Economy - Abia ThinkTank News

Dec

19

2024

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By Abia ThinkTank

Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years Imprisonment

CBN/Commercial Banking, Crime, Economy, Judiciary, News Flash

Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years In  Jail  The Nigerian Securities and Exchange Commission (SEC) under Emomotimi Agama has proposed a new law aimed at combating the issue of crypto influencers using their influence to promote dubious crypto projects. The new law requires every crypto platform or Virtual Assets Service Provider (VASP) to be registered with a license from the Nigerian SEC before carrying out any promotion on social media, TV, or Print. The law is set to take effect on June 30th, 2025. Crypto influencers must also disclose to their community…

Dec

18

2024

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By Abia ThinkTank

President Tinubu Reconstitutes Leadership Of 12 River Basin Development Authorities (See Full List)

Business, Economy, News Flash, Politics, Presidency

Tinubu Reconstitutes Leadership Of 12 River Basin Devt Authorities (See Full List) President Bola Ahmed Tinubu has approved the reconstitution of the executive management teams for 12 River Basin Development Authorities (RBDAs) under the Federal Ministry of Water Resources, signaling his administration’s commitment to enhancing the efficiency of these critical organizations. The newly appointed executives are expected to leverage their expertise to boost agricultural productivity, manage water resources, and foster rural development in alignment with the administration’s commitment to improving the lives of Nigerians. The new appointments were made public on Wednesday in a statement issued by Special Adviser to…

Dec

18

2024

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By Abia ThinkTank

Debt Servicing To Gulp N15.8Trn In President Tinubu’s 2025 Budget Proposal

Economy, FGN, News Flash, Politics, Presidency

Debt Servicing To Gulp N15.8Trn As Tinubu Presents 2025 Budget A sum of N15.81 trillion has been allocated for debt servicing in the 2025 Appropriation Bill presented to the joint sitting of the National Assembly by President Bola Ahmed Tinubu. Defence and Security tops the sectoral allocations in the N47.9 trillion budget presented by the President on Wednesday. The President disclosed this while giving a highlight of the Budget proposal before the National Assembly. He stated that Defence/Security was allocated N4.91 trillion; Infrastructure was allocated N4.06 trillion; Health N2.4 trillion health while Education gets N3.5 trillion. According to the President,…

Dec

18

2024

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By Abia ThinkTank

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

18

2024

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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

16

2024

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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

15

2024

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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

15

2024

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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

15

2024

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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

14

2024

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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…