South African President Ramaphosa Appoints Okonjo-Iweala Head Economic Advisory Council
South Africa's President Cyril Ramaphosa has reportedly appointed Dr. Ngozi Okonjo-Iweala as the Head of the country’s Economic Advisory Council. ABN TV reports that South Africa entered its second recession in two years in the final quarter of last year as agriculture, transport and construction contracted, data showed on Tuesday, highlighting the impact of power cuts on the nation’s economy. Statistics...
How Buhari Intends To Spend $22.7m Foreign Loan
Here is how the Buhari administration plans to spend the loan and where the projects are located as contained in the document: INFRASTRUCTURE – Emergency road rehabilitation and maintenance ($434.7m, nationwide) – Abidjan-Lagos corridor highway development project study ($1.5m; multinational) – Abuja mass rail transit project (phase 2) ($1.25bn; FCT) – East-west road ($800m; Niger Delta) – Nigeria Housing Finance Project Guarantee Scheme ($100m;...
BREAKING: Nigeria Now Tops South Africa As The Continent’s Biggest Economy
As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy. The answer to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use...
BREAKING: Abia Hits 1bn Naira In Monthly IGR As Ikpeazu Says Payment Of Workers Not A Problem
Abia State has met her target of hitting the N1bn mark in her internally generated revenue drive for the month of January 2020 thereby significantly raising her revenue profile while also paying the new minimum wage agreed by the Federal Government and Labour to its civil servants without any rancour or hesitation. This much was stated by the State’s Commissioner...
BREAKING: Abia Hits 1bn Naira In Monthly IGR As Ikpeazu Says Payment Of Workers Not A Problem
Abia State has met her target of hitting the N1bn mark in her internally generated revenue drive for the month of January 2020 thereby significantly raising her revenue profile while also paying the new minimum wage agreed by the Federal Government and Labour to its civil servants without any rancour or hesitation. This much was stated by the State’s Commissioner...
CBN denies prohibition on domiciliary accounts deposits
The Central Bank of Nigeria, CBN has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, CBN, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. He said, “The bank has not prohibited the acceptance of foreign currency cash deposits...
BREAKING! Inflation rises to 12.13%
Nigeria’s annual inflation accelerated to 12.13% in January from 11.98% in December, the National Bureau of Statistics said on Tuesday. A separate food price index showed inflation at 14.85% in January, compared with 14.67% in December. The 12.13 per cent inflation rate represents an increase of 0.15 percentage point over the index recorded in December last year. An analysis of the NBS...
FG not planning to borrow N2trn pension fund for infrastructure – Finance Minister
Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, on Friday, dispelled the report that the Federal Government was planning to borrow N2trillion pension funds for infrastructure development. Ahmed stated this in Lagos at Udo Udoma & Belo-Osagie (UUBO) second private equity summit with the theme: ‘Drivers, Disruptors and Unlocking Value.” She said that the government was not borrowing the fund for...
FG not planning to borrow N2trn pension fund for infrastructure – Finance Minister
Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, on Friday, dispelled the report that the Federal Government was planning to borrow N2trillion pension funds for infrastructure development. Ahmed stated this in Lagos at Udo Udoma & Belo-Osagie (UUBO) second private equity summit with the theme: ‘Drivers, Disruptors and Unlocking Value.” She said that the government was not borrowing the fund for...
AIICO, others get PenCom approval for govt contracts
The National Pension Commission (PenCom) has granted a certificate of compliance to AIICO Insurance Plc and other 190 firms to seek Federal Government contracts this year following their compliance with regulations on employees’ contributions. The commission disclosed this in a statement published on its website. According to PenCom, the Pension Reform Act 2014 requires firms to contribute a certain percentage to match up with employees’ contribution for retirement...
