Saturday , 21 September 2019
Latest News
Home » Economy

Economy

Current business environment not ready for CBN cashless policy, OPS warns

Current business environment not ready for CBN cashless policy, OPS warns

The Organised Private Sector, OPS, has warned against immediate deployment of cashless policy as directed by the Central Bank of Nigeria, CBN. It said “the current business environment and available infrastructure are not ready for such deployment.” In a statement by Director General of Nigeria Employers’ Consultative Association, NECA, Mr. Timothy Olawale, OPS argued that several sub-sectors of the economy ... Read More »

FG approaches World Bank for another $2.5bn loan

FG approaches World Bank for another $2.5bn loan

The Federal Government is currently discussing with the World Bank for a fresh $2.5bn loan. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Wednesday, Bloomberg reported. Nigeria received $2.4bn from the World Bank in the past year, according to Ghanem. “We are talking about a new set of programmes of about the ... Read More »

Increase social investment, World Bank advises FG

Increase social investment, World Bank advises FG

The World Bank has advised Nigeria to scale up its social investment programmes to address the large number of people living in extreme poverty. The World Bank Country Director, Mr Rachid Benmessaoud, said this on Friday at the inauguration of the Africa Social Safety Nets Report by the National Social Safety Nets Coordinating Office and World Bank, the News Agency ... Read More »

Nigerian markets flooded with smuggled and counterfeit goods, Buhari tells NACCIMA

Nigerian markets flooded with smuggled and counterfeit goods, Buhari tells NACCIMA

  President Muhammadu Buhari on Friday in Abuja said everyone must play by the rules when it comes to trade and business activities that are central to Nigeria’s economic development. He complained that the nation’s markets are flooded with smuggled and counterfeit goods as a result of sharp practices by some unscrupulous traders. President Buhari spoke at State House when ... Read More »

House asks CBN to stop charges on deposit plan

House asks CBN to stop charges on deposit plan

The House of Representatives yesterday urged the Central Bank of Nigeria (CBN) to stop implementation of the cashless policy on deposits and withdrawals by the Deposit Money Banks (DMBs). This followed the adoption of the prayers of a motion by Benjamin Okezie Kalu, by the House. According to the lawmaker, the extra charges policy on deposits and withdrawals must be ... Read More »

End crude oil theft – President Buhari orders security chiefs

End crude oil theft – President Buhari orders security chiefs

President Muhammadu Buhari has ordered security chiefs to stop crude oil theft. The Inspector-General of Police Muhammed Adamu disclosed this after the security chiefs met with the President at the State House in Abuja. He said President Buhari specifically charged security agencies to intensify security along the petroleum pipelines and other facilities to check the menace. “Sequel to the improvement ... Read More »

FG, States, Councils Share N720.9 billion in August

FG, States, Councils Share N720.9 billion in August

The Federation Accounts Allocation Committee (FAAC), at its meeting yesterday, shared a total of N720.880 billion to the three tiers of government for the month of August 2019. A communique issued by FAAC indicated that from the total revenue of N720.880 billion, the Federal Government received N301.804 billion; States, N188.925 billion and the 774 Local Government Councils, N142.654 billion. The ... Read More »

CBN imposes fees on deposits, withdrawals

CBN imposes fees on deposits, withdrawals

  The Central Bank of Nigeria has said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this on Tuesday in a circular to all Deposit Money Banks in the country. The CBN said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing ... Read More »

Brent crude oil jumps the most in history after Saudi attacks

Brent crude oil jumps the most in history after Saudi attacks

Key Points • Iranian president Hassan Rouhani said the attacks on Aramco were a “reciprocal response” to the aggression against Yemen. • A Saudi-led military coalition said the attack was carried out by “Iranian weapons” and did not originate from Yemen. • President Donald Trump said he was authorizing the release of oil from the Strategic Petroleum Reserve to keep ... Read More »

Nigerian businessman drags Dubai Bank to court over bogus interest charges

Nigerian businessman drags Dubai Bank to court over bogus interest charges

In a bid to safeguard his business interest against alleged excessive and bogus interest charges, a Dubai-based Nigerian businessman, Adedoyin Adeyinka, alongside his two companies – UNICO MARINE DWC LLC, and ELIZABETH SHIPPING LTD – have dragged Dubai United Arab Emirates bank, National Bank of Fujairah PJSC, before a Federal High Court in Lagos, Nigeria. In a statement of claim ... Read More »

Breaking: Buhari appoints Soludo, Rewane, six others into Economic Advisory Council

Breaking: Buhari appoints Soludo, Rewane, six others into Economic Advisory Council

  President Muhammadu Buhari has constituted a new Economic Advisory Council (EAC) with former governor of Central Bank, Professor Chuwuma Soludo and foremost economis, Mr. Mr. Bismark Rewane and six others on board. The EAC replaces current Economic Management Team (EMT) headed by Vice president Yemi Osinbajo. Femi Adesina, Special Adviser to the President, (Media & Publicity), who gave the disclosures ... Read More »

Gulf of Guinea: IMO, International oil players, pledge support for NIMASA

Gulf of Guinea: IMO, International oil players, pledge support for NIMASA

  *President of Chevron Mark Ross , DG NIMASA Dr Dakuku Peterside, NIMASA Executive Director Finance Bashir Jamoh and Eng Rotimi Fashakin NIMASA ED Operations shortly after the IMO-sponsored Maritime Security and Facilitation (MSF) meeting  at the IMO Headquarters in London.*   …  Nigeria Critical to Regional Stability – Kitack Lim …  INTERTANKO, ICC, Chevron, Others Commend Agency The initiatives of the Nigerian ... Read More »

FG hikes VAT from 5 percent to 7.2 percent

FG hikes VAT from 5 percent to 7.2 percent

The Federal Executive Council on Wednesday approved an increase in the Value Added Tax (VAT) payable in Nigeria from the current 5 per cent to 7.2 per cent.   Minister of Finance, Zainab Ahmed, made this known  while briefing journalists after the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari in Abuja. “We also reported to council and council ... Read More »

Fowler to accountants: Don’t shield tax evaders

Fowler to accountants: Don’t shield tax evaders

From the Executive Chairman, Federal Inland Revenue Service, FIRS Tunde Fowler came a  stern admonition to the nation’s accountant on Wednesday: don’t go to bed with tax evaders. Rather let’s join hands to build a bigger cake for the nation. But accountants and lawyers scoffed at Fowler’s admonition, alleging that he was employing strong tactics in getting taxpayers to be tax ... Read More »

Finance Minister presents DRAFT 2020 – 2022 MEDIUM TERM EXPENDITURE FRAMEWORK & FISCAL STRATEGY PAPER (MTEF/FSP)

Finance Minister presents DRAFT 2020 – 2022 MEDIUM TERM EXPENDITURE FRAMEWORK & FISCAL STRATEGY PAPER (MTEF/FSP)

  The Minister of Finance, Budget and National Planning; Zainab Shamsuna Ahmed has presented the 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP.) alongside the Minister of State for Budget and National Planning; Prince Clem Agba and other key stakeholders. The presentation was at a public consultative forum at the auditorium, Ministry of Finance, Budget and National Planning ... Read More »

Equity market sheds N28 billion

Equity market sheds N28 billion

Transactions on the Nigeria equity market on yesterday closed negative, extending previous week bearish sentiment. The decline was impacted by losses on Nestle and 13 other stocks. However, market breadth closed positively, recording 15 gainers as against 14 losers. The All Share Index (ASI) decreased by 56.73 absolute points, representing a dip of 0.21% to close at 27,089.84 points. Similarly, ... Read More »

Sterling Bank’s 2019 agribusiness summit would help actualize $1trn Africa economy plan- Odubiyi

Sterling Bank’s 2019 agribusiness summit would help actualize $1trn Africa economy plan- Odubiyi

  Mr Yemi Odubiyi, Executive Director, Corporate and Investment Banking, Sterling Bank Plc, on Thursday, said that the Africa Summit Deal Room 2019 would help to actualize $1 trillion Africa agribusiness economy plan by 2030. Mr Yomi Odubiyi* Odubiyi stated this in a statement made available to newsmen by Mr. Roland Oroh, Director, Nigeria Agribusiness Register, to commemorate the Agriculture Africa Summit Deal Room ... Read More »

NNPC tables ‘challenges of National Security significance’ before DSS

NNPC tables ‘challenges of National Security significance’ before DSS

  L-R: Bichi, Kyari* The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kolo Kyari on Thursday, September 05, 2019, led his Management Team to pay a courtesy visit on the Director General of the Department of State Services, Alhaji Yusuf Magaji Bichi,  to deepen existing interagency relations between the two Organisations. During the visit, ... Read More »

Nigeria offers attractive investment opportunities, says Buhari

Nigeria offers attractive investment opportunities, says Buhari

Nigeria has very attractive investment opportunities with some of the highest Returns-on-Investment, President Muhammadu Buhari declared in Yokohama, Japan on Thursday. Presenting the country’s Statement at Plenary Session Three on “Public-Private Business Dialogue” at the Seventh Tokyo International Conference on African Development (TICAD7), the President said he looked forward to prospective investors making inroads “in the following priority sectors in ... Read More »

EKEDC Director Says FG, Siemens Agreement Key To Nigeria’s Power Sector Improvement

EKEDC Director Says FG, Siemens Agreement Key To Nigeria’s Power Sector Improvement

  George Etomi* The Federal Government of Nigeria signed an agreement with the German company, Siemens on the 26th of July to help the nation’s power sector. The agreement tagged the ”Electrification Road Map”  is aimed at resolving existing challenges in the power sector and expanding the capacity for future power needs. Giving clarifications and details of the agreement, George ... Read More »