Economy

Dec
24
2023
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By Abia ThinkTank
Jubilation As Tinubu Approves Disbursement Of N-Power Stipends Due For 9 Months

Jubilation As Tinubu Approves Disbursement Of N-Power Stipends Due For 9 Months

Abuja, Economy, News Flash
This directive follows a report from SaharaReporters highlighting the plea of N-Power beneficiaries from Batch ‘C,’ organized under the National Association of N-Power Beneficiaries. In their communication to the President, they urged him to address the issue of unpaid stipends and requested the summoning of the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, for an inquiry into the prolonged nonpayment....CONTINUE READING Expressing their dissatisfaction, the beneficiaries, through their National Publicity Secretary, Adeshina Adex, emphasized that the N-Power management had failed to distribute stipends over the past nine months. They revealed that, in the months of October, November, and…
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Dec
22
2023
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By Abia ThinkTank
Jubilation As Port Harcourt Refinery Commence Operation

Jubilation As Port Harcourt Refinery Commence Operation

Economy, News Flash, Oil & Gas
Nationwide Jubilation As Portharcourt Refinery Commences Operation The Port Harcourt Refining Company, PHRC, Limited, with a combined capacity of 210,000 barrels per day, commenced operation on Wednesday. According to a video sighted by our correspondent, the refinery’s flare indicated the commencement of oil refining. The development comes months after the Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri said in August that the Port Harcourt refinery will commence operation in December 2023. According to the Minister, the objective is to ensure the country stops importing fuel. Corroborating Lokpobiri’s stance, the Nigerian National Petroleum Corporation Limited, NNPCL, declared that importing…
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Dec
22
2023
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By Abia ThinkTank
Naira Scarcity: Banks Colluding With POS – CBN

Naira Scarcity: Banks Colluding With POS – CBN

CBN/Commercial Banking, Economy
Banks Colluding With POS Operators To Disrupt Naira Circulation — CBN Discloses As cash scarcity occasioned by the redesign of three naira notes continues to bite Nigerians about a year after the implementation of the policy, the CBN has warned against collusion between Deposit Money Banks (DMBs) and Point-Of- Sale (PoS) operators. In a statement on Thursday by its spokesperson, Sidi Ali, Hakama, the apex bank said such collusion was affecting the availability of cash and the seamless circulation of the naira in the country. The CBN said it was investigating reported cases of collusion between banks and PoS operators…
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Dec
18
2023
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By Abia ThinkTank
99.9% Households Yet To Receive FGN’s Cash Transfer – Times Data

99.9% Households Yet To Receive FGN’s Cash Transfer – Times Data

CBN/Commercial Banking, Economy, News Flash
99.9% Households Yet To Receive FG’s Cash Transfer –The World Bank has reported that approximately 99.9% of targeted poor and vulnerable households are yet to receive the Federal Government’s recently announced N25,000 per month cash handout. According to The Times, data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, was presented last week in Abuja during the Nigeria Development Update, December 2023 edition. The Federal Government intends to provide cash transfers to low-income households, paying N25,000 per month for three months, according to his presentation material. President Bola Tinubu introduced the Conditional Cash Transfer Program on October 17,…
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Dec
16
2023
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By Abia ThinkTank
FG, States, LG Share N1.088 Trillion November Allocation

FG, States, LG Share N1.088 Trillion November Allocation

FGN, Economy, News Flash
FG, States, LGs share N1.088 Trillion November Allocation The Federation Account Allocation Committee has shared the sum of N1.088 trillion to the Federal Government, States and Local Government Councils. A communique issued at the end of the FAAC, in Abuja, on Friday, indicated that the allocation came from November 2023 Federation Account revenue. The N1.088 trillion distributable revenue comprised a distributable statutory revenue of N376.306 billion, distributable Value Added Tax revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion. According to the communique, a total revenue of N1.620 trillion was…
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Dec
13
2023
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By Abia ThinkTank
Labour Angry As FG Stops N35,000 Award Payments

Labour Angry As FG Stops N35,000 Award Payments

Economy, FGN, Labour, News Flash
Labour Fumes As FG Stops N35,000 Award Payments The organised Labour and the Federal Government are on a collision course over the government’s failure to sustain the payment of N35,000 wage award to workers. Workers in the Federal Civil Service, in separate interviews with our correspondent on Monday, noted that the Federal Government only paid N35,000 wage award for September. Following the removal of the fuel subsidy by President Bola Tinubu on his assumption of office, the Federal Government agreed to pay N35,000 to each of its workers to reduce the hardship caused by the subsidy removal. The government, in…
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Dec
12
2023
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By Abia ThinkTank
Making A Clear Difference: Being Speech By Governor Otti To Abia House Of Assembly During 2024 Budget Presentation

Making A Clear Difference: Being Speech By Governor Otti To Abia House Of Assembly During 2024 Budget Presentation

Abia State, Economy, Good Governance, House Of Assembly, Politics
MAKING A CLEAR DIFFERENCE Being the Text of a Speech Presented by Governor Alex Otti to the Abia State House of Assembly on the Occasion of the Presentation of the Draft of the 2024 State Budget on December 12, 2023 at the House of Assembly Complex, Umuahia Protocol, I stand before you, Mr Speaker, Honourable Members, fellow Abians, friends and well-wishers with a great sense of responsibility, grateful for the sacred honour to present the 2024 budget proposal to this Honourable Assembly and offer our people at home and in the diaspora, an insight into our holistic plans and programmes…
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Dec
09
2023
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By Abia ThinkTank
Currency Shortage: CBN Warn Nigerians On Circulation Of Counterfeit Naira Notes

Currency Shortage: CBN Warn Nigerians On Circulation Of Counterfeit Naira Notes

Economy, CBN/Commercial Banking, News Flash
CBN Warns Nigerians On Circulation Of Counterfeit Naira Notes Amid Currency Shortage The Central Bank of Nigeria has warned Nigerians to be wary of counterfeit naira notes in circulation amid reports of currency shortage in the country. In a statement released on Friday titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The Central Bank assures the public that it is working with law enforcement operatives to apprehend those responsible for circulating counterfeit currency. The statement, in part, said,…
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Dec
08
2023
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By Abia ThinkTank
Why P&G Stopped Production In Nigeria, Resorts To Import-Only Model

Why P&G Stopped Production In Nigeria, Resorts To Import-Only Model

Business, Economy, News Flash
Why P&G Stopped Production In Nigeria, Resorts To Import-Only Model An American multinational consumer goods firm, Procter & Gamble, popularly known as P&G, has announced that it is winding down its on-ground presence in Nigeria. The Chief Financial Officer, Andre Schulten, made this known during his presentation at the Morgan Stanley global consumer & retail conference in New York on Tuesday. P&G is the manufacturer of common Nigerian household items such as Pampers, Always, Oral B, Ariel, Ambi-pur, SafeGuard, Olay and Gillette. According to Schulten, P&G will transition into importing its products to Nigeria rather than producing them in the…
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Dec
08
2023
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By Abia ThinkTank
OPay, Palmpay, Other Non-Deposit Financial Institutions To Be Pulled Down From Fund Transfer Channels

OPay, Palmpay, Other Non-Deposit Financial Institutions To Be Pulled Down From Fund Transfer Channels

CBN/Commercial Banking, Economy, News Flash
Opay, Palmpay, Other Non-deposit Financial Institutions To Be Pulled Down From Fund Transfer Channels According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit taking financial institution from their NIP fund transfer channels. The non-deposit-taking financial institutions include switching companies, payment solution service providers, and super agents. The NIP fund transfer channels include USSD, mobile banking apps, POS, ATMs, plus web and internet platforms. According to the circular released by NIBSS, “listing non-deposit taking financial institutions such as switching companies (switches). Payment Solution Service Providers (PSSP), and…
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