Finance Ministry gets query over N2.8 billion unaccounted service wide votes
Zainab Iwayemi
March 22, 2021
Zainab Iwayemi The Senate Committee on Public Accounts (SCPAs) has asked the Federal Ministry of Finance to account for N2.8 billion service wide votes it collected from the Federation Account for estacodes and other allowances for representing Nigeria during the internationally organized annual board meetings, conferences and workshops in 2018. Mathew Urhoghide, the Chairman of the SCPAs, […]
China approves 85% loan to facilitate Nigeria’s $2.6bn gas pipeline project
Onome AmugeDecember 16, 2020
By Onome Amuge China has granted approval of the 85 percent loan needed to fund the $2.6 billion Ajaokuta-Kaduna-Kano gas pipeline project, the Nigerian government has announced. Zainab Ahmed, minister of finance, budget and national planning, and Mele Kyari, group managing director, Nigerian National Petroleum Corporation (NNPC), following the inspection of the gas […]
Nigeria’s inflation reaches 34-month high at 14.89% in November, amid yuletide
Charles AbuedeDecember 15, 2020
By Charles Abuede Food, core inflation rise to 18.30%, 11.05% in line with analysts’ expectations With the festive period already at hand and as Nigerians grapple with the continuous rise in food prices, it is now no longer news that the menace of poor harvest and storage facilities, the disruptions from the coronavirus pandemic, […]
Nigeria’s capital import tumbles down 74.03% y/y to $1.46bn in Q3’20
Charles AbuedeDecember 15, 2020
By Charles Abuede But up 12.86% from $1.29bn in Q2’20 Nigeria, Africa’s largest economy, saw its capital importation tumble by a high 74.03 per cent year-on-year in the third quarter of 2020, showing how the country has been badly hit by a global economy that has fought most of the year in distress […]
Nigeria sees trade value grow 34.15% to N8.37trn on faster import increases, slower export recoveries
Charles AbuedeDecember 8, 2020
By Charles Abuede Total imports up 33.77% to N5.3trn in Q3’20 Total exports up 34.85% in Q3’20 to N2.9trn, but down 43.41% on Q3’19 The total value of Nigeria’s merchandise trade saw a sharp growth to reach N8.37 trillion in the third quarter of 2020, representing a 34.15 per cent rise on a quarter on […]
Nigeria’s N639.9bn revenues shared to federal, states, local governments in October
Charles AbuedeDecember 8, 2020
By Charles Abuede Lagos tops with N16.7bn in receipt Kwara smallest with N4.09bn Recent revenue data from the National Bureau of Statistics (NBS) has revealed that N639.90 billion was shared to the federal, sub-national and grassroots governments by the Federation Account Allocation Committee (FAAC) in October 2020 from the revenue generated in September […]
Shell loses N17bn oil spill judgment, as Supreme Court dismisses company’s case
Ben EguzozieNovember 28, 2020
describes oil company’s application as “unmeritorious” judgment sum with interest now stands at N182bn – says counsel to community justice coming for Ejama Ebubu after half-a-century wait Shell Petroleum Development Company (SPDC), which has the largest footprint in Nigeria’s oil industry, would now have to write a cheque of N17 billion payable […]
Nigeria spared as US slams $15,000 visa bond on 15 African countries
Onome AmugeNovember 26, 2020
By Onome Amuge The United State of America has imposed a new visa rule demanding foreign tourists and business travellers from 15 African countries to pay a bond of up to $15,000 in addition to the regular visa fees before they can be granted access into the North American country. The visa bond […]
Nigeria’s economy would end up weaker due to rising inflation rate – CBN survey reports
Charles AbuedeNovember 25, 2020
By Charles Abuede A new Central Bank of Nigeria (CBN) survey has revealed that Nigerians believe the economy would end up weaker with rising inflation which has found comfort on the economy and reaching its highest in 32 months to a record 14.23 per cent in October. This is contained in the inflation attitudes […]
Nigeria: How civil unrest, violent crime, insurgency intensified risks for personal security – report
Ben EguzozieNovember 24, 2020
Analysts gauge rising inflation till year-end as macro-economic risk Nigeria’s N3.12trn debt servicing in 2021 budget heightens debt burden New recession lays country bare to harder times ahead The spate of civil unrests, violent crimes and insurgency across virtually all parts of Nigeria, which peaked particularly in October, with yet to-be fully […]