Economy

NNPCL REMITTANCE CLAIMS: WHEN BIG NUMBERS BECOME BIG DECEPTION- By Pastor Prof Chukwuemeka Ifegwu Eke

NNPCL REMITTANCE CLAIMS: WHEN BIG NUMBERS BECOME BIG DECEPTION- By Pastor Prof Chukwuemeka Ifegwu Eke

NNPCL REMITTANCE CLAIMS: WHEN BIG NUMBERS BECOME BIG DECEPTION The recent claim that NNPCL remitted about $15.33 billion to the Federation under President Bola Tinubu in roughly three years, compared with only about $13 billion allegedly remitted between 1999 and 2023, deserves far more scrutiny than the celebratory graphics circulating on social media suggest. The issue is not merely whether the figures quoted are numerically correct. The deeper question is whether the figures are conceptually comparable, historically consistent and economically meaningful. Once those questions are asked, the apparent simplicity of the claim begins to collapse. THE $13 BILLION HISTORICAL CLAIM…
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Nigeria’s 148% FDI Jump Is Not Yet Development: FG Should Stop Celebrating Headlines, Roll Up Its Sleeves And Get To Work – By Pastor Prof Chukwuemeka Ifegwu Eke

Nigeria’s 148% FDI Jump Is Not Yet Development: FG Should Stop Celebrating Headlines, Roll Up Its Sleeves And Get To Work – By Pastor Prof Chukwuemeka Ifegwu Eke

Nigeria’s 148% FDI Jump Is Not Yet Development: FG Should Stop Celebrating Headlines, Roll Up Its Sleeves and Get to Work Nigeria’s reported 148 per cent increase in Foreign Direct Investment, from approximately $1.61 billion in 2024 to $4.01 billion in 2025, is undoubtedly a positive development. At a time when total FDI inflows into Africa reportedly declined by about 26 per cent, Nigeria’s ability to attract significantly more foreign capital deserves acknowledgement. It suggests that some degree of international investor confidence may be returning following reforms in the foreign exchange market, fiscal administration, petroleum sector and broader macroeconomic environment.…
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Governor Otti Receives The Aba Commercial Smart City Team; Conclude Arrangements For Seamless Flag-Off

Governor Otti Receives The Aba Commercial Smart City Team; Conclude Arrangements For Seamless Flag-Off

GOV. OTTI COMMITTED TO IMMEDIATE FLAG-OFF, DELIVERY OF ABA COMMERCIAL SMART CITY. Abia State Governor, His Excellency, Dr. Alex Otti, OFR, has expressed interest in the immediate flag-off and delivery of the proposed Aba Commercial Smart City. Governor Otti stated this on Friday, August 7, 2026, at Government House, Umuahia, during a business meeting with the leadership of the Aba Commercial Smart City project. Gov. Otti charged the project partners to fast-track their plans to achieve the project as discussed. He directed the DG/CEO of the Public Private Partnership and Investment Promotion Office, Mr. Chinedu Chijioke, to handle the details…
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FGN Overshoots Borrowing Limit As New Debt Reaches N12.62 Trillion

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

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…
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Dangote Refinery Resumes Naira Sales, Sets New Petrol Price

Dangote Refinery Resumes Naira Sales, Sets New Petrol Price

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

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

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…
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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)

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)

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…
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No Evidence We Spent N8 Trillion Outside Approved Budget – FG

No Evidence We Spent N8 Trillion Outside Approved Budget – FG

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

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

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…
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Tinubu Unveils ‘West Africa Largest Lithium Plant’ In Nasarawa

Tinubu Unveils ‘West Africa Largest Lithium Plant’ In Nasarawa

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…
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