Economy

The Director General, Budget Office of the Federation, Ben Akabueze, has recommended the suspension of salary increases for government agencies, discontinuation of Premium Motor Spirit (PMS) subsidy, among other measures to avert debt…
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Nigerian banks’ operating environments could deteriorate in 2022–2023 as adverse global economic conditions feed through to the local economy, Fitch Ratings said in a report Thursday.Fitch also said the pressures on banks’…
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Nigeria has earned about $119 billion from crude oil exports from 2017 to 2021 under President Muhammadu BuhariThe country produces over one million barrels of crude oil per day, which is a far cry from previous productionsExperts say…
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...Large volumes of petrol are being smuggled to Cameroon, Ghana, Benin Republic and as far as Sudan - SourcesThe smuggling of subsidised petrol across Nigeria’s borders is emerging as the hottest gig in town as housewives,…
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"The World Bank stated that while domestic price of PMS has remained fixed, global PMS prices have risen, therefore increasing the cost of the PMS subsidy"This was disclosed in the November 2021 edition of its Nigeria Development…
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Vice President Yemi Osinbajo has observed that focusing on non-oil exports, with the Zero-Oil Plan actively promoted by the Nigerian Export Promotion Council (NEPC), Nigeria is on the right path to economic diversification.He…
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"The rally in LNG has widened the economic incentive to switch to oil from natural gas in power generation" By Teddy NwanunobiA research conducted by consultancy, Rystad Energy, has projected that sustained increase in the…
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The export component of Nigeria’s trade with its partners was valued at N5,079.44 trillion or 42.22%, the import was valued at N6,950.21 trillion or 57.78% while the trade balance stood at a deficit of N1,870.77 trillion, showing that…
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By Teddy Nwanunobi Nigeria’s LNG carrier, LNG Abuja II, arrived in Turkey on August 23, latest Turkish ship tracking data revealed.According to a Turkish agency, Hurriyet Daily News, the vessel has a capacity of…
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The Nigeria Government has failed to make oil revenue savings into the Excess Crude Account (ECA) despite increase in global oil price.Conversely, withdrawals have been made from the account, which saw it being depleted by $11.56…
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