales of 30,000MT of federal government-milled rice to Nigerians at a subsidised rate of N40,000 per 50 kilogrammes,” said the minister of Agriculture and Food Security, Abubakar Kyari. Mr Kyari inaugurated the sale of the subsidised milled rice on Thursday in Abuja, saying the exercise would be…
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Sep
06
2024
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By Abia ThinkTank
NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria

Economy, FGN, News Flash, Oil & Gas
NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria The Nigerian National Petroleum Company Limited (NNPCL) says foreign exchange illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), popularly known as petrol. These, it said, are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per…
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Sep
04
2024
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By Abia ThinkTank
‘Tax Collection In Nigeria, Too Low’ – Bill Gates

‘Tax Collection In Nigeria, Too Low’ – Bill Gates

Columns/Opinions/Letters, Economy, IGR, News Flash
‘Tax Collection In Nigeria, Too Low' – Bill Gates Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has said tax collection in Nigeria is low. Gates stated this at a Pan-African youth dialogue on nutrition in Abuja, on Tuesday. The American business magnate is currently in Nigeria for a series of events. Speaking at the event, Gates said the low tax collection poses a challenge to adequately financing critical sectors such as health and education. He said for citizens to gain confidence in the government’s ability to deliver quality healthcare, there must be a commitment to ensure that…
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Sep
04
2024
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By Abia ThinkTank
Nigeria Owes $16.5Billion; Becomes World Bank’s IDA Third-Largest Debtor.

Nigeria Owes $16.5Billion; Becomes World Bank’s IDA Third-Largest Debtor.

CBN/Commercial Banking, Economy, FGN, News Flash
Nigeria Becomes World Bank’s IDA Third-largest Debtor, Owes $16.5 Billion Nigeria is the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024, following a significant increase in its borrowing from the institution. A financial statement dated June 30 2024 but recently made public and obtained by our correspondent on Tuesday disclosed this. The IDA, a key arm of the World Bank, provides concessional loans and grants to the world’s poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in…
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Sep
04
2024
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By Abia ThinkTank
Dr. Engr. Odo Ijere Admonishes Nigerians To Brace Up And Fight The Petroleum Mafia

Dr. Engr. Odo Ijere Admonishes Nigerians To Brace Up And Fight The Petroleum Mafia

Columns/Opinions/Letters, Economy, News Flash, Oil & Gas
THE END GAME OF THE PETROLEUM MAFIA. Dangote is and has always been part of the Petroleum mafia and their scam against the Nigeria people. His job as in this trending Petroleum supply issues is to operationalize the big script to run the newly created superstructure of monopoly of supply approved by the presidency. He recently cried out to high heavens when they wanted to excuse him from the cartel and branding his refinery project derelict. Now they settled and he was brought back into the fold of the big monopoly of the Petroleum products created by NNPC for NNPC…
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Sep
04
2024
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By Abia ThinkTank
Fuel Price Hike: NLC Accuses Tinubu Of Betrayal

Fuel Price Hike: NLC Accuses Tinubu Of Betrayal

Economy, News Flash, Oil & Gas
NLC Accuses Tinubu Of Betrayal Over Fuel Price Hike The Nigeria Labour Congress, NLC, has branded President Bola Tinubu a betrayer following the recent significant hike in fuel prices. In a statement signed by its President, Joe Ajaero, and made available to our correspondent in Abuja on Tuesday, the Labour Centre expressed shock and dismay at the clandestine increase in the pump price of Premium Motor Spirit (PMS), describing it as a “deep sense of betrayal.” The NLC recalled that one of the reasons for accepting the N70,000 national minimum wage was the understanding that the pump price of PMS…
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Sep
04
2024
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By Abia ThinkTank
Tinubu Signs 5 MoUs At Meeting With Chinese President, Xi Jinping – Says ‘I’m A Reformer With Verifiable Antecedents’

Tinubu Signs 5 MoUs At Meeting With Chinese President, Xi Jinping – Says ‘I’m A Reformer With Verifiable Antecedents’

Business, Economy, FGN, News Flash
‘I’m A Reformer With Verifiable Antecedents’ – Tinubu Signs 5 MoUs At Meeting With Chinese President, Xi Jinping President Bola Tinubu says the relationship between Nigeria and China needs to be strengthened for trade advancement and economic development. Tinubu spoke on Tuesday during a meeting with Chinese President Xi Jinping in Beijing, the capital of China. The president said Nigeria-China ties have been elevated to a comprehensive strategic partnership. Tinubu said his administration is reforming the Nigerian economy, adding that he is “a reformer with verifiable antecedents”. The president said Nigeria “holds great potential as the country with the largest…
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Sep
03
2024
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By Abia ThinkTank
Special Day For Nigeria As Dangote Officially Confirms Petrol Rollout

Special Day For Nigeria As Dangote Officially Confirms Petrol Rollout

Business, Economy, News Flash
Special Day For Nigeria As Dangote Officially Confirms Petrol Rollout Aliko Dangote, the Chairman of Dangote group, has officially confirmed rollout Premium Motor Spirit (PMS), also known as petrol from its refinery. Dangote, while addressing the press on Tuesday, described the development as a turnaround for the country after many years of not producing a single litre of petrol. The group chairman, while thanking Nigerians for their support, also lauded the President, Bola Ahmed Tinubu , for creating an enabling environment for the 650,000 barrels per day refinery. He said, “Today is a very special day because Nigeria has not…
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