Economy

Jan
18
2025
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By Abia ThinkTank
Otti, Other Governors Issue Communique After Sub-national Consultation And Engagement With The Presidential Tax Reform Committee

Otti, Other Governors Issue Communique After Sub-national Consultation And Engagement With The Presidential Tax Reform Committee

Abia State, Economy, FGN, Good Governance
GOV OTTI, OTHERS ISSUES A COMMUNIQUE AFTER A SUBNATIONAL CONSULTATION AND ENGAGEMENT WITH THE PRESIDENTIAL TAX REFORM COMMITTEE The Nigeria Governors' Forum (NGF), has released a communique on the Presidential Tax Reform Bill proposed by President Ahmed Bola Tinubu, CGFR. The communique was released after a subnational consultation with the Presidential Committee on Tax Reforms. The Abia State Governor, Dr. Alex Chioma Otti, OFR, was represented by his Deputy, Engr. Ikechukwu Lekwachi Emetu, FNSE. The communique read thus: "We, members of the Nigeria Governors’ Forum (NGF) andpresidential tax reform committee, convened on the 16th of January2025 to deliberate on critical…
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Jan
18
2025
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By Abia ThinkTank
FG, States, LGAs Share N1.424 Trillion December 2024 FAAC Revenue

FG, States, LGAs Share N1.424 Trillion December 2024 FAAC Revenue

Abuja, Economy, FGN, News Flash
FG, States, LGAs Share ₦1.424 Trillion December 2024 FAAC Revenue A total sum of ₦1.424 trillion, being December 2024 Federation Accounts Revenue, has been shared among the Federal Government, States and Local Government Councils. The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja. The Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement on Friday. The ₦1.424 trillion total distributable revenue comprised distributable statutory revenue of ₦386.124 billion, distributable Value Added Tax (VAT) revenue of ₦604.872 billion, Electronic Money…
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Jan
18
2025
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By Abia ThinkTank
Another Transformative Opportunity As Abia State Hosts A Refinery… – By Dr. Chukwuemeka Ifegwu Eke

Another Transformative Opportunity As Abia State Hosts A Refinery… – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Oil & Gas
Abia State hosts a refinery… The prospect of Abia State hosting a refinery presents a transformative opportunity for the region, poised to catapult the state into a hub of industrial activity and economic growth. With the potential to generate significant revenue, create thousands of jobs, and stimulate local economic development, a refinery in Abia State could be a game-changer for the local economy, positioning the state as a key player in Nigeria's oil and gas industry. Economic BenefitsHosting a refinery in Abia State could have a significant impact on the state's economy. According to a study by the Nigerian National…
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Jan
15
2025
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By Abia ThinkTank
CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN/Commercial Banking, Economy, News Flash
CBN Fines Nine Banks N150m Each For ATM Cash Shortages The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines will be directly debited…
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Jan
10
2025
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By Abia ThinkTank
US Moves To Return $53 Million Linked To Diezani

US Moves To Return $53 Million Linked To Diezani

Crime, Economy, News Flash
US Moves To Return $53 Million Linked To Diezani The United States Government and the Federal Republic of Nigeria have signed a memorandum of understanding to repatriate the sum of $53 million stolen funds to Nigeria. The funds were part of funds of the Galactica asset linked to former Minister of Petroleum, Diezani Alison-Madueke. Speaking during the signing, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) said the agreement provides that $50 million of the funds, which is about N77 billion, will be used to fund rural electrification project to increase the reliability and availability…
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Jan
10
2025
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By Abia ThinkTank
CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN/Commercial Banking, Economy, News Flash
CBN Halts Extension Of Export Proceeds Repatriation For Exporters The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular was signed by Dr W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department and released on Thursday. Key provisions of the circularIn the circular titled “Suspension of Extension of Export Proceeds on Behalf…
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Jan
10
2025
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By Abia ThinkTank
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Crime, Economy, Judiciary, News Flash, Politics
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement Alhaji Muhammad Bashir Sa’idu, former Chief of Staff to Malam Nasir El-Rufai, has implicated his former principal in a confessional statement related to an ongoing money laundering case against him. It will be recalled that the Chief Magistrate Court in Rigasa remanded Sa’idu at the Kaduna Correctional Centre following his arrest and arraignment by security agencies on 31 December 2024. The charges against the former Chief of Staff allege that he sold $45 million in hard currency belonging to the Kaduna State Government—equivalent to ₦18,450,000,000—at the significantly undervalued rate of…
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Jan
10
2025
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By Abia ThinkTank
Lagos State Governor Approves A Record-Breaking Budget Of N3.366 Trillion

Lagos State Governor Approves A Record-Breaking Budget Of N3.366 Trillion

Economy, Lagos, News Flash
Lagos State Governor Babajide Sanwo-Olu has signed the 2025 Appropriation Bill into law, approving a record-breaking budget of N3.366 trillion. The budget, which is geared towards advancing the Sanwo-Olu/Hamzat administration’s developmental agenda, focuses on infrastructure, education, healthcare, and economic growth. During the signing ceremony, the governor reiterated his administration’s commitment to delivering impactful projects that improve the quality of life for Lagos residents and ensure sustainable development across the state. Gboyega Akosile, spokesman of the governor, wrote on X: “Lagos State Governor Babajide Sanwo-Olu today signs the 2025 Appropriation bill to law. “The budget size is N3.366 trillion meant for…
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Jan
09
2025
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By Abia ThinkTank
Surviving The Storm: Insights From ABIA State Residents On The 2024 Economy – By Dr. Chukwuemeka Ifegwu Eke

Surviving The Storm: Insights From ABIA State Residents On The 2024 Economy – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy
Surviving the Storm: Insights from Abia State Residents on the 2024 Economy This study presents a comprehensive and nuanced understanding of the economic situation in Abia State, Nigeria, by capturing the real impulses and lived experiences of its residents. Through a mixed-methods approach, we gathered rich and contextualized data that reveals the complex dynamics of economic survival in the state. By listening to the voices of the people, we uncovered the intricate strategies that residents employ to navigate the challenges of poverty, unemployment, and infrastructure deficits. Our findings provide a granular understanding of the socio-economic realities of Abia State, highlighting…
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Jan
08
2025
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By Abia ThinkTank
Dancing Naked In Eke Market Square Part 2: Investigating The Fact In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti! – By Dr. Chukwuemeka Ifegwu Eke

Dancing Naked In Eke Market Square Part 2: Investigating The Fact In Real Terms, Ikpeazu Actually Received More FAAC Allocation Than Otti! – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Politics
Part 2 of Dancing Naked in Ekè Market Square: Investigating the Fact that in Real Terms, Ikpeazu Actually Received More FAAC Allocation than Otti! As we delve deeper into the analysis of FAAC allocations in Abia State, it becomes increasingly evident that the numbers tell a story that is far more complex than initially meets the eye. The disparity between Ikpeazu's and Otti's FAAC allocations, when adjusted for inflation and exchange rates, raises critical questions about the state's economic management and the impact of external factors on its fiscal policies. In Part 2 of our analysis, we will explore the…
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