BUSINESS
Nigeria’s Borrowing For Unproductive Reasons — Peter Obi
The former presidential candidate for the Labour Party, Peter Obi has described the Nigerian government borrowings as unproductive. Obi stated this in a statement via his verified X handle on Tuesday. According to him, Nigeria’s public debt keeps increasing with little or no impact on the country’s economy. The former Anambra governor said the last administration incurred huge debt especially with the...
Banks To Receive Old Naira Notes From CBN Today
The Central Bank of Nigeria (CBN) has instructed commercial banks to immediately collect the old naira notes they deposited in its branches to ease the cash crunch across the country. Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in response to the introduction of new ones as part of the cashless policy...
FG To Amend The 2020 Budget Oil Benchmark To $20 Per Barrel
Plans are ongoing by the Federal Government to review the 2020 budget to reflect an oil benchmark of $20 per barrel. A report by Reuters quoted the Minister of Finance, Budget and National Planning Minister, Zainab Ahmed, who disclosed this on Tuesday during a web conference about the impact of low oil prices on Nigeria’s economy. A further downward revision will...
All Debts Incurred By Buhari Justifiable — Fashola
The Minister of Works and Housing, Babatunde Fashola, has said that the Buhari administration has justified all its debts by constructing various infrastructures across the nation. Fashola stated this at the closing ceremony of the 28th National Council of Works meeting held in Kano on Thursday. He said the ongoing projects across the country had justified the debts, especially when compared...
Global Finance 2020: Zenith Bank Emerges Best Bank In Nigeria
Zenith Bank Plc has emerged as the Best Bank in Nigeria in the recently released Global Finance Magazine World’s Best Banks Awards 2020. The awards, published in the May 2020 edition of the Global Finance Magazine, was based on the performances of the banks in their respective regions and countries over the period from Jan. 1 to Dec. 31, 2019. Global...
Nigeria’s Public Debt Stock Hits N42 Trillion
Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, increased to N42.84 trillion ($103.31 billion) by June. This information can be found in a statement that was obtained on Tuesday from the website of the Debt Management Office. According to the statement, the total debt represents the domestic and external debt stocks of the Federal Government of...
Kaduna Govt Seeks Investment From Saudi Arabia
The Kaduna State Government has canvassed for investment and support from the Kingdom of Saudi Arabia. Deputy Governor, Dr Hadiza Sabuwa Balarabe stated this at an event to celebrate the 93rd National Day of the Kingdom of Saudi Arabia at The Afficent event centre, in Kano on Saturday. In her remarks, the deputy governor thanked the Kingdom of Saudi for the...
IPPIS: ASUU mobilises members for strike
Academic Staff Union of Universities (ASUU) has threatened to embark on strike if the Accountant General of the Federation stops salaries of lecturers this January. The association claimed the FG had noted that it would stop the salaries of the lecturers for failing to enrol for the Integrated Personnel and Payroll System (IPPIS). ASUU said that a circular from the office...
Investors Are Losing Confidence In Nigerian Oil & Gas Industry – NNPC
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari, says the absence of a stable fiscal environment is inhibiting the growth of the Nigerian petroleum industry. He stated that the worst hit is the upstream sector. Kyari spoke when he received the House of Representatives Committee on Petroleum Resources (Upstream). He said international investors were losing confidence in the...
Buhari Set To Unveil Nigeria’s Digital Currency Monday
President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja, ABN TV has learned. The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in...
