Nigeria At Risk Of Debt Distress — Report
Nigeria is at a very high risk of debt distress, a report released by an Abuja-based policy think tank, Agora Policy, has said. The report noted that “despite official statements about the sustainability of Nigeria’s growing debts, the public debt is not only understated but has also become a major drag on public finance”. According to the report, “the proportion of...
Nasarawa Governor, Abdullahi Sule Expresses Shock Over Reduction In Naira Value
Governor Abdullahi Sule of Nasarawa State has expressed shock over the continued fall in value of naira against the dollar. He, however, hoped the situation would be reversed soon. The governor, who spoke in an interview on Channels Television’s ”Politics Today” programme on Wednesday night, said he was extremely worried over the move of the Central bank of Nigeria, CBN, to...
Senate Backs Naira Redesign, Seeks Extension Of Mop Up Timeline For Old Notes
The Senate on Wednesday endorsed the proposed redesign of the country's official currency, Naira note by the apex bank, Central Bank of Nigeria but not without seeking the extension of deadline to mop up old notes. The Senate insists that the deadline of Tuesday, January 31 2023 to pay all cash in circulation into banks was too short and should...
Naira Redesign: Governors On Our Watchlist Have Increased – Says EFCC
The Economic and Financial Crimes Commission (EFCC) has said the number of governors on its watchlist has increased. The Chairman of the commission, Abdulrasheed Bawa, disclosed this while briefing news men at the State House after meeting with President Muhammadu Buhari on Thursday. Bawa, who declined to mention the number of governors currently under the EFCC watch, also refused to reveal...
Nigeria’s Survival Lies With Non-Oil Sector – Says NEPC
The Nigeria Export Promotion Council says the nation’s economic survival lies with non-oil products. NEPC Trade Promotion Advisor, Bello Noma, stated this when he led his colleagues on a sensitisation visit to the News Agency of Nigeria in Jos on Monday. Noma said that the oil, “which is the nation’s main export would one day dry up leaving the country with...
Buhari Set To Unveil Redesigned Naira Notes On Wednesday – Says Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the President, Major General Muhammadu Buhari (retd.), will on Wednesday unveil the newly designed naira notes. Emefiele disclosed this in Abuja during the Monetary Policy Committee monthly meeting on Tuesday. The newly designed naira notes to be unveiled are N1,000, N500 and N200 notes. According to the governor, the...
CBN Increases Interest Rate To 16.5%
The Monetary Policy Committee of the Central Bank of Nigeria voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5 per cent, the highest since 2001. The CBN Governor, Godwin Emefiele, disclosed this while reading the communique of the last MPC meeting of the year on Tuesday, November 22, 2022. The MPC said the tightening would curb...
Nigeria Is Not Broke – Finance Minister
Mrs. Zainab Ahmed, the Minister of Finance, Budget, and National Planning has stated that Nigeria is not broke. She noted that the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC). Ahmed said the Federal Government has since 2015 disbursed N5.04 trillion to state governments. READ ALSO: I Have Fears Over Positive Outcome...
Buhari Says His Administration Has Done Well In Reviving Economy Irrespective Of Criticisms
President Muhammadu Buhari, Tuesday said irrespective of what some people say, the administration he leads has made strides in stabilizing the security situation in the country, reviving and diversifying the economy, and fighting corruption. The President gave himself the pass mark when he received a delegation of political, religious and business leaders from Gombe State at State House, Abuja, that...
Government Agencies Agree To End Fuel Scarcity
Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours...
