At least ₦11 trillion meant for the provision of adequate electricity for Nigerians was squandered under ex-presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, a report alleged on Wednesday. The report released by Socio-Economic Rights and Accountability Project at the Westown Hotels, Lagos on Wednesday also estimated that the “financial loss to Nigeria from […]
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The Nigerian Federal Government on Tuesday applied to pullback case it instituted against seven commercial banks in the country, which were accused of violating the government’s Treasury Single Account policy. The Federal Government had alleged that the banks connived with some government agencies to illegally hide in their coffers, a total of $793,200,000, which was […]
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Niger State government on Tuesday confirmed that a pension fund totaling ₦5.77 billion is missing. The money is 7.5 per cent employer/employee Contributory Pension Scheme deduction made on behalf of the Niger State Universal Basic Education Board (SUBEB) and local government councils in the state from 2007 to 2015. However, the state government has put […]
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In a single haul in Lagos, the Nigeria Customs Service has made a seizure of high profile vehicles valued at ₦1.374 billion. The Comptroller General of the NCS, Col. Hameed Ali, (Rtd), disclosed this in Lagos on Tuesday while showing 37 assorted Sports Utility Vehicles and used cars seized by the service to journalists. Ali […]
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Nigeria’s apex Bank; Central Bank of Nigeria (CBN) yesterday further energised the foreign exchange market with additional $195 million for the three segments. In the wholesale segment of the inter-bank foreign exchange market, the apex bank auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum […]
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Shell Petroleum Development Company of Nigeria (SPDC) has said that it was providing the sum of $10 million as take-off fund and contribution towards the clean-up of Ogoniland. The oil firm further expressed its commitment to the remediation of oil impacted spots in the area. SPDC General Manager, Internal Relations, Mr. Igo Weli, explained that […]
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The Oyo/Osun Command of Nigeria Customs Service has raked in ₦8.8 billion (approximately ₦9 billion) in the first half of 2017 fiscal year, notwithstanding economic recession slowing down commercial activities in the country. The Command also made 57 seizures of various prohibited items like textile materials, foreign rice, footwear, vehicles and bales of second hand […]
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Government of Ireland is giving out €350,000 (CHF 367,000) to Nigeria and other developing countries as part of efforts to encourage them participate in world trade. According to the World Trade Organisation (WTO), the contribution from the government of Ireland was for WTO trade-related programmes to help developing countries and, in particular, least developed countries […]
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Acting Chairman, Fiscal Responsibility Commission, (FRC,), Mr Victor Muruakor has said that the Federal Government’s revenue projections contained in the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) are feasible and achievable. Speaking to newsmen on Tuesday in Abuja, the FRC chair said the projections were in line with the realities on […]
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The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that 55 per cent of the revenue generated by the Federal Government from Value Added Tax receipts was being collected from Lagos State. Adeosun, according to an online publication, TheCable, said this during a meeting with members of the Progressive Governors’ Forum in Birnin Kebbi. […]
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The naira is forecast to trade in a narrow range in the coming days, and is expected to get support due to dollar inflows from the Central Bank of Nigeria and offshore investors. The local currency was quoted at ₦364/dollar on the black market on Friday, slightly firmer than 368 last Friday. At the official […]
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Kogi Government has released ₦2 billion to the 21 local government councils in the state as their share of the ₦6.2 billion of the Paris Club refund the state received from the Federal Government. A statement issued in Lokoja on Saturday by the Commissioner of Finance, Mr Idris Ashiru, said the government’s share of the […]
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