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The Federal Government has signed an agreement with some Brazilian firms to establish tractors’ assembly plants in Nigeria. The Chairman, Senate Committee on Agriculture and Rural Development, Senator Abdullahi Adamu, disclosed this in an interview in Abuja. He said the Federal Ministry of Agriculture, with the support of the regime of President Muhammadu Buhari had secured funding from the Islamic Bank to accelerate the process. Adamu, who was a two-term […]

The Federal Government has vowed to recover a total of N37bn from airlines still owing various categories of debts. This is just as the government stated that the ban on Emirates Airlines would continue. The Minister of Aviation, Hadi Sirika, stated these at this week’s ministerial press briefing organised by the Presidential Communication Team at the presidential villa, Abuja. Sirika who said airlines owed federal agencies N37bn also explained that […]

The Minister of State for Budget and National Planning, Clem Agba, on Tuesday, reiterated the need to deregulate the downstream petroleum through the removal of subsidy on Premium Motor Spirit. According to him, only the wealthy were currently benefiting from the subsidy. The minister spoke during the leadership and governors’ discourse on open government partnership held in Abuja on Tuesday. He stressed the importance of Open Government Partnership which he […]

Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday. Companies holding refining licences include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited. The Senate and House of Representatives, according to copies […]

The Senate has summoned former managing directors of the Nigeria Social Insurance Trust Fund over alleged missing financial documents in the agency. The former NSITF bosses are expected to appear before the Senate Public Accounts Committee on Tuesday. The Chairman of SPAC, Senator Matthew Urhoghide, at the last meeting of his panel on Thursday, said 50 queries were issued against the NSITF officials by the office of the Auditor General […]

Indications emerged on Thursday that the planned July 1, 2021 review of the various electricity tariffs in Nigeria had been stalled following concerns around low power generation by the sector. It was gathered that gas constraints to gas-fired power generation plants and the reduced water level needed by hydropower stations had impacted negatively on electricity generation in the past three months. Industry officials from the Federal Ministry of Power, Nigerian […]

The country’s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday. According to the CBN’s data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31. The reserves stood at $34.88bn at the end of April 30. Financial experts have expressed the need for […]