BUSINESS
Nigeria At Risk Of Debt Distress — Report
Nigeria is at a very high risk of debt distress, a report released by an Abuja-based policy think tank, Agora Policy, has said. The report noted that “despite official statements about the sustainability of Nigeria’s growing debts, the public debt is not only understated but has also become a major drag on public finance”. According to the report, “the proportion of...
Group Condemns Kogi State Govt Over Closure Of Obajana Cement Factory, Says It’s Illegality
A group, The Coalition For Civil Society Groups in Abuja has condemned the illegal closure of Obajana cement factory by the government of Kogi State, describing it as illegality taken too far. The group insists that Kogi State Governor, Yahaya Bello cannot be the complainant and a judge at the same time, calling for immediate reopening of the factory while...
2023 Budget: Buhari’s And Osinbajo’s Local, International Trips To Cost N3.34bn
The Presidency has proposed the sum N3.34 billion for the local and foreign travels of President Muhammadu Buhari and Vice President Yemi Osinbajo in the 2023 appropriation bill submitted to a joint session of the National Assembly on Friday. The breakdown of N2.49bn set aside for the president’s trips has N862,076,448 for local travel and transport, while international travel and...
Fuel Subsidy Will End By 2023, It’s Unsustainable – Buhari
President Muhammadu Buhari has affirmed that the costly fuel subsidy will end by 2023. Buhari said this on Friday during the presentation of the proposed 2023 budget to the national assembly, in Abuja. Buhari had presented a record N20.51 trillion 2023 appropriation bill to the national assembly, earlier on Friday. He said the subsidy was no longer sustainable considering the current fiscal impact. “As we seek...
Buhari Presents N20.5 Trillion 2023 Budget To National Assembly
President Muhammadu Buhari has put the total budget estimate for 2023 at N20.5 trillion. Out of this, the government is budgeting about N6 trillion for debt servicing in 2023. He however said that the 2023 proposals reflect the serious challenges facing the country. He said the policy of government is designed to ensure strategic thinking in government performance in 2023. The President said...
Reps Approve ₦8.4tn Borrowing, ₦6.3tn Debt Service
President Muhammadu Buhari will on Friday lay the 2023 Appropriation Bill before a joint session of the National Assembly in Abuja. Ahead of the Federal Government budget presentation, the House of Representatives, on Thursday, passed the 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, which the President earlier presented to the National Assembly. The House approved an aggregate FGN expenditure...
Buhari To Present 2023 Budget Friday To National Assembly
Barring last-minute changes, President Muhammadu Buhari will on Friday formally present the 2023 budget estimates before the joint session of the National Assembly. According to the key assumptions for 2023 in the documents presented to the House of Representatives and seen by Tribune Online, the oil benchmark is estimated at $70, crude oil production – 1.69mbpd, exchange rate – N435.57/$;...
Davido To Dole Out N20m To Entrepreneurs
Music star David ‘Davido’ Adeleke has announced his decision to dole out N20million to a few small medium enterprises in Africa. The singer announced this via his Twitter page on October 1, 2022. “Long awaited announcement. Like I promised, I’m giving N20 million to a few companies in Africa,” he announced. However, Davido noted that only companies that make use of a...
Total Blackout In Abuja, Abia, Imo, Others As National Grid Collapses
Abuja Electricity Distribution Company, AEDC has confirmed power outage in Abuja due to collapse of national grid. AEDC in a statement on its Twitter page blamed the power outages in parts of FCT on the grid collapse. It electricity company said the situation was being handled and that power would be restored in the shortest possible time. A statement from the AEDC...
Consumers Traders Kick Against Plan To Ban Ponmo
Some Nigerians have kicked against the proposed plan by the Federal Government to ban the consumption of cooked cow skin, popularly known as ponmo. Recall that the Director General of the Nigerian Institute of Leather and Science Technology, Zaria, Prof. Muhammad Yakubu, recently said the institute and other stakeholders would be approaching the National Assembly and state governments to establish...
