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 Federal Government on Tuesday said there was no truth in the United States Department of Agriculture’s World Markets and Trade Report that claimed that Nigeria imported three million metric tonnes of rice in 2018, which is 400,000 metric tonnes more than the quantity of the product imported in 2017. The Minister of Information and […]
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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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As the Federal Government steps up plans to offer more of its assets for sale under the ongoing privatisation programme, stakeholders in Nigeria’s capital have renewed the call to ensure that the exercise is done through the capital market. The stakeholders argued that the exercise would witness high level of transparency and success, if government […]
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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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A former Vice-President (Africa) of World Bank, Mrs Oby Ezekwesili, has advised the Federal Government to suspend its plan to raise 2.8 billion dollars in Eurobond to fund the 2018 budget. Ezekwesili, who was a former Minister of Education, gave the advice while speaking to newsmen in Lagos. NAN reports that she was reacting to […]
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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 Federal Government has promised to persecute all those found to be responsible for the failure of the erstwhile Skye Bank. Minister of Finance, Zainab Ahmed who disclosed this on Friday directed Managing Director of Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim to ensure a thorough investigation into how the bank was run aground. […]
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