N206bn Inserted In My Ministry’s Budget For Equipment Procurement, Says Umar-Farouq
Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, yesterday, told senators that the N206 billion inserted in the ministry’s budget was for purchase of military equipment. The minister had disowned the money, last week, saying it was allegedly ‘inserted’ by the Ministry of Finance. Lawmakers had requested the two ministers to appear and clear the air on...
Buhari Approves Naira Notes Redesign
President Muhammadu Buhari on Sunday voiced his support for the decision of the Central Bank of Nigeria, CBN to launch new designs and replace high-value Naira notes. This was as he noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies. According to a statement signed by his Senior Special Assistant on Media...
$1 Now ₦788, We Are Not Aware Of Naira Redesigning – Finance Minister
Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira. The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on...
CBN To Redesign N200, N500 And N1,000 Notes To Control Circulation
The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500, and N1,000 notes. CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja. The new design and issues will be effective from December 15, 2022. The action was taken in order to take control of the currency in circulation, according to the CBN...
2023 Budget: Buhari’s And Osinbajo’s Local, International Trips To Cost N3.34bn
The Presidency has proposed the sum N3.34 billion for the local and foreign travels of President Muhammadu Buhari and Vice President Yemi Osinbajo in the 2023 appropriation bill submitted to a joint session of the National Assembly on Friday. The breakdown of N2.49bn set aside for the president’s trips has N862,076,448 for local travel and transport, while international travel and...
Travellers Stranded As Dollar Shortage Hits Banks – Report
Nigerians are finding it increasingly difficult to access the United States dollar at the Central Bank of Nigeria’s official rate for eligible transactions. Worse affected are those travelling abroad who are experiencing delays in accessing Busines...
Naira Value Drop: EFCC Storms Abuja Bureau De Change Hub
Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, A source said the raid was a covert operation to dislodge currency specu...
Naira Crashes To N710 Per Dollar
The naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex. Checks by Peoples Gazette (not ABN TV) on Wednesday showed the current parallel market rate pegged at N710 to a dolla...
FG Has Released N4.7trn To Finance 2022 Budget Expenditure So Far – Zainab Ahmed
The Federal Government has so far released the sum of 4. 7 trillion naira to finance expenditure in the 2022 budget. This is according to the Minister of Finance, Budget and National planning, Mrs Zainab Ahmed. The minister disclosed this on Thursday...
Reps Probe Petrol Subsidy Under President Buhari, Allege $7 Billion Diversion
The House of Representatives has set up an ad-hoc committee to investigate the petroleum products subsidy regime under President Muhammadu Buhari. The lawmakers asked the committee to carry out the probe from 2017 to 2021. This followed the adoption ...
