Economy - Abia ThinkTank News

Nov

2024

President Tinubu Assures Of Greater Economic Output, Welcomes Third Quarter GDP Growth

STATE HOUSE PRESS STATEMENT PRESIDENT TINUBU ASSURES OF GREATER ECONOMIC OUTPUT, WELCOMES THIRD QUARTER GDP GROWTH FIGURE President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics. According to the NBS, Nigeria's GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter. The growth in GDP shows that President Tinubu's quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course. The…

Nov

2024

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By Abia ThinkTank

Dangote Refinery Jet Fuel Exported To London, Iceland, Other Global Airports

Business, Economy, FGN, News Flash, Oil & Gas

Dangote Refinery Jet Fuel Exported To London, Iceland, Other Global Airports The Dangote Refinery has successfully exported its jet fuel to various international destinations, including airports in Iceland, Tenerife, and London. According to a report by SP Global Commodity Insights, the refinery’s Nigerian-made aviation fuel has reached prominent locations such as Heathrow Airport in the UK, as the petrochemical facility continues to scale up production. The report further highlights that between January and October this year, the majority of the refinery’s supply has been delivered to the Lome transshipment hub off Togo. South Korea has also emerged as the largest…

Nov

2024

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By Abia ThinkTank

Economic Hardship: Dangote Reduces Petrol Price

Economy, News Flash, Oil & Gas

Dangote Reduces Petrol Price The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support, as this will complement the measures put in…

Nov

2024

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By Abia ThinkTank

Northern Elders’ Forum (NEF) Affirm Rejection Of Tax Reform Bill

Economy, FGN, News Flash, Northern Nigeria

Northern Elders Affirm Rejection Of Tax Reform Bill The Northern Elders’ Forum (NEF), on Saturday, November 23, reaffirmed its rejection of the Tax Reform Bill. NEF described it as a policy “conceived in bad faith”, adding that it threatens national cohesion. The group criticised the manner of its implementation, alleging that key stakeholders, including members of the National Economic Council (NEC), were sidelined during the process. The convener of NEF, Professor Ango Abdullahi, in a communique after the forum Board of Trustees’ second bi-annual meeting, in Abuja, warned against policies that could further marginalise the north’s resource potential. The forum…

Nov

2024

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By Abia ThinkTank

The Conceptual Framework Of ABIA State And Her Otti – By Dr. Chukwuemeka Ifegwu Eke

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

The Conceptual framework of Abia state and her Otti The conceptual framework of Abia and Her Otti represents Governor Alex Otti's comprehensive plan for Abia State's development. It outlines strategic objectives across key sectors: economy, infrastructure, education, healthcare, and security. This framework ensures coordinated policy implementation, resource allocation, and performance monitoring. By addressing historical challenges and leveraging opportunities, Otti's administration aims to elevate Abia State's socio-economic status. The framework embodies a commitment to inclusive governance, empowering citizens and fostering sustainable progress. Governor Alex Otti's statement regarding pensioners returning money they collected if they don't want to forgo their pensions has…

Nov

2024

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Senate Approves Tinubu’s N1.77 Trillion External Loan Request

CBN/Commercial Banking, Economy, FGN, News Flash

Senate Approves Tinubu’s N1.77 Trillion External Loan Request The Senate on Thursday, November 21, approved President Bola Ahmed Tinubu’s request for a new eternal borrowing of N1,767,610,321,779.00 or (USD2.209billion in the 2024 Appropriation Act. The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary. The Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report. The President’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary…

Nov

2024

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By Abia ThinkTank

FAAC Shares N1.411 Trillion October Revenue

Economy, FGN, News Flash

FAAC Shares N1.411 Trillion October Revenue The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion as revenue for October 2024 among the Federal Government, State, and Local Government Councils. The allocation was finalised at the November 2024 FAAC meeting held in Bauchi State, presided over by the Accountant General of the Federation, Dr. Oluwatoyin Madein. A communiqué issued after the meeting detailed that the N1.411 trillion distributable revenue comprised statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion, and Exchange Difference revenue of…

Nov

2024

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By Abia ThinkTank

Fighting Corruption: ICPC Tracks N610bn Constituency Projects In 21 States

Economy, News Flash, Politics

ICPC Tracks ₦610bn Constituency Projects In 21 States, FCT The Independent Corrupt Practices and other related offences Commission (ICPC) has kicked off the 7th phase of the constituency and executive projects tracking exercise involving 1,500 schemes valued at ₦610 billion. The spokesperson of the ICPC, Demola Bakare, said this in a statement on Tuesday in Abuja. According to Bakare, the exercise is an initiative of the commission that began in 2019. He said it focused on how well money allocated to critical sectors like education, health, agriculture, water resources and power, amongst others, were utilized. The tracking exercise will cut…

Nov

2024

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By Abia ThinkTank

Wike Approves New Minimum Wage Of 70k For FCT Workers

Abuja, Economy, Labour, News Flash

Wike Approves New Minimum Wage For FCT Workers Minister of the Federal Capital Territory, Nyesom Wike, has directed the immediate payment of N70,000, the new minimum wage, for all administration staff. The move comes after President Bola Tinubu signed the new Minimum Wage Bill into law in May 2024, following months of negotiation with organized labour. The approval was announced in a statement signed by Anthony Odeh, Press Secretary to the Head of the Civil Service of the FCT, and made available to journalists on Tuesday. According to the statement, Wike approved the payment of the minimum wage on Monday,…

Nov

2024

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By Abia ThinkTank

President Tinubu Writes National Assembly, Seeks Approval For Fresh Foreign Loan

Economy, FGN, National Assembly, News Flash, Presidency

Tinubu Writes National Assembly, Seeks Approval For Fresh Foreign Loan President Bola Tinubu has written to the National Assembly, seeking approval for a fresh N1.767 trillion external borrowing plan to part-finance the budget deficit of N9.7 trillion for the 2024 budget. The Nigeria’s growing foreign debt obligations have been of concern lately, and this has been exacerbated by the liberalization of exchange rates, making loan repayment more expensive. According to the Central Bank of Nigeria (CBN), the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024, representing a 39.77% increase from the…