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Nigeria Looses $28Bn To Power Cuts – World Bank

The World Bank has endorsed $750 million credit support for Nigeria’s power sector, saying that the nation loses about $28 billion yearly to control deficiencies. In the mean time, the Senate Investigation Committee on Power has announced that lone two of the six force age organizations, GENCOs in Nigeria are …

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Okonjo Iweala”s nomination for DG accepted by WTO

The World Trade Organisation (WTO) has accepted the nomination of Ngozi Okonjo-Iweala for the position of its director general, in spite of a protest by Egypt. It had been earlier reported that President Muhammadu Buhari had approved Ngozi Okonjo Iweala for the position of director-general of the World Trade Organisation (WTO). However, …

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Oil revenue to drop by N140bn

A dip in the Federal Government’s revenue is in the offing. This is because following the cut in oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. The revenue accruable to the Federal Government from the sale of crude oil is estimated to drop by …

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External reserve increase by $3.15bn

Nigeria’s external reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020. This development has given the Central Bank of Nigeria the fire power to defend the Naira exchange rate as promised by Central Bank Governor Mr. Godwin Emefiele. The rise in the …

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NBC fines three stations for infractions

The National Broadcasting Commission (NBC) has sanctioned three broadcast station for their reports on COVID-19 considered inappropriate. Another 25 stations were also sanctioned and fined for other various offences in the first quarter of 2020. The Acting Director General, Prof. Armstrong Idachaba, announced this while briefing the media on the …

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NSE donates 100M to fight covid-19

The Nigerian Stock Exchange (NSE) has submitted N100 million to help the battle against the Coronavirus pandemic in Nigeria. A breakdown demonstrated that a sum of N60 million would be given to the Capital Market Support Committee for COVID-19 (CMSCC) while the equalization of N40 million would be focused on …

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