The National Petroleum Investment Management Services, (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) has disclosed it incurred N126.17 billion expenses in January. Out of the sum, N21.47 billion was spent on oil search in the frontier basins, rehabilitation of the nation’s refineries, and the Nigeria-Morocco gas pipeline. NAPIMS disclosed this in its
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Indian companies’ financial commitments to their subsidiaries and joint-ventures in Nigeria reached $1.44 million (N591.84 billion) in the first two months of this year. Data from Reverse Bank of India (RBI) obtained by Ripples Nigeria revealed that the investments were made in construction, agriculture, mining, retail, restaurants, and hotel. However, all the financial commitments made
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Former Deputy President of the Senate, Senator Ike Ekweremadu has asserted that the country appears not ready to stem the tide of insecurity nor rebuild the economy through devolution of power. This is even as he reiterated that decentralised policing remained the way out of the mounting security challenges in the country. The Chairman of
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Nigeria has exited recession after the gross domestic product (GDP) grew by a marginal 0.11 per cent in Q4. The figures are contained in the GDP growth report released by the National Bureau of Statistics (NBS) today. With several headwinds, however, the growth remains fragile. Overall, the country’s economy recorded -1.92 per cent. The country
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President Muhammadu Buhari yesterday said that his administration will continue to work for the stability of Nigeria and will succeed over those who don’t need the unity of the country. President Buhari also vowed to identify and deal with what he described as the small number of people with resource and influence that are constituting
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The Minister of Transportation, Rotimi Amaechi, on Monday blamed the failure of successive governments in Nigeria to jail or severely punish thieves and treasury looters for prevalence of corruption in the country. The minister, who stated this in his address at the 2021 Founders’ Lecture at the University of Port Harcourt, urged Nigerians to stop
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Nigeria’s Naira is one of Africa’s low-performing currencies so far in 2021 after dropping 2.85 percent of its value against the United States dollar in the forex market. The Naira closed at 393.4 to a dollar on Friday compared to 382 to a dollar recorded on January 1, according to data compiled by www.exchange-rates.org, a
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The World Bank has approved a $500 million loan to improve access to electricity in Nigeria and expand the metered network of power distribution companies. The money will help distribution companies or DisCos “make necessary investments to rehabilitate networks, install electric meters for more accurate customer billing and to improve quality of service for those
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In line with the mandate of the National Automotive Design and Development Council (NADDC), to ensure the survival, growth and development of the Nigerian Automotive Industry using both local human and material resources, the first assembled-in-Nigeria electric vehicle “HYUNDAI ELECTRIC” vehicle was unveiled today Friday 5th February 2021 at the Sheraton Hotel Abuja by the
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The ECOWAS Court of Justice, Abuja has this morning heard arguments in the case brought by Socio-Economic Rights and Accountability Project (SERAP) against the Federal Government seeking “justice and accountability for the authorities’ failure to prevent, account for and investigate killings, raping, maiming of Nigerians and other residents, and destruction of property across the country
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The Minister of Information, Lai Mohammed, has faulted Nigeria’s rating in the Transparency International Corruption Perception Index (TI-CPI), saying it does not truly reflect the great strides by the country in its fight against corruption. The Minister also believes that there are missing assessments for Nigeria in the data entries where the country has performed
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The said Equipment are valued at over $325,000 has been donated to the Nigerian Police Force by the United States to aid in the fight against Insurgency. The donation was made by the office of the International Narcotics and Law Enforcement (INL) of the United States Embassy, to help the country in its fight against
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A report released Thursday by Transparency International has ranked Nigeria at 149 out of 180 countries on transparency, its worst performance since President Muhammadu Buhari came to power in 2015. The 2020 Transparency International corruption perception index showed that Nigeria scored 25 out of 100 points.
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The Minister of Interior, Rauf Aregbesola, on Tuesday explained why the Federal Government released 4,000 inmates serving different jail terms in correctional facilities across the country. Aregbesola, who addressed journalists shortly after inaugurating the 53 operational vehicles purchased for the Nigerian Correctional Service (NCoS) in Abuja, said the inmates benefited from the federal government’s Amnesty
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The former President-General of the Ohanaeze Ndigbo, John Nnia Nwodo has stated that the processes to begin the restructuring of Nigeria as a nation must be concluded before the 2023 elections. Nwodo, who was speaking on Friday at the 17th Chief Gani Fawehinmi annual lecture, said that the process of restructuring must be concluded before
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