Economy - Abia ThinkTank News

Sep

2024

We’ve Disbursed N625 Billion To States Through NG-CARES Scheme – FGN

We’ve Disbursed N625 Billion To States Through NG-CARES Scheme – FG Federal Government of Nigeria has disclosed that N625 Billion has been given to states through NG-CARES Scheme. Abdulkarim Obaje, the national coordinator of the Nigeria COVID-19 action, recovery and economic stimulus (NG-CARES), says about N625 billion has been disbursed to all 36 states through the scheme. Obaje spoke on Thursday during a peer learning and experience-sharing exercise in Bauchi. The NG-CARES is an initiative of the World Bank and the federal government to support the recovery of communities, households, and businesses affected by COVID-19. Describing the programme as one…

Sep

2024

0 Comments

By Abia ThinkTank

Gov. Otti Attends 17th Annual Banking And Finance Conference Organized By CIBN At Transcorp Hilton Hotel, Abuja

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

Governor Alex Otti of Abia State attends the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) at the Transcorp Hilton Hotel in Abuja. On Tuesday September 10th, the Executive Governor of Abia State Dr. Alex Otti attended the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) at Abuja. The event themed 'Accelerated Economic Growth and Development', focused on discussions around Nigeria's economic challenges and exploring strategies for sustainable growth. During the event, Governor Otti presented a goodwill message to the participants and emphasis on…

Sep

2024

0 Comments

By Abia ThinkTank

FAAC Allocations Rise To N13.7trn 149% In 7 Months

CBN/Commercial Banking, Economy, FGN, News Flash

FAAC Allocations Rise 149% To N13.7trn In 7 Months The Federation Account Allocations Committee (FAAC) disbursements to the Federal Government (FG), 36 states and 774 local governments (LG) rose by 149.4 percent year-on-year (YoY) to N13.72 trillion in the first seven months (January to July) of 2024, 7M ’24, from N5.5 trillion in the corresponding period of 2023. Details of data from the National Bureau of Statistics, NBS, FAAC report for the review period showed that in 7M ’24, FG received N2.68 trillion, up by 28.2 percent YoY from N2.09 trillion received in 7M’23. States received N2.91 trillion in the…

Sep

2024

0 Comments

By Abia ThinkTank

The Importance Of Petrol Subsidy Removal – President Tinubu

Columns/Opinions/Letters, Economy, FGN, News Flash

Why Petrol Subsidy Removal Is Important – President Tinubu President Bola Tinubu says the removal of subsidy on premium motor spirit (PMS), also known as petrol, is designed to free up budgetary resources for critical investments. Tinubu spoke on Tuesday during the 17th annual Chartered Institute of Bankers of Nigeria (CIBN) banking and finance conference in Abuja. He was represented by Vice-President Kashim Shettima. On May 29, 2023, Tinubu announced the removal of subsidy on petrol — a development that immediately led to a spike in the price of PMS, as well as goods and services. Speaking at the conference,…

Sep

2024

0 Comments

By Abia ThinkTank

Benue Government Seals Ortom’s Oracle Business Over Tax Default

Business, Economy, News Flash, Northern Nigeria

Benue Govt Seals Ortom’s Oracle Business Over Tax Default The Benue State Board of Internal Revenue Service (BIRS) weekend sealed off the premises of Oracle Business Limited, owned by former Governor Samuel Ortom over an alleged N93.5 million tax default. Also sealed in the Makurdi operation led by the BIRS acting Chairman, Mr. Sunday Odagba and Board Secretary/Legal Adviser, Mr. Ushahemba Dekaa were Jagshu Filling Station over alleged N2.1millon default and Ubgechi Filling Station also in default of alleged N2.1million. The enforcement was a sequel to an order of a Makurdi High Court empowering the Board to enforce the consequences…

Sep

2024

0 Comments

By Abia ThinkTank

VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike

Economy, FGN, News Flash, Oil & Gas

VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike Vice President, Kashim Shettima, on Thursday summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari. The Vice President also summoned the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), otherwise known as petrol. The Vice President is meeting with the trio in his office at the State House, Abuja NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855,…

Sep

2024

0 Comments

By Abia ThinkTank

FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN

Agriculture, Economy, FGN, News Flash

FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN The federal government has commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidised rates of N40,000 per 50-kilogramme bag. “It is my pleasure to welcome you all to this historical, all-important and long-awaited inauguration of the sales of 30,000MT of federal government-milled rice to Nigerians at a subsidised rate of N40,000 per 50 kilogrammes,” said the minister of Agriculture and Food Security, Abubakar Kyari. Mr Kyari inaugurated the sale of the subsidised milled rice on Thursday in Abuja, saying the exercise would be…

Sep

2024

0 Comments

By Abia ThinkTank

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria

Economy, FGN, News Flash, Oil & Gas

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria The Nigerian National Petroleum Company Limited (NNPCL) says foreign exchange illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), popularly known as petrol. These, it said, are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per…

Sep

2024

0 Comments

By Abia ThinkTank

‘Tax Collection In Nigeria, Too Low’ – Bill Gates

Columns/Opinions/Letters, Economy, IGR, News Flash

‘Tax Collection In Nigeria, Too Low' – Bill Gates Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has said tax collection in Nigeria is low. Gates stated this at a Pan-African youth dialogue on nutrition in Abuja, on Tuesday. The American business magnate is currently in Nigeria for a series of events. Speaking at the event, Gates said the low tax collection poses a challenge to adequately financing critical sectors such as health and education. He said for citizens to gain confidence in the government’s ability to deliver quality healthcare, there must be a commitment to ensure that…

Sep

2024

0 Comments

By Abia ThinkTank

Nigeria Owes $16.5Billion; Becomes World Bank’s IDA Third-Largest Debtor.

CBN/Commercial Banking, Economy, FGN, News Flash

Nigeria Becomes World Bank’s IDA Third-largest Debtor, Owes $16.5 Billion Nigeria is the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024, following a significant increase in its borrowing from the institution. A financial statement dated June 30 2024 but recently made public and obtained by our correspondent on Tuesday disclosed this. The IDA, a key arm of the World Bank, provides concessional loans and grants to the world’s poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in…