BUSINESS
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. Nigeria, on Saturday, entered...
We Can’t Pay Full Salaries To Civil Servants Due To Recession – Govt
Niger State Government has announced that full salaries will not be paid to workers due to a reduction in its federal allocation. The state government proposed to pay workers 70 per cent of their salaries, a decision which organized labour rejected. Secretary to the Niger State Government, Ahmed Ibrahim Matane, in a statement, noted that the reduction in salaries was not...
Nigeria Must End Dependence On Crude Oil – Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must end its dependence on crude oil for revenue and foreign exchange. Emefiele was speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday. NAN reports that he was represented by Edward Adamu, the deputy governor for corporate services. The governor explained that it...
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...
BREAKING: Senate Passes N13.5trn 2021 Budget
The Senate at a special plenary on Monday passed the 2021 budget totalling N13.5trn. The fiscal document is predicated on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer. It has an increment of N505bn. The President, Muhammadu Buhari, presented N13.082trn to National Assembly on October 8. Also, the House...
Shell Sells Stake In Nigerian Oil Block For $533m
The Shell Petroleum Development Company of Nigeria Limited has announced the completion of the sale of its 30 percent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m. The oil major said in a statement on Friday that the completion followed the receipt of...
We’ll Pay 24.3 Million Poor Nigerians 5k Each For Six Months — FG
The Federal Government on Tuesday said about 24.3 million poor Nigerians would get N5,000 each for a period of six months. This translates to N729bn within the six-month period. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, disclosed this at the inauguration of the Federal Government’s emergency intervention database for the urban poor. A statement issued in Abuja...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
Finance Bill: “Implementation date will be announced soon” – FG
The Ministry of Finance on Tuesday said that the take-off date for the implementation of the newly signed Finance Law would be announced in due course. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by her Media Adviser, Yunusa Abdullahi. Abdullahi in the statement said that a large sum of money realised...
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
