OIL MARKETERS CRY OUT OVER 2BIL DOLLARS BANK DEBT

•Thousands of jobs on the line •Banks reject requests Oil marketers are set to send thousands of workers away – unless the Federal Government pays its debts. The debts are owed on importation of petroleum products, accrued interest on loans from banks and exchange rate differential. Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA)  and  Independent Petroleum Products Importers (IPPIs), in a joint communiqué yesterday after a meeting in Lagos, said many marketers and oil companies were…

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BUHARI: ECONOMY IS IMPROVING, LABOUR PARTY: NO, IT IS NOT

Olusola Fabiyi, Everest Amaefule, Olalekan Adetayo, Ifeanyi Onuba and Okechukwu Nnodim President Muhammadu Buhari on Monday said he was pleased with the progress being witnessed in all sectors of the economy. He expressed gladness that things were looking up after two years of what he called serious hard work. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while receiving briefing from the Minister of Budget and National Planning, Senator Udo Udoma; the Minister of Finance, Mrs. Kemi Adeosun, and Governor of…

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NUMBER OF AIR TRAVELLERS TO LAGOS DROPS

An analysis of seat capacity for travel to the top 10 international airports in Africa produced by ForwardKeys revealed that Lagos is seeing substantial decline in both domestic and international capacity, mainly because Arik Air is cutting 53 per cent of its seats for the rest of 2017. During the coming five months, August to December 2017, there will be 16 per cent fewer airline seats on domestic routes and nine per cent fewer and on international routes to and from Lagos. Commenting on this data, Jon Howell, Managing  Director…

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OSINBAJO, OBJ, SULTAN STORM MINNA FOR NIGER ECONOMIC SUMMIT, SEE PICS

The Acting President, Yemi Osinbajo, and some prominent Nigerian at the Niger State Economic Summit. See photos: Acting President, Prof Yemi Osinbajo arrives Niger for Economic Summit Elder States man, Chief Olusegun Obasanjo attend Niger Economic Summit Prof Yemi Osinbajo and Niger State officials The Sultan of Sokoto at Niger Economic Summit   Photo credit: Twitter, @MrAbuSidiq

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PRESIDENCY REPLIED JONATHAN: BUHARI MET ECONOMY RAVAGED BY MISMANAGEMENT, CORRUPTION

The Presidency said on Monday that the President Muhammadu Buhari administration was handed an economy ravaged by years of mismanagement and corruption. Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, stated this in a statement in Abuja. The presidential aide was reacting to statements credited to former President Goodluck Jonathan and Sen. Ahmed Makarfi, the Caretaker Chairman of the party, to the effect that “under the previous administration, there was money but now things are very hard’’. SEE ALSO: Corruption worsened under Buhari – Jonathan…

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RECESSION LIKELY ENDED IN JUNE- NBS, BANKERS SUGGEST

Statistician-General, Yemi Kale There is likelihood that the economic recession in the country ended in the second quarter of the year following some improvements in some sectors of the economy, the Statistician-General and the Bankers Committee noted yesterday. Yemi Kale, chief executive officer of the National Bureau of Statistics told Bloomberg, “Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in.” Kale, said in an interview in his office in Abuja that, “If it doesn’t happen in the…

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M-LAGOS WILL BECOME AFRICA’S THIRD LARGEST ECONOMY BEFORE I DIE – OBASANJO

Former President Olusegun Obasanjo has said Lagos will become Africa’s third largest economy in a short time. Obasanjo made this known at the book launch of a book titled, “Making Africa Work”, co-authored by the former president and three other authors on Wednesday. He said the Lagos State government was working towards making the state an economic hub.  “(Even though) People said I look like someone who is in the departure lounge,” Obasanjo said. “Lagos will become the third largest economy before I take my boarding pass.” The former president also said that Africa is…

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ECONOMIC RECOVERY CAN RELAPSE, CBN WARNS

The Central Bank of Nigeria (CBN) has warned that Nigeria’s fragile growth risks falling back into recession. Addressing reporters at the end of the bi-monthly Monetary Policy Committee Meeting in Abuja yesterday, CBN Governor Godwin Emefiele said “forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year”. ”The Committee  cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain it,” he stressed. To guard against this, the MPC noted that “the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economy-wide non-oil exports, especially…

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WHY INVESTORS ARE RUNNING AWAY FROM NIGERIA – PETROLEUM MINISTER, IBE KACHIKWU

Okechukwu Nnodim, Abuja There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. This is coming as the Group Managing Director of the Nigerian National Petroleum                               Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day. Kachikwu, who spoke at the 6th Sustainability in the Extractive Industries Conference organised by CSR-in-Action on Wednesday in Abuja, noted that although…

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SEE THE STATES WITH THE HIGHEST TRANCH IN THE NEWLY RECEIVED PARIS CLUB REFUND

 • FG releases N243.8bn to 36 states and FCT Obinna Chima in Lagos and Yinka Kolawole in Osogbo Of the N243.8 billion released on Monday by the federal government to the 36 states of the federation and the Federal Capital Territory (FCT) as the second tranche of Paris Club refunds, Akwa Ibom, Bayelsa, Delta, Kano and Rivers got N10 billion each, making the five states the highest recipients of the refunds for over-deductions on Paris and London Club Loans and multilateral debts between 1995 and 2002. A statement Tuesday by…

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