BUSINESS
Stop Mortgaging Future Of Our Youths, End Borrowing, Moghalu Advises Buhari
Convener of Moghalu4Nigeria Movement (M4N), Prof. Kingsley Moghalu, has deplored Nigeria’s debt exposure, which stood at $32.85 billion by March this year. The former Central Bank of Nigeria (CBN) deputy governor, therefore, advised the Federal Government to urgently “halt this borrowing binge, which is exposing the country to a possible future debt peonage, considering our external debt by 2015 was...
Nigeria’s Inflation Rate Drops To 17.7% In June
Nigeria’s Inflation has yet again fallen to 17.75% as the economy steadily improves. The country’s inflation rate dropped further in the month of June 2021 to 17.75% from 17.93% recorded in May 202!. This represents the third consecutive decline in headline inflation. This is according to the latest consumer price index report, released by the National Bureau of Statistics (NBS). READ ALSO:...
Ogah Seeks Republic of Korea’s Collaboration To Develop Nigerian Mining Sector [PHOTOS]
Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah has said that about 44 different minerals in commercial quantities in the country, urging the Republic of Korea to invest in Nigeria's solid minerals sector for the mutual benefit of both countries. The Minister also added that Korea could source raw materials from Nigeria for its manufacturing and technological...
CBN To Supply Forex To Banks Only
The Central Bank of Nigeria, CBN has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued. CBN Governor, Godwin Emefiele made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th. Emefiele disclosed that the apex bank had to make this move because of the suspicious...
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...
States Government, Not FIRS To Collect VAT – Court Declares
The Federal High Court sitting in Port Harcourt has declared that it is the Rivers State Government and not the Federal Inland Revenue Services (FIRS), that should collect Valued Added Tax (VAT) and Personal Income Tax (PIT) in the State. The court presided over by Justice Stephen Dalyop Pam, has also issued an order of perpetual injunction restraining the Federal...
NNPC Will Cease To Exist In Six Months – GMD Mele Kyari
The General Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari has revealed that the Corporation will cease to exist within 6 months. His comments are coming a day after President Muhammadu Buhari signed into law the controversial Petroleum Industry Bill. Speaking on Arise TV on Monday, he disclosed that the corporation will be transformed into a private company. READ...
Buhari Orders Incorporation Of NNPC, Appoints Board [FULL LIST]
President Muhammadu Buhari in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited. This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in...
CBN Places N1Million Limit On eNaira Single Transaction
Merchants are barred from exceeding N1 million a deal on eNaira transactions, the Central Bank guideline on the usage of the digital currency indicates. This is part of the operating model and prototype design of the payment platform due to take off on Friday. While the N1 million ceiling is placed on sending and receiving money per transaction on the eNaira,...
Back Up Employment With Productivity, Reduce Expenditure — Sen. Kalu Counsels FG, States
Senate Chief Whip, Sen. Orji Uzor Kalu has called on federal and state governments to think out of the box and reduce the creation of ministries, departments and agencies, saying employment creation through such means increases recurrent expenditure. He urged them to increase the manufacturing and agricultural sectors to generate sustainable employment that will benefit the economy and people. Speaking with...
