Nigeria’s rising inflation worrisome, experts say

Two financial experts on Friday expressed concerns over the country’s rising inflation rate and urged the Federal Government to revisit the borders closure. They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the September inflation figure released by the National Bureau of Statistics (NBS) on Thursday. The Consumer Price Index report released by the NBS said that the nation’s headline inflation rose by 0.49 basis points in September to 13.71 per cent from 13.22 per cent recorded in August. NAN reports…

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Buhari approves contract for Port Harcourt-Maiduguri rail line

President Buhari has approved the rehabilitation and reconstruction of the Port Harcourt-Maiduguri rail line. Minister of Transportation, Rotimi Amaechi, disclosed this while briefing the virtual meeting of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari. Amaechi revealed that FEC also approved the construction of a new deep seaport in Bonny, under PPP and the construction of a railway Industrial park in Port Harcourt. The Minister who disclosed that the railway line will be at the cost of $3,020,279,549, added that the industrial park, being executed under a…

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Nigeria lifts ban on Emirates Airlines

The Federal Government has agreed to lift the ban placed on Emirates Airlines from operating into and out of the country. Mr James Odaudu, Director, Public Affairs, Ministry of Aviation, in a statement on Wednesday said that the lift of the ban was based on an undertaking by the authorities of the United Arabs Emirates (UAE) Odaudu said the Minister of Aviation, Senator Hadi Sirika, had said the commencement of the airline’s operations would, however, depend on the commencement of visa issuance by the UAE. “UAE has written to state…

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COVID-19: Why Nigerians should avoid imported frozen foods now – NCS

As part of moves to permanently flatten the curve of the coronavirus pandemic in the country, health experts have cautioned Nigerians on the consumption of imported frozen foods for now. The warning is coming on the heels of a circular issued by the Nigeria Customs Service (NCS), recently, on a planned importation or smuggling in of frozen chicken from China and Ecuador. In the memo dated September 9, 2020, and signed by the acting deputy comptroller in charge of enforcement, I.T Magaji, addressed to all zonal coordinators, Area comptrollers and…

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FG will soon reopen land borders, says Osinbajo

The Federal Government is working towards reopening the nation’s land borders after one year they have been closed, Vice President Yemi Osinbajo has said. Osinbajo gave stated this while speaking during a webinar organised by The Africa Report where he noted that the closure of the country’s land borders was done to protect Nigeria’s economy and enhance security. While stating that the Nigerian Government is committed to the letters of the Africa Continental Free Trade Agreement (AfCFTA), he added that Nigeria has started working with its neighbouring countries to work…

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Revenue Generation: FG takes over NNPC, Customs, FIRS, NPA, NIMASA, NCC, others

Pressured by dwindling revenues and heavy debt burden, the Federal Government on Tuesday moved to boost its resources by directly taking over control of revenue management of its 10 most lucrative enterprises. The 10 government-owned enterprises (GOE) named in the first phase of the initiative are Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS). Others include Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC) Federal Airports Authority…

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FG spends N8.9t on subsidy in 10 years – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the Federal Government has spent a total of N8.94 trillion on oil subsidy between 2006 and 2015. The agency disclosed this in a document on subsidy payment released in Abuja on Monday. It said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review. A breakdown of the money indicated that in 2006 a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to…

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FG apologises over controversial tweet ordering bank account holders to re-register

The Federal Government has apologised for misleading the public when it ordered all account holders in the country’s financial institutions to register their details again. The government had said on its twitter handle that despite the possession of the Bank Verification Number and the National Identification Number by account holders, they must re-register. But the Federal Government on Friday apologised for the misleading information, saying that not everyone would have to re-register with the banks. “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion…

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Despite BVN, FG asks bank account holders to register again

The Federal Government of Nigeria has directed Nigerians with accounts in any financial institutions to obtain complete and submit Self – Certification Forms to their respective financial institutions. The financial institutions comprise of banks, insurance companies and others. The forms, according to a tweet thread from the verified account of the Government of Nigeria explained that the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019. The federal government said individuals who hold accounts in different financial…

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N190bn Debt: Abuja-Kaduna train service and burden of China loan

Kaduna train project is one of the foremost projects executed with the loans from China, and there are doubts on how this project can generate enough to finance its repayment process, four years after the route was commissioned. In 2010, the Federal Government borrowed $500 million (about N190.5 billion) from the Chinese Government through the China Exim Bank to build the facility. A Chinese firm, the CCECC built the facility as part of the loan terms. The loan which is to be paid over a period of 20 years had…

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