FG records N930bn two-month deficit - CBN

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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FG is exempt from 5% communication tax

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…

FG suspends fuel subsidy removal

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…

FG is planning Internet access on farms.

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

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…

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

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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FG to demolish Lagos airport jet hangars

Barring any last-minute change of heart, the Federal Government will in the next one or two weeks begin the demolition of multibillion-naira private jet hangars located at the Murtala Muhammed International Lagos. The Federal Government said the hangars were obstructing the…

FG installed N3bn substation power in Kwara.

The Federal Government has commenced steps to install $8m (about N3bn) 1x60MVA, 132/33KV transmission sub-station in Oro in the Irepodun Local Government Area of Kwara State. The project is expected to transform the lives of the people of Oro in particular and the entire local government area in general. Speaking while performing the ground-breaking ceremony of the project in Oro on Thursday, the…
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