Economy - Abia ThinkTank News

Jul

2024

Dangote Refinery On Track For July Petrol Supply – Official

Business, Economy, News Flash, Oil & Gas

Dangote Refinery On Track For July Petrol Supply – Official The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has reiterated that the Dangote oil refinery will supply petrol in July as promised. Edwin said this when he took officials of the S&P Global on a tour of the facility over the weekend. According to Edwin, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity by harnessing Africa’s abundant crude oil resources to produce refined products locally. He also revealed that “as earlier promised, the company will start the…

Jul

2024

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By Abia ThinkTank

Liberian President Slashes Own Salary By 40%

Economy, International, News Flash, Politics

Liberian President Slashes Own Salary By 40% Liberian President, Joseph Boakai, has announced a voluntary 40 per cent reduction in his salary. This was disclosed in a statement shared on the website of the Liberian Government on Saturday which said the move aligned with Boakai’s commitment to fiscal integrity and national financial security. This is coming days after some lawmakers arrived at the parliament in tricycles popularly known as ‘Keke’ in protest against the non-payment of funds for their vehicles by the Ministry of Finance and Development Planning. Boakai said the announcement reflects his determination to lead by example in…

Jul

2024

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By Abia ThinkTank

Despite Economic Hardship, Nigerians Will Re-elect Tinubu In 2027 -APC

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

Despite Economy Hardship, Nigerians Will Re-elect Tinubu In 2027 – APC The All Progressives Congress has expressed conviction that President Bola Tinubu will be re-elected in 2027 despite the economic hardship and planned alliance between mega opposition parties. The lingering economic hardship resulting from ongoing reforms such as fuel subsidy removal and floating of the naira has given rise to palpable fear that Nigerians may vote out Tinubu in 2027. But the Deputy National Organising Secretary of the ruling party, Nze Chidi Duru, in an interview with Sunday PUNCH, said the ongoing reforms had to come into play to steady…

Jul

2024

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By Abia ThinkTank

Food Crisis: 82 Million Nigeria’s May Go Hungry Soon – United Nation Warns

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

Food Crisis: 82 Million Nigerians May Go Hungry Soon – UN Warns The United Nations has again predicted that 82 million Nigerians, about 64 per cent of the country’s population, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity. The prediction comes in the wake of a persistent hike in food prices in the country. According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase. This surge represents the largest…

Jul

2024

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By Abia ThinkTank

Governor Bago’s Motivational Offers To Corp Members Posted To Niger State

Education, Economy, Empowerment, Labour, News Flash

Governor Bago's gift to Nigercorp members todaySum of N200,000 each 20 cows One trailer of rice 5 billion for construction of new campAlso promised N500,000monthly for those want to venture into Agriculture Automatic employment for medical doctors and others in health field inNiger State. A reminder that he is leading in Agriculture and Rural Development. Don't let your governors lie to you. Everything is possible if they want to do it.

Jul

2024

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By Abia ThinkTank

Dangote, Elumelu, Rewane Enlisted As Tinubu Inaugurates Economic Team

Economy, FGN, News Flash

Dangote, Elumelu, Rewane Enlisted As Tinubu Inaugurates Economic Team President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country. The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank of Africa, Mr Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane. Briefing State House Correspondents after the Inauguration of the Council, Minister of Finance and Coordinating Minister of the Economy,…

Jul

2024

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By Abia ThinkTank

FGN Imposes 7.5% VAT On Cryptocurrency Transactions

Economy, CBN/Commercial Banking, FGN, News Flash

FG Imposes 7.5% VAT On Cryptocurrency Transactions The Federal Government has imposed a 7.5 percent Value Added Tax(VAT) on cryptocurrency transactions. This development was made known after KuCoin; a cryptocurrency exchange, says it will commence collection of the transaction fees for users in Nigeria. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would commence from July 8 and that for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount. According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1…

Jul

2024

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By Abia ThinkTank

Governor Gives Condition For Payment Of New Minimum Wage

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

Governor Gives Condition For Payment Of New Minimum Wage The Ekiti State governor, Biodun Oyebanji, has said that no governor is against approval of a living wage for workers in Nigeria. Oyebanji said the Nigeria Governors’ Forum (NGF) was only clamouring for fiscal federalism that would culminate in the ability and capability of individual states to pay. Speaking in Ado-Ekiti on Wednesday, during the Seventh Quadrennial Delegates’ Conference of the Association of Senior Civil Servants of Nigeria, Oyebanji said no state wanted to downsize its workforce. He added that each state was interested in determining what it could afford that…

Jul

2024

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By Abia ThinkTank

State Of Emergency On Crude Oil Production By NNPC

Business, Economy, News Flash, Oil & Gas

NNPCL Declares State Of Emergency On Crude Oil Production .The Nigerian National Petroleum Company Limited (NNPCL) has declared a state of emergency on crude oil production. According to NNPCL, it is a move towards increasing Nigeria’s crude oil production and growing its reserves. This was contained in a statement by the Chief Corporate Communications Officer of NNPCL, Olufemi O. Soneye, on Tuesday, July 2. The statement reads: “In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. “Group Chief Executive Officer…

Jul

2024

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By Abia ThinkTank

Corruption: I’m Surprised Nigeria Is Still Surviving – EFCC Chairman

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

Corruption: I Wonder How Nigeria Is Still Surviving – EFCC Chairman The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has decried the magnitude of stealing by corrupt elements in the country. He said anytime he checks case files and sees the amount stolen, he wonders how the country still exists, adding that if Nigerians saw some case files they would weep. According to a statement on Tuesday by the EFCC’s Head of Media and Publicity, Dele Oyewale, the chairman stated this while receiving the management team of the Revenue Mobilisation Allocation and Fiscal Commission led by its…