BUSINESS
We’ve No Hand In Nigeria’s Fuel Subsidy Removal, Says IMF
The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government. The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens. Speaking at a press conference during the IMF and World Bank Annual Meetings in...
Tinubu Declares State Of Emergency On Food Security
President Bola Tinubu has declared a state of emergency on food security in Nigeria. Presidential spokesman, Dele Alake, made this known while briefing State House correspondent on Thursday. The President directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. The directive was said to be...
National Assembly Adjusts 2024 Budget From ₦28.7tn To ₦35.5tn
The Senate has approved the ₦6.2 trillion amendment to the 2024 Appropriation Act, raising this year’s national budget from ₦28.7 trillion to ₦35.055 trillion. The amendment for capital and recurrent are for key infrastructure projects omitted in the 2024 appropriation and for the newly passed ₦70,000 national minimum wage. Meanwhile, the House of Representatives has also passed the amended 2024 budget...
ANAN Set To Establish Polytechnic In Keffi
The Association of National Accountants of Nigeria, ANAN has concluded plans to establish a Polytechnic in Keffi, Nasarawa state as part of efforts to widen the platform for training of Accountants as well as making the profession more attractive. This is coming few months after the National Universities Commission, NUC granted the Association provisional licence for the establishment of ANAN...
Nigeria Will Continue To Borrow Responsibly – Senate President Lawan
President of the Senate, Ahmad Lawan, has explained why it is important for the Nigerian government to continue to borrow responsibly to fund critical projects in the country. He believes it is not feasible for the government to tax the people further in the face of the present economic situation and the nation’s infrastructure must be developed. The Senate President made...
FG considers $2.8 billion external loan for 2020 budget
The Debt Management Office (DMO) on Friday said the Nigerian government was considering taking a loan from foreign sources to fund the 2020 budget signed into law by President Muhammadu Buhari a month ago. On December 17, 2019, Mr Buhari, who travelled to the United Kingdom today for an investment summit starting next Monday, signed the 2020 Appropriation Bill into...
Removal Of Subsidy On Fuel A Strategic Decision, Will Free Up Resources For Infrastructure Devt — Tinubu
President Bola Ahmed Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it will free up resources for critical investments in the country. He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy. The President spoke on Tuesday when he declared open...
FG Promises Free Land To Indian Investors Ready To Come To Nigeria
The Federal Government has promised to offer land to Indian investors who are ready to invest in the country’s creative industry. The Minister of Information and Culture, Alhaji Lai Mohammed, stated this on Tuesday in Abuja when he received the India High Commissioner to Nigeria, Mr Shri Balasubramanian. “We are ready to welcome Indian investors into Nigeria. We will offer...
MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says
The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget. The Acting Chairman of FRC, Victor Muruako, said...
No Regret Removing Fuel Subsidy, Tinubu Says At First Media Chat
President Bola Tinubu has reiterated that he has no regrets about removing the fuel subsidy, emphasising that the decision was necessary to secure Nigeria’s financial future. Speaking on Monday during a live presidential media chat broadcast nationwide, Tinubu explained that the subsidy was draining the country’s resources and jeopardizing future investments. He said, “We are spending our future. We are spending...
