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FG, States withdrew N802.9bn from Excess Crude Account in 2013
About N802.9 billion was withdrawn from the Excess Crude Account (ECA) in 2013 to shore up shortfalls in monthly revenue collections as well as settle arrears, according documents exclusively obtained...
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NEPC plans pre-shipment incentives to boost export
Small and Medium Enterprises (SMEs) involved in non-oil exports now have a cause to cheer as plans are underway to establish a Pre-shipment Incentive Grants that would stimulate activities in the...
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Privatisation: BPE goes on tour over terminal benefits of remaining 4,538...
The Bureau of Public Enterprises (BPE) will soon visit some designated offices of the Power Holding Company of Nigeria (PHCN) in the country to address issues of terminal benefits. A statement on...
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Boss of Indian car giant Tata dies ‘in fall from hotel balcony’ on business...
The British boss of Indian car giant Tata Motors has died after falling from a hotel in Bangkok. Karl Slym, 51, was discovered at the foot of the towering Shangri-La hotel in the city’s upmarket...
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TCN says Shiroro power plant repairs to cause load shedding
The Transmission Company of Nigeria (TCN) on Sunday in Abuja said the Shiroro Power Station would be shut down for three days to rectify some faults in the station. In a statement issued by TCN’s...
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NPA cargo throughput up by 2.6% in 2013, says Spokesman
The Nigerian Ports Authority (NPA) said on Monday the cargo throughput at the ports rose by 2.6 per cent to 19.8 million tonnes in the third quarter of 2013. Mr Musa Iliya, the Assistant General...
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Constant power supply is beyond capacity of state govt – Oshiomhole
Gov. Adams Oshiomhole of Edo has said that provision of constant power supply was beyond the state government. Oshiomhole said this on Monday at the inauguration of a 600-seater lecture auditorium at...
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Umar signs N83.33bn 2014 Taraba budget into law
The Acting Governor of Taraba, Alhaji Garba Umar, on Monday in Jalingo signed the 2014 Appropriation Bill of N83.33 billion into law. The News Agency of Nigeria (NAN) reports that the budget figure was...
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Nigeria flared gas can provide electricity in 20m homes in Africa, says expert
Soprise Impact Organisation, a UK/US-based oil and gas consultancy firm, said over 1.1 million cubic metres of gas lost to flaring can provide electricity to 20 million homes in Africa. The Chief...
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Report: Investors prefer Nigeria to other African countries
Investors in Africa have continued to choose Nigeria over most countries in the continent as the preferred investment destination because of the country’s strong fundamentals. In a report titled:...
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Aviation workers back sector’s master plan
Aviation workers endorsed yesterday the “sector‘s Master Plan and Implementation Road Map” by a team of consultants. The implementation of the master plan, according to its proponents, has prospects to...
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13 shiploads of rice stranded in Lagos waters
At least 13 shiploads of bulk and bagged rice valued at N55.9bn are currently stranded in Lagos waters as importers, who had anticipated a reversal of Federal Government’s policy on rice imports...
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India raises interest rates rise to stem inflation
India’s central bank has unexpectedly raised interest rates in an attempt to rein in stubbornly high consumer prices in a crucial election year. The Reserve Bank of India (RBI) raised the benchmark...
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CRR increase will hurt domestic production – LCCI
The Lagos Chamber of Commerce and Industry has said the decision of the Central Bank of Nigeria to increase the Cash Reserve Requirement on public sector funds in banks to 75 per cent will encourage...
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Fuel scarcity imminent as depots run dry, marketers warn
The Major Oil Marketers Association of Nigeria (MOMAN) has sounded a warning that the nation is about to be thrown into a major fuel crisis. The association gave two reasons for the looming crisis....
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Security screening for next CBN governor begins
The State Security Service (SSS) has commenced security screening for candidates aspiring to succeed Sanusi Lamido Sanusi as the Central Bank of Nigeria governor after his tenure expires in June,...
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FG expects $80bn investments in five years
THE COORDINATING MINISTER OF ECONOMY AND MINISTER OF FINANCE, DR NGOZI OKONJO-IWEALA LAYING THE 2014 BUDGET PROPOSAL TO THE HOUSE OF REPRESENTATIVES IN ABUJA The Federal Government expects more than...
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Court orders INEC, companies to pay N17.3bn to firm for copyright infringement
A Federal High Court in Abuja has faulted the Independent National Electoral Commission (INEC) and its Chairman, Prof Atahiru Jega, for awarding N34.5 billion worth of contracts in 2010 for the...
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SON impounds substandard goods worth N400m
Standards Organisation of Nigeria (SON) on Monday in Lagos seized three containers of gas cylinders and sealed four warehouses stocked with substandard generating sets worth N400 million. Mr Bede...
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Customs collects N833.4bn revenue in 2013
The Nigeria Customs Service (NCS) collected N833.4 billion revenue in 2013 out of its target of N1.4 trillion, according to an official document. The document, “Naija Customs” ,made available to the...
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