Economy

Aug
19
2024
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By Abia ThinkTank
FGN Plans New Taxes, Regulation For Cryptocurrency By September

FGN Plans New Taxes, Regulation For Cryptocurrency By September

CBN/Commercial Banking, Economy, FGN, News Flash
FG Plans New Taxes, Regulation For Cryptocurrency By September The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry. Speaking over the weekend at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Dr. Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation. Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one…
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Aug
19
2024
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By Abia ThinkTank
FGN Eyes $500m World Bank Loan To Boost Education, Health Sectors

FGN Eyes $500m World Bank Loan To Boost Education, Health Sectors

CBN/Commercial Banking, Economy, Education, Health, News Flash
FG Eyes $500m World Bank Loan To Boost Education, Health Sectors The Federal Government is targeting a $500m loan from the World Bank to tackle inadequate human resource issues in the country’s education and healthcare systems. The proposed loan, part of the Nigeria Human Capital Opportunities for Prosperity and Equity Governance Programme, is intended to tackle long-standing staffing gaps and enhance the performance management of basic education teachers and primary healthcare workers. According to the “Programme Information Document” for the appraisal stage of the Nigeria Human Capital Opportunities for Prosperity and Equity Governance Programme, obtained by Sunday PUNCH on Friday,…
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Aug
17
2024
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By Abia ThinkTank
FAAC Disburses N1.358 Trillion In July 2024 To FG, States, LGAs

FAAC Disburses N1.358 Trillion In July 2024 To FG, States, LGAs

CBN/Commercial Banking, Economy, FGN, News Flash
FAAC Disburses N1.358 Trillion In July 2024 To FG, States, LGAs The Federation Accounts Allocation Committee (FAAC) has shared N1.358 trillion to Federal Government, States and Local Government Councils in July 2024. This allocation, which came from the July 2024 Federation Accounts Revenue, is aimed at promoting equitable distribution of resources across the country. According to the communiqué at the end of the meeting, the Federal Government received a cumulative sum of N431.079 billion while state governments were allocated N473.477 billion. Local governments received N343.703 billion, and oil-producing states were granted N109.816 billion. The breakdown of the N1.358 trillion total…
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Aug
16
2024
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By Abia ThinkTank
11 FGN Initiatives Nigerians Should Know About, Websites To Register

11 FGN Initiatives Nigerians Should Know About, Websites To Register

Economy, FGN, News Flash
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…
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Aug
16
2024
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By Abia ThinkTank
Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil

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…
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Aug
15
2024
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By Abia ThinkTank
N50Billion Given To NELFUND Came From Recovered Proceeds Of Crime, Not Donation – EFCC

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…
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Aug
13
2024
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By Abia ThinkTank
Jubilation As FG Pays 45-Months Minimum Wage Areas To NiMET Staff

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…
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Aug
11
2024
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By Abia ThinkTank
Nigeria Still Repaying $10.6Billion Loans Taken By Ex- president Obasanjo, Yar’Adua, Jonathan – World Bank

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…
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Aug
09
2024
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By Abia ThinkTank
Beyond Commerce, Setting A New Template For Intergenerational Prosperity – Gov. Otti Remodels Ekeoha Market, Aba

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…
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Aug
08
2024
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By Abia ThinkTank
Look Beyond Present ‘Temporary’ Pains – President Tinubu Addresses Nigerians Again

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…
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