Economy

N19.76tn budget proposal: N12tn deficit worries FG, debt may hit N54tn

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August 30, 2022
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year. If the deficit settles at N12.41tn in 2023, the Federal Government may need to borrow to finance it, which could raise Nigeria’s total debt to a record N54.01tn. Nigeria’s current debt is N41.6tn, according to the 2022 first quarter…
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Real Estate

Firm begins 236 luxury housing project in Abuja

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August 29, 2022
Property World Africa Network has commenced the construction of a luxury estate located in the Centenary City of the Federal Capital Territory, Abuja. PWAN’s Max Grove Estate is a 9.1 hectare cosmopolitan residence encompassing 236 units of four to five-bedroom…
EconomyMarkets

FG rakes in N1.09tn from indirect taxes

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August 29, 2022
The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics. This represents a 10.29 per cent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are calculated based on current basic prices. They are taxes paid to the government by a producer or retailer and later passed on…
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Economy

FG proposes N19.76tn budget for 2023

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August 29, 2022
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year. The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made this known in Abuja on Monday…
Energy

NNPC eyes N422bn from six IOCs in August

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August 23, 2022
Six international oil companies are to remit a total of N442.37bn in August 2022, being proceeds from the sale of domestic crude oil in May 2022, figures obtained from the Nigerian National Petroleum Company Limited on Monday showed. NNPC explained that the N422.37bn was for 8.887 million barrels of oil for May 2022 domestic crude payable in August 2022, adding that the six companies were joint…
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EconomyMarket

Food prices rose in July 2022 – NBS

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August 23, 2022
The National Bureau of Statistics says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday. The NBS stated that the average price of 1kg of white beans rose by 23.22 per…
Brands & People

NBC empowers 22,000 youths in five years

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August 23, 2022
The Nigerian Bottling Company said it has empowered over 22, 000 youths across 10 cities, seven campuses within the digital space in partnership with international business machines, between 2017 when the company started its youth empowerment program till date. In a…
Aviation

Osun state govt owe contractor N570.2m threaten court action

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August 23, 2022
The contractor handling the construction of the MKO Abiola International  Airport at Ido Osun in  Osun State, JM & AS Limited, has written the state government to demand immediate payment of N570.2m debt expended on the project or be ready for court action. The firm gave the state government two weeks to pay the debt following reports that the airport had been handed over to the Nigeria Air…
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