Economy - Abia ThinkTank News

Oct

23

2023

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By Abia ThinkTank

Top 10 Nigerian States With Highest External Debts To China, Others In 2023

News Flash, Economy

Top 10 Nigerian States With Highest External Debts to China, Others In 2023 The National Bureau of Statistics (NBS) has revealed that Lagos State recorded the highest external debt of $1.2 billion as of June 30, 2023. The NBS data was extracted from the Debt Management Office (DMO) and tracked by Legit.ng, revealing that Lagos’s debt is mostly via bonds rather than bilateral. Kaduna follows Lagos state closely at $569.4 million in total external debt. Unlike Lagos, Kaduna State’s debts are primarily bilateral from India and China Exim Bank, among others. The state does not have any debts in Eurobonds…

Oct

21

2023

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By Abia ThinkTank

Nigeria In Disorder! Where Is The Vision 2020 Once Promised? – By Nnate Ernest

Columns/Opinions/Letters, Economy

NIGERIA IS IN DISORDER!, WHERE IS THE VISION 2020 ONCE PROMISED ?BY NNATE ERNEST Our dear country Nigeria, is in deep economic crises with no sign of stability. As economic instability hits harder than ever, many citizens are in dire situation. The only place one witnesses orderliness in this country is in the embassy and in a mortuary. It's clear nothing is working and this births chaos and disorder, one can barely name a productive sector handled by the Nigerian government. With weak economic policies and poor strategic execution, one starts to ask: What direction is the country taking ?…

Oct

02

2023

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By Abia ThinkTank

BUA Cement To Sell At N3,500 Per Bag In All Outlets Effective 2nd October, 2023

Business, Economy

BUA Cement Plc, the second-largest cement producer in the Nigerian market, has announced the reduction of the price of cement to N3,500. The company, in a Press release on Sunday, October 1, said the new price will become effective on Monday, October 2. President Tinubu is excited about BUA Cement's reduction of the price of cement to N3,500 per bag. The current price of cement before the announcement is about N5,000 per bag. BUA Cement, owned by billionaire businessman Abdul Samad Rabiu, has a total combined installed capacity of 11 million mtpa. Meanwhile, Dada Olusegun, the Special Assistant to President…

Sep

26

2023

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By Abia ThinkTank

FG Announces Date To Commence New Cash Transfer To 15 Million Nigerians

FGN, Economy

FG Announces Date To Commence New Cash Transfer To 15 Million Nigerians The Federal Government is set to launch a new cash transfer program targeting fifteen million households starting from October. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this development during an interview on Arise TV on Monday. She emphasized that this program aims to provide tangible financial support to individuals for starting businesses and enhancing their quality of life. Edu also mentioned that the Federal Government will collaborate with state governments and local communities in the process of verifying the National Social Register. She explained…

Sep

23

2023

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By Abia ThinkTank

CBN: Why Cardoso Must Win War Against Dollar, Strengthen The Naira Against Dollar To Prove His Mettle – Barr. Oladotun Hassan

Abuja, CBN/Commercial Banking, Economy

CBN: Why Cardoso Must Win War Against Dollar, Strengthen the Naira against Dollar To Prove His Mettle. The newly appointed governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been told he is in for a serious task In an exclusive interview with Legit.ng Oladotun Hassan, a legal practitioner and public affairs analyst, said Cardoso must win the war against the dollar. He stated that Cardoso's role is way beyond just an appointment, but it is a task he must take personally to prove a point that the Naira can be valuable. As Nigerians watch Olayemi Michael Cardoso…

Sep

22

2023

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By Abia ThinkTank

Currency Now In Circulation Is Over N2 Trillion As New CBN Governor, Olayemi Cardoso Assumes Duty Friday, September, 2022.

Economy, CBN/Commercial Banking

Currency now in Circulation is over N2 Trillion as New CBN Governor, Olayemi Cardoso Assumes Duty Friday, September 22, The currency in circulation in Nigeria has risen to N2.7 trillion as of the end of August 2023. The Central Bank of Nigeria said the amount increased by N1.7 trillion monthly. The currency in circulation hit an all-time low of N982 billion in February 2023. Currency in circulation in Nigeria spiked by N1.7 trillion following increased cash transactions. Data from the Central Bank of Nigeria as of Thursday, September 21, 2023, shows that the currency in circulation hit about N2.7 trillion…

Sep

22

2023

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By Abia ThinkTank

Fuel Subsidy: Strike Looms As NLC’s Ultimatum Expires Today

Economy, FGN, Labour

Fuel Subsidy: Strike Looms As NLC’s Ultimatum Expires Today The ultimatum of the Nigeria Labour Congress (NLC) to the Federal Government to address the effect of the removal of fuel subsidy on Nigerians expires today. The leadership of the union are expected to meet next week to decide when to begin an indefinite nationwide strike. However, there are reports that the Vice President, Kashim Shettima has meeting some government personnel on how to avert the strike. According to Vanguard, the Minister of Finance, Wale Edun, and the Minister of Labour and Employment, Simon Lalong, alongside the Vice President, are putting…

Sep

20

2023

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Gov Otti Receives Fidelity’s GMD Onyeali-Ikpe As Bank Seeks Partnership With Abia State

Abia State, Economy, Good Governance

GOV OTTI RECEIVES FIDELITY'S GMD ONYEALI-IKPE AS BANK SEEKS PARTNERSHIP WITH ABIA Abia State Governor Dr. Alex Otti, OFR, has reiterated his administration's desire to partner with the private sector in the quest to rebuild the state. Governor Otti restated government's position to work with the private sector while receiving the Group Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, who led a team of the bank's senior management team on a business visit to the Governor on Tuesday. He welcomed the bank's request to partner the state government in delivering gains of democracy to the people, while enumerating some…

Sep

15

2023

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CBN Probe Receives Boost As DSS Arrests CBN Finance Director At Lavish Party In Abuja

Crime, Economy, Security

DSS Arrests CBN Finance Director At Lavish Party In Abuja A major breakthrough may have been recorded in the ongoing probe of the Central Bank Nigeria (CBN) and other Government Business Entities (GBEs) by the Special investigator, Jim Obazee-led panel as operatives of the Department of State Services (DSS) on Wednesday, in Abuja, arrested the CBN Director of Finance, Mr Benjamin Adeoye Fakunle. It was gathered that Fakunle was arrested by DSS operatives at a lavish party he was hosting in one of his mansions in Abuja to celebrate his retirement from the services of the apex bank. Fakunle was…

Sep

10

2023

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DSS Arrests Another CBN Deputy Governor Over $300 Million Fraud

Economy

DSS arrests Another deputy CBN gov over $300 million fraud The Department of State Services (DSS) has arrested and detained Ms Aisha Ahmad over allegations of fraud. Ms Ahmad is the deputy governor of the Central Bank of Nigeria (CBN) in charge of financial system stability. According to a source, she has been detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank. “Ms Ahmad is being interrogated on how $300 million to complete the acquisition of Union Bank was raised by Titan Bank,” the source said. DSS spokesperson, Peter Afunanya, was not available to respond…