Obaseki plunges Edo into foreign debt with no result to show, DMO reports says
A report from Nigeria’s Debt Management Office (DMO) has shown that Edo State sunk into scary levels of foreign debt under the administration of Governor Godwin Obaseki. According to the data, Edo State has a foreign debt profile of $276.25m representing 6.53 per cent of the sub-national foreign debt portfolio, a figure second only to Lagos State. In spite of this...
Buhari signs Finance Bill into law
The President, Major General Muhammadu Buhari (retd.), has signed the finance bill into law. He made this known via his Twitter handle on Monday. “I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” he tweeted. He said the Finance Bill would support the implementation of the 2020 Appropriation Bill. He added, “This is the first time,...
FG earned N5.04tn from oil in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil...
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
FG, CBN propose pre-shipment of inspection certificates
The Federal Government, Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NSC) have hinted on a proposal to introduce pre-shipment inspection and issuance of Clean Certificate of Inspection (CCI) on all mineral commodities due for export. The Federal Government, through the Ministry of Mines and Steel Development, yesterday, made the disclosure during the presentation ceremony of the ministerial committee...
USAID to invest $60m to boost agribusiness in Nigeria
The United States Agency for International Development, (USAID) has disclosed plans to invest $60 million to boost agriculture in Nigeria and across West Africa. Speaking at the launch of the West Africa Trade and Investment Hub in Abuja yesterday, the United States Ambassador to Nigeria, Mary Beth Leonard, said the project would improve the overall business operations and enhance capacity to...
BREAKING! Inflation rises to 12.13%
Nigeria’s annual inflation accelerated to 12.13% in January from 11.98% in December, the National Bureau of Statistics said on Tuesday. A separate food price index showed inflation at 14.85% in January, compared with 14.67% in December. The 12.13 per cent inflation rate represents an increase of 0.15 percentage point over the index recorded in December last year. An analysis of the NBS...
BREAKING: Abia Hits 1bn Naira In Monthly IGR As Ikpeazu Says Payment Of Workers Not A Problem
Abia State has met her target of hitting the N1bn mark in her internally generated revenue drive for the month of January 2020 thereby significantly raising her revenue profile while also paying the new minimum wage agreed by the Federal Government and Labour to its civil servants without any rancour or hesitation. This much was stated by the State’s Commissioner...
BREAKING: Nigeria Now Tops South Africa As The Continent’s Biggest Economy
As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy. The answer to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use...
How Buhari Intends To Spend $22.7m Foreign Loan
Here is how the Buhari administration plans to spend the loan and where the projects are located as contained in the document: INFRASTRUCTURE – Emergency road rehabilitation and maintenance ($434.7m, nationwide) – Abidjan-Lagos corridor highway development project study ($1.5m; multinational) – Abuja mass rail transit project (phase 2) ($1.25bn; FCT) – East-west road ($800m; Niger Delta) – Nigeria Housing Finance Project Guarantee Scheme ($100m;...
