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Tuesday, 24 October 2023 04:37

FG says ‘$10bn inflows expected in weeks’ as Naira weakens further at parallel market

Nigeria expects to receive $10 billion of inflows in the coming weeks that will help ease a liquidity crunch weighing on the naira. The government has a “line of sight” on the inflows into the country “in weeks rather than months,” Finance Minister Wale Edun said at the Nigerian Economic Summit in the capital, Abuja, on Monday. He didn’t disclose details. President Bola Tinubu’s government has been struggling to stem the decline in the currency. The inflows will add to other steps being taken by the government to boost foreign-exchange liquidity, including improving market transparency and allowing domestic entities to…

Tuesday, 24 October 2023 04:36

Nigeria’s foreign debt to further increase as FEC approves fresh loans of $3.45bn

Federal executive council (FEC) has approved $3.45 billion in loans for the execution of five projects. The council meeting, presided over by President Bola Tinubu, was held on Monday. Speaking at the end of the meeting, Wale Edun, minister of finance, and coordinating minister of the economy, said the approved projects were conditioned in the five memos he presented. Edun said the memos approved include concessional loans with zero-interest financing by the World Bank and the International Development Association (IDA) the concessional financing arm of the bank. He said the projects approved for funding were in the power and renewable…

Tuesday, 24 October 2023 04:33

States got N1.93trn IGR in 2022; 68% of this amount taxes collected from workers - NBS

Lagos, Rivers, and the FCT led as the total Internally Generated Revenue of states in the country marginally rose to N1.93tn in 2022. Data from the National Bureau of Statistics on Monday, revealed that the states could only raise their IGR by 1.57 per cent from the N1.89tn they recorded in 2021. The IGRs by the states showed Lagos (N651.15bn), Rivers (N172.82bn), FCT (N124.37bn), Ogun (N120.58bn), and Delta (N85.90bn) were the top five states in terms of revenue generated. Kebbi (N9.15bn), Taraba (N10.24bn), Yobe (N10.46bn), Ebonyi (N12.43bn), and Katsina (N13.06bn), were the bottom states. The NBS disclosed that 2022 IGR…

Monday, 23 October 2023 14:18

Nigeria escapes $11bn judgement debt, wins case against P&ID in London court

Nigeria on Monday won its bid to overturn an $11 billion damages bill for a collapsed gas processing project it said was procured by a concerted campaign of bribery. The West African country was on the hook for the sum – representing around a third of its foreign exchange reserves – after a little-known British Virgin Islands-based company took Nigeria to arbitration over the deal. Process & Industrial Developments (P&ID) was awarded a 20-year contract in 2010, to construct and operate a gas processing plant in southern Nigeria, as part of a wider plan to exploit Nigeria's abundant reserves of…

Monday, 23 October 2023 04:53

Supreme Court justices’ number drops to less than half ‘statutory full complement’ - Official

The number of Nigeria’s Supreme Court justices is about to drop to 10, widely coming short of the court’s statutory full complement of 21 justices. The number, currently 11, will drop to 10 as another justice of the court retires on 27 October. Within the space of three years, the number of judges on the court’s bench plummeted from 20 to 14 in June 2022, when then Chief Justice of Nigeria (CJN), Tanko Muhammad, abruptly resigned. Since then, the number has further spiralled down to 10, as Musa Dattijo Muhammad, who joined the bench of the Supreme Court over a…

Sunday, 22 October 2023 04:52

NNPC and partner ‘use significantly more expensive’ tiny tankers to replace broken oil pipeline for crude oil exports - Bloomberg

Nigeria is turning to a fleet of tiny river-going tankers to boost its oil production because one of its key oil pipelines has been broken for months. Africa’s top producer, racing to lift output before OPEC decides new oil-production quotas, has started using the tiny vessels to get a new grade of oil, Nembe Creek, up the Niger river delta and onto an ocean-going ship that’s stationed off the nation’s coast. The same oil previously went by the Nembe Creek trunk pipeline to the Bonny terminal, which is operated by Shell Plc. That conduit, operated by Aiteo Group and previously…

Saturday, 21 October 2023 04:47

FG begs NGOs, Non-State Actors to help perform its obligations to citizens because ‘there’s no money’

Federal Government has admitted that it is facing enormous challenges and revenue deficit amid a growing population. This is as it lamented that it was struggling to pay salaries because “there is no money”. Speaking in Abuja, Minister of Budget and National Planning, Atiku Bagudu, urged non-governmental organisations to help the government to cover the spaces it could not. Bagudu, represented by the ministry’s Director of International Cooperation, Sampson Ebimaro, lamented that Nigeria’s population is fast increasing, adding that unemployment is surging amid high inflation rate. “Government faces enormous challenges especially now; the government is facing a revenue deficit. There…

Saturday, 21 October 2023 04:46

ASUU members in federal varsities to get half of 8 months salary withheld due to strike

President Bola Tinubu has approved the release of four months of the withheld salaries of members of the Academic Staff Union of Universities (ASUU). Nigeria’s public universities have seen repeated disruptions in academic calendars over the years, with striking lecturers protesting funding deficits, poor conditions of service, and decay in infrastructure. ASUU embarked on its 16th strike in 23 years in 2022. The strike lasted for eight months. In September 2022, the National Industrial Court (NIC) stopped the union from continuing with the strike, pending the determination of a suit. The federal government insisted that the lecturers would not be…

Friday, 20 October 2023 04:52

4 factors that’ll catapult Nigeria to 5th largest economy in the world - Goldman Sachs

Nigeria is emerging as a significant economic force on the global stage. With a current GDP of $477 billion, Nigeria is Africa's largest economy and is poised for rapid growth. A report by Goldman Sachs forecasts that by 2075, Nigeria is set to become one of the top economies globally. The "Giant of Africa," Nigeria, is quickly establishing itself as a major economic force on the international scene. Nigeria is positioned to play a key role in the global economy because of its expanding population, wealth of natural resources, booming tech sector, and dedication to economic change. Currently, Nigeria stands…

Friday, 20 October 2023 04:46

After public outrage, Tinubu withdraws appointment of 24-year old as FERMA chair

President Bola Tinubu has directed the withdrawal of the nomination of Imam Kashim Imam to serve as Chairman of the Board of Directors of the Federal Roads Maintenance Agency (FERMA). In a statement on Thursday, Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced that the president had revoked the appointment. “The President’s withdrawal of the above-mentioned nomination is directed with immediate effect. All other appointments to the Board and Executive Management team of FERMA are not affected by this directive,” the statement read. The appointment of the 24-year-old fresh graduate had sparked outrage across the country.…

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Friday, 20 October 2023 04:44

FG to adopt principle of reciprocity in visa issuance

Federal government says it will henceforth adopt the principle of reciprocity in the issuance of visas to citizens of countries with strict visa requirements for travelling Nigerians. Olubunmi Tunji-Ojo, minister of interior, made this known at the Business Day Conference on Thursday. Nigeria was excluded from Turkey’s e-visa application and Ethiopia removed Nigerians from the visas-on-arrival option, while Nigerians were banned by Seychelles from visiting the country for holiday purposes. Tunji-Ojo said each citizen of a country seeking a visa will receive the same treatment meted out to Nigerians seeking to travel to that country. “Some of our foreigners might…

Wednesday, 18 October 2023 05:04

‘Naira plunges to unprecedented level at official market’ - Bloomberg

Nigeria’s naira plunged the most in almost four months to an unprecedented level in the official market as the West African nation’s move to a more flexible exchange rate puts pressure on the currency. The naira weakened 8.9% to 848.12 to the dollar in the official market on Tuesday, according to data compiled by Bloomberg. The drop was the most since June 20. The currency was little changed at 1,052 a dollar on the street, according to Abubakar Mohammed, chief executive officer of the Forward Marketing Bureau de Change Ltd. The Central Bank of Nigeria eased foreign exchange controls in…

Tuesday, 17 October 2023 04:31

FG proposes N26trn budget for 2024; FEC to meet on as-need-arises basis

Federal government, on Monday, proposed N26 trillion for the 2024 budget, which will be submitted to the national assembly before December 31. Atiku Bagudu, minister of planning and budget, announced the budget proposal at the end of the Federal Executive Council the (FEC) meeting held on Monday, at the presidential villa, Abuja. Bagudu said the council has approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP). He added that the executive is required by the Fiscal Responsibility Act to present to the national assembly ahead of a budget presentation, a document which will provide the medium-term economic…

Tuesday, 17 October 2023 04:24

IMF asks Nigeria to apply for loan as FG set to get $1.5bn facility from World Bank

Nigeria’s cabinet approved plans by the government to seek a $1.5 billion loan from the World Bank, Finance Minister Wale Edun said. The funding will be concessionary and is expected to be secured by December, Edun told reporters in the capital, Abuja, on Monday. The West African nation will also seek $80 million of financing from the African Development Bank, he said. Nigeria is seeking funding as it implements a series of economic reforms to accelerate economic growth and support the more than 40% of its 200 million people who live in poverty. Over the past eight years, the nation’s…

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