BUSINESS
FG considers $2.8 billion external loan for 2020 budget
The Debt Management Office (DMO) on Friday said the Nigerian government was considering taking a loan from foreign sources to fund the 2020 budget signed into law by President Muhammadu Buhari a month ago. On December 17, 2019, Mr Buhari, who travelled to the United Kingdom today for an investment summit starting next Monday, signed the 2020 Appropriation Bill into...
NIGERIA’S BORDER CLOSURE NOT MEANT TO PUNISH OUR NEIGHBOURS – BUHARI
President Muhammadu Buhari Saturday in London said that the partial closure of Nigeria’s borders is not meant to punish her neighbours, but to strengthen the country’s security and economy. At a meeting with a select group of the Nigerian Community in the United Kingdom, the President explained that the period of closure will be used for stock-taking on threats to...
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
Finance Bill: “Implementation date will be announced soon” – FG
The Ministry of Finance on Tuesday said that the take-off date for the implementation of the newly signed Finance Law would be announced in due course. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by her Media Adviser, Yunusa Abdullahi. Abdullahi in the statement said that a large sum of money realised...
Finance Bill: “Implementation date will be announced soon” – FG
The Ministry of Finance on Tuesday said that the take-off date for the implementation of the newly signed Finance Law would be announced in due course. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by her Media Adviser, Yunusa Abdullahi. Abdullahi in the statement said that a large sum of money realised...
FG earned N5.04tn from oil in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil...
Buhari signs Finance Bill into law
The President, Major General Muhammadu Buhari (retd.), has signed the finance bill into law. He made this known via his Twitter handle on Monday. “I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” he tweeted. He said the Finance Bill would support the implementation of the 2020 Appropriation Bill. He added, “This is the first time,...
Obaseki plunges Edo into foreign debt with no result to show, DMO reports says
A report from Nigeria’s Debt Management Office (DMO) has shown that Edo State sunk into scary levels of foreign debt under the administration of Governor Godwin Obaseki. According to the data, Edo State has a foreign debt profile of $276.25m representing 6.53 per cent of the sub-national foreign debt portfolio, a figure second only to Lagos State. In spite of this...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
