A deputy director in the Trade Department of the Ministry of Industry Trade and Investment, Aliyu Abubakar has lamented that Nigeria was yet to benefit from the African Growth and Opportunity Act (AGOA) since it was signed into law in May 2008. Abubakar, who made this known in an interview in Abuja yesterday said a […]
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The Federal Government, yesterday, explained why the Nigerian National Petroleum Corporation (NNPC) is shortchanging Nigerians to fund importation of petrol at cost higher than ₦143 per litre. Minister of Finance, Kemi Adeosun, made the explanation after a four and half hours Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. Adeosun, who briefed […]
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The Federal Executive Council meeting presided over by President Muhammadu Buhari, Wednesday, adjourned its deliberations to Thursday after four hours of addressing half of the memos brought to council. At the end of yesterday’s meeting, Council approved a total sum of about ₦960 billion to execute projects covering education, roads, dams, power, health, maritime, terminal […]
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The Federal Executive Council (FEC) has approved the amendment of Section 15 of the Production Sharing Contract (PSC) law, which none implementation has cost the nation an estimated $21billion (about N7.602 trillion) in revenue to International Oil Companies (IOCs). When the Act is amended, close to $2 billion (about N700 billion) extra revenue will be […]
Read More The Federal Executive Council, presided over by Vice-President Yemi Osinbajo, on Wednesday approved $500m for the purchase of coaches, wagons, locomotives for Lagos-Ibadan and Itakpe-Warri railways. The Minister of Transportation, Mr Rotimi Ameachi, disclosed this when he briefed State House Correspondents on the outcome of the council’s meeting held at Council Chamber of the Presidential […]
Read More The Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, Wednesday, approved the sum of ₦25,994 billion for Distribution Companies (Discos), to offset some of the debts owed by Ministries Departments and Agencies (MDAs). The Council approved the verified sum of ₦25.994 billions for Discos out of the claims of ₦67.41 billions, leaving […]
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The Federal Executive Council (FEC) presided over by Acting President, Yemi Osinbajo, has approved plans to issue $3 billion (about ₦900 billion) worth of bonds to refinance maturing government treasury bills. The plan, which will soon go to the National Assembly for approval is meant to cut cost and extend debts maturity as well as […]
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The Federal Executive Council has approved the establishment of the proposed Information and Communications Technology University of Nigeria. The Acting President, Prof. Yemi Osinbajo disclosed this at the opening of a two-day summit on Smart Cities in Nigeria in Abuja on Tuesday. The implementation committee of the proposed university submitted its report to the Minister […]
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The Federal Government has announced a tax holiday ranging from between three and five years to fresh 27 industries. This followed the amendment of the list of pioneer industries and products at the Federal Executive Council (FEC) meeting presided over by Acting President Yemi Osinbajo, yesterday. Minister of Trade and Investment, Okechukwu Enelamah, at the […]
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The Federal Executive Council (FEC) yesterday approved $188.807 million and ₦8.576 billion for some road, power and port projects. The approvals included reimbursement of ₦7.943 billion to Kwara State for construction of Kayamakishe road. Afam Power Plant was approved for $186.6 million. The contract for the substation of the Afam plant is $2.207 million for […]
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The Federal Executive Council, FEC, has approved the constitution of a National Minimum Wage Committee to kick start the process of deliberations for a new wage for Nigerian workers. Briefing journalists at the end of the meeting presided over by Acting President, Yemi Osinbajo, at the Presidential Villa, Abuja, yesterday, the Minister of Labour and […]
Read More The Federal Executive Council presided over by President Muhammadu Buhari, has approved the $500 million Eurobond from the international capital market to fund the 2016 budget. The Minister of Finance, Kemi Adeosun, who briefed State House Correspondents alongside the Ministers of Information and Culture, Lai Mohammed, and Interior, Abdurahman Dambazzau, said that the next steps […]
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