Economy - Abia ThinkTank News

Sep

2023

Emefielegate: DSS Investigating Fraud Of $50 Billion Involving Olam International And Its Subsidiaries With CBN

President Bola Ahmed Tinubu is still cleaning up the mess left behind by Buhari and Emefiele during the last administration. The Department of State Services (DSS) is actively investigating a substantial economic fraud case involving Olam Nigeria Limited, Olam International, and nine subsidiary companies, with a total estimated value exceeding $50 billion. This investigation centers on a series of foreign exchange transactions dating back to 2015 when these companies reported approximately $34 billion as capital imports to the Central Bank of Nigeria (CBN). Instead of using these funds for legitimate investments in the Nigerian economy, they engaged in speculative foreign…

Sep

2023

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By Abia ThinkTank

Our Prosperity Will Derive Directly From Our Diversity Of Talent And Culture From Across Nigeria, President Tinubu Tells Nigerians In India

FGN, Economy

STATE HOUSE PRESS RELEASE OUR PROSPERITY WILL DERIVE DIRECTLY FROM OUR DIVERSITY OF TALENT AND CULTURE FROM ACROSS NIGERIA, PRESIDENT TINUBU TELLS NIGERIANS IN INDIA President Bola Tinubu, who is currently in India for the G-20 Summit, shared his conviction with Nigerians during an interaction with them on Thursday evening.The President called on Nigerians to harness the country’s rich diversity as a uniquely powerful tool for advancing prosperity and national development for the benefit of all citizens, emphasizing that our diversity must be leveraged to drive economic growth, innovation, and social progress. “We are here to present a new future…

Sep

2023

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By Abia ThinkTank

President Tinubu To G-20 Leaders: As Africa’s Largest Market, Economy, And Democracy, Nigeria Is Ready To Play Vital Role In G-20

Economy, Presidency

STATE HOUSE PRESS RELEASE PRESIDENT TINUBU TO G-20 LEADERS: AS AFRICA’S LARGEST MARKET, ECONOMY, AND DEMOCRACY, NIGERIA IS READY TO PLAY A VITAL ROLE IN G-20 President Bola Tinubu,on Saturday in New Delhi, India, expressed Nigeria's commitment to play a major role within the G-20 and contribute to shaping a more equitable world. Addressing world leaders at the 18th G-20 Leaders' Summit, the Nigerian leader called for global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order. While acknowledging the vital role of the G-20 in shaping a rules-based world order that promotes shared…

Sep

2023

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By Abia ThinkTank

Abia Government To Invest FG’s 2 Billion Naira Palliative Loan On Transportation

Abia State, Economy

Abia govt. to invest FG's 2 billion naira palliative loan on transportation Abia State Government says it will invest the 2 billion naira palliative loan so far released to Abia by the Federal Government on transportation. The Commissioner for Information and Culture, Prince Okey Kanu disclosed this while briefing the press along side some of his colleagues after this week's Executive Council meeting chaired by Governor Alex Otti. The Commissioner informed that details of how to deploy the loan would be made available soon ,maintaining that the State Government would roll out its own palliatives after it is through with…

Aug

2023

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By Abia ThinkTank

Newstrack: We spent N96.5bn To Print, Distribute New Naira Notes In 2022 – CBN

Economy, Presidency

We Spent N96.5bn To Print, Distribute New Naira Notes In 2022 – CBN The Central Bank of Nigeria (CBN) says currency issue expenses gulped N96.46 billion in 2022. This is contained in the apex bank’s recently released audited financial statement for the year ended December 31, 2022. In the report, the CBN said: “Currency issue expenses relates to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This is recognised at cost when incurred.” Checks by TheCable Index showed that the N96.46 billion recorded for currency issue expenses in 2022 is 32.9 percent higher from…

Aug

2023

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By Abia ThinkTank

Suspended CBN Governor, Emefiele Broke Down In Tears Over His (N6.9bn Procurement Fraud) Arraignment At The Federal High Court Abuja

Presidency, Economy

Suspended CBN Governor, Emefiele Broke Down In Tears Over His (N6.9bn Procurement Fraud) Arraignment At The Federal High Court Abuja The arraignment of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the Federal Capital Territory (FCT) High Court in Abuja over N6.9 billion alleged procurement fraud has been stalled due to the absence of the first and second defendants who are said to be indisposed. Emefiele was, however, present in court today and at point broke down in tears when Pressmen were trying to take his picture (Thursday). Following an application for adjournment, the Presiding Judge, Justice Hamza…

Aug

2023

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By Abia ThinkTank

Petrol Pump Price Won’t Go Up, Subsidy Remains – President Tinubu

Oil & Gas, Economy

Petrol Price Won’t Go Up, Subsidy Removal Stays – Tinubu Following rumours of a hike at the weekend, there was panic buying in some places, with Labour threatening a nationwide strike without notice should there be a further price adjustment. The Nigerian National Petroleum Company Limited (NNPCL) said it had no plan to adjust the current pump price. Ngelale stressed that Labour’s strike threat was premature. He told reporters at the Presidential villa that the steps being taken to clean up inefficiencies within the petroleum industry continue. He said: “The President wishes, first, to state that it is incumbent upon…

Aug

2023

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By Abia ThinkTank

We Pray Too Much In Nigeria-It’s Time To Embrace Science And Technology- Bishop Kukah

Economy

WE PRAY TOO MUCH IN NIGERIA - IS TIME TO EMBRACE SCIENCE AND TECHNOLOGY .. Bishop Kukah After independence, in order to build a great nation, each country went to work. But in Nigeria, after independence, our people went to pray and fast. So, while we were praying, Malaysia came here and took our palm seedlings and build a great factory of it. While we were praying, Singapore went into investment in technology. While we were praying, India went into ICT. While we were praying, China went to massive industrialization. While we were shouting Allah Alakuba! UAE went into massive…

Aug

2023

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By Abia ThinkTank

400-Level UI Student Appointed Member Of Tinubu’s Tax Reforms Committee

Economy

400-level UI student appointed member of Tinubu’s tax reforms committee August 08, 2023 Orire Agbaje, a 400 level Economics student of the University of Ibadan (UI), has been appointed by President Bola Tinubu as a member of the presidential committee on fiscal policy and tax reforms. TheCable understands that Agbaje is the president of The Tax Club, University of Ibadan, as well as the president of the Nigerian Universities Tax Club. On her LinkedIn profile, Agbaje describes herself as “assertive and hardworking”. “Presently, I’m an undergraduate student of University of Ibadan reading Economics; I major in International and Monetary Economics,”…

Aug

2023

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By Abia ThinkTank

Addressing Economic Disparities: The Call For Interest-Free Loans For All Citizens – By Faisal A. Garba

Economy

Addressing Economic Disparities: The Call for Interest-Free Loans for All Citizens By Faisal A. Garba In recent times, the removal of the subsidy on petroleum products by President Ahmed Bola Tinubu has caused a significant increase in the prices of essential commodities used every day by the common man. This sudden spike in living costs has put immense pressure on the already struggling citizens, particularly the Muslim community who are unable to access the proposed loans due to the interest component. As a concerned citizen, I call on President Tinubu to reconsider this aspect and introduce interest-free loans to ensure…