BUSINESS
Nigeria Reaching Maximum Capacity To Borrow, Says El- Rufai
Governor Nasir El-Rufai of Kaduna State has revealed that the country is about reaching its maximum capacity to borrow, hence the need to improve on other channels of revenue generation in the country. He made these remarks during his keynotes address at the 22nd Annual Tax Conference, themed “Taxation and Competitiveness: Imperatives for National Development” on Thursday in Lagos. Governor El-Rufai,...
FG To Sell Afam Power Plant For N105 Billion
The federal government will realise the sum of N105 billion from the privatisation of Afam Power Plant. The Director-General of the Bureau of Public Enterprises, BPE, Mr Alex Okoh, stated this in Abuja, yesterday. According to him, the deal will be sealed at the Villa. He said that despite the COVID-19 pandemic, the BPE remained active. Meanwhile, the Bureau stated...
Nigeria’s Debt To Hit N38 Trillion Next Year – Finance Minister
Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the Senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, the...
FG Seeks Fresh $1.2 Billion Loan From Brazil
The Federal Government is seeking a $ 1 .2 bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assembly. The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend...
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...
US Oppose Okonjo-Iweala’s Election As WTO DG, Give Reasons
The United States has explained why it is against the election of Ngozi Okonjo-Iweala as the next director-general of the World Trade Organisation (WTO). In a statement issued by the office of the US trade representative on Wednesday, the world power said the WTO is in dire need of reform and must be “led by someone with real, hands-on experience...
FG Rejects Proposal To Fix Ports’ Scanners With N753m
There is an indication that the five faulty scanners at the Apapa ports have been abandoned as the Federal Government rejects proposal to repair them at a cost of N753 million. This development, Vanguard Maritime Report learnt, comes at the backdrop of the move by the government to acquire 300 new scanners at the cost of N688.6 billion as recently...
Banks Lose Over N1bn As Hoodlums Wreck ATMs, Branches
Deposit Money Banks (DMBs) in the country likely lost over a billion naira, last week, to the destruction of their facilities across the country by hoodlums hiding under the umbrella of the #End- SARS protests, findings by New Telegraph show. The protests, which began on October 7 with calls to disband the Special Anti- Robbery Squad (SARS), an infamous Police...
Ban Tomato Importation, Dangote Tells FG
The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban the importation of tomato paste-like it ban rice importation into the country. This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and...
I Won’t Sign 2021 Budget If Provision For Victims Of Police Brutality Is Excluded – Gbajabiamila
The Speaker of the House of Representatives, Femi Gbajabiamila, has disclosed that he will not sign the 2021 budget if provision for compensation to victims of police brutality is excluded. Mr. Gbajabiamila also disclosed that he will be visiting families of victims of police brutality across the country. He also appealed to the protesters to suspend the ongoing protests. Gbajabiamila stated these...
