Economy - Abia ThinkTank News

Jul

29

2026

0 Comments

By Abia ThinkTank

FGN Overshoots Borrowing Limit As New Debt Reaches N12.62 Trillion

FGN, Economy, News Flash

FG Overshoots Borrowing Limit As New Debt Reaches N12.62 Trillion The Federal Government exceeded its 2024 borrowing target by N4.79 trillion after a wider-than-projected budget deficit forced it to raise significantly more financing than originally planned, the Budget Office of the Federation has disclosed. According to the latest Fourth Quarter and Consolidated Budget Implementation Report for 2024, the Federal Government’s new borrowings rose to N12.62tn, exceeding the budgeted N7.83tn by N4.79tn, or 61.2 per cent. The higher borrowing requirement followed a substantial revenue shortfall, which pushed the fiscal deficit to N13.51tn, well above the approved deficit of N9.18tn. The report…

Jul

23

2026

0 Comments

By Abia ThinkTank

Dangote Refinery Resumes Naira Sales, Sets New Petrol Price

Economy, News Flash, Oil & Gas

Dangote Refinery Resumes Naira Sales, Sets New Petrol Price Dangote Petroleum Refinery has resumed gantry loading in Naira, ditching its earlier decision to sell petrol in dollars. According to Naija News, the refinery also announced a new price for petrol, setting it at ₦1,215 per litre, an increase of ₦140 from the previous price of ₦1,075 per litre. It will be recalled that Dangote Petroleum Refinery had pegged the ex-depot price of Premium Motor Spirit (PMS), better known as petrol or fuel, at $0.779 per litre, officially commencing dollar-denominated sales of refined petroleum products and ending the naira pricing regime…

Jul

15

2026

0 Comments

By Abia ThinkTank

CBN Owing FGN N5.3 Trillion Unremitted Operating Surplus, Refused To Pay – OAGF

CBN/Commercial Banking, Economy, FGN

CBN Owing FG N5.3 Trillion Unremitted Operating Surplus, Refused To Pay – OAGF The Office of the Accountant General of the Federation (OAGF) has told the House of Representatives Committee on Public Accounts that the Central Bank of Nigeria was indebted to the government by N5.3 trillion, representing unremitted revenue from its operating surplus. Director, Revenue and Investment, in the OAGF, Makinde Mogaji disclosed this while responding to questions from members of the committee when the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi, appeared before the Committee to defend audit queries from the office of the Auditor General for…

Jul

09

2026

0 Comments

By Abia ThinkTank

Governor Otti’s Industrial Renaissance. How Enyimba Factories Revival Signals Abia’s Return To Production Economy – By Ebere Uzoukwa Ph.D (SSA To Governor Otti On Public Affairs)

Abia State, Columns/Opinions/Letters, Economy, Good Governance

Governor Otti’s Industrial Renaissance: How Enyimba Factories Revival Signals Abia’s Return to Production Economy By Ebere Uzoukwa, PhD For many decades, Aba occupied a unique position in Nigeria’s economic landscape. Known as the commercial nerve centre of the South East, the city represented the ingenuity, resilience and entrepreneurial strength of the Igbo business spirit. From leather works and footwear production to textiles, fabrication and small scale manufacturing, Aba built a reputation as a city where creativity translated into economic value. The city’s industrial identity was not built overnight. It was nurtured by generations of artisans, manufacturers, traders and entrepreneurs who…

Jul

05

2026

0 Comments

By Abia ThinkTank

No Evidence We Spent N8 Trillion Outside Approved Budget – FG

FGN, Economy, News Flash

No Evidence We Spent N8 Trillion Outside Approved Budget – FG The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved national budget, describing the allegation as false and a misrepresentation of the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report. The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the Federal Government does not operate a “shadow budget” and has not spent public funds outside the constitutional and legal framework governing public finance in Nigeria. “The Federal Government does not operate a ‘shadow budget’ or expend public…

Jul

05

2026

0 Comments

By Abia ThinkTank

NNPCL Reduces Petrol Price For Second Time In Less Than Two Weeks

Economy, News Flash, Oil & Gas

NNPCL Reduces Petrol Price For Second Time In Less Than Two Weeks The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price for the second time in less than two weeks. A market survey on Sunday showed that the state-owned filling station has adjusted its petrol price to N1,150 per litre down from N1,210. The latest reduction means that NNPCL brought down its fuel price by N60. Between June 27 and July 5, 2026, NNPCL has dropped fuel prices by N110. NNPCL’s latest petrol price reduction comes barely three days after Dangote Refinery announced its fourth…

Jul

03

2026

0 Comments

By Abia ThinkTank

Tinubu Unveils ‘West Africa Largest Lithium Plant’ In Nasarawa

Economy, FGN, News Flash

Tinubu Unveils ‘West Africa Largest Lithium Plant’ In Nasarawa President Bola Tinubu has inaugurated what the Federal Government described as West Africa’s largest lithium processing plant in Nasarawa State, with a daily processing capacity of 6,000 metric tonnes and an annual processing capacity of three million metric tonnes. Tinubu inaugurated the plant in Endo community, Nasarawa Local Government Area, on Thursday. Our correspondent gathered that the company has provided over 1,000 direct jobs and more than 2,000 indirect jobs since it began operations in the area. Represented by Vice President Kashim Shettima, Tinubu said solid minerals remain the enduring backbone…

Jul

03

2026

0 Comments

By Abia ThinkTank

Tinubu Unveils 5,000 New Jobs For Nigerian Youths (See How To Apply)

Economy, FGN, News Flash, Youths

Tinubu Unveils 5,000 New Jobs for Nigerian Youths (See How To Apply) President Bola Ahmed Tinubu has announced a major employment initiative that will create opportunities for 5,000 young Nigerians under the newly launched The Power Force programme, aimed at tackling unemployment while fixing Nigeria’s electricity metering challenges. The initiative, which falls under the Presidential Metering Initiative (PMI), will train successful applicants as meter installers and technicians, equipping them with practical skills and connecting them to jobs in Nigeria’s power sector. According to the President, the programme is designed to close the country’s metering gap, eliminate estimated billing, protect electricity…

Jul

02

2026

0 Comments

By Abia ThinkTank

What Should Nigeria’s Minimum Wage Really Be? – A Quantitative Verdict- By Pastor Prof Chukwuemeka Ifegwu Eke

Economy, Columns/Opinions/Letters, Good Governance

WHAT SHOULD NIGERIA’S MINIMUM WAGE REALLY BE? — A QUANTITATIVE VERDICT It should be calculated from the purchasing power workers have lost. Nigeria’s minimum wage was raised to ₦30,000 in 2019. It became ₦70,000 in July 2024. The ILO has acknowledged that although the increase was significant, persistent inflation had already weakened its real effect and made it inadequate for the rising cost of living. 0 1. THE INFLATION TEST A minimum wage is meaningful only if it can buy approximately what the earlier wage bought. Using Nigeria’s cumulative inflation experience since 2019, the ₦30,000 minimum wage would now require…

Jul

01

2026

0 Comments

By Abia ThinkTank

14 FG Funding, Skills Opportunities For Nigerian Youths

Economy, FGN

14 FG Funding, Skills Opportunities For Nigerian Youths A list of 14 youth-focused empowerment, funding, skills development and employment opportunities currently open to Nigerian youths has gained widespread attention on social media, offering applicants access to grants, training, loans and entrepreneurship support. The compilation, put together on Monday by X user Oladepo Caleb Olugbenga (YhungProf0), highlights programmes offered by the Federal Government and its agencies, alongside development partners, covering education, digital skills, entrepreneurship, healthcare, manufacturing and the creative industry. The opportunities include: Student Loan for Tertiary Education – Interest-free student loan repayable three years after graduation and upon securing employment.https://portal.nelf.gov.ng/auth/login…