Nigeria’s account allocation committee disbursed N638.09bn in April
Businessam Staff
May 24, 2018
The Federation Account Allocation Committee (FAAC) disbursed the sum of N638.09 billion to the three tiers of government in April 2018 from the revenue generated in March 2018. According to the FAAC April report, the amount disbursed comprised of N480.59bn from the Statutory Account, N62.53bn from FOREX Equalization, N11.27bn from NNPC and N83.70bn from Valued […]
Nigeria to expand N-power project to benefit more youths
Businessam StaffMay 19, 2018
Yemi Osinbajo, Nigeria’s vice president said Friday that the N-Power Graduate Skills Acquisition Programme will be expanded to benefit more youths in the country. The vuce president made the disclosure during a visit to Kiara De-Luke Multi-Skill and Entrepreneurship Centre, an N-Power training centre at Umuobiakwa in Obingwa Local Government Area of Abia. Addressing the […]
Nigeria establishes Presidential Infrastructure Development Fund, approves $650m takeoff grant
Joel EneogweMay 18, 2018
The Federal Government of Nigeria has approved the establishment of a Presidential Infrastructure Development Fund (PIDF) to be managed by the Nigeria Sovereign Investment Authority (NSIA) for investment in critical road and power projects across the country. Consequently the National Economic Council (NEC) Thursday authorised the initial transfer of $650 million dollars to the NSIA […]
Delay in passage of Nigeria’s 2018 budget will impact economy, finance minister warns
Businessam StaffMay 12, 2018
Kemi Adeosun, Nigeria’s minister of finance Friday said the delay in passage of the country’s 2018 budget would have some impact on the nation and cause some adjustments in implementation. The minister said this during a news conference in Abuja, adding that the impact was because markets change and the cost of money in the […]
Nigeria set to host investment summit in Shanghai to deepen trade relationship with China
Businessam StaffApril 28, 2018
Nigeria is set to organise an investment summit in Shanghai, a global financial hub in China, on July 20, 2018. The summit, according to Anderson Madubike, the consul-general, will be hosted by Nigerian consulate in Shanghai, as part of efforts to deepen trade relations between the country and China In a statement made available to […]
Nigeria’s excess crude account stands at $1.8bn in April, official discloses
Businessam StaffApril 27, 2018
Ahmed Idris, Nigeria’s accountant-general has disclosed Thursday that the balance in country’s Excess Crude Account (ECA) as at April 23 stands at $1.8 billion ($1,829,862,047.42). Idris made this known at this month’s, April, National Economic Council (NEC) meeting presided by the Vice President, Yemi Osinbajo, according to a statement signed by Laolu Akande, Senior Special […]
Nigeria’s account allocation committee disburses N647.39bn in March
Businessam StaffApril 24, 2018
By Oluwaseun Afolabi The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.39bn to the three tiers of government in March 2018 from the revenue generated in February 2018. According to the FAAC March report, the amount disbursed comprised of N557.29 billion from the Statutory Account, N89.45 billion from Valued Added Tax (VAT) and […]
Nigeria’s mines ministry, British Geological Survey collaborate on establishing national geo-data archiving system
Businessam StaffApril 19, 2018
Nigeria’s ministry of mines and steel development through its agency, Nigeria Geological Survey Agency (NGSA), is collaborating with the British Geological Survey (BGS) towards the establishment of a Nigerian national geo-data archiving system. Bawa Bwari, minister of state, ministry of mines and steel development, while welcoming the representatives of BGS, Matt Harrison, and Jenny Forster, […]
Ocean and Cargo Terminal Services wins concession bid for Nigeria’s Terminal ‘B’ Warri Old Port
Businessam StaffApril 19, 2018
Ocean and Cargo Terminal Services Limited has won the bid for Terminal B Warri Old Port, which is being offered for concession by the Federal Government. At the financial bids opening for the Port Terminal held by the Bureau of Public Enterprises (BPE) in Abuja Wednesday, April 18, 2018, Ocean and Cargo offered the sum […]
U.S. envoy urges increased investment in Nigeria’s resources
Temitayo AyetotoApril 17, 2018
Stuart Symington, the United States Ambassador to Nigeria, has called for increased investment in Nigeria’s array of resources to scale up its economic capacity. Symington who spoke during a courtesy visit to the director-general of the International Institute of Tropical Agriculture (IITA), Ibadan, said the country could derive quality benefits from its human and natural […]