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Nigeria Records -N7.37Trn Merchandise Trade Deficit In 2020

Nigeria’s total merchandise trade deficit last year worsened remarkably increasing to -N7. 37 trillion, as the COVID-19 pandemic negatively impacted across the broad spectrum of the economy, particularly the real sector. The latest ‘Foreign Trade in Goods Statistics (Q4 2020)’ report by the National Bureau of Statistics (NBS), indicated in the year under review, Nigeria’s […]

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Raise Bonds to Fund Revenue Generating Projects – FG Urged

Key stakeholders in the nation’s fiscal system and investment space on Thursday advised the Federal Government to focus on raising bonds from the capital market as a means to financing revenue generating projects while working to reduce balance sheet borrowing. The advice was among other key resolutions reached at the Securities and Exchange Commission’s yearly […]

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FG To Provide 15% Funding For P/Harcourt-Maiduguri Railway – Buhari

President Muhammadu Buhari on Tuesday disclosed that the Federal Government would provide only 15 percent of the $3.2bn funds for reconstruction of Port Harcourt-Maiduguri railway line with the balance to be provided through loans from a consortium of Chinese partners, led by Messrs CCECC Nigeria Limited The project has new branch lines to Owerri, Imo […]

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Tracka Raises Concern Over N59Bn Zonal Intervention Projects

Tracka, an arm of BudgIT, has raised concerns over the allocation of over N59 Billion to empowerment projects of the N100 billion 2021 Zonal Intervention Projects (ZIPs) nominated by members of the National Assembly. It is discouraging that elected representatives have consistently nominated empowerment projects that add less value and impact on citizens’ welfare thereby […]

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Borno To Sanction MDAs Over Extra-budgetary Spending

Borno State Government on Friday warned Ministries, Departments and Agencies (MDAs) to avoid spending out their budgetary provisions and threatened that any defaulting agency will be penalized. The warning came on the heels of the payment of the sum N12 billion by the state government to offset gratuities of 4,862 retirees in the state and […]

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African Energy Chamber’s President Seeks Timely Passage Of PIB

The President of the African Energy Chamber (AEC), NJ Ayuk, on Friday urged the Nigerian Government to fast-track the Legislature’s ongoing deliberations on the Petroleum Industry Bill 2020 and enact it in view of its positive implications for improved investments in the continent’s energy sector. Ayuk, in an opinion article titled ‘Africa needs Pragmatic Free […]

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2020 Budget: Senate Approves N11.35Bn For Police Trust Fund

The Senate on Wednesday approved the sum of N11,352,457,101.70 as budget for Nigeria Police Trust Fund for the 2020 fiscal year. The approval was sequel to the consideration of the harmonized report of the Senate and House of Representatives Committee on Police Affairs. The implementation of the NPTF 2020 budget would lapse on the 30th […]

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FG Assures Timely Implementation Of UNIDO-Assisted Country Programme

The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, has said that the Steering and Programme Coordinating Committees of the Nigeria-United Nations Industrial Development Organisation (UNIDO) Country Programme (CP) 2018 – 2022, will move fast in ensuring timely and effective implementation of the programme. A statement issued by the ministry’s Assistant Director, […]

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Telecom/ICT Industry infrastructure Gap Will Require Over N15Trn – ATCON

The Association of Telecommunications Companies in Nigeria (ATCON) on Thursday projected that about N15 trillion would be required to finance the current infrastructure gap in the nation’s telecom/ICT industry in the next few years. The association’s President, Mr. Ikechukwu Nnamani, made the projection when he led a delegation of the association’s newly elected National Executive […]

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World Bank Approves $500Mn To Enhance Nigeria’s Power Distribution

The World Bank Group has approved $500 million to support the Nigerian government’s efforts targeted at improving its electricity distribution sector. A statement issued by the Breton Woods institution on the financing support, indicated that the project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale […]