Economy

Buhari to jet out to US for United Nations summit on Monday

By Wahab Akanji, Abuja President Muhammadu Buhari is expected to jet out to the United States of America (USA) on Monday to participate in the 71st session of the United Nations General Assembly (UNGA). According to the Presidency in a statement it issued on Friday the meeting is scheduled for between September 19 and 23, in New York, United States. ...

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Recession: FG targets $15b from assets sales, concession

*Releases N400b for capital expenditure By Olaolu Oladipo, Lagos The Minister for National Planning, Senator Udoma Udo Udoma has stated that the Federal Government is targeting the sum of $15b from sale of assets and concession of key infrastructure as a way of raising funds for developmental purposes.

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NSCDC arrests 50 militants, destroys 15 illegal refineries

The Nigerian Security and Civil Defence Corps, has arrested 50 suspected militants in Rivers State and destroyed 15 illegal refineries in different locations in the Niger Delta region. The NSCDC Commandant-General, Abdullahi Muhammadu, disclosed that the suspects were arrested on Wednesday night, during a special operation by NSCDC operatives in the state. The CG told journalists at a press briefing ...

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Nigeria can withstand economic problems, says Wamakko, APC senator

The member representing Sokoto Central at the Senate, Senator Aliyu Wamakko has expressed the hope that Nigeria will soon overcome her present economic woes, adding that the recovery of the country from economic recession called for the collective resolve of all citizens. Wamakko who is the immediate past governor of Sokoto State stated that Nigeria has been through similar crisis ...

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Cross River teachers begin strike over salary arrears

By Samuel Ita, Uyo Primary school teachers in Cross River State have resolved to commence industrial action over non-payment of their four months salary arrears by the state government. The leadership of the Nigeria Union of Teachers (NUT) in the state, on Thursday directed its members to stay at home pending when salaries would be paid. In a circular tagged ...

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Oil prices rise to $46 pb

Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by US stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said. At about 1015 GMT, US benchmark West Texas Intermediate for delivery in October was up 20 cents at $43.78 a barrel. Brent North Sea crude for November delivery won 32 ...

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SERAP to FG: Prosecute Jonathan’s wife over $15m cash scam

By Olaolu Oladipo, Lagos   A group, Socio-Economic Rights and Accountability Project (SERAP) has asked the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Mallam to prosecute the wife of the immediate past president, Mrs. Patience Jonathan.   In a statement issued on Wednesday, SERAP urged Mallami to “Use your good offices as a defender of public interest, ...

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Tambuwal canvasses more allocation to states, LGs from federation account

By Musa Gada, Sokoto Sokoto State Governor, Hon. Aminu Waziri Tambuwal has called for greater revenue allocation formula to ensure federating that the component units get more allocation than the centre. Addressing groups who paid him sallah homage on Wednesday, Tambuwal stated that “There’s urgent need to review the allocation formula in the country because doing so will strengthen the ...

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Ambode assures on end to Apapa traffic gridlock

By Olaolu Oladipo, Lagos Lagos State Governor, Mr. Akinwunmi Ambode has expressed confidence in the ongoing efforts to resolve traffic congestion in the Apapa axis due to activities at the Port. This is coming just as the governor restated his administration’s commitment to restore the glory of the area. Ambode, spoke at the Lagos House, Ikeja when he received the ...

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NPA wasted $10b revenue, claims ministry official

The Nigerian Ports Authority (NPA) generated about $10 billion from the Lagos ports between 2006 and last year without anything to show for it, it has been learnt. A senior official of the Federal Ministry of Finance (FMoF) told The Nation that the revenue excluded the over N150 billion collected from the Lagos Port Complex (LPC) and Tin-Can Island Port. ...

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