We’ll Pursue Expansion Policies To Fight Recession – CBN
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the bank will pursue expansionary monetary policies to fight recession because the fiscal policy was already constrained. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held...
FG, States, LG’s Share N682.060bn As Allocation For August
The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies. This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance. The gross...
FG Takes Over Revenue Management Of NNPC, Customs, FIRS, NCC, Others
The Federal Government on Tuesday moved to boost its resources by directly taking over control of revenue management of its 10 most lucrative Enterprises. The 10 government-owned enterprises (GOE) named in the first phase of the initiative are Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS)...
FG Has No Business Managing Oil Refineries – Osinbajo
Vice President Yemi Osinbajo has restated the resolution of the Buhari administration that the Federal Government has no business running oil refineries in Nigeria. Speaking at a virtual meeting organised for the All Progressives Congress (APC), social media bloggers and influencers at the ruling party’s secretariat in Abuja on Monday, the Vice President indicated that the Nigerian government sees the...
Petrol Subsidy Removed Because Of Fraud – Mele Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, said the Federal Government removed subsidy on petrol because of fraud. Kyari said some cabals which he failed to identify perpetrated the fraud in the oil industry. The NNPC boss also said over N10tn was spent on fuel subsidy between 2006 and 2020 without significant impact on the...
Dangote Refinery May Not Significantly Reduce Petrol Price – Zainab Ahmed
Zainab Ahmed, the minister of finance, budget and national planning, says the Dangote Refinery being constructed may not significantly reduce the retail price of petrol. Speaking in an interview with the Nigerian Television Authority (NTA), Ahmed explained that the refinery will sell its products at the international market price. The Dangote refinery is expected to refine 650,000 barrels of oil per...
We Had To Borrow To Fund Roads, Rail, Power – Buhari
The President, Muhammadu Buhari, on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power. According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members...
BREAKING: Nigeria’s Debt Rises By N2.3trn, Hits N31trn – DMO
The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s...
MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says
The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget. The Acting Chairman of FRC, Victor Muruako, said...
We Lack Money To Continue To Pay Fuel Subsidy – FG
The Federal Government (FG) has said it currently lacks money to continue to pay fuel subsidy due to the economic implications of the coronavirus (COVID-19) pandemic. Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja in a briefing to mark his one year in office. Sylva said the Federal Government has also resolved to step aside...
