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Sep 17, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading
The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that the Federation Accounts Allocation Committee (FAAC) disbursed N3.473tn to the three tiers of government in the second quarter of 2024. This reflects an increase of N46.77bn (1.42 per cent) compared to the first quarter of 2024, the agency stated in a statement on Monday.
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Sep 17, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading
The Port Harcourt refinery has not formally commenced operations despite completing its overhaul for the production of petroleum products “in order to avoid a situation where the refinery produces for a few months and shuts down for repairs again.” Insiders from the Nigerian National Petroleum Company (NNPC) Limited revealed that the Group Chief Executive Officer, Mele Kyari, “wants to ensure that everything at the Port-Harcourt Refinery works at maximum capacity before commencing full...
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Sep 17, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading
The Nigerian government says it will launch a comprehensive strategy on Wednesday to become a leading player in the $7tn Halal economy. It also announced plans to grow its Gross Domestic Product to $1.5bn by 2027 through strategic initiatives. The Special Assistant to the Vice President on Export Expansion, Aliyu Sheriff, revealed this on Monday ahead of Wednesday’s Halal Stakeholders Engagement Programme billed to be held at the State House Conference Centre in Abuja.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate further declined to 32.15 per cent in August 2024. The NBS said this in its Consumer Price Index (CPI) and Inflation Report for August 2024, which was released in Abuja on Monday. According to the report, the figure is 1.25 per cent points lower compared to the 33.40 per cent recorded in July 2024.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading
Two years after it suspended operations over trapped funds accruing from ticket sales and other sundry factors, Emirates Airlines has concluded plans to relaunch flights into the country. To secure its place on the Nigerian route, considered as one of its major markets, the airline has embarked on a series of strategies , including engagement of stakeholders in the travel trade industry in a workshop to unveil its latest products and services in addition to provision of updates on Dubai.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading |Rahma Oladosu
The Nigerian National Petroleum Company (NNPC) has released a statement outlining the estimated prices of Premium Motor Spirit (PMS), also known as petrol, from the Dangote refinery. The prices are for NNPC’s retail stations across the country, including Lagos and other states. According to the statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC is purchasing petrol in dollars from the Dangote refinery for September, with sales in naira set to commence in October.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading |Umar Farouk Bala
Nigerian banks and discount houses borrowed N3tn from the Central Bank of Nigeria through the Standing Lending Facility within a week, according to a report by Afrinvest Research. The lenders and discount houses, however, deposited N493.6bn through the Standing Deposit Facility within the same period. According to the report, the spike in borrowing resulted in a 4.7 per cent increase in system liquidity, which now stands at N712.3bn.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading |Umar Farouk Bala
The Federal Government has commenced the free conversion of petrol-powered commercial vehicles to run on Compressed Natural Gas in Ibadan, the Oyo State capital, and in Zaria, Kaduna State. In Ibadan, about 100 commercial vehicles were converted from petrol to CNG at three different locations, namely Mobil filling station, Ibadan-Lagos expressway; Automation Auto Gas, plot 2, block 7, Podo Industrial village; and Ajibode Retail outlet, on UI-Ojoo road, all within Ibadan metropolis, on Saturday.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading |Umar Farouk Bala |Olufemi Soneye
The Nigerian National Petroleum Company Limited (NNPCL) has said it got 16.8 million litres of petrol from the Dangote Refinery. NNPCL spokesman Femi Soneye told Channels Television on Sunday after the corporation lifted product from the refinery“As of 4 pm Sunday, we have loaded about 70 trucks today and it’s still ongoing,” he said. The NNPCL began loading the first batch of petrol from the Dangote Refinery on Sunday.
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Sep 16, 2024 | 
economicconfidential.com | Usman Muhammad Salihu |Job Trading |Umar Farouk Bala |Olufemi Soneye
Dangote Group of companies has urged Nigerians to await formal announcement on the pricing on Naira-based crude sales to local refineries, which will commence on October 1, 2024, while disregarding reports claiming its refinery sold petrol to National Petroleum Corporation (NNPC) Limited at N898. The claim, it said was misleading, mischievous and a deliberate attempt to undermine the Corporation’s resolve to make the country energy sufficient.
