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Undeclared export of $15 billion worth of crude oil amounts to $616.9 million unpaid tax in 2011 and 2014 – Investigation

The House of Representatives insisted on Monday that crude oil worth $15bn was missing in the report of the Nigerian National Petroleum Corporation for its 2011 to 2014 transactions.   An ad hoc committee of the House is investigating the alleged theft of $17bn crude oil and gas resources from the country within the period.   The committee is chaired ...

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Nigeria’s total debt hits N19.16 trillion with a domestic borrowing record at 40.71 per cent

Nigeria’s total debts -foreign and local – have risen to N19.16 trillion. According to Debt Management Office, DMO, the nation’s indebtedness to creditors – local and foreign – rose from the N17.36 trillion recorded at the end of December 2016, representing an increase of N1.8 trillion. The DMO said that at the end of March 2015, the country’s total debt ...

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Bitcoin value hits $2,000 at more than 65% value growth in a month

The value of Bitcoin has hit a new high with each individual coin now worth more than $2,100 (£1,615). The valuation caps a strong month for the virtual currency, with its value growing by more than 65% in a month. The steady rise in value is believed to be linked to policy changes in Japan and China that have made ...

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Senate stops concession of Port Harcourt refinery to Agip and Oando

The Senate has asked the Ministry of Petroleum Resources to halt its effort to concession the Port Harcourt refinery to Agip and Oando. The handover was to allow for the repairs and the operation of the facility. The Senate said on Tuesday the process should be suspended pending amid concerns over the transparency of the process. The Minister of Petroleum, ...

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Economic Crisis: Government brought in TSA that did not allow spending and fixed the price of foreign exchange – Soludo  

Chukwuma Soludo, has blamed the country economic woes on bad government policies executed in the time of boom. He said that the foundation for the recession was laid by the previous administration, which he said, borrowed to fund recurrent expenditure at a time when oil prices were as high as over 100 dollars to a barrel. Soludo said this on ...

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Scandals trailing President Donald Trump’s economic agenda lead to a sharp fall in stock market

    Wall Street stocks fell sharply Wednesday on deepening worries about President Donald Trump’s economic agenda following a series of scandals and stumbles.   The Dow Jones Industrial Average shed 373 points to 20,606.93 for a drop of 1.8 percent — its biggest one-day decline since Trump was elected.   The broad-based S&P 500 fell 1.8 percent to 2,357.03, ...

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7.44 Trillion Naira Budget: National Assembly increase 2017 Budget by N143 Billion

The House of Representatives on Tuesday received the report of 2017 N7.30tn Appropriation Bill from its Committee on Appropriation for final consideration.   The report indicated that the committee increased the budget to N7.44tn, representing an addition of about N143bn to the one presented by President Muhammadu Buhari on Dec. 14, 2016.   After the receipt of the bill, the ...

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MTN sacks 280 of its employees in Nigeria

MTN Nigeria recorded nearly $1 billion in profit in 2016 In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various ...

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Multichoice exploits Nigerians again: Dstv Premium Subscribers to pay N14, 700 from N13, 980 effective May 1

Nigerians have reacted with anger to the decision of satellite television provider, Multichoice Nigeria, to increase its Dstv and GOtv subscription fees by five percent. The decision, coming just over a year after a 20 per cent raise, was announced via text messages to subscribers last Saturday. It will take effect from May 1. Subscribers slammed the company, accusing it ...

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FOREX control damaged business confidence and private investments, with massive capital flight – Prof Soludo

  Chukwuma Soludo, a professor of economic and a former governor of the Central Bank of Nigeria, CBN, has said the size of nation’s Gross Domestic Product  has shrunk from about $575 billion to about $354 billion.   Soludo said this on Friday, March 10, 2017 in Lagos at an economic talk shop, organised by the Vanguard newspapers.   The ...

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