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Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday. It said this in its 2019 Oil and Gas Industry Audit report released in Abuja, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018. A breakdown of the earnings showed that payments by companies accounted for $18.90bn, while […]

The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. Speaking on the decline in external reserves at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, it reflects sales to the […]

The Director General of the Budget Office of the Federation, Ben Akabueze, on Tuesday said cutting budget allocations to Federal Government agencies would not have a significant impact on Nigeria’s revenue. Akabueze said this in Abuja at the launch of the Nigerian Development Update by the World Bank. According to him, allocations to the legislature account for less than one per cent of the total budget for the year and […]

The total value of agricultural imports exceeded export by N503bn in the first three months of the year. Statistics obtained from the National Bureau of Statistics showed that the total trade in agriculture was N757.4bn in the first quarter of the year. The report put the export component at N127.2bn and the imports at N630.2bn in the period under review. The value of total trade in agricultural goods in Q4, […]

With the challenges affecting the country at this time, there is a need for proactive leaders who are prepared to bring Nigerians together. This view was expressed by Vice President Yemi Osinbajo, in Lagos during a courtesy visit to the palace of Oniru of Iruland, His Royal Majesty, Oba Abdulwasiu Omogbolahan Lawal, on the occasion of the monarch’s first coronation anniversary. Commending the Oba for being a leader to people […]

The President, Muhammadu Buhari, has ordered the National Agricultural Land Development Authority to recover all abandoned agricultural lands belonging to the Federal Government. The Executive Secretary, NALDA, Paul Ikonne, stated that the directive by the President was to ensure that the lands were reactivated and put to use in order to boost food security across the country. Ikonne, who spoke during an interview in Abuja, also stated that his agency […]