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Since the start of the implementation of the Treasury Single Account in 2012, the Federal Government has collected over N10tn from 1,674 Ministries, Departments and Agencies. The TSA initiative, which is one of the public financial management reforms, had led to the closure of over 20,000 bank accounts. The Director of Information Technology Department in […]

The Special Presidential Investigation Panel for the Recovery of Public Property says an oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), is indebted to the Federal Government to the tune of $1.6bn. The money translates to about N684bn at N360 to $1 exchange rate. According to the panel, which is led by Mr Okoi Obono-Obla, the […]

Despite analysts’ predictions that the performance of the nation’s stock market would begin picking up in the second half of the year, investors have recorded losses totalling N291bn in the four days since the second half of the year began. The market, which opened the new half at a value of N13.206tn, has consistently depreciated, […]

The Federal Road Maintenance Agency on Tuesday declared that it had been unable to access the over N64bn road maintenance fund that was meant to come from a particular percentage of petroleum products sale. FERMA’s Managing Director, Nurudeen Rafindadi, who disclosed this in Abuja after the inauguration of the board of the agency, noted that […]

Nigeria is losing about $9bn annually to foreign shipowners because the country has no single vessel that is involved in international freight services, the Nigerian Shippers’ Council stated on Thursday. According to the council, Nigeria makes nothing from the billions of dollars spent by importers and exporters as freight fees to owners of vessels, as […]

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