Economy

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

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

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

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

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

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…
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Re-2025, Sustaining The Momentum: A Budget For Growth: Addressing The ‘Concerns’ Of Our ‘Friends’ Of ABIA State – By Chukwuemeka Ifegwu Eke

Re-2025, Sustaining The Momentum: A Budget For Growth: Addressing The ‘Concerns’ Of Our ‘Friends’ Of ABIA State – By Chukwuemeka Ifegwu Eke

Re_2025, Sustaining the Momentum: A Budget for Growth: addressing the 'concerns' of our 'friends' of Abia State As the State welcomes the 2025 Abia State budget of ₦750.3 billion, tagged "Sustaining Momentum," some of our well meaning friends have raised concerns about its feasibility and effectiveness. Presented by Governor Alex Otti, the budget represents a 30% increase from the 2024 budget of ₦524 billion. Some of the concerns expressed are: Lack of sectoral analysis, they claim that the budget fails to provide a sectoral breakdown, making it difficult to understand how funds will be allocated to various sectors such as…
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Economic Outlook For 2025: ABIA State’s Opportunities – By Dr. Chukwuemeka Ifegwu Eke

Economic Outlook For 2025: ABIA State’s Opportunities – By Dr. Chukwuemeka Ifegwu Eke

Economic Outlook for 2025: Abia State's Opportunities Abia State's economic outlook for 2025 is promising, driven by its strategic location in the Niger Delta region, abundant natural resources, and emerging industries. In my humble opinion, let's look at some key sectorial assumptions in state. We must start our analysis with the sector that directly affects over 80% of the populace - Agriculture, we are all witnesses that the state has vast agricultural potential, with crops like rice, cassava, and maize being major contributors to the state's GDP. Investment in irrigation systems and farming infrastructure will boost productivity. Abia state's Oil…
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Abia International Cargo Airport, Adding To The Streams Of Good News – By Dr. Engr. Odo Ijere (Okpotemba Ohafia)

Abia International Cargo Airport, Adding To The Streams Of Good News – By Dr. Engr. Odo Ijere (Okpotemba Ohafia)

ABIA INTERNATIONAL CARGO AIRPORT, ADDING TO THE STREAMS OF GOOD NEWS. In a matter of a few hours from the time of my writing this piece, the Minister of Aviation, Mr. Festus Keyamo Esq. will be on ground in Abia State to flag off the construction of Abia International Cargo Airport in Nsulu, about 10kms from Umuahia. This historic flag off ceremony promises to be the mother of all flag off ceremonies just following the epic commissioning of construction works of the Umuopara ring road project and the four lanes Onuimo bridge to Umuahia tower project in less than a…
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The Damascus Paradox. Unpacking Socio-Economic Upheaval For Abia’s Prosperity – By Dr. Chukwuemeka Ifegwu Eke

The Damascus Paradox. Unpacking Socio-Economic Upheaval For Abia’s Prosperity – By Dr. Chukwuemeka Ifegwu Eke

*The Damascus Paradox. *Unpacking Socioeconomic Upheaval for Abia's Prosperity* The Syrian uprising and the fall of Damascus were largely fueled by socioeconomic factors. There are Political Repression: The Assad regime's authoritarian leadership and suppression of dissent created widespread discontent. Another isEconomic Inequality where Syria's economy was marked by corruption, cronyism, and uneven distribution of wealth, leaving many Syrians feeling marginalized. Third factor is Drought and Environmental Factors: A severe drought in 2006 led to widespread poverty and displacement, particularly in rural areas. We can not ignore Demographic Pressures this is because Syria's rapidly growing young population faced high unemployment and…
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Growing Abia, Growing Nigeria: The Power Of Industrialization – By Dr. Chukwuemeka Ifegwu Eke

Growing Abia, Growing Nigeria: The Power Of Industrialization – By Dr. Chukwuemeka Ifegwu Eke

Growing Abia, Growing Nigeria: The Power of Industrialization Abia State's industrialization efforts are gaining momentum, driven by a N10 billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) to boost entrepreneurship and small and medium-scale enterprises (SMEs) in sectors like agriculture, ICT, and manufacturing. Key StatisticsAbia State's GDP is believed to be N2.78 trillion (2022), with a 7.2% growth rate, while, Unemployment Rate is 24.7% (2022). Dr Otti is targeting a 10% reduction through industrialization. So far, the SME's Contribution is pegged at 48% of Abia State's GDP, employing 70% of the workforce. It is interesting to note…
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Economy: President Tinubu Assures Nigerians Of Better Days Ahead

Economy: President Tinubu Assures Nigerians Of Better Days Ahead

Economy: Better Days Ahead – President Tinubu Assures Nigerians President Bola Tinubu is confident of an economic rebound and is asking Nigerians to keep faith in his administration’s reforms. Inflation levels in Nigeria have reached new highs, pushing the cost of basic commodities beyond millions of persons in Africa’s most populous nation. But at the graduation ceremony for the Executive Intelligence Management Course 17 at the National Institute for Security Studies in Abuja, President Tinubu said the future looks bright for Nigeria. The president who was represented by the National Security Adviser (NSA) Nuhu Ribadu acknowledged the difficulties but said…
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Nigeria Recorded N5.81 Trillion Trade Surplus In Q3 – National Bureau Of Statistics

Nigeria Recorded N5.81 Trillion Trade Surplus In Q3 – National Bureau Of Statistics

Nigeria Recorded N5.81 Trillion Trade Surplus In Q3 Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics. However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter. The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a…
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