Economy - Abia ThinkTank News

Dec

2024

Security, Infrastructure, Education Top President Tinubu’s 2025 N47.9 Trillion Budget Proposal

Economy, FGN, News Flash, Politics, Presidency

Security, Infrastructure, Education Top Tinubu’s 2025 N47.9 Trillion Budget Proposal Security and defence, infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon. “It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his speech at 1:10pm on Wednesday. Earlier in his presentation, the President listed some of…

Dec

2024

0 Comments

By Abia ThinkTank

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer

CBN/Commercial Banking, Economy, News Flash

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. This was contained in a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’. The apex bank of Nigeria, CBN, said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy. CBN had announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of…

Dec

2024

0 Comments

By Abia ThinkTank

NNPC Reduces Petrol Pump Price Across It’s Retail Outlets

Business, Economy, News Flash, Oil & Gas

NNPC Reduces Petrol Pump Price The Nigerian National Petroleum Company Limited (NNPCL), has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol across its retail outlets. According to Tribune Online correspondent who visited the NNPCL retail outlets in Ibadan observed that petrol, which was sold between N1,025 to N1,040 per litre, has been reduced to N1,015 per liter. This represents N10 to N25 reduction from its previous price. Also, Daily Post reports that the nation’s oil company has also reduced its pump price across its retail outlets in the Federal Capital Territory (FCT). In the FCT,…

Dec

2024

0 Comments

By Abia ThinkTank

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others

CBN/Commercial Banking, Economy, News Flash

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation. A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remained valid legal tender in line with a Supreme Court ruling issued on…

Dec

2024

0 Comments

By Abia ThinkTank

‘Endure This Unintentional Hardship, But There Is…..’ – President Tinubu Tells Nigerians

Economy, FGN, News Flash, Politics

‘Endure This Unintentional Hardship, But there is…’ – Tinubu Tells Nigerians President Bola Tinubu has said he is aware of the harsh economic situation of the country, and he begged Nigerians to endure what he described as “unintentional hardship”. Also, President Tinubu noted that he does not take pleasure in inflicting pains on Nigerians. He assured that there was light at the end of the tunnel. Tinubu said this at the 48th convocation ceremony of Obafemi Awolowo University, OAU, Ile-Ife, Osun State. He said he had embraced both the assets and liability of his predecessors. The President was represented by…

Dec

2024

0 Comments

By Abia ThinkTank

Abia Showing Southeastern States How To Beat The National Economy – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Politics, South East

Abia is showing Southeastern states how to beat the national economy Job creation rates in Nigeria, particularly in the South East region, have been a topic of discussion. Nigeria's economic growth has not been largely inclusive, with poverty and unemployment rates increasing despite high GDP growth averaging 7.3% since the 2018. In the South East region, Abia State has a relatively high job creation rate, driven by its strong manufacturing sector and agricultural production. According to a report by the National Bureau of Statistics (NBS), Abia State had a job creation rate of 12.6% in 2023, compared to 9.5% for…

Dec

2024

0 Comments

By Abia ThinkTank

Hope For Nigeria As Petrol Landing Cost Crashes Further

Economy, FGN, News Flash, Oil & Gas

Hope For Nigeria As Petrol Landing Cost Crashes Further The estimated landing cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has seen a decline of ₦36, dropping to ₦900.28 per litre as of Thursday. This marks a 3.62% decrease from the previous week’s landing cost of ₦936.75 per litre, according to data released by the Major Energy Marketers Association of Nigeria (MEMAN). Interestingly, earlier this week, costs had even dipped further, reaching ₦890.43 per litre. This reduction in landing cost reflects some relief from fluctuations in global oil prices and improvements in supply chain dynamics. Despite…

Dec

2024

0 Comments

By Abia ThinkTank

FAAC: FG, States, LGs Share N1.727 Trillion

Abuja, Economy, FGN, News Flash, Politics

FG, States, LGs Share ₦1.727 Trillion A total sum of ₦1.727 trillion, being November 2024 Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils. The revenue was shared at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in ABUJA. This was disclosed in a statement signed by FAAC Director of Press and Public Relations, Bawa Mokwa, on Friday. He noted that the N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue…

Dec

2024

0 Comments

By Abia ThinkTank

Would Otti’s Pro Business Programs Expand ABIA State’s Economy In 2025/2026? – By Dr. Chukwuemeka Ifegwu Eke

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

Would Otti's Pro Business Programs Expand Abia State's Economy in 2025/2026? Last month, Abia's Governor, Dr Alex Chioma Otti, declared in a private meeting that he has laid out and implemented a series of programs and projects in the three senatorial zones of the state, drawing immediate appreciation from business leaders of those zones. “Most of the programs rolled out would likely prompt pro-poor growth, leading to expanded opportunities for enterprises,” a business man Chidi Umeh in Isiukwuato said. An importer of used fabrics in Aba, Kalu Nwojo, said he’s expanding more patronage come 2025/2026 as he's expecting higher purchasing…

Dec

2024

0 Comments

By Abia ThinkTank

Abia’s Flight To Progress: The Airport Project That’s Taking Shape – By Ebere Uzoukwa, Ph.D (SSA On Public Affairs To Gov. Otti)

Abia State, Business, Columns/Opinions/Letters, Economy

Abia's Flight to Progress: The Airport Project That's Taking Shape Ebere Uzoukwa, Ph.D. Abia State is on the threshold of a transformative journey, courtesy of the airport project that's gaining momentum. The proposed airport, initially approved as an airstrip by the Federal Government, has been upgraded to a full-fledged airport, thanks to Governor Alex Chioma Otti's tireless efforts. This development is a testament to the Governor's vision of opening up Abia for investment flow and socio-economic growth. With the airport, Abia State is poised to become a hub for commerce, industry, and tourism, creating jobs and stimulating economic growth. The…