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The Nigerian National Petroleum Company Ltd. (NNPCL) has revealed that it spends over N400 billion monthly as subsidy on petrol. This comes as a result of NNPCL being the sole importer of petrol into Nigeria, taking on the enormous cost of fuel subsidy. Other private oil marketers have ceased importing petrol into Nigeria due to difficulties in accessing the required United States dollars.
Delta State Government has started the payment of N10,000 palliative and promotion arrears to civil servants in the state as part of measures to ease the burden caused by the removal of petrol subsidy. The state government is also planning to produce fuel and CNG-compatible tricycles (Keke) to reduce transportation costs. Employment of primary school teachers and non-teaching staff is ongoing across the local government areas in the state.
ActionAid Nigeria (AAN) has called on President Bola Ahmed Tinubu to incorporate clear and measurable indicators of achievement for each of his 8-point agenda. The organization commends Tinubu for his visionary leadership and emphasizes the need for transparent milestones to enhance accountability and public trust.
Nigeria is considering applying for membership in the G20, a move that could have significant implications for the nation's economy. President Tinubu is set to attend the G20 summit in India, where discussions will likely take place regarding Nigeria's potential inclusion.
The Nigerian Exchange Limited (NGX) has expressed its eagerness to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) in advancing advocacy efforts, encouraging listings, and enhancing capacity development. NGX aims to leverage technology and strategic partnerships to boost retail investor participation and create a thriving financial market.
Nigeria is taking steps to diversify its economy and reduce its dependency on oil by setting up a state-backed corporation in the mining sector. The Nigerian Solid Minerals Corporation aims to attract foreign direct investment and leverage the country's attractive investment climate. This move comes as part of President Bola Tinubu's efforts to improve Nigeria's investment climate and draw global capital to develop infrastructure.
Nigeria is set to establish the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments into the country's mining sector. As part of efforts to diversify from overreliance on oil, the corporation will seek partnership agreements with multinational companies to secure massive foreign direct investments. President Bola Tinubu is determined to improve Nigeria's investment climate, promote investments, and mobilize global capital to develop infrastructure. The corporation also plans to engage local financial institutions to promote investment in the mining sector, which has been largely overlooked in the past. This move signals Nigeria's commitment to bolstering its mining industry and driving economic growth.
Latest news summary in Nigeria
Nigeria, the largest economy in Africa and one of the top oil producers, is contemplating its inclusion in the G20 group. The Nigerian government is currently conducting extensive consultations to weigh the benefits and risks. President Bola Tinubu plans to attend the upcoming G20 Summit in New Delhi, where he aims to attract more investments for Nigeria. Despite its vast oil reserves, a substantial portion of the Nigerian population still lives in poverty. This article explores the potential implications of Nigeria's G20 membership and the challenges it faces in addressing economic inequality.
Comrade Debo Adeniran, Chairman of CACOL, has written an open letter to President Bola Ahmed Tinubu, urging his intervention in the alleged diversion of statutory allocations from FAAC to Local Government Councils in Ogun State. Adeniran expresses concern over the unfolding anti-democratic actions, highlighting the deployment of state coercion to suspend a democratically elected Chairman. This development raises questions about the state of democratic governance in Nigeria.
Team Nigeria has announced its withdrawal from the maiden edition of the Para All Africa Games due to a lack of funds. The Paralympic Committee Nigeria (PCN) had prepared its athletes for participation in various sports, including wheelchair basketball, tennis, and amputee athletics. However, despite their readiness, the country will not be able to attend the games in Ghana. The para athletes who dedicated their time and effort to training for the Games are disappointed by this news.
The Enugu Electricity Distribution Company (EEDC) has expressed its concern over the revenue loss caused by the recent days of power outages in several areas of Anambra, Nigeria. The outage, resulting from a system breakdown at the Transmission Company of Nigeria Station in Onitsha, has affected cities such as Awka, Onitsha, and Ekwulobia. EEDC assures customers that efforts are underway to restore power supply and urges patience from the affected residents.
The Abia State Government has announced the nullification of all employments made towards the end of former Governor Okezie Ikpeazu's tenure. Governor Alex Otti justified the move as against governance principles, stating that the recruitment was politically motivated. The sudden disengagement has raised concerns about the fate of the affected workers and the potential repercussions on the local economy.
Nigeria's government is launching a cash transfer program as part of the Renewed Hope agenda to aid individuals and families facing economic difficulties caused by the COVID-19 crisis. The program aims to provide financial relief and assistance to vulnerable households through the distribution of N30,000 cash. With the collaboration of international partners like the World Bank, the government seeks to expand the National Social Register and ensure effective aid to those in need.
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