News - Business and Economy

Forex Intervention: CBN Accuses Banks Of Sabotage, Warns CEOs

5 months ago /

The Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours.

VP OSINBAJO IN PARIS: CALLS FOR COLLABORATION TO RECOVER STOLEN FUNDS.

5 months ago /

Vice President Yemi Osinbajo has called for more robust collaboration to facilitate the recovery of stolen assets. Professor Osinbajo who made the call at the 2017 OECD global anti- corruption and integrity forum in Paris on Thursday, highlighted Nigeria's difficulty in recovering stolen assets from banks abroad. The vice president noted that...

Naira Gains Against Dollar

6 months ago /

The continuous intervention by the CBN in foreign exchange (forex), has caused the Naira to hit the dollar again on Wednesday. The currency traded N400 to a dollar at the black market on Wednesday in Abuja. The News Agency of Nigeria reports that the Naira has also appreciated against the Pound Sterling...

Niger Delta militants cut Nigeria’s revenue – Kemi Adeosun

6 months ago /

The Federation Account Allocation Committee (FAAC) on Tuesday shared N429.1 billion, about N36 billion less than what the three tiers of government shared as revenue for January. And the shortfall, according to the Finance Minister, Kemi Adeosun was caused by the unrelenting sabotage of oil pipelines by Niger Delta militants and...

Central Bank of Nigeria Floods Banks With Dollars

6 months ago /

In an effort to support and shore-up the value of Naira, the (CBN) has flooded commercial banks dollars. The banks are reported to be holding excess forex and were seeking customers to buy foreign the currencies. The banks have cleared the backlog of requests for foreign currencies for basic travel allowance, school...

Federal Government To revive cassava bread

6 months ago /

The Federal Government says it will revive the cassava bread initiative introduced by former President Goodluck Jonathan’s administration. Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, told the News Agency of Nigeria Forum in Abuja the move was to effectively utilise cassava in food production and processing. Former President Jonathan...

OPEC Loses $1trn To Oil Decline In Two Years

6 months ago /

The Secretary General of the Organization Of Petroleum Exporting Countries (OPEC),  Mohammed Barkindo, says member countries have lost one trillion dollars worth of oil revenue to the fall in global oil prices between 2014 and 2016. The OPEC scribe, added that these losses were in terms of deferred and outright cancellations...

Nigeria Will Not Seek IMF Loan – Minister Of Finance

7 months ago /

Nigeria’s finance minister, Kemi  Adeosun  says the country will not apply for an IMF, International Monetary Fund loan as it is pursuing its own economic reform plan. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments...

CBN To Disburse More Funds To Banks

7 months ago /

The Central Bank of Nigeria says it would provide direct immediate additional funding to banks in order to meet the personal, business, medical as well educational demands of Nigerians. According to a statement released on Monday by the regulator, it expects such transactions to be settled at a rate not exceeding...

Nigeria To Get $600mn From Global Fund In Three Years

7 months ago /

As part of efforts to strengthen health care services in Nigeria, the Federal Government is set to pay the sum of 10 million dollars as contribution to global fund in 2017. The Minister of Health, Professor Isaac Adewale, stated that Nigeria stands to benefit up to 600 million dollars from the...

FG Begins Verification Of Monthly Budget Support Facility

7 months 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

7 months 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

7 months 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

8 months 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

8 months 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%

8 months 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

8 months 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

9 months 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

10 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

10 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...


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