BUSINESS
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...
FG To Cut Agencies To Reduce Governance Cost – Finance Minister
The President, Muhammadu Buhari, has approved the implementation of the Steve Oransaye Committee report on the rationalisation of government agencies. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while appearing on a Channels TV programme, Politics Today. The Presidential Committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions, now commonly referred to as the...
Banks In Abuja, Lagos, Others To Open From Monday
Federal Government on Wednesday said banks in Abuja, Lagos, and Ogun will begin operations from Monday 4th of May, 2020. Disclosing this, the National Coordinator of the Presidential Task Force on COVID-19, Dr. Sani Aliyu, gave conditions and preventive measures to avoid the spread of COVID-19. Also Read: NCDC Urged To Step Up Testing, Establish More COVID-19 Testing Centres His words, “In...
COVID-19: British Airline To Axe 12,000 Jobs
British Airways is set to make up to 12,000 workers redundant on the back of Covid-19 restrictions. The airline's owner International Airlines Group (IAG) announced the planned job cuts as it revealed that revenues plunged 13% in the first quarter of 2020. ABN TV reports, In a letter to staff, British Airways chief executive Alex Cruz said there is no longer...
BREAKING: Nigeria Joins OPEC To Cut Crude Oil Production
The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred to as OPEC+. Minister of State for Petroleum Resource, Timipre Sylva, said the rebound could translate to additional revenue of $2.8bn for Nigeria. He...
[BREAKING] COVID-19: FG Reduces 2020 Budget
The Federal Government has sent a new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the COVID-19 pandemic. The new proposal sighted by The Nation, which is being considered by the National Assembly, reduced the 2020 estimate from. N10.594 trillion to N10.276 trillion. It also reduces the oil benchmark from $57...
Coronavirus: Chinese Billionaire Jack Ma’s Medical Supplies Arrive Nigeria (PHOTOS)
A consignment of medical supplies donated by Chinese billionaire and Alibaba co-founder Jack Ma, has arrived in Nigeria. The Chinese billionaire had used his foundation to forward millions of face masks, testing kits and other protective equipment to Africa as the continent battles to arrest the spread of COVID-19, a deadly disease caused by a coronavirus. A cargo operated by Ethiopian...
BREAKING: FG Cuts Petrol Price To N130
President Muhammadu Buhari may have approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130. A reliable presidential source, who disclosed this to The Nation at the Presidential Villa on Wednesday, said the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva,...
