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26 die after drinking home-made alcohol in Indonesia


More than two dozen Indonesians have died after drinking bootleg alcohol in central Java, police said Monday. Investigators said a majority of the victims died after purchasing home-made liquor from a couple in Sleman, a town north of Yogyakarta city, local police said. “Most of the victims were students,” Sleman ...

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N’Assembly to pass 2016 budget Feb. 25


The National Assembly is expected to pass the 2016 Appropriation Bill on February 25. The House of Representatives also said on Wednesday that the N6.07tn proposed by the executive as the total size of the budget would be retained and passed. The Chairman, House Committee on Appropriation, Mr. Abdulmumin Jibrin, ...

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FG lost N2.5tn on stamp duty in 2014 – NIPOST


The Federal Government lost over N2.5tn to the non-implementation of the Stamp Duty Act in the financial sector in 2014, the Nigerian Postal Service has said. It said this in a document on the stamp duty, which was obtained by our correspondent in Abuja on Wednesday. The postal service also ...

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Nigeria’s debt rises by N1.31tn in one year


Nigeria’s debt burden rose by N1.31tn in one year, the Debt Management Office has said. Official statistics released by the DMO in Abuja on Wednesday showed that the country’s total debt rose from N11.24tn as of December 31, 2014 to N12.6tn at the end of 2015. The N1.31tn increase showed ...

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NNPC recorded N267bn loss in 2015 – Report


The Nigerian National Petroleum Corporation recorded a loss of N267.14bn in 2015, latest data from its group financial report for the month of December have shown. According to the report, the national oil firm lost N11.861bn in the month of December alone, down from the N14.29bn loss recorded in November. ...

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70% of Gala raw materials sourced locally – UAC


UAC Foods Limited, a joint venture business between the UAC of Nigeria Plc and South African Tiger Brands Limited has said that more than 70 per cent of raw materials used in making its flagship sausage roll, Gala, is sourced locally. This was made known by the General Manager, Marketing, ...

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Lagarde holds talks with CBN Governor, bank MDs


The Managing Director of the International Monetary Fund, IMF, Ms Christine Lagarde Wednesday, met for about two hours with the Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele. The meeting, which held at the CBN headquarters in Abuja, was reportedly used to discuss issues relating to the development of ...

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Fuel Subsidy: More Questions Than Answers


The new pump price of petrol has thrown up the novelty of having two separate regulated pump prices for petrol, also are puzzles on deregulation of the petroleum downstream sector, and whether or not subsidy has been removed. Juliet Alohan examines the developments. Effective January 1, this year, the federal ...

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Dry Season Farming Yields More Money – Expert


Dr Idris Badiru, a Senior Lecturer, Department of Agric Extension and Rural Development, University of Ibadan, says dry season farming yields more money to farmers. Badiru told the News Agency of Nigeria (NAN) in Ibadan on Sunday that farmers get more returns from less effort in dry season. The Agric ...

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Buhari’s fuel Price reduction is an insult to Nigerians


The present federal government of Nigeria led by President Muhammad Buhari has openly announced to Nigerians that the price of Petrol shall begin to sell for eight-five naira (N85) per litre by January, 2016 as against the current price N87. With this announcement, it now implies that there is N2 ...

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FG won’t sell National Theatre – Minister


The Minister of Information and Culture, Lai Mohammed, has stated that the Federal Government won’t sell the National Arts Theatre. The minister gave this assurance after visiting the theatre complex on a tour of all parastatals under his care. He, however, said “we are not averse to a Public-Private Partnership ...

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CBN may devalue Naira next year


There are indications that the Central Bank of Nigeria (CBN) may devalue the naira next year after President Muhammadu Buhari hinted for the first time that he would accept a devaluation of the naira, spurring speculation it may take place early next year when the local market reopens for trading. ...

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Why Naira debit cards are restricted abroad – CBN


The Director, Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule, has been speaking on the recent restrictions on the use of naira debit cards and dollar transactions in the country. At an interactive session with journalists in Abuja, Mr Tule said that naira debit cards can no ...

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