Economy - Abia ThinkTank News

Aug

2024

11 FGN Initiatives Nigerians Should Know About, Websites To Register

11 FG Initiatives Nigerians Should Know About, Websites To Register The Minister of Information and National Orientation, Mohammed Idris, announced that Nigerians can access at least eleven different initiatives established by the Federal Government. These key initiatives span various sectors, including education, transportation, business, housing, and skills acquisition, among others. Idris made this disclosure in a Wednesday noon post on X, using the hashtag #HMMohammedIdris. He also shared a two-minute and 52-second video on his page. He posted, “Nigerians have at least eleven different initiatives created by the federal government to apply and register for These eleven key initiatives cover…

Aug

2024

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By Abia ThinkTank

Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil

Business, Economy, News Flash, Oil & Gas

Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil Nigeria’s refinery woes persist, with the country’s facilities struggling to function optimally. A SaharaReporters investigation reveals that despite their inability to refine crude oil or generate revenue, these companies have spent billions on employee compensation. An analysis of the Nigeria National Petroleum Company’s audited financial statements shows that the Kaduna, Port Harcourt, and Warri refinery companies collectively expended N127.326 billion on salaries, wages, and employee benefits between 2020 and 2021. The amount was allocated for salaries and wages in September 2020, despite the fact that all…

Aug

2024

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By Abia ThinkTank

N50Billion Given To NELFUND Came From Recovered Proceeds Of Crime, Not Donation – EFCC

Crime, Economy, News Flash

N50Billion Given To NELFUND Came From Recovered Proceeds Of Crime, Not Donation – EFCC The Economic and Financial Crimes Commission (EFCC) on Wednesday said the N50 billion given to the Nigerian Education Loan Fund (NELFUND), also known as Students Loan, was not a donation as reported by some media organisations. The anti-corruption agency in a statement issued by its Head of Media & Publicity, Dele Oyewale, said the fund was rather part of the recovered proceeds of crime remitted to the Nigerian government which the government decided to plough into students loan scheme. There were reports that the agency on…

Aug

2024

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By Abia ThinkTank

Jubilation As FG Pays 45-Months Minimum Wage Areas To NiMET Staff

Economy, FGN, News Flash

Excitement As FG Pays 45-Months Minimum Wage Arrears To NiMET Staff The Federal Government has settled the outstanding minimum wage arrears for the staff of the Nigerian Meteorological Agency (NiMET), covering a period of 3 years and 9 months. This payment resolves a long-standing issue dating back to 2019, which had caused tensions between NiMet’s management, its employees, and labour unions. The Director General of NiMet, Professor Charles Anosike, expressed gratitude to President Bola Tinubu for authorizing the settlement of these arrears. The unions had initially planned to initiate a strike on May 20, 2024, but this action was halted…

Aug

2024

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By Abia ThinkTank

Nigeria Still Repaying $10.6Billion Loans Taken By Ex- president Obasanjo, Yar’Adua, Jonathan – World Bank

CBN/Commercial Banking, Economy, FGN, News Flash, Politics

Nigeria Still Repaying $10.6billion Loans Taken By Ex-Presidents Obasanjo, Yar’Adua, Jonathan – World Bank The World Bank Group Finances has disclosed that the Nigerian government is still repaying $10.6billion in loans taken by former presidents. The loans totalling 69 were obtained during the administrations of former Presidents Olusegun Obasanjo, the late Umaru Musa Yar’Adua, and Goodluck Jonathan. The Debt Management Office (DMO) had in June 2024 reported that as of March 31, 2024, Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion). The domestic debt amounted to N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion…

Aug

2024

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By Abia ThinkTank

Beyond Commerce, Setting A New Template For Intergenerational Prosperity – Gov. Otti Remodels Ekeoha Market, Aba

Abia State, Economy, Good Governance, News Flash

Beyond Commerce, Setting a New Template for Intergenerational Prosperity Being the Text of a Speech Delivered by Governor Alex C. Otti, OFR, at the Official Flag Off of the Remodelling of Ekeoha Market Aba on Thursday, August 8, 2023 Protocols We made a firm promise to rebuild Aba, make difficult but necessary decisions and ultimately, set the ball rolling for a new age of prosperity for our hardworking men and women. As we said when we flagged off the reconstruction of Port Harcourt Road in October last year after about thirty years of abandonment and haphazard efforts that yielded nothing…

Aug

2024

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By Abia ThinkTank

Look Beyond Present ‘Temporary’ Pains – President Tinubu Addresses Nigerians Again

Economy, FGN, News Flash, Presidency

Look Beyond Present ‘Temporary’ Pains – Again, President Tinubu Addresses Nigerians President Bola Tinubu has pleaded with Nigerians to be patient with his administration, assuring them that the country is transitioning from darkness to dawn. In an official video released by the State House on Wednesday, Tinubu acknowledged the ongoing hardships orchestrated by the removal of the fuel subsidy and the floating of the naira. He noted that Nigerians’ pain was compounded by what he described as an “avoidable lag” between the subsidy removal and his helpful plans for the country. He said, “Fellow Nigerians, this period may be hard…

Aug

2024

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By Abia ThinkTank

26 Banks Qualify In CBN’s $876 Million FX Auction

CBN/Commercial Banking, Economy, News Flash

26 Banks Qualify In CBN’s $876 Million FX Auction To enhance liquidity in the foreign exchange market, the Central Bank of Nigeria, CBN, said it has successfully conducted a Retail Dutch Auction System (rDAS) sale, resulting in the approval of bids valued at $876.26 million from 26 authorised dealer banks. According to a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, the sale conducted on Tuesday highlights the Central Bank’s efforts to stabilise the foreign exchange market and ensure effective price discovery. A Dutch auction is a type of auction in which the auctioneer…

Aug

2024

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By Abia ThinkTank

1.4 Million Jobs Up As FGN Moves To Revamp Cotton/Textile Industry

Economy, FGN, Labour, News Flash

1.4 Million Jobs Up As FG Moves To Revamp Cotton/Textile Industry The Federal Government, in collaboration with the International Cotton Advisory Committee (ICAC), has kickstarted the resuscitation of Nigeria’s cotton industry. The target is to create over 1.4 million jobs annually in the cotton/textile sector, while the focus is to develop key components of the cotton value chain comprising farming, weaving, ginning and linking of cotton, all in line with the industrialization drive of the President Bola Ahmed Tinubu administration. This was the outcome of a meeting held on Tuesday between Vice President Kashim Shettima and a delegation from the…

Aug

2024

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By Abia ThinkTank

Hunger Protests: Suspend Your Actions, Mr President Has Heard You All – Defence Minister, Matawalle Tells Youths

Columns/Opinions/Letters, Economy, News Flash

Protests: Suspend Your Actions, Mr President Has Heard You All – Defence Minister, Matawalle Tells Youths The Minister of State for Defence, Bello Matawalle has appealed to Nigerians to suspend the nationwide protests against the current government, assuring citizens that President Bola Tinubu is working assiduously to fix the current challenges of the country. While addressing some select national heads of various youth Organisations on Tuesday in Abuja, he urged protesters to have more patience and trust the ‘Renewed Hope Agenda’ of President Tinubu. According to Matawalle, the policies of the President Bola Ahmed Tinubu’s administration encompass strategic plans and…