Economy

Jul
01
2024
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By Abia ThinkTank
FCT, 27 Other States Fail To Access N36 Billion UBEC Grant

FCT, 27 Other States Fail To Access N36 Billion UBEC Grant

Education, Economy, FGN, News Flash
FCT, 27 Other States Fail To Access N36 Billion UBEC Grant Twenty-seven states of the federation and the Federal Capital Territory, have failed to access the N36.1bn education fund provided by the Universal Basic Education Commission in 2023. The N36.1bn figure is obtained from a document prepared by UBEC in March 2024, which showed how state-by-state matching grants were not accessed. The document, which was signed by UBEC’s Director of Finance and Account, Adamu Misau, said the sum of N36.1bn was not accessed by states. According to the data on the document, Jigawa, Sokoto and Zamfara states in the North-West;…
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Jun
30
2024
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By Abia ThinkTank
Tackle Poverty With Financial Interventions – EU Urges FGN

Tackle Poverty With Financial Interventions – EU Urges FGN

Economy, Empowerment, News Flash
Tackle Poverty With Financial Interventions – EU Urges Nigerian Govt The European Union has called on the Federal and State Governments to increase financing for social protection interventions, “as it is critical to reducing poverty across the country.” According to a statement by the commission on Saturday, the Head of Cooperation of the EU Delegation to Nigeria and ECOWAS, Massimo De Luca, made the call on Friday, during the third edition of the Social Protection Cross-Learning Summit in Abuja. He described social protection as a fundamental pillar supporting the most vulnerable and poor households, providing not only a safety net…
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Jun
30
2024
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By Abia ThinkTank
PZ Cussons Reports N96.4 Billion Net Loss, Shareholders Funds Wiped Out

PZ Cussons Reports N96.4 Billion Net Loss, Shareholders Funds Wiped Out

Business, Economy, News Flash
Shareholders Funds Wiped Out As PZ Cussons Reports N96.4 Billion Net Loss Consumer goods company PZ Cussons has reported a net loss of N96.4 billion for the fiscal year ending May 31, 2024. According to its latest unaudited financial statements, the losses resulted in the company posting a negative equity of N47.2 billion by the end of the fiscal year. PZ Cussons has been grappling with significant macroeconomic challenges that adversely affect its profit margins. Among the key issues cited are high interest rates, exchange rate depreciation, and escalating inflation. These factors have combined to create a tough operating environment…
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Jun
29
2024
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By Abia ThinkTank
President Tinubu Urges Governors To Meet Targets On Food Security; Approves Immediate Rollout Of National Construction And Household Support Programme

President Tinubu Urges Governors To Meet Targets On Food Security; Approves Immediate Rollout Of National Construction And Household Support Programme

Agriculture, Economy, FGN, News Flash, Prophecy
STATE HOUSE PRESS RELEASE PRESIDENT TINUBU URGES GOVERNORS TO MEET TARGETS ON FOOD SECURITY; APPROVES IMMEDIATE ROLLOUT OF NATIONAL CONSTRUCTION AND HOUSEHOLD SUPPORT PROGRAMME To boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians, President Bola Tinubu has approved the immediate rollout of the National Construction and Household Support Programme to cover all geo-political zones in the country. Under the programme, the Sokoto-Badagry Highway, which will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, is prioritized. Other road infrastructure projects, such…
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Jun
29
2024
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By Abia ThinkTank
Minimum Wage: NLC Cautions Governors Against Dictatorial Tendencies

Minimum Wage: NLC Cautions Governors Against Dictatorial Tendencies

Economy, Labour, News Flash, Politics
(Minimum Wage): NLC Cautions Governors Against Dictatorial Tendencies The Nigeria Labour Congress on Friday cautioned state governors against exhibiting dictatorial tendencies amidst the recent statements made by some governors regarding their desire to pay what they deem fit to Nigerian workers as the minimum wage. “This notion is not only dictatorial but also undermines the very essence as well as the model adopted for creating a national minimum wage in Nigeria,” NLC’s spokesperson, Benson Upah made this known in a statement sent to The PUNCH in Abuja. Explaining the concept of a national minimum wage, Upah noted that it is…
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Jun
29
2024
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By Abia ThinkTank
FGN Announces Date To Commence Payment Of N150bn SMEs, Manufacturer’s Loan

FGN Announces Date To Commence Payment Of N150bn SMEs, Manufacturer’s Loan

CBN/Commercial Banking, Economy, FGN, News Flash
FG Announces Date To Commence Payment Of N150bn SMEs, Manufacturers Loan The Nigerian Federal Government says the disbursement of N150 billion in loans to micro, small and medium enterprises and manufacturers would commence by the end of July 2024. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a statement through her official X handle on Thursday. Uzoka-Anite said that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country. She said, “To all applicants…
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Jun
28
2024
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By Abia ThinkTank
Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households

Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households

CBN/Commercial Banking, Economy, FGN, News Flash
Tinubu Approves N50,000 Grant, N155 Billion Food Package For Households President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja. According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households. Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country. He added that a key component of the programme is the approval of the…
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Jun
28
2024
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By Abia ThinkTank
Crypto Is Like Air, Nigerian Government Can’t Cage It – SEC

Crypto Is Like Air, Nigerian Government Can’t Cage It – SEC

Business, Economy, News Flash
Crypto Is Like Air, Nigerian Govt Can’t Cage It – SEC The Securities and Exchange Commission (SEC) says it controls and regulates cryptocurrencies and other digital assets but admits it is impossible to “cage” it, describing it as “air.” SEC director-general Emomotimi Agama said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja. Mr Agama described crypto assets as digital or virtual assets utilised by cryptography for security. He said over 15,000 cryptocurrencies were created, with Bitcoin being the most popular. The director-general said the regulatory landscape for cryptocurrency…
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Jun
28
2024
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By Abia ThinkTank
National Assembly Passes Bill To Extend 2023 Appropriation Act Supplementary Budget

National Assembly Passes Bill To Extend 2023 Appropriation Act Supplementary Budget

Economy, National Assembly, News Flash
National Assembly Passes Bill To Extend 2023 Appropriation Act, Supplementary Budget The National Assembly comprising the House of Representatives and the Senate has passed a Bill for an Act to Amend the Appropriation Act 2023, to further extend the implementation of the Capital aspect of the Appropriation Act, 2023 from 30 June 2024 to 31 December. It also passed a Bill for an Act to Amend the Supplementary Appropriation Act, 2023 to further extend its implementation from 30 June 2024 to 31 December 2024. The bill scaled the first reading on Thursday. The leader of the senate, Sen. Opeyemi Bamidele…
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Jun
28
2024
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By Abia ThinkTank
Governor Otti Assures The 300 Beneficiaries Of The State Sponsored Agricultural Training Programme At CSS Farms Nasarawa Of Government’s Support To Set Up Immediately

Governor Otti Assures The 300 Beneficiaries Of The State Sponsored Agricultural Training Programme At CSS Farms Nasarawa Of Government’s Support To Set Up Immediately

Abia State, Agriculture, Economy, Good Governance, News Flash
GOVERNOR OTTI ASSURES THE 300 BENEFICIARIES OF THE STATE-SPONSORED AGRICULTURAL TRAINING PROGRAMME AT CSS FARMS NASARAWA OF GOVERNMENT’S SUPPORT TO SET-UP IMMEDIATELY. The Executive Governor of Abia State Dr. Alex Otti, OFR, has assured the 300 beneficiaries of the State-sponsored Modern Agricultural Skills and Practices Training Programme at CSS Integrated Farms, Nasarawa State, of the State Government’s support to enable them hit the ground running immediately. Dr. Otti gave the assurance during the graduation and passing out ceremony of the Trainees which the Governor personally attended, underscoring the strategic importance of the Agric sector to his Administration. 'For us as…
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