The African Development Bank (AfDB) has offered its assistance to Nigeria in the design and implementation of “Security-Indexed Investment Bonds” to raise more funds to sort out its security challenges. The sale of these bonds will help raise funds from the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect areas with strategic investments. This was established by the President of the AfDB, Dr Akinwumi Adesina, at the Mid-Term Ministerial Performance Review Retreat in Abuja on Monday, where he highlighted that there could not be investment, growth or…
Author: Temitope Nlewemchi
The Lagos State Police Command has warned the organisers of the planned protest to celebrate the one year anniversary of the #EndSARS protest to desist from such a plan. This was disclosed by the Commissioner of Police in Lagos, CP Hakeem Odumosu, via a statement issued and signed by the State Police Command’s Spokesperson, CSP Adekunle Ajisebutu on Monday. The Police boss stated that Nigerians can not afford to relive the unfortunate experience of the protest which led to “needless loss of lives and wanton destruction of public and private property.” The Lagos Police Commissioner stated, “The command had…
The Chief Executive Officer, Aero Contractors, has said that the FG’s plan to concession four international airports in the country is good, urging that if done right, it will go a long way in improving Nigeria’s airport infrastructure. Capt. Mahmood Abdullahi, Chief Executive Officer, Aero Contractors Company of Nigeria Limited, said this on Sunday, in an interview with the News Agency of Nigeria. He urged that the concession should also ensure that the staff of the international airports are not deprived of the rightful benefits. Actually, concession is good. But, just to do it right, I don’t think people will…
The Academic Staff Union of Polytechnics (ASUP) has urged the FG and state governments to pay outstanding arrears of the minimum wage to its members as contained in the Memorandum of Action (MoA). This was disclosed in a statement by the Union’s National Publicity Secretary Mr Abdullahi Yelwa, on Sunday in Bauchi, after its 101st Regular ASUP National Executive Council (NEC) meeting held at the Gateway ICT Polytechnic, Saapade, Ogun State. They revealed that there have been delays in the approval of its N15 billion Revitalisation Fund, nonpayment of salaries to its members in some state-owned institutions, and non-commencement of…
The Anambra state government disclosed that it is currently seeking approval from the federal government through the Nigerian Civil Aviation Authority (NCAA) to open its cargo airport for operations from the 21st of October 2021. This was made known by Governor Willie Obiano of Anambra state at a news conference on Sunday, after a tour of the airport and the International Conference Centre in Umueri and Awka. The Governor also revealed that the airport was completed in 15 months and was optimistic of regulatory approval to commence operations.
The National Union of Petroleum and Gas Workers (NUPENG) have announced the halting of the proposed strike by its affiliate members, Petroleum Tanker Drivers (PTD). The strike, which would have started on Monday, October 11, 2021, was called off due to the intervention of the Federal Government. According to NAN, this disclosure was made by the South-West Zonal Chairman of NUPENG, Mr Tayo Aboyeji, during an interview on Sunday in Lagos. Aboyeji said that the suspension is to allow Union’s representatives and that of government to address the knotty issues at stake. He said, “The leadership of the union after…
The Federal Government has established plans to discipline ministries, departments and agencies (MDA) who fail to meet their revenue targets. The pronouncement is coming against the backdrop of serious concerns over revenue crisis experienced by government, leading to frequent borrowing in order to meet up with some of its obligations. This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill in Abuja on Friday. Ahmed said that the introduction of the measure is an attempt to boost the revenue performance and…
President Muhammadu Buhari has confirmed approval of the Nigeria Extractive Industries Transparency Initiative (NEITI) and other anti-corruption agencies like the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds from 77 oil companies operating in the country. This follows the recent revelation about 2 weeks ago by NEITI that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion due to their failure to remit petroleum profit tax, company income…
President Muhammadu Buhari has officially received the Certificate of Incorporation by the Corporate Affairs Commission (CAC) for the National Petroleum Company Limited. Buhari made this known on Friday while receiving the documents, and challenged the new management stating that he expects nothing less “than the realisation of a global national oil company that this nation desires and deserves,” as the PIA requires NNPC to morph into a new limited liability company. Buhari described the event as a significant milestone in Nigeria’s quest to create an enduring National Energy Company that can compete with its global peers and deliver value to…
The Central Bank of Nigeria (CBN) established that it would continue to monitor Financial Technology (FinTech) companies in Nigeria as well as manage the risks associated with their activities. The apex bank which regards FinTechs as a crucial sector in its operation, has confirmed that it will work towards minimizing the risks associated with their operations to the consumers and financial institutions This was made known by the Director, Banking Supervision Department of CBN, Mr Mustapha Haruna, Director, Banking Supervision Department, CBN, who was represented by Adekunle Adeniji, Assistant Director in the department, at the end of the 31st…
The Minister of Finance, Budget and National Planning, Zainab Ahmed, in her defence of Nigeria’s mounting debt has insisted that the Federal Government’s borrowings helped the country alot in the country’s quick recovery from recession. This is as the government explained that it had to spend its way out of recession mostly in the form of capital expenditure for the provision of infrastructural development. This was made known by Ahmed during a public presentation and breakdown of the 2022 Appropriation Bill on Friday in Abuja. The budget breakdown is coming a day after President Muhammadu Buhari presented the Appropriation Bill…
Nigeria’s economy is seen to grow by 2.4% in 2021, Due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3% in 2021 and 3.5% in 2022. The World Bank established this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa”. The World Bank also strongly stated that despite Sub-Saharan Africa exiting recession in 2021, recovery is still fragile, citing that as the global economy continues its rapid recovery from the global recession of 2020, inequities in vaccine supply and access to external finance…
The Federal Government has applauded the Nigerian Association of Resident Doctors (NARD) for suspending its nationwide strike, adding it has increased the aggregate money in the 2022 budget for hazard allowance from N40 billion to N47 billion annually. This was made known by Minister of Labour and Employment, Sen. Chris Ngige, in a meeting with members of the Nigerian Medical Association (NMA), and leading NARD executive members, on Wednesday, in Abuja, according to the News Agency of Nigeria. He praised the NARD leadership for ending the strike that had paralyzed Nigeria’s healthcare institutions while announcing the increased hazard allowance for…
President Buhari has presented a budget of N16.39 trillion for the 2022 fiscal year titled budget of economic growth and sustainability to the National Assembly. He mentioned this while addressing the joint session of the National Assembly on Thursday at the Green Chamber. In his words, the government plans to spend a sum of N16.38 trillion as budget in the 2020 fiscal year. This represents the 7th presentation of the national budget by Buhari to the national assembly, which was hailed by the Senate president, Ahmed Ibrahim Lawan for ensuring timely submission of the budget proposal so that it can…
The Central Bank of Nigeria (CBN) said that as the economy recovers from COVID-19, FinTech will play a more important role towards resilient and sustainable recovery. The governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Wednesday at a conference for financial correspondents and business editors in Enugu state. The Central Bank of Nigeria (CBN), in partnership with the Nigeria Deposit Insurance Corporation (NDIC), is responsible for overseeing the payments system’s efficiency and effectiveness. Emefiele noted that year 2007 marked a turning point in the country’s payments system terrain with the launch of the CBN’s Payment Systems…
The Imo State Government has commenced “Exercise Golden Dawn,” an initiative of the Nigerian Armed Forces, in order to curb the rising state of insurgency in the South-East state. This was launched by State Governor Hope Uzodimma, in joint work with the 34 Artillery Brigade Forward Operation Base in Orlu Local Government Area of the state on Wednesday, according to the News Agency of Nigeria. The Governor disclosed that the exercise would be carried out for three months to restore peace to the area for the Christmas season. Governor Uzodimma said, “This is a special period and season in the…
In the space of 2015 and 2020, Nigeria’s payment system accumulated around $500 million in investments due to increased level of confidence. This made known by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele while speaking at the bank’s 31st seminar for financial correspondents and business editors in Enugu State, themed, ‘Trends in Nigeria payments system: regulating the fintech digital playing field’ Emefiele established that in the past few years, the sector has experienced incredible growth which the apex bank hopes to continue to support in terms of regulation and customer protection. He said, “The high level of…
The Federal Government has declared its readiness to borrow from both local and foreign sources to finance the N6.258 trillion deficit in the proposed 2022 budget. This is just as the Federal Executive Council (FEC) has approved the 2022 Appropriation Bill with an aggregate expenditure of N16.39 trillion. This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, during a press conference after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in Abuja, saying that this will aid the funding of the Federal Government’s infrastructure projects. She said, “Government has been borrowing…
The price of a big bag of brown beans has unfortunately grown to N100,000 as traders lament low inventory and a significant increase in transportation cost as reasons for the sudden increase. A big bag of brown beans, which sold within the range of N85,000 and N88,000 last week has now increased by over 17% to sell as high as N100,000 in major markets and stores around the city of Lagos. According to Nairametrics databank, the price of beans has increased by 140.96% year-to-date from N41,500 recorded as of December 2020 to sell for an average of N100,000 in Lagos.…
Development Partners International (DPI), a premier investment firm focused on Africa, has disclosed that African Development Partners III Fund (ADP III), has exceeded its $800 million set target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital. This was made known by DPI via a statement issued on Monday. The development brings a total of $1.15 billion for investments in the continent. According to the statement, which was seen by Nairametrics, the fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.…