Hunger To Vanish As NEC Approves N5bn Subsidy Palliative With 5 Trucks Of Rice
The National Economic Council, NEC, on Thursday said that the Federal Government has approved N5 billion grant to be given to each of the 36 states of the federation for the procurement of grains as well as five trucks of rice to each state as palliatives to cushion the effect of fuel subsidy removal. The NEC also approved the distribution...
Naira Will Become Stronger Again —Adeboye
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, says the naira will regain its strength among the league of currencies. He stated this on Saturday morning during the Church’s annual Holy Ghost Congress held at the RCCG International Headquarters along the Lagos-Ibadan Expressway. GLONAT reports that the 78-year-old cleric prayed to God to intervene in Nigeria’s...
Minerals Development: Turkish Ambassador Hosts Uche Ogah
As part of moves to synergize with Nigeria for the development of mineral resources, Ambassador of the Republic of Turkey to Nigeria, H.E, Ambassador Hidayet Bayraktar recently hosted Nigeria's Minister of State for Mines and Steel Development, Dr. Uche Ogah. ABN TV gathered that the minister and his host also discussed Nigeria-Turkish relationship in the Minerals and Metal sector and...
Nigeria Will Continue To Borrow Responsibly – Senate President Lawan
President of the Senate, Ahmad Lawan, has explained why it is important for the Nigerian government to continue to borrow responsibly to fund critical projects in the country. He believes it is not feasible for the government to tax the people further in the face of the present economic situation and the nation’s infrastructure must be developed. The Senate President made...
FG, States, LGs Share ₦547bn As Federation Allocation For May
The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N 547. 309bn as federation allocation for the month of May 2020. FAAC’ s virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa - Dutse, according to a statement...
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’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...
Watch Your Debt Profile, IMF Cautions Nigeria As Borrowing Spree Continues
As President Bola Tinubu proposes N26.01 trillion budget for 2024 fiscal year, the International Monetary Fund (IMF) has raised concerns about Nigeria’s increasing debt burden. In its recent report on ‘Africa: Special Issue: In Pursuit of Stronger Growth and Resilience,’ IMF raised some concerns fearing that Nigeria’s government debt will surge by 4.3 percent of its GDP in 2024, from...
Our Economic Environment Does Not Support Further Borrowing, Finance Minister Tells Senate
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the country cannot rely on borrowing to fund the 2024 budget. Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani Musa. The finance minister told the joint...
COVID-19: Economic council meets Buhari, warns of recession
The Presidential Advisory Council on Tuesday warned about dire economic consequences for Nigeria if the raging coronavirus infection was not contained as quickly as possible. The council, which is chaired by Prof Doyin Salami, met with the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja. It said one of the immediate consequences, as shown in the crash of...
