Economy Archives - Page 62 of 69

Sep

15

2022

NNPC to sign gas pipeline agreement with Morocco

Business, EconomyAfrica, Economy, Nigeria, Politics, World News

the Nigerian National Oil Company (NNPC) Limited said it will sign agreements on the gas pipeline project with Morocco’s National Office for Hydrocarbons and Mines and the ECOWAS Commission on Thursday. NNPCL said the deal is expected to boost the implementation of the 7,000 km Nigeria-Morocco gas pipeline project. The Nigeria-Morocco gas pipeline was proposed in a December 2016 agreement between the NNPC and the Moroccan National Office for Hydrocarbons and Mines (Junta Nacional de Hidrocarburos y Minas). In June, the Federal Executive Council authorized the NNPC to enter into an agreement with ECOWAS for the construction of the pipeline. The government…

Sep

06

2022

By Chimamanda

Naira falls to an eight-month low as dollar rises

NewsEconomy, Metro, Money, Next Level, Nigeria

Naira fell to an eight-month low against the dollar on Monday, depreciating 0.75 percent against the dollar in the spot market window. The local currency opened trading at N431.30 but closed at N434.75 per dollar at the close of business on Monday. data published by FMDQ where forex is officially traded, he revealed. The Nigeria Naira rose to an intraday high of N425.00 and fell to a low of N437.50 before closing at N434.75 for $1, the weakest official market rate the Naira saw in eight months. This became significant as foreign exchange turnover rose 6.6 percent ($99.68 million) from $93.54…

Sep

01

2022

By Amos Oge Kalu

Nigeria now has 20 million children out of school – UNESCO

Economy, Education, MetroEconomy, Education, Metro, Nigeria

Nigeria now has some 20 million children out of school, according to the latest global data on children out of school from the United Nations Educational, Scientific and Cultural Organization (UNESCO). UNESCO, which says a new and improved methodology was used to arrive at the latest figures, said there are “244 million children and young people between the ages of 6 and 18 worldwide (who) are still not attending school. school”. According to statistics, India, Nigeria, and Pakistan have the highest numbers of children out of school globally. Figures in Nigeria have hovered between 10.5 million and around 15 million…

Aug

30

2022

By Amos Oge Kalu

Nigeria to exceed debt limit in 2023 as FG seeks N11 Billion in new loans

Economy, Politics2023, Economy, Next Level, Nigeria, Politics, Zainab Ahmed

The Nigeria Minister of Finance and National Planning, Zainab Ahmed has said that the federal government will borrow more than N11 trillion and sell domestic assets to finance the budget deficit in 2023. She also said that the government’s budget deficit is expected to exceed N12.42 trillion if it maintains the oil subsidy throughout the 2023 fiscal cycle. Ms. Ahmed revealed this on Monday while appearing before the House Finance Committee to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Explaining two budget deficit scenarios to the committee, the minister said the first option involves withholding…

Jul

09

2022

By Amos Oge Kalu

Fuel shortage paralyzes travel in Lagos

Economy, Metro, PoliticsEconomy, Metro, Next Level, Nigeria, NNPC

Many Lagos residents were stranded on Friday at various collection points as fuel shortages continue to hit harder. The Nigerian News Agency (NAN) reports that fuel shortages dragged on for a week, leaving commuters scrambling to board few available vehicles for travel, negatively impacting economic and social life. The situation is direr as the activities for the 2022 Eid-el-Kabir celebration are in full swing. For example, the long stretch from Iyana Oworo to the Lagos/Ibadan expressway and inland roads were partially blocked as few service stations were refueling the long queue of motorists. There is also the problem of an…