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Showing posts with the label Economy

Finally, President Buhari releases N54bn for the payment of pension arrears

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President Buhari has ordered the release of N54 billion for the payment of pension arrears for the year 2014, 2015 and 2016. Minister of Finance, Kemi Adeosun disclosed this in statement she released on her Facebook wall. According to Adeosun, N41. 5 billion has been paid National Pension Commission (PENCOM) for

Good News: FG Launches the Economic Recovery and Growth Plan

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President Buhari today launched the Economic Recovery and Growth Plan (ERGP) 2017-2020. According to the presidency, the Economic recovery plan would help in the furtherance of the current administration's drive to sustain and build on the successes so far recorded in tackling corruption, improving security and re-revamping the economy.

Bad News: Nigeria's total debt rises to $56Bn

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Nigerian total national debt rose to N17.36 trillion ($56 billion) as of Dec. 2016 from N12.60 trillion a year earlier, the Debt Management Office said, as the country battled with its first recession in a quarter of century caused by low oil prices.

Good News!! Naira Gains Strength At Parallel Market (Read Full Details)

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The Naira on Thursday marginally appreciated against the dollar at the parallel market. The Nigerian currency gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively.

You Will Be Shocked At What Federal Government Loses To Oil Vandals This Month

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The revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month. About N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August.

Central Bank Give Youth Corp Members 930 Million

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A total of 310 youths, including members of the National Youth Service Corps, on Thursday received N930m from the Central Bank of Nigeria to establish profitable ventures in different sectors of the economy. Each of the youth, who emerged through a rigorous competitive process, received N3m under the Youth Entrepreneurial Development Programme. The first set of the loans was disbursed through Heritage Bank. Speaking at the disbursement ceremony, the Governor, CBN, Mr. Godwin Emefiele, said the YEDP was introduced in March 2016 by the apex bank as part of efforts to reduce the nation’s unemployment rate, which had increased to 13.3 per cent in the second quarter. Emefiele, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the programme was to ensure that the creative energies of the over 64 million Nigerian youths were harnessed to stimulate growth, address restiveness and promote economic development. He said, “To realise this obj

NNPC Has Cut The Price Of Crude Oil

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The Nigerian National Petroleum Corporation has cut the price of every type of crude oil it sells in an effort to regain share of the global oil market amid continued supply glut and growing competition.

Nigeria is a poor country – Buhari

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President Muhammadu Buhari on Thursday said Nigeria has suddenly become a poor country as a result of the sharp drop in price of oil. He however said the prudent manner his administration had been handling the nation’s resources had made it impossible for people to know that there is severe shortage in the country.

Breaking News: South Africa Has Now overtaken Nigeria as Africa’s largest economy

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Following the consistent crash of the Naira against the dollar, Nigeria's economy has lost its place as the largest economy in Africa to South Africa. This is according to a new report by Bloomberg and the IMF.

Nigeria’s present economic situation worse than Biafra war – Aregbesola

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Governor Rauf Aregbesola of Osun state has bemoaned the present economic situation in the country saying that even the hardship experienced during the Biafra civil war between 1967 and 1970 pales into significance when compared to what is being experienced in the nation today.

Government uses agricultural projects to steal – Obasanjo

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Ex-president Olusegun Obasanjo Former President Olusegun Obasanjo on Saturday said government had the role of helping agricultural development through policy making and incentive. But he noted that direct involvement in production had been discovered to be a channel for stealing.

Why it is so hard to generate revenue in Nigeria

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Tonnie Iredia In the last few months, the story that many of our states are unviable and therefore unable to meet basic needs of their people such as payment of workers’ salaries has taken a firm root in everyone’s sub-consciousness. The reason for it is not only because it true but more because it has been repeatedly said even at the highest quarters. There is the hypothesis that states are unable to generate revenue because our people don’t like to pay taxes.

The President Buhari’s Economic Plan For Nigeria

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President Muhammed Buhari, President of the Federal Republic of Nigeria The Minister of Information and Culture, Alhaji Lai Mohammed, has said the Federal Government is very focused on the economy and has a definite economic plan. ”Those who think we do not have an economic plan have not taken the pains to check out our plan,” the Minister said in Abuja on Thursday while receiving Japanese Ambassador to Nigeria Sadanobu Kusaoke.

Venezuela's oil production just sank to a 13-year low, and things are going to get worse

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Venezuela's President Nicolas Maduro attends a military parade to celebrate the 195th anniversary of the Battle of Carabobo in Caracas Venezuela’s oil production plunged to a 13-year low in June as the economic crisis continues to eat into the nation’s only source of export revenue.

China has become a green energy superpower. These 5 charts show how

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Solar plant Investment in green energy is on the rise, and a world powered entirely by renewables is no longer a distant dream, with a handful of countries hitting 100% renewable electricity production.

2016 budget: Reps approve N241.5bn for FCT

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The House of Representatives, yesterday, approved N241,455,285,471 for the Federal Capital Territory, FCT, administration for the 2016 fiscal year. 

Naira dips further against dollar

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Exchange Rate The Naira on Wednesday dipped further against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. It lost 4 points to exchange at N357 to the dollar, from N353 it traded on Monday.

FG wants China to reduce tariffs on Nigeria’s products

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The Federal Government has called on Chinese government to consider a reduction of tariffs for Nigeria’s products exported to China as currently being done for the country’s neighbours. Vice-President Yemi Osinbajo made the appeal on Monday while granting audience to a Chinese delegation led by the Vice Minister of Commerce, Mr. Qiam Keming, at the Presidential Villa, Abuja. According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice-President noted that the reduction was important for the purpose of mutual economic interests of both countries. He said the tariffs should be reduced because,”This is why your offer of agricultural modernisation plan are very important to us and we will follow them up as quickly as possible. “Our government is investing a great deal in agriculture, not only for increasing job opportunities for our people, but also in feeding our people and for exports.” While appreciating Chi

Buhari welcomes foreign support to diversify economy

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President Muhammadu Buhari Monday in Abuja said his administration would continue to welcome support and investments from the international community in the agricultural and solid minerals sectors as Nigeria moves to reduce dependence on crude oil. This was in a farewell audience with the outgoing Ambassador of the Republic of Sweden to Nigeria, Svante Kilander, in the State House, where President Buhari said the Federal Government would create the enabling environment for local

Forbes - Meet the 35-year-old entrepreneur who owns Nigeria's 2nd largest rice farm

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Forbes writer Nsehe Mfonobong interviewed former journalist turned entrepreneur Rotimi Williams who owns the second largest rice farm in Nigeria. Read the feature below... Nigerians consume more than 5 million metric tons of rice every year, with a significant portion of its consumption needs sourced from imports. Rotimi Williams WMB -4.95% , an ambitious 35 year-old Nigerian entrepreneur and rice farmer, is on a quest to change that.