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The Federal Government has projected an aggregate expenditure of N11.86 trillion for 2021. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while virtually presenting 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) held on Friday. Ahmed said the aggregate projected revenue from available sources for 2021 would be N6.98 trillion while the fiscal deficit was expected to be N5.16 trillion. “The 2021-2023 MTEF&FSP is the pre budget statement...

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The National Bureau of Statistics (NBS) said on Friday that the total public debt portfolio of the Federal and State Governments as of March 31 stood at N28.63 trillion. The NBS made this known in its Nigerian domestic and foreign debt report released in Abuja. The bureau said that further disaggregation of Nigeria’s total public debt showed that N9.99 trillion which represented 34.89 per cent was external. It stated that the domestic debt was N18.64...

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The Nigeria Governors’ Forum (NGF) says it will engage Vice President and Chairman, National Economic Council, Prof. Yemi Osinbajo, to facilitate states’ representation in the implementation committee of Nigeria Economic Sustainability Plan (ESP). The 36 state governors disclosed this in a communiqué issued on Thursday in Abuja by the NGF Chairman and Governor of Ekiti State, Dr Kayode Fayemi, after its 12th COVID-19 teleconference meeting. The governors also advocated for the need to revitalise Nigeria’s...

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President Muhammadu Buhari will on Friday sign into law the revised 2020 budget passed by the National Assembly in June. The Personal Assistant on New Media to the President, Bashr Ahmad, confirmed this on his twitter handle in Abuja on Thursday. The News Agency of Nigeria (NAN) reports that the two chambers of the National Assembly, Senate and House of Representatives, had on June 10 and June 11 respectively passed the revised 2020 budget of N10,805,544,664,642....

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The Government of Ogun State, in a bid to fight coronavirus, has said that twenty per cent of the revised 2020 budget has been allocated to the health sector. At a virtual Consultative Meeting on the Year 2020 Revised Budget, held at the Ministry of Budget and Planning, the Governor said that pandemic had brought implications that prompted the government to draw up a realistic budget that would serve the interest of the people. Other...

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The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency. China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing signs of a recovery in the world’s second-largest economy. Lingering worries about the spread of the coronavirus could keep...

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The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation. The News Agency of Nigeria (NAN) reports that the affected companies include Aso Savings and Loans, Deap Capital Management & Trust, DN Tyre & Rubber, FTN Cocoa and Goldlink Insurance. Others are International Energy Insurance, Medview Airline, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, UNIC Diversified...

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Access Bank Plc has announced plans for acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution. The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary. It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited. “Access Bank has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc, regarding a potential transactions...

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The Federal Government is set to develop the country’s” Agenda 2050 and a Medium-Term National Development Plan (MTNDP) 2021-2025 to coordinate sectoral approaches. The Minister of State, Federal Ministry of Finance, Budget and National Planning, Mr. Clement Agba made this known while inaugurating a Central Working Group (CWG) for the programme on Wednesday in Abuja. This is contained in a statement issued by the ministry’s Director of Information, Mrs Imaobong Udoh. The News Agency of...

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Local contractors in the country have appealed to President Muhammadu Buhari to intervene and see to the payment of contracts they executed in various Ministries, Department and Agencies (MDAs) of government. The contractors under the auspices of Local Contractors of Nigeria (LCN) made the appeal in Abuja on Tuesday during a press briefing. Publicity Secretary of the group Mr Dandy Rowland who addressed the press on behalf of the chairman said that over 5,000 contractors...