Economy

FG, states, and LGs collaborate to distribute a total of N966 billion in revenue for the month of July."

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August 23, 2023
The Federation Account Allocation Committee has announced the distribution of N966.11 billion among the three tiers of government for July 2023. This figure indicates a slight rise of N59.06 billion compared to the N907.05 billion shared in June 2023, marking the highest distribution this year. The disclosure was made in a statement released after the committee’s recent meeting in…
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Market

FG eyes N124bn from new import tax

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June 14, 2023
The Federal Government is set to make about N124.26bn in a year from the imposition of a 0.5 per cent import tax on goods introduced in Finance Bill 2023. The Finance Bill 2023 which was signed into law on 28 May 2023 by former President, Mohammadu Buhari imposed a 0.5 per…
Banking

FG records N930bn two-month deficit - CBN

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June 6, 2023
The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue. At N513.05bn, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to…
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Technology

FG is exempt from 5% communication tax

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May 1, 2023
The Federal Government is reportedly set to proceed with its implementation of a five per cent excise duty tax on mobile telephone services, fixed telephone, and Internet services. This is despite a recent communication by the Minister of Communications and Digital Economy…
Energy

FG suspends fuel subsidy removal

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April 27, 2023
The National Economic Council, on Thursday, in Abuja, said it has agreed that petrol subsidy should “not be removed” as earlier planned for June 2023. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents…
Agriculture

FG is planning Internet access on farms.

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April 22, 2023
The Minister of State for Budget and National Planning, Clem Agba, has disclosed the Federal Government commenced some priority actions in 2022 in order to make food systems more sustainable. He disclosed this in Abuja during the inauguration of a 20-man steering committee on state implementation of the food systems transformation pathway in Nigeria. According to the minister, the priority actions…
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Agriculture

Poultry farmers turn to FG for help to save the industry.

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April 21, 2023
The South-West chairman, Rev. Oluleye Gideon, made the plea at a joint news conference in Ibadan, saying that the recent new naira redesign and other government programmes had adversely affected his members. Gideon said that the CBN’s policy had also brought about untold…
Economy

FG borrowed $800 million for public transportation and cash transfers.

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April 6, 2023
The Federal Government has secured $800m from the International Bank for Reconstruction and Development (World Bank) to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this to State House correspondents on Wednesday, after this week’s Federal Executive Council chaired by the…
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