We Are Borrowing Wisely – Minister of Finance
Minister of Finance Zainab Ahmed has stated that the present administration is prudently borrowing to address the country’s infrastructure deficit. Ahmed, speaking at a news conference on the National Bureau of Statistics’ (NBS) latest report on the economy’s growth, remarked that there will be regrets if no investment returns revenue in the future. READ ALSO: After NDA Attack, Mbaka Warns Over...
CBN Orders Banks To Publish Names, BVN Of Forex Defaulters
The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who try to break the rules on Forex acquisition on their website. The CBN on Monday, August 30th issued a circular (BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the...
BEWARE: Criminals Increasingly Using Cryptocurrencies
Criminals in Italy and Germany are increasingly making use of cryptocurrencies, according to the customs directorate in Bonn, Germany. “The use of cryptocurrencies for online payment in the context of criminal offences is clearly on the rise,’’ the directorate said in a recent statement. According to investigators’ findings, in most cases, the perpetrators use Bitcoin and the currency Monero. READ ALSO: Germany...
Buhari Appoints Steering Committee For Petroleum Act
President Muhammadu Buhari has commenced implementation of the newly signed Petroleum Industry Act (PIA) by approving a steering committee to oversee the process. The steering committee is headed by the Honourable Minister of State, Petroleum Resources, Timipre Sylva. Other members are: Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative...
NNPC Will Cease To Exist In Six Months – GMD Mele Kyari
The General Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari has revealed that the Corporation will cease to exist within 6 months. His comments are coming a day after President Muhammadu Buhari signed into law the controversial Petroleum Industry Bill. Speaking on Arise TV on Monday, he disclosed that the corporation will be transformed into a private company. READ...
Non-Exploitation Of Mineral Resources Responsible For Insecurity, Says Gov. Masari
Katsina State Governor Aminu Bello Masari has blamed the increasing spate of banditry and other forms of insecurity across the country on the failure of government to exploit the nation’s solid mineral resources. Masari, who said this on Wednesday when he visited the Minister of Mines and Steel Development, Olamilekan Adegbite, in Abuja, maintained that the agitations for resource control...
Nigeria Makes World Bank List Of 10 Countries With High Debt Risk
The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure. It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday. The financial statement said, “IDA faces two types of credit risk: country credit risk and counterparty credit...
States Government, Not FIRS To Collect VAT – Court Declares
The Federal High Court sitting in Port Harcourt has declared that it is the Rivers State Government and not the Federal Inland Revenue Services (FIRS), that should collect Valued Added Tax (VAT) and Personal Income Tax (PIT) in the State. The court presided over by Justice Stephen Dalyop Pam, has also issued an order of perpetual injunction restraining the Federal...
Buhari To Lead 11 African Nations To Negotiate $19bn Soft Loan
The Pan Africa Great Green Wall (PAGGW) countries have appointed President Muhammadu Buhari President of the Heads of States and Government of the PAGGW to facilitate $5bn grant and $14bn soft loans for the agency. The minister of environment, Dr Mohammad Mahmood Abubakar, who disclosed this during the ministerial briefing on recent developments in the environment sector also said the...
CBN To Supply Forex To Banks Only
The Central Bank of Nigeria, CBN has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued. CBN Governor, Godwin Emefiele made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th. Emefiele disclosed that the apex bank had to make this move because of the suspicious...
