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Data from the CBN found that there were N1.5 trillion worth of NPL in the banking industry out of a total of N37.81 trillion in credit as of the end of June 2023.

Director General of the Debt Management Office (DMO), Patience Oniha has said that there was budgetary approval authority to borrow N1.7 trillion in foreign debt.

The National Economic Council affirmed that the $3bn emergency loan-for-crude oil the FG secured in August would be deployed to stabilise the naira.

Anibor Kragha, Executive Secretary of the African Refiners and Distributors Association (ARDA) said first phase of Cabinda refinery will begin operation by 2024

A representative of the Dangote Group has disclosed that three Dangote Group subsidiaries paid the federal government a total of N474 billion in taxes.

A new CBN monthly economic report for May has shown that Yemen, USA, India, Japan and China top the major destinations of non-oil exports in May 2023.

According to the Nigerian Extractive Industries Transparency Initiative, in 2022, the Nigerian National Petroleum Company Limited failed to pay the FG N2.8trn taxes.

Dangote has announced that the proposed merger of Dangote Sugar Refinery, NASCON Allied Industries, and Dangote Rice would be completed before the end of 2023.

The CBN was created in 1958 and as the apex bank, it is in charge of managing Nigeria's financial system and releasing the naira, the nation's official currency.
Zainab Iwayemi
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