BUSINESS
Nigeria Heading For Another Recession, To Recover In 2021 – Buhari
President Muhammadu Buhari on Thursday said the country was primed for a second recession in four years although the government has put in place plans to ensure rapid recovery in 2021. The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly. Like many other countries, the Nigerian economy has been hit hard by the...
Onitsha Seaport Will Drive Industrialization, Says Kalu
Following the successful completion of a trial barge trip (carrying containers) from Onne Port to Onitsha Port on Tuesday, former Governor of Abia State and Chief Whip of the Senate, Senator Orji Kalu has lauded the federal government for revamping Onitsha river port. According to Kalu, the resumed activities at Onitsha seaport will boost economic activities in the South East...
Agricultural Development: FG Pledges Readiness To Carry Abia Along
The Federal Government has expressed its commitment to carry Abians along in its agricultural policies to further guarantee food security in the state. ABN TV reports that the Managing Director Nigeria Film Corporation, Dr Chidia Maduekwe made this known on Tuesday during the flagging off of the Central Bank of Nigeria's anchor borrowers programme. He said the agricultural programme is one...
Those Running Nigeria’s Economy Are Not Professionals – NES
NIGERIA Economic Society, NES, Tuesday took a swipe at President Muhammadu Buhari on his appointment, saying that those in his economic team are not professionals. According to Professional Economists, the engagement of novice in managing the economy explained why the Nation’s economy was nose-diving, adding that it was very wrong in the first place to exclude qualified and knowledgeable...
Chevron Nigeria To Sack 25% Of Workforce
Chevron Nigeria Limited has said it will slash its workforce by 25 percent as it is reviewing its manpower requirements in the light of the changing business environment. CNL disclosed this on Friday in a statement entitled ‘Chevron Nigeria Limited reviews workforce in accordance with business exigencies’. The oil major said it would continue to evaluate opportunities to improve capital efficiency...
Petrol Pump Price May Crash
The Pipeline Products Marketing Company (PPMC) may crash the prices of Premium Motor Spirit (PMS) petrol this month, ABN TV learnt at the weekend. The Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Alhaji Abubakar Maigandi, said the marketers are looking forward to a downward review of the ex-depot price for October. He based his forecast on the decline...
FEC Approves ₦13.08 Trillion 2021 Budget
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year. Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the...
Buhari Seeks Approval From House Of Reps To Reimburse 5 States N148bn
The President, Muhammadu Buhari, has written to the House of Representatives to seek approval for the Federal Government to reimburse five states for constructing roads on its behalf. The Speaker, Femi Gbajabiamila, read the presidential request at the opening of plenary on Tuesday. In the letter read by Gbajabiamila, Buhari sought “approval of the reimbursement of N148.14bn through the issuance of...
No Plans To Scrap NNPC In PIB – FG
THE Federal Government Monday said that there are no plans to Scrap the Nigerian National Petroleum Corporation, NNPC in the Petroleum Industry Bill 2020 that has been transmitted to the National Assembly by President Muhammadu Buhari. Answering questions from journalists in Abuja after an interactive meeting with the leadership of the National Assembly, Minister of State for Petroleum, Timipre...
We’ll Pursue Expansion Policies To Fight Recession – CBN
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the bank will pursue expansionary monetary policies to fight recession because the fiscal policy was already constrained. Emefiele said this was necessary to curb the rising inflation and address recession in the economy. He said this was part of the resolutions of the Monetary Policy Committee meeting held...
