We’ll Pay 24.3 Million Poor Nigerians 5k Each For Six Months — FG
The Federal Government on Tuesday said about 24.3 million poor Nigerians would get N5,000 each for a period of six months. This translates to N729bn within the six-month period. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, disclosed this at the inauguration of the Federal Government’s emergency intervention database for the urban poor. A statement issued in Abuja...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
Finance Bill: “Implementation date will be announced soon” – FG
The Ministry of Finance on Tuesday said that the take-off date for the implementation of the newly signed Finance Law would be announced in due course. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by her Media Adviser, Yunusa Abdullahi. Abdullahi in the statement said that a large sum of money realised...
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...
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...
AIICO, others get PenCom approval for govt contracts
The National Pension Commission (PenCom) has granted a certificate of compliance to AIICO Insurance Plc and other 190 firms to seek Federal Government contracts this year following their compliance with regulations on employees’ contributions. The commission disclosed this in a statement published on its website. According to PenCom, the Pension Reform Act 2014 requires firms to contribute a certain percentage to match up with employees’ contribution for retirement...
BREAKING: CBN Reduces Monetary Policy Rate To 12.5%
The Monetary Policy Committee (MPC) of Central Bank of Nigeria on Thursday reduced monetary policy rate (MPR), or the controlling lending rate to 12.5 percent, ABN TV reports. It, however, left other monetary policy parameters unchanged. Reading the communique of the meeting, CBN Governor, Mr. Godwin Emefiele, said the MPC resolved to retain the Liquidity Ratio at 30 percent, Cash Reserve...
“We’re Robbing Our Children To Pay For Our Greed” — Atiku Tackles FG On Rising Debt
Atiku Abubakar, the former vice-president, has again tackled the federal government on Nigeria’s rising debt profile, accusing it of “squandering the opportunities of future generations”. In an article on Tuesday, the former presidential candidate said the federal government should “drastically” reduce its expenditure to cushion the effect of the country’s high debt. Atiku quoted figures from the medium-term expenditure framework and...
Atiku Lied About Nigeria’s Debt Profile – Lai Mohammed
Lai Mohammed, minister of information and culture, says former Vice-President Atiku Abubakar is spreading a false and frightening report on the country’s debt profile. Atiku had raised concerns on the country’s rising debt profile. The former vice-president said according to the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP), Nigeria’s debt to revenue ratio was 99% in the first quarter of 2020. The...
FG, States, LGs Share ₦547bn As Federation Allocation For May
The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N 547. 309bn as federation allocation for the month of May 2020. FAAC’ s virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa - Dutse, according to a statement...
