Nigeria’s Debt To Hit N38 Trillion Next Year – Finance Minister
Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the Senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, 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...
Nigeria Now Owing World Bank $660m — Data
The total debt owed to the World Bank Group by Nigeria rose by $660m in the first six months of 2022, the Punch has learnt. This is according to data from both the Debt Management Office and the financial statements of the World Bank. According to data from the DMO, Nigeria debt to the Washington-based bank was $12.38 as of December...
Trade Fair: Benjamin Kalu Hails Made-In -Aba Products (Photos)
The Member representing Bende federal Constituency and the Spokesperson of the House joined the Made in Aba Trade Fair in Abuja with an assurance of facilitating access to loan facilities for the artisans. At the trade fair which commenced on the 8th of November, 2021 at the FCT Sports Centre, Area 10, the federal lawmaker was welcomed cheerfully by the...
Global Finance 2020: Zenith Bank Emerges Best Bank In Nigeria
Zenith Bank Plc has emerged as the Best Bank in Nigeria in the recently released Global Finance Magazine World’s Best Banks Awards 2020. The awards, published in the May 2020 edition of the Global Finance Magazine, was based on the performances of the banks in their respective regions and countries over the period from Jan. 1 to Dec. 31, 2019. Global...
Nigeria’s Ten Years Economic Mismanagement Cannot Be Reversed In One Year — Sanusi
A former Central Bank of Nigeria governor and the 14th Emir of Kano, Muhammadu Sanusi, says it will take a while to for the Nigerian economy to bounce back from 10 years of mismanagement. He said that realistically, it requires more than six months or one year for the economic mismanagement of the last 10 years to be undone. The former...
PenCom Outlines Conditions For Early Access To Pension Savings Under Contributory Scheme
The National Pension Commission (PenCom) has clarified that Nigerian workers enrolled in the Contributory Pension Scheme (CPS) can access part of their retirement savings before retirement, but only under specific circumstances. Under the CPS, both employers and employees make monthly contributions into a Retirement Savings Account (RSA), which is primarily intended to provide a steady income after retirement. However, PenCom’s...
IMF Says South Africa May Overtake Nigeria As Africa’s Biggest Economy
The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent is reaching towards achieving $401 gross domestic product (GDP) in 2024. The global financial institution, however, envisioned that based on current prices, Nigeria and...
World Bank Accuses NNPCL Of Lack Of Transparency In Managing Subsidy Funds
The Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this call in its Nigeria Development Update, December 2023 edition titled, ‘Turning The...
FG To Cut Agencies To Reduce Governance Cost – Finance Minister
The President, Muhammadu Buhari, has approved the implementation of the Steve Oransaye Committee report on the rationalisation of government agencies. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while appearing on a Channels TV programme, Politics Today. The Presidential Committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions, now commonly referred to as the...
