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Borrowing: Give us option to China, Amaechi challenges National Assembly

Borrowing: Give us option to China, Amaechi challenges National Assembly

The Minister of Transportation, Rotimi Amaechi, on Wednesday said if the National Assembly was not comfortable with government’s borrowings from China, it should tell where huge infrastructure loans could be accessed. He expressed worries about probes by the lawmakers on ...

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Tokyo Olympics to have limited spectators – IOC

Tokyo Olympics to have limited spectators – IOC

Next year’s coronavirus-postponed Olympics could be held in front of a “limited number of spectators” to prevent the spread of infection, Tokyo 2020 chief executive Toshiro Muto has said. The Tokyo 2020 games are now scheduled to open on July ...

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FIFA approves $1m grant for NFF

FIFA approves $1m grant for NFF

FIFA has ratified a $1m grant to the Nigerian Football Federation “to protect and restart its football,” as was reported  by The Punch. The NFF and other member associations across the globe are all expected to benefit from FIFA’s $1.5bn ...

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Poor landing technique caused Osinbajo helicopter crash – AIB

Poor landing technique caused Osinbajo helicopter crash – AIB

The pilots of the crashed helicopter that conveyed the Vice President, Prof. Yemi Osinbajo, on February 2, 2019, deployed an inappropriate landing technique that eventually led to the crash, the Accident Investigation Bureau stated on Tuesday. The AIB also stated ...

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Naira plunges to N472/$ as forex scarcity worsens

Naira plunges to N472/$ as forex scarcity worsens

The naira on Tuesday traded at N472 to a dollar at the parallel market as foreign exchange scarcity persisted. The exchange rate was N440/$ in the parallel market in June, and operators have continued to demand for the immediate unification ...

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NNPC in $1.5bn oil-for-loan deal with traders

NNPC in $1.5bn oil-for-loan deal with traders

The Nigerian National Petroleum Corporation has signed a $1.5bn prepayment deal led by Standard Chartered and backed by two oil traders, Vitol Group and Matrix Energy, Reuters reported on Tuesday. Quoting sources said to be close to the development, the ...

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Netherlands, Switzerland to repatriate $200m Malabu deal cash –AGF

Netherlands, Switzerland to repatriate $200m Malabu deal cash –AGF

Nigeria is awaiting the return of $200m from the Netherlands and Switzerland from the Oil Prospecting Licence 245 deal, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said. The News Agency of Nigeria reported on Tuesday ...

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Nigerian students now beggars in UK, Dabiri-Erewa tells NDDC

Nigerian students now beggars in UK, Dabiri-Erewa tells NDDC

The Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has appealed to the Niger Delta Development Commission to pay the allowances, tuition and other incentives of students on its scholarship scheme in the United Kingdom. She said the students had turned ...

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Power crisis deepens, NBET fails to pay Gencos N181.39bn

Power crisis deepens, NBET fails to pay Gencos N181.39bn

The liquidity crisis in the nation’s power sector has taken a turn for the worse as payment to generation companies for the electricity produced and fed into the national grid has slumped to 14.55 per cent. The Nigeria Bulk Electricity ...

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Lawmakers raise the alarm over Chinese loans

Lawmakers raise the alarm over Chinese loans

The House of Representatives has raised the alarm over loan agreements being entered into by the Federal Government with China. According to the lawmakers, Nigeria will concede some of its sovereignty if the country defaults in the repayment plan. The ...

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E-bills payment rises by 86%, reaches N444.16bn

The payment of bills electronically almost doubled from January to May this year, compared with the same period in 2019. Analyses of the latest data from the Nigerian Interbank Settlement Scheme indicated that the use of digital financial transaction platforms ...

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Banks’ foreign assets rise 10.2% on naira adjustment

Banks’ foreign assets rise 10.2% on naira adjustment

The net foreign assets of banks rose by 10.2 per cent in the first quarter of 2020, according to the Central Bank of Nigeria. The CBN, which disclosed this in its monthly economic report for the first quarter of 2020, ...

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Lawmakers partner SEC to tackle issues impeding market growth

Lawmakers partner SEC to tackle issues impeding market growth

The House of Representatives Committee on Capital Markets and Other Institutions, has expressed commitment to work closely with the Securities and Exchange Commission (SEC), to substantially tackle issues impeding the growth of the local bourse, which can be resolved through ...

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N651.77bn generated from VAT in six months – NBS

N651.77bn generated from VAT in six months – NBS

A total of N651.77bn was generated from Value Added Tax in the first half of 2020, according to latest figures from the National Bureau of Statistics. The NBS disclosed this on Monday in its report on, “Sectoral distribution on Value ...

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Banks’ non-performing loans now N1.2tn – CBN

GIS Policy: Managing Loan Defaulters

Banks’ non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday. This amounted to about 6.4 per cent of the gross credit of the banks to the ...

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Power consumers groan as metering scheme suffers setback

Power generation hits peak at 5,377MW

Electricity consumers in the country have expressed disappointment over the metering scheme introduced by the Federal Government last year as meter deployment by distribution companies has slowed down. The Nigerian Electricity Regulatory Commission had on March 8, 2018 approved the ...

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Oshiomhole’s attack on Obaseki shows ex-gov is deceitful – PDP

Oshiomhole’s attack on Obaseki shows ex-gov is deceitful – PDP

The Edo State chapter of the Peoples Democratic Party on Monday taken a swipe at the former National Chairman of the All Progressives Congress, Adams Oshiomhole, saying he was a deceitful leader. Referring to Governor Godwin Obaseki while addressing the ...

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Arteta backs Saka to play for England

Arteta backs Saka to play for England

Arsenal manager Mikel Arteta believes Bukayo Saka will be a good addition to the England senior squad and will offer him his advice on where to switch his allegiance if consulted. Saka scored four goals with 11 assists in 38 ...

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I sold bad product to Edo people in 2016 – Oshiomhole

PDP asks Oshiomhole to present Primary Six certificate

A former National Chairman of the All Progressives Congress, Adams Oshiomhole, has declared that he sold a bad product to Edo State people in 2016. He stated that he supported the governorship aspiration of Godwin Obaseki in 2016 to ensure ...

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Equity market halts downturn with N73bn gain

Equity market halts downturn with N73bn gain

The NSE All-Share Index and Market Capitalisation both appreciated by 0.58 per cent to close the week at 24,427.73 and N12.743tn, respectively halting weeks of declines. Analysis of the weekly transactions showed that all other indices finished higher during the ...

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