BUSINESS
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...
AIICO, others get PenCom approval for govt contracts
The National Pension Commission (PenCom) has granted a certificate of compliance to AIICO Insurance Plc and other 190 firms to seek Federal Government contracts this year following their compliance with regulations on employees’ contributions. The commission disclosed this in a statement published on its website. According to PenCom, the Pension Reform Act 2014 requires firms to contribute a certain percentage to match up with employees’ contribution for retirement...
BREAKING: CBN Reduces Monetary Policy Rate To 12.5%
The Monetary Policy Committee (MPC) of Central Bank of Nigeria on Thursday reduced monetary policy rate (MPR), or the controlling lending rate to 12.5 percent, ABN TV reports. It, however, left other monetary policy parameters unchanged. Reading the communique of the meeting, CBN Governor, Mr. Godwin Emefiele, said the MPC resolved to retain the Liquidity Ratio at 30 percent, Cash Reserve...
“We’re Robbing Our Children To Pay For Our Greed” — Atiku Tackles FG On Rising Debt
Atiku Abubakar, the former vice-president, has again tackled the federal government on Nigeria’s rising debt profile, accusing it of “squandering the opportunities of future generations”. In an article on Tuesday, the former presidential candidate said the federal government should “drastically” reduce its expenditure to cushion the effect of the country’s high debt. Atiku quoted figures from the medium-term expenditure framework and...
Atiku Lied About Nigeria’s Debt Profile – Lai Mohammed
Lai Mohammed, minister of information and culture, says former Vice-President Atiku Abubakar is spreading a false and frightening report on the country’s debt profile. Atiku had raised concerns on the country’s rising debt profile. The former vice-president said according to the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP), Nigeria’s debt to revenue ratio was 99% in the first quarter of 2020. The...
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...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
FG Approves $124.2 Million Loans For Water Projects
The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria. According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund. A spokesperson for the ministry, Kenechukwu Offie, who disclosed this...
Uche Ogah: FG Has Established 6 Mineral Cluster, LED Processing Projects In South East
As the government strives to diversify the nation's economy, the Minister of State for Mines and Steel Development, Dr Uchechukwu Ogah says the federal government has established six solid minerals cluster projects to boost the economy and conserve foreign exchange, ABN TV reports. Ogah who spoke during an interview session in Calabar also revealed that the government has established the...
Don’t Shut Down Cryptocurrency Business, Atiku Appeals To Buhari
Former vice-president Atiku Abubakar has urged the Buhari administration not to shut down cryptocurrency business, as announced by the Central Bank of Nigeria on Friday. In a statement signed by him on Saturday, Atiku urged government to regulate the sector rather than embarking on an outright shutdown. “This is definitely the wrong time to introduce policies that will restrict the inflow...
