economic

Crude oil has edged up from multi-month low, but prices remained under pressure from a supply glut that has persisted despite the efforts led by the Organisation of Petroleum Exporting Countries (OPEC) efforts to balance the market. Since peaking at $55 per barrel in late February, crude has dropped around 20 per cent, erasing the […]

Ahmed Idris AGF Ahmed Idris AGF The Federation Account Allocation Committee has shared a sum of N462.359 billion to the Federal Government, State Governments and Local Government Councils. The statutory allocation is for the month of May, 2017. The communiqué issued by the Technical sub-Committee of FAAC at the end of the meeting held in […]

Acting President Yemi Osinbajo has re-inaugurated new members of the National Council on Privatisation (NCP) two years after dissolution. The body responsible for making decisions on the sale and liberalisation of government’s interests in national assets and companies. According to a statement in Abuja by the Head of Public Communications in the Bureau of Public […]

The Nigerian National Petroleum Corporation (NNPC) has finally offset its indebtedness of N450bn to the Federation Account. The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, confirmed the development at a media briefing shortly after the Federation Accounts Allocation Committee meeting in Abuja. The N450bn indebtedness has been a subject of controversy since 2010 following […]

The consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion loan wants the Federal Government, through the Economic and Financial Crimes Commission (EFCC), to investigate what the company did with the loan. A management source yesterday, alleged that the loans were siphoned and needed to be investigated by the EFCC, noting, there was no […]

The Ministries of Transportation and Agriculture and Rural Development are expected to harmonize positions to resolve the disagreement between Federal Airport Authority of Nigeria (FAAN) and Nigeria Agricultural Quarantine Services. Both agencies operate at airports across the country. Currently they disagreed over the decision by FAAN to relocate NAQS from arrival and departure points at […]

The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, indicating interest to build a refinery in Nigeria. Mr. Adi Hartadi, the Head of Investor Relations […]

Saraki trial Saraki trial “I swear by the Almighty Allah to do justice. We are all human beings and not God, we must be fair and just,” – Umar Danladi Those were the words of the Chairman of Code of Conduct Tribunal (CCT), Umar Danladi at the resumed hearing on the trial of Bukola Saraki […]

The YouWiN! Connect Series 1, plans to mobilise up to N2.5bn annually as equity investment in start-ups and early stage SMEs through qualified fund managers under a co-investment model. The Federal Government of Nigeria (FGN) believes that Small and Medium Enterprises (SMEs), are engines of growth to stimulate and sustain economic recovery, thereby making the […]

The President, Dangote Group, Aliko Dangote, has described the state of Apapa Wharf Road an embarrassment to the country and a huge loss of close to N140bn on a weekly basis. Dangote told journalists that “The economy loses more than N20bn daily. It (bad state of the roads) affects businesses across the country. All our […]

The Federal Government has intensified efforts at rescuing the Etisalat-Nigeria from debt crisis as the Nigerian Communications Commission (NCC) stepped into the crisis, reminding the consortium of banks that the telecoms firm is indebted to, to the tune of $1.2 million that it cannot take over Etisalat’s operating licence without its approval. The Telecom company […]

The World Bank has approved two Program-for-Results operations totaling $961 million to support the Nigerian federal and state authorities in their effort to foster inclusion and revive growth, in alignment with the Economic Recovery and Growth Plan (ERGP) spanning 2017–2020. The Better Education Service Delivery for All (BESDA) Program-for-Results is a $611 million credit aiming […]