BUSINESS
US Call For Fresh Probe Of Adesina, Plot To Destabilise AfDB
The call by the United States, US government for a fresh and in-depth investigation into the allegations against the President of African Development Bank, AfDB Mr Akinwumi Adesina, after he was cleared of all allegations of impropriety and fraud by the ethics committee recently, is seen as a plan to destabilise the bank. On May 5, the ethics committee...
Nigeria’s Economy Heading Towards Recession – Finance Minister
Zainab Ahmed, the minister of finance, budget and national planning, says the economy is heading towards a recession. However, Ahmed projected that the extent of the recession can be mitigated if the economic stimulus plans are implemented. The minister told journalists after the national economic council meeting on Thursday that the COVID-19 pandemic has negatively impacted crude oil prices and “the impact...
Post-COVID-19: Obi Suggests Measures For Lifting Nigerians Out Of Poverty
Vice-presidential candidate of the Peoples Democratic Party (PDP), Mr Peter Obi, has suggested what he described as a pathway to national economic recovery, capable of lifting millions of Nigerians out of poverty. Obi, who spoke on a live television programme monitored in Lagos, explained that conscious investment in education, health and MSMEs (Micro, Small and Medium Enterprises) were what every...
FG Targets Five Million Jobs From €995m Agric Programme
The Federal Government says it is targeting about five million jobs for farmers through the €995m agricultural mechanisation programme. The initiative was aimed at boosting food security for the country. ABN TV reports that under the initiative, it added that facilities comprising tractors and other agricultural machinery were expected to be leased out to Nigerian farmers. It stated that this was coming...
₦5.548 Trillion Available To Fund 2020 Budget – Finance Minister
The Minister of Finance, Zainab Ahmed, revealed that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion while briefing the leadership of the National Assembly on Thursday. ABN TV reports that the minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in...
Dollar Sells For N445 As Forex Scarcity Persists
The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association...
COVID-19 Costs Nigerian Aviation N17bn — Sirika
Hadi Sirika, minister of aviation, says many airlines will not survive the economic crisis which is a fallout of COVID-19. Speaking at the briefing of the presidential task force on COVID-19 on Wednesday, Sirika said though COVID-19 has affected different sectors of the economy, none could be compared to that of aviation. Also Read: COVID-19: Economic council meets Buhari, warns of...
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...
Nigerians Will Pay Higher Electricity Tariffs – FG Assures IMF
Nigerians will pay much higher electricity tariff in 2021, going by promises made by the Federal Government, FG to the International Monetary Fund, IMF while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The Executive Board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the economic impact of the...
BREAKING: Banks Reach Agreement To Halt Staff Sack
The bankers' committee of the Central Bank of Nigeria (CBN), has agreed that plans to lay off staff would be suspended. This was announced in a statement signed by Isaac Okorafor, Director, Corporate Communications said the CBN, Bankers’ Committee both decided to suspend lay-offs in banks. Also Read: Banks In Abuja, Lagos, Others To Open From Monday Access Bank has been trending...
