economy
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Oxford Street has always been one of London’s most famous landmarks, synonymous with the sort of luxury and lifestyle the world has come to associate with the British capital. Today, however, it offers a jarring snapshot of a crisis of rapidly growing proportions in the UK: homelessness. Every night, scores of rough sleepers take shelter…
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Jimoh Ibrahim, the senator representing Ondo South senatorial constituency, said Nigeria’s N77 trillion debt should not be a cause for alarm. Ibrahim, a business mogul, disclosed this on Sunday in a statement to journalists. He stated that there is a need for President Bola Ahmed Tinubu’s government to have a dedicated Ministry of Revenue to…
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The Nigeria Labour Congress (NLC) on Wednesday said it will make its decision on the suspension or continuation of its protest against the effects of fuel subsidy known on Thursday. NLC President, Mr Joe Ajaero, stated this to newsmen after a meeting with President Bola Tinubu on Wednesday in Abuja. NLC is protesting over the…
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•NLC Vows to cripple fuel supply, power grid, shut markets, schools, hospitals•Federal Government begs, fixes another meeting with labour for Monday•CSOs say labour can’t be trusted, SAN warns against disobeying court order The Federal Government will on Monday meet with the representatives of the organised labour in an effort to prevent the nationwide strike called…
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Vice President Kashim Shettima says Nigeria is at a new dawn to chart and re-position its destiny for greatness, considering the measures adopted by the President Bola Tinubu administration to diversify the nation’s economy. Mr Olusola Abiola, Director, Information,Office of the Vice President, in a statement, said Shettima stated this while addressing political and business…
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Germany’s public debt has reached a new record high, according to a press release issued Friday by the Federal Statistical Office. The energy crisis and COVID-19 pandemic pushed the national debt up by another €47 billion ($51.7 billion) to a record high, said Destatis. At the end of 2022, federal, state, municipal, and social security…
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The UK economy marginally grew over the first quarter of the year, according to official data, further easing concerns that the UK could soon enter a recession. UK gross domestic product (GDP) increased by 0.1% between January and March, the Office for National Statistics (ONS) revealed. But it came after a 0.3% decrease in March, driven by…
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The Senate, yesterday, abandoned its previous hard-line stance and approved the conversion to a 40-year bond of the N23.72 trillion Federal Government’s unappropriated expenditure funded by the Central Bank of Nigeria (CBN) through its ways and means (W&M) window. President Muhammadu Buhari, last year, wrote the National Assembly to approve the amount alongside a fresh…
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There seems to be no end in sight to the scarcity of the redesigned naira notes as officials of the Central Bank of Nigeria (CBN) blame the general public for the problem. The apex bank commenced the circulation of the new notes on December 15 last year, but four months after, two of which majority…
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The two-month cash crunch caused most Nigerians untold hardship. The Central Bank of Nigeria, CBN, had introduced the policy to strengthen the Naira, curb money laundering and stop vote-buying the 2023 general elections. The apex bank had also explained that the new policy would help to limit the use of cash for illicit activities such…
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The Office for Budget Responsibility (OBR) said that six million people would be hit by ‘stealth taxes’, like freezes for tax thresholds, over the next five years, boosting government coffers by £120 billion. The independent economic analysts said this would be the equivalent of a 4p increase in the base rate of tax. The UK’s…
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The governor of the Central Bank of Nigeria, Godwin Emefiele has said that he had met the commercial banks and given them directives on how to make the old N200 naira notes available to Nigerians. Emefiele said this in a video clip recently posted on the CBN official Twitter handle while addressing journalists after his…
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The Central Bank of Nigeria has given assurance that it has the capacity and enough materials to produce the required indent of the Naira for all. The apex bank appealed to the public to disregard any contrary report to the stand of the CBN, by exercising more restraint, as they work to increase the circulation of…
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Governors elected on the platform of the ruling All Progressives Congress (APC) have rejected the February 10 deadline set by the Central Bank of Nigeria (CBN) to end the legal tender status of the old N1000, N500 and N200 notes Credible sources close to the governors said they were worried Nigerians have been finding it…
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The recent report by the Nigeria Bureau of Statistics (NBS) that about 133 million Nigerians live in poverty is generating serious controversy, with the Federal and State governors now trading words. Recall that in the early month of November, NBS disclosed that 133 million Nigerians were multi-dimensionally poor, saying that the figure represents 63 percent…
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President Muhammadu Buhari in New York at the weekend urged African leaders to fight tirelessly to get rid of corruption, lamenting that the continent has remained at the far end of global development index because of its menace. The president spoke in his capacity as the African Union champion on efforts to eliminate corruption in…
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