Economy - Abia ThinkTank News

Jan

2024

President Tinubu Shakes Up Oil Industry, CBN To Take Over Crude Sales From NNPC

CBN/Commercial Banking, Economy, News Flash

Tinubu Shakes Up Oil Industry, Directs CBN To Take Over Crude Sales From NNPC President Bola Tinubu has announced a shake-up in the oil sector to ensure transparency amid concerns about declining oil revenue and opaque practices within the Nigerian National Petroleum Company Limited (NNPCL) The President has directed the Central Bank of Nigeria (CBN) to take over responsibility for crude oil sales from NNPCL. Previously, the NNPC solely controlled crude oil sales, only submitting accounts to the federal government. Critics have long argued that this arrangement lacked transparency, allowing the NNPC to underreport earnings. The new directive requires the…

Jan

2024

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By Abia ThinkTank

Tinubu Should Be In Guinness World Records – Peter Obi

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

Tinubu Should Be In Guinness World Records For Causing Nigerians Most Hardship – Peter Obi The presidential candidate of the Labour Party and former Anambra State governor, Peter Obi, has stated that President Bola Tinubu should be in the Guinness World Records for “causing Nigerians the most hardship – untold hardship.” Obi added that he had put the 2023 general elections behind him already and he was now focusing on governance and real issues. Speaking in an interview with Vanguard, he noted that Nigerians on the streets could judge the performance of Tinubu so far since May 2023. Recall that…

Jan

2024

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By Abia ThinkTank

SLS Speaks On CBN Relocating Departments To Lagos

CBN/Commercial Banking, Economy, News Flash

SLS on the CBN and moves on relocating departments and functions There are a number of errors in the previous write ups on the CBN’s initial strategy on departmental locations. I did not demolish the old building. The credit for the design and the contract for the new Lagos building goes to Charles Soludo. But it is true that I did the formal foundation laying ceremony when JB brought the building to ground level, and I opened the building and used it before I left the CBN. There was no "blue print". Yakasai may have been informed by someone of…

Jan

2024

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By Abia ThinkTank

Gov Otti To Investors: Abia Open For Business ….. As Signature Bank Launches 2 Branches

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

January 24, 2023 Press Release: GOV OTTI TO INVESTORS: ABIA OPEN FOR BUSINESS … AS SIGNATURE BANK LAUNCHES TWO BRANCHES Abia State Governor, Dr. Alex Otti, OFR, says Abia is open for business and that his government would do all that is possible to support legitimate investors with a view to boosting the economy of the state, creating wealth and taking the people out of poverty. Governor Otti stated this on Wednesday at the official opening ceremony of two branches of Signature Bank Limited in Aba and Umuahia. He said the opening of two branches in one day by Signature…

Jan

2024

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By Abia ThinkTank

FG, States, LGs Share N1.13 Trillion December Revenue

News Flash, Economy, Politics

FG, States, LGs Share N1.13 Trillion December Revenue The Federation Account Allocation Committee says it shared a total sum of N1.13 trillion of earnings in December 2023 with the Federal Government, States, and Local Government CouncilsThis is N500bn more than the N1.08trn shared to each state in November.The FAAC in a communique after its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, said the N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference…

Jan

2024

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By Abia ThinkTank

Forex Reserves Rise To $33.2 Billion Amid Optimism On Oil Earnings

CBN/Commercial Banking, Economy, News Flash

Forex Reserves Rise To $33.2 Billion Amid Optimism On Oil Earnings Nigeria’s foreign exchange (forex) reserves have risen to $33.25 billion amid optimism that the country may surpass its crude oil earnings’ projections. The nation’s forex reserves rose by $140 million to close weekend at $33.25 billion, sustaining a build-up that had raised expectations of a stronger outlook among analysts. The reserves, which had closed 2023 at $32.91 billion, closed penultimate week at $33.11 billion. Brent crude oil price inched higher by 1.6 per cent to $78.48/bbl at the weekend as escalating tensions in the Middle East and disruptions in…

Jan

2024

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By Abia ThinkTank

FG Set To Constitute Minimum Wage Committee

Abuja, Economy, FGN, News Flash

💥BOOM The Federal Government Are Set To Constitute A Minimum Wage Committee To Dialogue With Labour Union And Review The Current N30k Minimum Wage. ●NLC Also Constituted A Negotiation Team And Awaits The Resumption Of Negotiations. ●Governor's Forum Would Be Involved In The Negotiation Process This Time. ●The Senate Is Ready To Support The Push For A New Minimum Wage. ●Federal Government Promises To Settle The N35k Wage Award Agreement Reached With NLC. ●A New Minimum Wage Should Be In Motion By April 1st 2024. Fingers Crossed !!!

Jan

2024

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By Abia ThinkTank

Emefiele Illegally Obtained $6.2 Million By Impersonating SGF – EFCC

Crime, Economy, News Flash

Emefiele Impersonated SGF To Illegally Obtain $6.2 Million – EFCC The Federal Government has for the third time amended the criminal charges it filed against the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele. In the latest amended charge taken before Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja on Thursday, the Economic and Financial Crimes Commission accused Emefiele of impersonating the Secretary to the Government of the Federation to illegally obtain a sum of $6.2m. According to the amended charge marked CR/577/2023, Emefiele, on February 8, 2023, connived with one Odoh Ocheme, who…

Jan

2024

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By Abia ThinkTank

Moving CBN Staff To Lagos Will Disrupt Operations – Northern Elders

CBN/Commercial Banking, Economy, News Flash, Politics

Moving CBN Staff To Lagos Will Disrupt Operations – Northern elders The Northern Elders Forum has warned that the movement of key departments of the Central Bank of Nigeria from Abuja to Lagos State may lead to brain drain. The development, the elders said would cause a strain and disruption on the bank’s performance and efficiency. The apex bank, on Sunday, in an internal memo said it was moving some of its departments to Lagos. The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office. Reacting to…

Jan

2024

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By Abia ThinkTank

NG- Cares: ABIA Govt Starts Assisting SMEs With N5.9 Billion Grants

Abia State, Economy, Good Governance, News Flash

NG-Cares: Abia Govt Starts Assisting SMEs With N5.9 Billion Grants Abia State Governor, Alex OttiA total of 6,500 small scale business owners in Abia State have benefitted from Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Program (results area 3). NG-CARES is a program designed to mitigate the negative impact of the COVID-19 pandemic on the livelihoods of poor individuals, farmers, vulnerable households, communities, and owners of micro and small enterprises in Nigeria. The program is subdivided into result area 1, 2 and 3. The result area 1 focuses on increasing social transfers, basic services, and livelihood support to poor…