Economy - Abia ThinkTank News

Feb

2024

The Chicken Has Come Home To Roost For NBA – By Dr. Odo Ijere(Okpotemba Ohafia)

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

THE NBA HAS COME A LITTLE LATE TO THE PARTY. This signing of the Enhanced Trade and Investment Partnership ETIP by the Minister of Trade and Investment is simply put a recolonization agenda coming through the back door. This trade deal accommodates British legal practice in Nigeria and does not provide for Nigeria legal practitioners to compete in UK. The real debate about this Enhanced Trade Partnership deal should be whether at this point of our nationhood, there is plausible need for us to resubmit ourselves as a nation to another era of British colonization in view of the fact…

Feb

2024

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By Abia ThinkTank

Access Holdings Names Bolaji Agbede As Acting CEO

CBN/Commercial Banking, Economy, News Flash

Access Holdings Names Bolaji Agbede As Acting CEO Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria “Further to its announcement dated February 11,…

Feb

2024

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By Abia ThinkTank

Nigeria Is Very Poor, Our Wealth Is Overestimated – Presidency

Economy, Columns/Opinions/Letters, News Flash

Nigeria Is A Very Poor Country, Our Wealth Is Overestimated – Presidency The Presidency has described Nigeria as a “very poor” country, saying the wealth of the country is overestimated. Special Adviser on Information and Strategy to the President, Bayo Onanuga, stated this in an interview on Arise Television on Monday. According to Onanuga, Nigeria is still a very poor country considering its low per capita income, compared to other African nations. He said, “Nigeria is a very very poor country, to be honest. I think our wealth is overestimated,” On the state of Nigeria’s economy and the administration’s efforts…

Feb

2024

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By Abia ThinkTank

Nigerians Are Starving, Act Fast, Anglican Primate Urges Tinubu

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

Act Fast, Nigerians Are Starving, Anglican Primate Urges Tinubu The Primate of the Church of Nigeria (Anglican Communion), Most Rev. Henry Ndukuba, has implored President Bola Ahmed Tinubu to urgently tackle the growing hunger and economic hardship facing Nigerians. In the wake of a communiqué issued on Sunday in Abuja, after the Church’s Standing Committee meeting, Primate Ndukuba’s message was clear. The communiqué, endorsed by key church figures including Primate Ndukuba, the Dean Most Rev. Blessing Enyindah, and the General Secretary Ven. Gershinen Paul Dajur, stressed the critical state of national affairs and called for repentance and resistance to apostasy.…

Feb

2024

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By Abia ThinkTank

CBN Stops N10 Trillion Devt Finance Funds And Other Advances To FG

CBN/Commercial Banking, Economy, News Flash, Presidency

CBN Stops N10 Trillion Devt Finance Funds, Ways And Means Advances To FG Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday, February 9, said the apex bank will no longer grant Ways and Means Advances to the federal government unless the outstanding balance is settled. The apex bank also said it has halted “quasi-fiscal measures” of over N10 trillion it pays under the guise of development finance interventions. Cardoso revealed these when he appeared before the joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, and National Planning to address critical concerns related to…

Feb

2024

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By Abia ThinkTank

Court Orders President Tinubu To Fix Price Of Goods Within Seven Days

Abuja, Economy, News Flash

Court Orders President Tinubu To Fix Price Of Goods Within Seven Days A Federal High Court, sitting at Ikoyi, Lagos on Wednesday, February 7, ordered the federal government led by President Bola Tinubu to fix the prices of goods and petroleum products within seven days. Justice Ambose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant and human rights activist, Femi Falana SAN. He said: “I have had the applicant Femi Falana in a suit no San,FHC/L/CS/869/2023 and I have also discovered that despite the service of the Originating motion on the respondents namely…

Feb

2024

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By Abia ThinkTank

2023 FAAC Received By State And Their LGA

Abuja, Economy, News Flash

2023 Federal Account Allocation Committee (FAAC) Received By State And Their LGA In 2023, the Federal Account Allocation Committee distributed funds to states and their local government areas, with Delta receiving the highest amount at ₦483.57bn and Gombe receiving the lowest at ₦99.05bn. 1 Delta: ₦483.57bn2 Rivers: ₦426.84bn3 Akwa Ibom: ₦380.1bn4 Lagos: ₦371.39bn5 Bayelsa: ₦268.34bn 6 Kano: ₦261.37bn7 Oyo: ₦207.37bn8 Katsina: ₦191.43bn9 Borno: ₦176.94bn10 Kaduna: ₦170.91bn 11 Jigawa ₦170.74bn12 Benue: ₦161.99bn13 Edo: ₦161.69bn14 Anambra: ₦161.54bn15 Ondo: ₦156.33bn16 Niger: ₦155.62bn17 Imo: ₦152.39bn18 FCT: ₦145.3bn19 Sokoto: ₦146.19bn20 Bauchi: ₦144.98bn 21 Kebbi: ₦143.93bn22 Osun: ₦141.48bn23 Adamawa: ₦139.14bn24 Kogi: ₦136.97bn25 Enugu: ₦133.29bn 26 Abia:…

Feb

2024

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By Abia ThinkTank

Cost Of Living In Nigeria, Lowest In Africa – Presidency

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

Nigerian Cost Of Living Lowest In Africa – Presidency Amid the soaring rate of inflation, the Presidency on Sunday claimed that Nigerians are enjoying the lowest living costs in Africa. It also said the administration of President Bola Tinubu was focused on “solving our economic and security challenges,” and while admitting that his reforms would cause “immediate pains, but will usher in an era of prosperity in the medium and long terms.” The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made these assertions in a statement he signed titled ‘Atiku Abubakar and his new hobby.’…

Feb

2024

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By Abia ThinkTank

Pressure On Naira: CBN Uncovers $2.4Billion False Forex Claim – Cardoso

CBN/Commercial Banking, Economy, News Flash

CBN Uncovers $2.4 Billion False Forex Claim Pressuring Naira – Cardoso The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7 billion backlog of unmet dollar demand…

Feb

2024

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By Abia ThinkTank

Those Celebrating Naira’s Fall On Twitter Are Clowns – VP Shettima

CBN/Commercial Banking, Economy, News Flash

Those celebrating Naira’s Fall On Twitter Are Clowns – Shettima Vice President Kashim Shettima has expressed his disappointment with Nigerians who find amusement in the depreciation of the Naira against the dollar, labeling them as ‘clowns.’ Shettima made this known while speaking at a function in Abuja on Wednesday, January 31. In the video which was shared by Symfoni, Shettima said, ‘”It is not only disheartening and disenchanting, but also heartbreaking that yesterday when the Naira culminated to N1,500 to the dollar, instead of us to coagulate into a single force and salvage our nation economy, sadly, some clowns are…