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NBS: Tomato, egg prices increase

Selected food price watch data for April 2018 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 6.45% and month-on-month by 4.70% to N552.09 in April 2018 from N527.32 in March 2018, according to National Bureau of Statistics, NBS. However, the average price of piece of Agric eggs…

Transport fare in Lagos increased 3.88%

Transport fare in the Lagos metropolis increased in April, according to transport fare watch report by Proshare. Indeed, the report for April 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by…

Senate passes N9.12trn budget, up oil benchmark $51

The Senate of the Federal Republic of Nigeria has passed the 2018 Budget, which it received from President Muhammadu Buhari in November, 2017. President Buhari presented a budget of N8.6trn to the National Assembly christened “Budget of Consolidation”, but the senate increased by 6% (an additional N508bn) taking it to the current amount of N9.12trn….

How young people are building Nigeria – Osinbajo

*VP celebrates success stories of several young Nigerians *Calls for the Nigerian bridge to connect ethnicities, dialects, religion, politics and generations “My point is that we can contribute in profoundly transformative ways to changing our society by just doing our bit with excellence.” – Vice President Osinbajo FULL TEXT OF THE KEYNOTE ADDRESS DELIVERED BY…

Glo signs multi-billion dollar deal with Huawei to link oil platforms, communities to new submarine cable

Total telecommunications service provider, Globacom, has signed a multi-million dollar contract with top Chinese technology Huawei Technologies Co., Ltd., to provide a robust and permanent telecommunications backbone and last-mile broadband solutions to the Nigerian oil industry and to the myriads of businesses that dot the coastal states of Nigeria. With the signing of the contract…

Lagos IGR hits N103.4bn in Q1 in 2018

… Capital Expenditure Gulps N93bn The Lagos State Government on Tuesday said its internally generated revenue for the first quarter of Y2018 stood at N103.476billion, as against N96.7billion recorded in the previous year, thereby accounting for 81 per cent of the total revenue of N141billion generated in the quarter. Commissioner for Economic Planning and Budget,…

Nigeria failed to consolidate on recovery from recession -Report

Nigeria was expected to have consolidated its recovery from recession with improvements on its GDP. This was especially so with continued improvements on its oil production. Given the continued adoption of a conciliatory stance by the government in the Niger Delta, the Africa FICC said, “we are biased towards oil production averaging 2.11mbpd in 2018…

Again, reconstituted MPC retains interest rate at 14.0%

The Central Bank of Nigeria (CBN) Monetary Policy Committee, MPC, retained the monetary policy rate at 14.0 percent at their meeting on April 4, 2018, in Abuja. In an unanimously vote, the newly constituted MPC retained the (i) ​MPR at 14.0 per cent; (ii) ​CRR at 22.5 per cent; (iii) ​Liquidity Ratio at 30.0 per…

MPC, with five new members, may leave rates unchanged

Nigeria’s Monetary Policy Committee will probably leave interest rates unchanged at its first meeting of the year even though the panel has added five new members since its previous gathering in November. Inflation has been outside the central bank’s target band of 6 percent to 9 percent for more than two years and exceeds the…

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