I Can Generate Billions Of Dollars From Cattle Business – Senator Okorocha
The lawmaker representing Imo West in the National Assembly, Senator Rochas Okorocha has said that Nigeria loses billions of dollars from cattle business, urging the Federal Government to invest in the business. He stated this during an interview on Channels Television’s Sunday Politics, noting if cattle business is being tapped well, it could create one million jobs for Nigerians. “Do you...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
[BREAKING] COVID-19: FG Reduces 2020 Budget
The Federal Government has sent a new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the COVID-19 pandemic. The new proposal sighted by The Nation, which is being considered by the National Assembly, reduced the 2020 estimate from. N10.594 trillion to N10.276 trillion. It also reduces the oil benchmark from $57...
Minister Says FG Can’t Continue Payment On Electricity Subsidy
The Minister of Power, Adebayo Adelabu, says Nigeria cannot continue to subsidise electricity, adding that the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of N1.3 trillion to generating companies (GenCos) and $1.3 billion owed gas companies Adelabu addressed a press conference in Abuja on Wednesday and said only...
Gov. Sani Reveals Actual Debt Burden Inherited From Predecessor, El-Rufai
Kaduna State Governor, Uba Sani, has said his administration inherited a huge debt burden of $587 million, N85 billion, and 115 contractual liabilities from the previous administration of Nasir El-Rufai. Governor Sani lamented that due to the rise in the exchange rate, the state is now paying back almost triple of what was borrowed by the previous administration. Governor Sani, who...
Nigeria’s Economy Heading Towards Recession – Finance Minister
Zainab Ahmed, the minister of finance, budget and national planning, says the economy is heading towards a recession. However, Ahmed projected that the extent of the recession can be mitigated if the economic stimulus plans are implemented. The minister told journalists after the national economic council meeting on Thursday that the COVID-19 pandemic has negatively impacted crude oil prices and “the impact...
Osinbajo Praises Uzodimma Over Oguta/Orashi Dredging
Vice President Yemi Osibanjo has lauded the plan to dredge the Oguta/Orashi river as an economic transformation project, describing the effort as a game changer for the government of Governor Hope Uzodimma and the people of Imo State. He spoke yesterday at Oguta at a ceremony to flag-off the hydro-graphic survey and dredging of Oguta Lake and Orashi River to...
Smuggling Responsible For High Cost Of Rice, Says Finance Minister
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, on Thursday, said smuggling is responsible for the rising cost of rice in the country. Speaking during an interview on Channels Television’s Politics Today on Thursday, the Minister said smuggling is affecting the market and hurting the citizens. “Unfortunately there is a lot of distortion and the distortion is arising from...
Abia Ready To Revive Tourism Sector, Gov. Otti Assures
Gov. Alex Otti of Abia has expressed readiness to reshape the hospitality industry and tourism sector through creative strategies to boost the state’s economy. Otti said this on Wednesday during a meeting with members of Nigeria Hotel Association and Hotel Proprietors Association in Umuahia. The governor, who was represented by his Chief of Staff, Dr Caleb Ajagba, said that he was...
Fresh Borrowing: Reps Approve Buhari’s $16bn, €1bn Loan Requests, $125m Grant
House of Representatives, yesterday, approved President Muhammadu Buhari’s request for new externally borrowing comprising $16.2 billion and €1.020 billion. The House also approved a grant component of the external funding plan amounting to $125 million in the President’s request. The approval was granted during the consideration of report on the ‘Request for a concurrent approval of donor fund projects under the...
