Africa’s Economic Policies Rely On Borrowed Concepts — Moghalu
Kingsley Moghalu, the president of the African School of Governance and a former deputy governor of the Central Bank of Nigeria, has criticized Africa's economic strategies for lacking originality and philosophical depth. Speaking on the theme “Leadership in Africa” during the Toyin Falola interviews on Monday, Moghalu condemned the reliance on ineffective, borrowed ideas from the West that fail to...
Inflation Rate Under Buhari Not Highest In Nigerian History — Keyamo
Festus Keyamo, the spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Asiwaju Bola Tinubu, has said the inflation rate under President Muhammadu Buhari's administration is not the highest in the history of the country. The Senior Advocate of Nigeria, who appeared on Arise TV morning show on Monday, was responding to questions about what Buhari’s...
Food Prices Increasing, Household Incomes Not Steady – NBS
The National Bureau of Statistics (NBS) says prices of most food items increased in November 2020, while income remains unsteady for many households across Nigeria. According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 per cent and month-on-month (MoM) by 1.42 per cent...
BEWARE: Criminals Increasingly Using Cryptocurrencies
Criminals in Italy and Germany are increasingly making use of cryptocurrencies, according to the customs directorate in Bonn, Germany. “The use of cryptocurrencies for online payment in the context of criminal offences is clearly on the rise,’’ the directorate said in a recent statement. According to investigators’ findings, in most cases, the perpetrators use Bitcoin and the currency Monero. READ ALSO: Germany...
Nigerians Should Accept Increase In Fuel Price – Minister
The Federal Government has insisted that Nigerians should brace up for an increment in the pump price of petrol, in the light of the current economic situation in the country. The minister said, “It is very unfortunate that if (there is) an increment in fuel pump price, (it) would have an impact on the marketplace and we are not happy...
Why I Seek Fresh N2.3tr Loan — Buhari
President Muhammadu Buhari, yesterday, wrote the National Assembly for approval to borrow fresh $6.183 billion (N2.343 trillion) to fund the 2021 budget deficit of N5.602 trillion. Titled “Request for the resolution of the National Assembly to the implementation of the new external borrowing of N2.343 trillion, which is about $6.183 billion in the 2021 appropriation Act” and addressed to the...
Enugu banker gets N200m bail in fraud allegation
An Enugu State High Court, Friday, granted bail worth N200 Million to Oliver Anidiobi, a banker who was accused of fraud. Anidiobi is facing trial before the court on 32 count charges of forgery and stealing, slammed against him by the Economic and Financial Crimes Commission (EFCC). He was earlier arraigned by EFCC on May 7 this year and was remanded...
World Bank blacklists CCECC, five other Chinese firms operating in Nigeria
The World Bank has blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption. The companies, according to an announcement published on the World Bank’s website, are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited. Others are China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering...
Banks borrow N19.6tn from CBN amid rising liquidity problems
Commercial banks borrowed a total of N19.64tn from the Central Bank of Nigeria in 2019, an increase of 73 per cent from the N11.36tn borrowed in 2018. This has raised concerns among analysts following the rising liquidity problems in the financial services sector. This happened barely one month after the World Bank warned the CBN against supporting undercapitalised banks indefinitely. According to...
BUA Chairman, Alhaji Abdulsamad Vows Not To Increase Products’ Price During Ramadan
The Chairman, BUA Group of Companies, Alhaji Abdulsamad Isyaku Rabiu, has promised Nigerians that the company will not increase the price of its products now or during the upcoming Ramadan period. BUA’s representative in the northern region, Alhaji Muhammadu Adakawa, disclosed this during a press briefing held in Kano to address the recent increase of prices of products by some...
