urges them to address nation’s infrastructural decay asks Nigerians to tighten their belts President Muhammadu Buhari, on Friday, met with governors of the 36 states of the federation in the Presidential Villa, where he told the state chief executives that the economy of the country was in a bad shape, urging them to redouble efforts […]
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Director, Consumer Protection Department, Central Bank of Nigeria (CBN), Mr Sunday Salam-Alada, has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. He disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin. According to him, the volume […]
Continue ReadingBabatunde Fashola – Nigeria now generates 7,000MW – AfDB says 645m people without electricity in AfricaAlthough, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in […]
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The International Monetary Fund (IMF) has urged Nigeria to watch her rising debt service/ revenue ratio with a view to taking steps to halt the rise. While admitting that Nigeria’s Debt /GDP ratio of between 20-25 per cent was within a tolerable limit, the Fund noted that debt servicing, which takes about 50 per cent […]
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The Nigerian National Petroleum Corporation (NNPC) says it has no plan to review pump prices of petroleum products, especially Premium Motor Spirit (PMS), popularly known as petrol. The Corporation disclosed this in a statement signed by its spokesman, Mr Ndu Ughamadu, in Abuja, on Tuesday. “The Federal Government has no plan to review prices of […]
Continue ReadingThe Federal Government has commenced moves to deploy underutilised power assets to deliver incremental power to industrial centres and the needy communities in the country by generating additional 4.2 gigawatts of power to national grid in the next 12 to 18 months. A statement by the Strategy and Communications Adviser to the Minister of Industry, […]
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The Naira on Monday lost 50 kobo to close at N360.5 to the dollar, weaker than N360 posted on Friday at the parallel market in Lagos. The Pound Sterling and the Euro closed at N480 and N417, respectively.At the Bureau De Change (BDC) window, the Naira was sold at N360 to the dollar, while the […]
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The Muhammadu Buhari administration is stepping up the regulations on money laundering and tax evasion by releasing a new Executive Order number eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS). The new Executive Order (008) takes effect from Monday, October 8, 2018, the day it was signed by President Muhammadu Buhari, says the Senior Special […]
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The International Monetary Fund (IMF) has warned Nigeria and Sub-Saharan African economies to check rising levels of debts, diversify their revenue bases or face crisis. Nigeria’s debt profile was N22.3 trillion as at June 30, 2018. About two-thirds of the government’s revenues go into servicing interest payments, with the principal still waiting for redemption at […]
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The fight against trading in mint currency and abuse of the naira at events has gained prominence, as the Central Bank of Nigeria’s (CBN) Bankers Committee has mulled a mobile court to try offenders. The advanced move, in collaboration with the Nigeria Police Force and the Federal Ministry of Justice, is aimed at reducing the […]
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