Economy - Abia ThinkTank News

Mar

2024

FGN Fines Binance $10 Billion Over Alleged Influencing Of Nigeria’s Forex Crisis

CBN/Commercial Banking, Economy, News Flash

FG Fines Binance $10 Billion Over Alleged Influencing Of Nigeria’s Forex Crisis The federal government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC. According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses. Onanuga noted that Binance is not registered in Nigeria and has no presence in the country. He alleged that people used the platform to arbitrarily…

Mar

2024

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By Abia ThinkTank

Hardship: Kaduna Residents Block BUA Company Truck Carrying Foodstuffs, Loot Cartons Of Noodles

Economy, News Flash

Hardship: Kaduna Residents Block BUA Company Truck Carrying Foodstuffs, Loot Cartoons Of Noodles Some residents of Zaria in Kaduna State on Friday looted several cartoons of noodles from a moving truck loaded with foodstuffs belonging to the BUA company A resident from the town confirmed this to SaharaReporters, adding that it happened In the Dogarawa area of Zaria after some youths, who alleged the company was among the manufacturers that were hiking their prices without considering the financial state of average citizens, blocked the truck. This made many residents see the situation as an opportunity to loot the food items…

Mar

2024

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By Abia ThinkTank

Inmates Revolt As Hardship Protest Spreads To Prison

Economy, News Flash

Inmates Revolt As Hardship Protest Spreads To Prison The protest over nationwide hardship hit the Correctional Center in Jos, Plateau State capital, on Friday as inmates staged a protest over plan to reduce their food ration. Daily Trust learnt that immediately they got tipped off on downward review of food size, the inmates started to protest. During the protest, the inmates refused to take orders from the custodial officials and also shunned breakfast. They converged on the center of the prison yard while shouting on top of their voices but the custodial officials used tear gas to force them back…

Mar

2024

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By Abia ThinkTank

Tony Elumelu Of Heirs Holdings and Other Super Elites Owing Over N5 Trillion And Defaulted – CBN

CBN/Commercial Banking, Economy, News Flash

Tony Elumelu of Heirs Holdings took an N41.5b loan @15% interest rate per annum and defaulted CBN There are still many of them roaming freely in an opulence lifestyle. If the CBN published all the names of defaulters,there are about 20 of them owing over N5 trillion Naira. The past government set up a committee through AMCON to get the money from them. But just like an elite game, Nigerians did not hear much of what happened. These men are super elites and above the law, most of the debts are now classified as bad debts. But they are sitting…

Feb

2024

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By Abia ThinkTank

CBN Increases Interest Rate To 22.75%

CBN/Commercial Banking, Economy, News Flash

CBN Increases Interest Rate To 22.75% The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has announced a significant increase in the Monetary Policy Rate (MPR), raising it by four hundred basis points to 22.75% from the previous rate of 18.75%. CBN Governor Yemi Cardoso revealed the decision after Tuesday’s first MPC meeting of the year in Abuja. In addition to the MPR adjustment, the MPC raised the Cash Reserve Ratio (CRR) to forty-five per cent. However, the liquidity ratio remained unchanged at thirty per cent. The move suggests tightening monetary policy to address various economic challenges and ensure…

Feb

2024

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By Abia ThinkTank

N30bn Allowance : Akpabio Makes U-Turn, Apologises To Governors

Economy, National Assembly, News Flash, Politics

N30bn Allowance: Akpabio Makes A U-turn, Apologises To Governors The President of the Senate, Godswill Akpabio, has apologised to the state governors over his comment on the N30bn hardship allowance allegedly given to them. Akpabio had, at a plenary sitting last Tuesday, during deliberation on the Ways and Means collected from the Central Bank of Nigeria by the previous administration, said an “unverified report” indicated that state governors received N30bn each from the Federation Account to cushion the effect of inflation and the high cost of food prices. Last September, the Federal Government said N2bn was released to governors out…

Feb

2024

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By Abia ThinkTank

Why I Removed Petroleum Subsidy – President Tinubu Discloses

Economy, News Flash, Oil & Gas

Why I Removed Subsidy On Petrol – Tinubu Discloses President Bola Tinubu explained on Tuesday that the decision taken to remove subsidy on petrol was a challenging one but necessary to ensure a transparent and accountable energy sector. The President, who spoke at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners, assuring that eventually the economy will improve and the benefits will manifest. Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu said energy security was a priority for his administration.…

Feb

2024

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By Abia ThinkTank

FG To Pay Unemployed Nigerian Youths, Sets Up Consumer Credit Program

Economy, FGN, News Flash

FG To Pay Unemployed Nigerian Youths, Sets Up Consumer Credit Programme The Federal Government on Monday said it would extend its social security payments net to graduates with qualifications from NCE and upwards. Addressing journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, disclosed that the programme would see unemployed Nigerian youths being paid stipends. “At this period of heightened food prices, Mr. President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line. “He has…

Feb

2024

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By Abia ThinkTank

“Nigeria Has Failed” – Northern Elders Forum Chair, Prof. Abdullahi

Columns/Opinions/Letters, Economy, News Flash

"Nigeria Has Failed" - Northern Elders Forum Chair, Prof. Abdullahi “Looking at present reality in the country, everyone, both the leaders and the led have failed the country. This event, to me is an opportunity for us to talk to ourselves about our collective failure as a country. “Today, we’ve just had power failure now, for 64 years we are having 4,000 megawatts, what a shame. 4000 megawatts of electricity is not enough for one big house in another country. “For those of us who from time to time go to Saudi Arabia on pilgrimage and so on. I should…

Feb

2024

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By Abia ThinkTank

President Tinubu Sets Up Tripartite Economic Advisory Committee

FGN, Economy, News Flash, Presidency

Tinubu Sets Up Tripartite Economic Advisory Committee As part of his efforts at stabilising the economy, President Bola Tinubu on Sunday evening set up a tripartite Economic Advisory Committee. The committee, put together during a meeting he held with critical stakeholders at the State House, comprises representatives from the Federal, States and Organised private sector. Speaking at the meeting, Tinubu said the goal is to provide “additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians. Details Shortly…