News - Business and Economy

FG Begins Verification Of Monthly Budget Support Facility

2 days ago /

The Federal Government has commenced the verification of its monthly Budget Support Facility to the states. The importance of the exercise is to ensure that benefiting state governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council (NEC). The resolution was reached at the first NEC meeting...

No Plan To Increase Taxes - Udo Udoma

5 days ago /

Senator Udoma Udo Udoma, minister of budget and national planning, says the Federal Government does not have any intention of increasing taxes, but only  working towards increasing its internally generated revenue through the broadening of the tax base. Udo Udoma, made this clarification in a statement signed by his Media Adviser, Akpandem...

Nigeria Signs AU Convention On Cross Border Corporation

2 weeks ago /

Nigeria has signed the African Union Convention on Cross Border Corporation geared at peaceful resolution of border disputes, in Addis Ababa It was signed on the side line at the on-going 28th African Union Summit in Addis Ababa. The Niamey Convention, which was adopted in 2014, is to promote Cross Border Corporation...

FG Backs Plan By UN World Food Programme To Create Food Hub In Nigeria

3 weeks ago /

The Federal Government said it will back plans by the UN World Food Programme (UN –WFP) to create a food hub in the country. Zainab Ahmed, Minister of State for Budget and National Planning said this in a statement signed by Salisu Haiba, Assistant Director (Press) in the ministry on Thursday...

Nigeria, India trade volume falls to $12bn in 2016

3 weeks ago /

Indian Acting High Commissioner, Mr Kaiser Alam, has said that the trade volume between Nigeria and India dropped to $12 billion in 2016. Alam said this at a reception to mark the 68th Republic Day of India in Abuja on Thursday. The envoy explained that the trade volume dropped from $16 billion...

Nigeria’s External Reserves Increase By 15%

3 weeks ago /

Statistics from the Central Bank have shown that Nigeria’s Foreign Exchange reserves rose by 15 per cent in the fourth quarter of 2016. The reserves which now tops 27.4 billion dollars as at January 19, increased by 3.6 billion dollars from 23.8 billion dollars on October 19. The report also indicates a...

World Bank Predicts Recession Will End In 2017

1 month ago /

The World Bank has predicted that Nigeria will get out of recession and grow its Gross Domestic Product by one per cent in 2017. In its January 2017 Global Economic Prospects report released on Wednesday, the global lender said that sub-saharan African growth is expected to pick up modestly to 2.9...

Gov. Udom Proposes N365bn As Akwa-Ibom 2017 Budget

1 month ago /

Akwa Ibom State Governor, Udom Emmanuel has proposed a budget of 365.254 billion Naira for the 2017 fiscal year. The Governor on Thursday presented the budget estimates to the Akwa-Ibom State House of Assembly for consideration and approval. Presenting the budget estimate, Governor Emmanuel said that the budget, which is christened “Budget...

Recession: FG Plans Tax Relief For Manufacturers

2 months ago /

The Federal Government, in a bid to ease the burden of the current economic recession on the manufacturing sector, is planning some form of tax relief for the sector. The Minister of Finance, Kemi Adeosun, dropped the hint on Wednesday in Abuja while responding to questions from reporters at the end...

FG’s Huge Debts Crippling Financial System – CBN

2 months ago /

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts. The committee, in a communique issued at the end of its two-day meeting held at the headquarters...

DMO Sets 2017 Debt Limit For FG

3 months ago /

The Debt Management Office (DMO) has fixed the maximum limit for the federal government’s domestic and external borrowing at 22.08 billion dollars for the 2017 fiscal year. This is part of policy recommendations of the DMO contained in its 2016 report of the annual national debt sustainability analysis. According to the management...

Managing An Economy In Recession Is Difficult - Emefiele

4 months ago /

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has said that managing an economy in recession is a difficult task. Mr. Emefiele said this while receiving members of the Senate Committee on Finance, Insurance and other Financial Institutions, who paid an oversight visit to the apex bank in Abuja...

I Am Committed To Diversification Of The Economy - Buhari

4 months ago /

Nigeria’s President, Muhammadu Buhari, has said that the country has no other choice at the moment than to diversify its economy to break its reliance on oil. The President made the statement on Monday while declaring open the 22nd Nigeria Economic Summit in Abuja. “I am so delighted that you have chosen...

50 Customers Owe Banks 5.23 Trillion Naira - Report

4 months ago /

The Central Bank of Nigeria’s Financial System Stability report has stated that 50 customers are owing commercial banks the sum of 5.23 trillion Naira, representing 33.4 per cent of the total private sector credit exposure of 15.68 trillion Naira. The FSS report, posted on the CBN website on Saturday, also showed...

AfDB Worries Over Post-Harvest Losses

5 months ago /

The challenge of post-harvest losses in Africa has a assumed a major worry to the African Development Bank (AfDB), calling for immediate solutions. The bank said that reports indicate that post-harvest losses in Africa are equivalent to the annual caloric requirement of 48 million people, and worth US $4 billion in...

Nigeria To Borrow From World Bank, China, Japan - FG

5 months ago /

Federal Government of Nigeria has said that it had approved an external borrowing plan after the cash-strapped African economy plunged into official recession. "Low cost, long-term loans (1.25% interest, 20yr tenor)" would be sought from the World Bank, African Development Bank, China's Exim Bank and the Japan International Cooperation Agency, it...

Federal Government Partners United Nations On Economic Recovery

5 months ago /

The federal government has entered into emergency partnership with the United Nations on accelerated capacity building in the area of information technology for its workforce and youths, as part of efforts to diversify the nation’s economy. This much was espoused on Monday, in Abuja by the acting director general of the...

Government Charge To Make Use Of ECOWAS' Trade Liberalisation Scheme

5 months ago /

The Federal Government of Nigeria has been charged to take advantage of the Economic Community of West Africa State (ECOWAS) Trade Liberalisation Scheme to promote agricultural produce within the sub-region. Speakers at a sensitization programme on the need to support free trade of agro produce across West Africa on Thursday, said...

Recovered Loot Inadequate To Revive Economy

5 months ago /

The Minister of Information and Culture, Alhaji Lai Mohammed has explained that the looted fund recovered so far by government is far cry from what the country needs to revive the economy. The minister said this on Friday when he appeared on a News Agency of Nigeria (NAN) Forum in Abuja. According...

CBN Announces A Further Tightening Of The Monetary Policy

6 months ago /

The monetary policy committee MPC of the central bank of Nigeria CBN, this Tuesday announced a further tightening of the monetary policy by increasing the key repo rate by 200 basic points from 12% to 14%. The Governor, Central Bank of Nigeria. Godwin Emefiele made this known on Tuesday in...


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