Economy - Abia ThinkTank News

Jun

2024

Dangote Refinery Reveals New Date To Kickstart Petrol Supply

Business, Economy, News Flash, Oil & Gas

Dangote Refinery Reveals New Date To Kickstart Petrol Supply Dangote Petroleum Refinery and Petrochemicals in Lagos State has moved the supply date for Premium Motor Spirit (PMS) popularly known as petrol from June to mid-July. The President and Chief Executive Officer of the refinery, Aliko Dangote, attributed the postponement to slight delay but assured the public that by second to third week in July, the premium commodity would be in the market. Dangote spoke when he received a Senate delegation led by Senate President Godswill Akpabio, on a tour of the $20 billion facility in Lagos on Sunday. He said,…

Jun

2024

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By Abia ThinkTank

Turkish Investors Visit Gov Otti, Positions ABIA As Hub For Organic Fertilizer Production, Sales

Business, Economy, Good Governance, News Flash

TURKISH INVESTORS VISIT GOV OTTI, POSITIONS ABIA AS HUB FOR ORGANIC FERTILISER PRODUCTION, SALES Abia State Governor, Dr. Alex Otti, OFR, has expressed excitement at the prospect of Abia being the hub for organic fertiliser production in Nigeria. Governor Otti said his administration would do all that is necessary to enable a group of investors from Turkey set up organic fertiliser production plants, which would derive its raw material from the sediments underneath rivers, lakes and swamps, saying that the State is open for business. The Governor spoke on Tuesday when he received the executives of Alliance Enterprises Limited, Turkey,…

Jun

2024

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By Abia ThinkTank

Your Bank Deposits Are Safe – CBN Reassures Nigerians

CBN/Commercial Banking, Economy, News Flash

Your Bank Deposits Are Safe – CBN Reassures Nigerians The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience. The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja. Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation, She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks. She…

Jun

2024

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By Abia ThinkTank

Petrol Price Can’t Drop As Low As N300/Litre – Major Marketers

Economy, Business, Oil & Gas

Petrol Price Can’t Drop As Low As ₦300/Litre: Major Marketers Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN), were reacting to a report (Not Channels Television), that the pump price of Premium Motor Spirit, will drop to about ₦300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular refineries. However, they pointed out that this would be achieved when the government ensured the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria. “A lot of companies today benefit…

Jun

2024

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By Abia ThinkTank

Nigerian Senate Leadership Visits Dangote Refinery, Fertilizer Plant, Truck Assembling Plant And Ports In Lagos

Business, Economy, National Assembly, News Flash

Nigerian Senate Leadership Visits Dangote Refinery, Fertilizer Plant,Truck Assembling Plant and Ports In Lagos "The impending availability of locally refined petroleum products remains the key to unlocking Nigeria's economic growth", Senator Dr. Ifeanyi Ubah, CON. Lagos, Nigeria - June 7- 9, 2024: The Nigerian Senate leadership, led by Senate President Godswill Akpabio, conducted a three-day visit to Lagos State, inspecting key projects in the oil and gas industry and exploring ways to enhance Nigeria's economic growth. Friday, June 7- Arrival and Presentation at Eko Hotel: The Senate leadership arrived in Lagos on Friday and attended a presentation at Eko Hotel,…

Jun

2024

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By Abia ThinkTank

7th Annual Convention In ABIA: Governor Otti Pledges To Partner With IMSU Alumni Association

Abia State, Economy, News Flash, South East

7th Annual Convention in Abia: Governor Otti Pledges to Partner with IMSU Alumni Association The Abia State Governor, Dr Alex Otti has promised to partner with the Imo State University Alumni Association (IMSUAA) in ensuring a seamless and successful 7th Annual Convention in Umuahia, the capital of the state. He made this promise while receiving in audience both members of the National Executive Committee (NEC) of IMSUAA led by Barr Okey Ozumba and Local Organizing Committee for the convention at Nvosi, his country home. According to Governor Otti, alumni associations all over the world play a major role in assisting…

Jun

2024

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By Abia ThinkTank

Minimum Wage: Where Will States Find Extra Money For The Minimum Wage? From Christ Embassy’s School Of Miracles? – Reno Omokiri

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

What is the use of making an unenforceable minimum wage law? More than half of Nigeria's thirty six states are already struggling to pay the current ₦30,000 minimum wage. It does not take a genius to know that if they are forced to pay ₦60,000, the Governors will have to engage in MASSIVE sacking. Only about eight states can fully survive on their own without federal allocations. Nigerians are notorious for not paying taxes. We have tax-to-GDP ratio of less than 10%. Even Ivory Coast has a higher tax-to-GDP ratio than we do. So, where will the states find the…

Jun

2024

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By Abia ThinkTank

FX Gain Now Major Source Of FAAC Revenue – Report

CBN/Commercial Banking, Economy, News Flash

FX Gain Now Major Source Of FAAC Revenue – Report A think-tank organisation, Agora Policy, has stated that foreign exchange gains have become a major source of revenue for the Federation Account Allocation Committee. In the report titled “How Exchange Gain Became a Major Source of Federation Revenue”, Agora Policy said the exchange gain saw an increase after the unification of the foreign exchange market. Exchange gain represents the difference between the exchange rate projected in the budget and the actual rate at which applicable revenue streams are converted at FAAC. The organisation stated exchange gain had been a feature…

Jun

2024

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By Abia ThinkTank

Strike: NLC Fires Secretary To The Govt, George Akume

FGN, Economy, Labour, News Flash

(Strike): NLC Fires Secretary To The Govt, George Akume Nigeria Labour Congress has berated the Secretary to the Government of the Federation, George Akume, for terming Monday’s nationwide strike by organised labour as a “treasonable felony and economic sabotage.” While rejecting the SGF’s insinuations, the NLC said the former Benue State Governor’s utterances exposed his personality. In a statement by its Head, Information and Public Affairs, Benson Upah, NLC argued that “Those who loot our treasury around the country, those who divert public resources meant for hospitals and schools; those who are involved in foreign exchange round-tripping; padding of budgets…

Jun

2024

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By Abia ThinkTank

N60,000 Minimum Wage Too High, Not Sustainable – Governors Reject Proposal

Columns/Opinions/Letters, Economy, News Flash

N60,000 Minimum Wage Too High, Not Sustainable – Governors Reject Proposal Governors under the aegis of the Nigerian Governors Forum have rejected the proposed N60,000 minimum wage for Nigerian workers. In a statement issued on Friday by the Director of Media and Public Affairs for NGF, Halimah Salihu Ahmed, the governors said the proposed minimum wage is too high and not sustainable. NGF expressed concerns that if the N60,000 minimum wage is adopted, many states would allocate their entire Federal Account Allocation Committee funds to salaries, leaving no resources for development projects. The statement read in part, “The Nigeria Governors’…