BUSINESS
Nigerian Refineries Damaged Beyond Turnaround Maintenance – NNPC
The Nigerian National Petroleum Corporation (NNPC) yesterday attributed the prolonged neglect of overhauling the refineries in the country to the delay in making them functional. It declared the refineries as damaged beyond the usual Turnaround Maintenance (TAM). However, to revamp them, the national oil is embarking upon total rehabilitation of the plants, which despite currently being non-functional, gulp about N10 billion...
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...
FG Confirms Supply Of Adulterated Fuel
The Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday said adulterated petrol, fuel with methanol quantities above Nigeria’s specification, was discovered in the supply chain. In a statement, it said the supplier had been identified and appropriate sanction would apply. It also said oil marketers had been directed to ensure a sufficient supply of quality petrol...
Ikpeazu Orders Closure Of Scrap Markets In Abia Central, North, Sets Up Enforcement Committee
Abia State Governor, Dr Okezie Ikpeazu, has directed the closure of all scrap and waste markets in both Abia Central and Abia North senatorial zones of the state with immediate effect, till further notice. He had earlier instructed that similar marke...
FG To Spend N360bn In Repair Of Tin-Can Island Port
Indication has emerged that the reconstruction of Nigeria’s second largest seaport, the Tin-Can Island Port in Lagos, will gulp about 600 million US dollars (N360 billion). Recall that the Nigeria port Authority hinted at rehabilitating the Tin-Can...
President Buhari Seeks Fresh $5.513bn Loan
The President, Muhammadu Buhari, has written to the House of Representatives to request for the approval of fresh external borrowings totalling $5.513bn. Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation. The President...
Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed
With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made...
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...
BREAKING: Nigeria’s Debt Rises By N2.3trn, Hits N31trn – DMO
The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s...
Naira Plunges To 475 As Dollar Demand Rises
The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the...
