FG Approves $124.2 Million Loans For Water Projects
The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria. According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund. A spokesperson for the ministry, Kenechukwu Offie, who disclosed this...
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...
Ganduje Hits FG: World Bank, IMF Is Against Naira Redesign, You’re Defending It
Kano state governor, Abdullahi Umar Ganduje, has said the Naira notes redesign policy brought by President Muhammadu Buhari-led government is beyond a plot against any presidential ambition but targeted at truncating democracy. Ganduje, who spoke late Wednesday when he met with the Forum of Former Parliamentarians, North-west zone, who came to intimate him of their resolve to support the presidential...
Tinubu Declares State Of Emergency On Food Security
President Bola Tinubu has declared a state of emergency on food security in Nigeria. Presidential spokesman, Dele Alake, made this known while briefing State House correspondent on Thursday. The President directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. The directive was said to be...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
NSCDC Vows Clampdown On Fake Naira Notes Syndicates, Cautions Nigerians
The Nigeria Security and Civil Defence Corps (NSCDC) says it will continue to arrest and prosecute those involved in the production and circulation of fake redesigned Naira notes. The Commandant-General of the corps, Ahmed Audi, told the News Agency of Nigeria (NAN) on Sunday that the number of cases of circulation of fake Naira notes had become worrisome. He warned perpetrators...
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...
Nigeria Heading For Another Recession, To Recover In 2021 – Buhari
President Muhammadu Buhari on Thursday said the country was primed for a second recession in four years although the government has put in place plans to ensure rapid recovery in 2021. The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly. Like many other countries, the Nigerian economy has been hit hard by the...
IPPIS: ASUU mobilises members for strike
Academic Staff Union of Universities (ASUU) has threatened to embark on strike if the Accountant General of the Federation stops salaries of lecturers this January. The association claimed the FG had noted that it would stop the salaries of the lecturers for failing to enrol for the Integrated Personnel and Payroll System (IPPIS). ASUU said that a circular from the office...
Buhari Says His Government Took Painful Decisions To Invest For Prosperous Future, Insists Pain ‘Short Term’
President Muhammadu Buhari has explained how his administration took painful decisions to invest for a prosperous future of all Nigerians. Speaking on Tuesday in Saudi Arabia at an investment conference organised by the Future Investment Initiative Institute, the Nigerian leader said upon assuming office in 2015, his government understood the importance on inclusive policies for sustainable peace. “In the past six...
