FG
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Poor power supply: FG moves to take over BEDC, sack management — INVESTIGATION
Barely a month after the takeover of Kaduna DisCo over a N10 billion debts, the federal government has concluded plans to take over Benin Electricity Distribution Company, BEDC, over alleged prolonged poor performance. BEDC, one of the successor distribution companies, created, following the unbundling and privatization of the state-owned Power…
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FG asks applicants to submit NINs for trade grants
The Ministry of Industry, Trade, and Investment has directed applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers as part of the necessary requirements to obtain a grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country. The government…
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FG discusses submarine cable protection with ITU
The Federal Government and the International Telecommunication Union, ITU, have resumed discussion targeted at protecting submarine cables and other digital infrastructure. The Minister of Communications and Digital Economy, Bosun Tijani, disclosed this on his X on Wednesday. The move to build resilience in the digital infrastructure followed the recent undersea…
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States owe FG N1.7tn budget loans
The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities. The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of…
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MoU with UK firm on rail project not binding – FG
Some described the situation as another “P&ID saga in the making,” referencing the high-profile contract dispute between Nigeria and P&ID, a British Virgin Islands-registered company. GOLDMYNETV online reports that the Ministry of Transport signed an MoU with Messrs MPH Rail Development Limited, a company based in the United Kingdom. This…
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FG plans fresh borrowing via Eurobond in June
The Federal Government has enlisted the expertise of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide its forthcoming Eurobond issuance. It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm Chapel Hill Denham to consult on this venture.…
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School abduction: FG rules out ransom payment, considers US offer
The Federal Government, on Wednesday, said it would not pay “a dime” as ransom for the release of over 280 pupils and teachers kidnapped from the Government Secondary School and LEA Primary School at Kuriga, Kaduna State. The Federal Government also said it had received offers of help from the…
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FG threatens to revoke licences of electricity distribution companies over power supply
The Federal Government has threatened to revoke the licences of power Distribution Companies over epileptic power supply across the country. The Minister of Power, Adebayo Adelabu, made this known on Wednesday, March 6. Through his X handle, Adelabu said the Chief Executives of Abuja Electricity Distribution Company, Ibadan Electricity Distribution…
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Fuel subsidy removal: Nigeria has attracted over $30bn FDIs — FG
Despite the attendant economic hardship, the Federal Government has said that fuel subsidy removal has started yielding dividends, disclosing that over $30 billion foreign direct investments, FDI, had been attracted so far. Minister of Information and National Orientation, Mohammed Idris, said this over the weekend while chatting with the media…
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FG pays $120m from gas debts as blackout spreads
The Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Nigeria is currently suffering from low power supply because many gas suppliers have reduced, while others stopped supplying the commodity to power-generating companies…