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JUST IN: FG raises exchange rate for cargo clearance to N1,356/$
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. This is coming weeks after the rate was increased from N783/$ to N952/$. In November, the exchange rate for cargo clearance was raised from N757 per dollar…
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Nigeria loses $3bn annually to poor sanitation -FG
The Federal Government, on Tuesday, disclosed that Nigeria is currently off-track concerning progress on achieving the global Sustainable Development Goal sanitation target and is regrettably among those behind. It also stated that the country loses about $3 billion annually due to poor sanitation arising from the use of unsanitary or…
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FG projects N19.4tn revenue in 2024
The Federal Government has set a tax revenue target of N19.4tn for 2024. This is as the Federal Inland Revenue Service collected a record N12.37tn in tax revenue for the federation in 2023, surpassing the year’s target of N10.7tn. According to the chairman, FIRS, Dr Zacch Adedeji, the new target…
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Impact of fuel subsidy removal tough on Nigerians —Tinubu
LAGOS – PRESIDENT Bola Tinubu, yesterday, acknowledged that the impact of the removal of fuel subsidy was very tough on Nigerians, and has affected every sector of the economy, including education, but assured that the future remained bright. Tinubu, who is a Visitor to the University of Lagos, UNILAG, spoke…
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FG seeks $1.5bn loans to shore up naira, boost budget
Nigeria is seeking $1.5bn aid from the World Bank to tackle the severe dollar shortage contributing to the decline of the naira. “We’re hoping to get $1bn or $1.5bn from the World Bank” for budgetary support, Finance Minister Wale Edun said Wednesday to Bloomberg. According to the minister, Africa’s largest economy…
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FG to clear N35,000 wage award arrears, resume payment
The Federal Government has assured workers that it will clear the arrears of the N35,000 wage award just as it also said the government had resumed the payment of the wage award. The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the…
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FG saves N8tn from subsidy removal, FX reform –Tinubu panel
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook…
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FG issues 13 new power generation, distribution licences
The Federal Government through the Nigerian Electricity Regulatory Commission has issued 13 new licences for the generation of off-grid and embedded power, independent electricity distribution, as well as for the trading of electricity. It said the new licences were issued in the third quarter of 2023, as the cumulative quantum…
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Funding challenges slow FG gas transition plans
The huge resources required by private investors to tap into President Bola Tinubu’s initiative to build a gas-powered economy before 2030 poses a major challenge to achieving the target, DARE OLAWIN writes Ever since assuming office, President Tinubu has been clear about his desire to shift the country’s reliance away…
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FG plans N450bn power intervention fund
The Federal Government is set to spend N450bn on power interventions in 2024. This is according to the budget analysis of the Nigerian Bulk Electricity Trading Company. Under the firm’s capital expenditure, N450bn was budgeted for ‘FGN Power Intervention Fund.’ The Government Owned Enterprise’s expenditure intends to spend a total…