BUSINESS
₦5.548 Trillion Available To Fund 2020 Budget – Finance Minister
The Minister of Finance, Zainab Ahmed, revealed that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion while briefing the leadership of the National Assembly on Thursday. ABN TV reports that the minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in...
World Bank Approves Nigeria’s $750 Million Loan
The World Bank has approved a $750 million loan to the Federal government which is to be used to improve electricity supply in the country. In a statement released today Wednesday, June 24, the World Bank said the $750 Million loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. According to the...
We Had To Borrow To Fund Roads, Rail, Power – Buhari
The President, Muhammadu Buhari, on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power. According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members...
FG Has No Business Managing Oil Refineries – Osinbajo
Vice President Yemi Osinbajo has restated the resolution of the Buhari administration that the Federal Government has no business running oil refineries in Nigeria. Speaking at a virtual meeting organised for the All Progressives Congress (APC), social media bloggers and influencers at the ruling party’s secretariat in Abuja on Monday, the Vice President indicated that the Nigerian government sees the...
Those Running Nigeria’s Economy Are Not Professionals – NES
NIGERIA Economic Society, NES, Tuesday took a swipe at President Muhammadu Buhari on his appointment, saying that those in his economic team are not professionals. According to Professional Economists, the engagement of novice in managing the economy explained why the Nation’s economy was nose-diving, adding that it was very wrong in the first place to exclude qualified and knowledgeable...
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...
FG On Course To Pass Budget Before 2021 – Budget Office
The Federal Government is on course to ensure that the 2021 Appropriation Bill currently before the National Assembly is passed before the end of the year. Mr Ben Akabueze, the Director-General of the Budget Office, stated this during his appearance on Channels Television’s Sunrise Daily on Thursday. He noted that the budget defence by various Ministries, Departments, and Agencies (MDAs) before the lawmakers...
Reps Summon NNPC Boss, Emefiele, Over Unremitted N3.2tn
The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014. Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on...
BREAKING: Inflation Rate Surpasses 14% — Highest Jump In 4 Years
The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 per cent in October. The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points. Inflation measures the rate at which the prices of goods and services increase over a period of...
FEC Approves Reopening Of 4 Land Borders
President Muhammadu Buhari has approved the reopening of four land borders with immediate effect, while others will be reopened subsequently. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House Correspondents after the week’s virtual Federal Executive Council (FEC) meeting, held in the Council Chambers Aso Rock Presidential Villa, Abuja. According to Ahmed, the borders...
