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FAAC Disburses N649.19bn in January 2019

FAAC Disburses N649.19bn in January 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018. The amount disbursed comprised of N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax (VAT) and N976.53mln exchange gain differences N70bn. Federal government received a total of N270.17bn from the N812.76bn. States ... Read More »

Buhari Govt. committed to private sector-driven economy – Okoh

Buhari Govt. committed to private sector-driven economy – Okoh

By Onyeka Ajumobi Onochie Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, has reiterated the commitment of the President Muhammadu Buhari administration to a private sector driven economy, calling on local and international businessmen to take advantage of the government’s open door policy to establish their businesses in the country. Speaking at the official hand ... Read More »

Buhari’s 2019 Budget Is Too Ambitious, Will Never Work- ICAN Insists

Buhari’s 2019 Budget Is Too Ambitious, Will Never Work- ICAN Insists

The Institute of Chartered Accountants of Nigeria (ICAN) has conveyed serious doubts that the 2019 budget proposal made to the National Assembly by President Buhari will meet its target. The Institute, through its President, Alhaji Rasaq Jaiyeola, described the budget as too ambitious. Jaiyeola, who spoke on the sidelines of the inauguration of the maiden edition of the official journal ... Read More »

FG To Ban Importation Of Tomato Paste

FG To Ban Importation Of Tomato Paste

The federal government is set to finally ban the importation of tomato paste before the end of 2019, the minister of agriculture and natural resources, Audu Ogbeh, has said. According to reports, $22 billion is spent on tomato paste importation annually. The minister disclosed this during a tour of the Dangote Tomato Processing Plant in Kadawa, Kano State. Ogbeh said ... Read More »

We’re extending loans to non-customers – Sterling Bank

We’re extending loans to non-customers – Sterling Bank

Sterling Bank Plc has said it is extending loans from its ‘Specta’ product to non-bank customers and business owners, The Punch reports. The bank said it was aiming to give out loans worth N40bn in 2019. Shina Atilola, divisional head, Retail and Consumer Banking, Sterling Bank, said customers patronising Specta could access loans ranging from N10,000 to N5m, and funds ... Read More »

Bauchi, Gombe To Join Oil Producing States

There are indications that Bauchi and Gombe States would sooner or later become oil producing states following the inauguration of drilling site at the Kolmani River-II well, located at Barambu, a border village between both states by President Muhammadu Buhari. Buhari while inaugurating the project on Saturday reiterated his administration’s commitment to intensify oil explorations in the country’s frontier basins ... Read More »

Nigeria’s economy will increase its growth trajectory in 2019 – Udoma

The Minister of Budget and National Planning, Senator Udoma Udo Udoma is optimistic that the Nigerian economy will continue to maintain its recovery in 2019 as the real GDP growth is expected to increase from 0.8% in 2017 to 2.1% in 2018 and 3.01% in 2019, with the sustained implementation of the ERGP. Senator Udoma who was speaking at the ... Read More »

CBN Pumps $289.76 million, CNY38.70 million into Forex Market

Following its maiden Monetary Policy Committee (MPC) meeting for 2019, the Central Bank of Nigeria (CBN) at the weekend injected the sum of $289.76million into the retail Secondary Market Intervention Sales (SMIS) and CNY38.70 million in the spot and short-tenored forwards segment of the inter-bank foreign exchange (FX) market The Director, Corporate Communications Department at the CBN, Isaac Okorafor, confirmed ... Read More »

10,000 March In Paris Against ‘Yellow Vest’ Violence

More than 10,000 people marched through Paris, France on Sunday in protest at “yellow vest” violence during the anti-government demos that have drawn tens of thousands of people to the streets over the past 11 weeks, AFP reports. Since mid-November President Emmanuel Macron has offered concessions and debates seeking to quell the weekly rallies that often end in violent clashes ... Read More »

2,000 Jobs Under Threat as AMCON shuts Kano Textiles Company

About 2,000 textile workers of Nigerian Braiding Manufacturers (NBM) in Kano may soon lose their jobs as the Asset Management Corporation of Nigeria, AMCON, as begins sale of the Company over N1.5bn debt. The Nations reports that the workers comprised 400 staff and over 1,500 casuals who were not paid December 2018 salaries and allowances. AMCON sealed off the company ... Read More »

FAAC: Kwara Gets N3.4b for January

The Kwara State Government is to receive a sum of N3,478,285,729.28 as allocation from the Federation Accounts Allocation Committee (FAAC) for January 2019. The amount represents a N603m drop from the December allocation to the state. This was made known by the State Commissioner for Finance, Alhaji Demola Banu, in a statement released in Ilorin on Saturday. Banu disclosed that ... Read More »

2.5m Nigerians have benefitted from cash transfer scheme- FG

The Federal Government has said that about 2.5 million Nigerians have benefitted from its cash transfer programme. It added that it was implementing the programme to rescue Nigerians from poverty. National Coordinator, National Social Safety Net Coordinating Office (NASSCO), Office of the Vice President Mr. Apera Iorwa stated these on Wednesday while addressing reporters at the Social Protection Cross Learning ... Read More »

Presidency Transmits Minimum Wage Bill To National Assembly

The presidency says it has transmitted the National Minimum Wage Bill to both chambers of the National Assembly. The Senior Special Assistant to the President on National Assembly Affairs, Senator Ita Enang, confirmed to Channel Television on Wednesday that the bill had been transmitted to the parliament earlier in the day. Senator Enang, however, did not give details of the ... Read More »

Nigeria May Return To Paris Club Debt Level – CBN Warns FG

The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, has raised the alarm that Nigeria may return to the pre-2005 Paris Club debt level, if the Federal Government fails to come up with immediate measures to address the rising debt profile. The MPC stated this on Tuesday in Abuja after its first meeting of the year. It ... Read More »

Polaris Bank To Be Sold After Elections – AMCON

The Asset Management Corporation of Nigeria is seeking new investors to take over Polaris Bank after elections next month and is taking stock of the bank’s assets ahead of a sale, The Punch has reported. The spokesman for AMCON, Jude Nwauzor, was quoted by Reuters as saying on Tuesday: “The election season has slowed down things. We would advertise for ... Read More »

NLC Rejects N27,000 Minimum Wage, Calls Emergency Meeting

The Nigeria Labour Congress (NLC) has rejected the N27,000 new National Minimum Wage approved by the National Council of State on Tuesday. NLC General Secretary, Peter Ozo-Eson, made this known to journalists on Tuesday in Abuja. He said the council of state has no jurisdiction to fix another amount after a Tripartite Committee had submitted its report. “It is abysmal ... Read More »

CBN Retains Interest Rate at 14%

The Central Bank of Nigeria (CBN) on Tuesday resolved to leave the Monetary Policy Rate (MPR), otherwise known as interest rate at 14 per cent. It also retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent. Addressing journalists at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja, the ... Read More »

How International Oil Companies Steal Nigeria’s Crude Oil- Report

A new report on the age-long crude oil theft in Nigeria has revealed how International Oil Companies (IOCs) in the Niger Delta region steal and siphon large volumes of crude oil from the country undetected by her authorities. The report revealed the revenue losses over the last few years, and estimated that the country lost N995.2 billion annually to oil ... Read More »

Nigeria’s High Net Worth Population Balloon Soon

When it comes to minting new millionaires, opportunities abound in some surprising places, writes Karen Gilchrist for CNBC. Economic powerhouses like the United States, China and Japan may be home to the highest proportion of the world’s wealthy, but when it comes to minting new millionaires, opportunities abound in some surprising places. That’s according to a new report from wealth ... Read More »

N12.2bn Fraud: Patience Jonathan Knows Fate Feb 11

Justice Mojisola Olatoregun of the Federal High Court, Ikoyi, Lagos, has fixed February 11, 2019 to deliver judgment in an application for final forfeiture filed by the Economic and Financial Crimes Commission, EFCC, of the sums of $8,435,788.84 (about N3 billion) and N9.2 billion (totaling about N12.2 billion), linked to Patience Jonathan, wife of former President, Goodluck Jonathan, and believed ... Read More »