EconomyMoneySenate Grants Buhari’s $16bn, €1bn Loan Requests

Beloved John (Staff Writer)November 10, 2021

ABUJA — Two loans of $16,230,077,718 and €1,020,000,000 requested by President Muhammadu Buhari has been approved by the Nigerian Senate. The upper legislative chamber also approved grant components of $125 million. According to the chairman of the Senate committee on local and foreign debts, Clifford Ordia, the projects for which funds had been requested for in the 2018-2020 borrowing plan are currently ongoing. According to him, these projects will stimulate a rebirth of commercial and engineering activities...

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Minister Attributes Cost Of Foodstuff To Insecurity

Crime & SecurityEconomyMinister Attributes Cost Of Foodstuff To Insecurity

Hassan Umar Shallpella (Regional Correspondent)November 9, 2021

Defence Minister, Bashir Magashi on Monday has attributed the rising cost of food prices is due to the prevalence of insecurity in the country. The minister who spoke to newsmen at the opening of a retreat for defence advisers/attaches organised by the Defence Intelligence Agency (DIA) in Abuja, said security agencies must explore all avenues within their respective systems to come up with innovative ways of confronting the challenges facing Nigeria. The Minister also stated...

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CBN Spends N58.6bn to Print N1.06trn

EconomyMoneyCBN Spends N58.6bn to Print N1.06trn

Beloved John (Staff Writer)November 6, 2021

LAGOS  — The Central Bank of Nigeria (CBN) spent a sum of N58.618 billion on printing 2.518 billion of naira notes, valued at N1.06 trillion in 2020. This was disclosed in a report released by the apex bank on Thursday. The report 2020 currency operation annual report indicated that there has a decrease in the bank’s expenditure on currency printing, which stood at N75.5 billion, in 2019 and N64.0 billion, in 2020 “The total cost...

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Enugu House Of Assembly Approves 15billion Naira CBN Loan

EconomyMoneyEnugu House Of Assembly Approves 15billion Naira CBN Loan

Ije Ulasi (Regional Correspondent)November 6, 2021

ENUGU — The Enugu State House of Assembly has resolved and approved the State Government’s request to access the Central Bank of Nigeria Infrastructure Finance Facility of N15,000,000,000.00 (Fifteen Billion Naira) only. The request was contained in a letter from the Enugu State Governor, Ifeanyi Ugwuanyi signed by the Secretary to the State Governor, Simon Ortuanya. The letter states the reason for the loan is to specifically finance infrastructural development in the state given the...

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Overcharged Bank Customers Can Petition CBN – NDIC

EconomyMoneyOvercharged Bank Customers Can Petition CBN – NDIC

Beloved John (Staff Writer)November 4, 2021

ABUJA — The managing director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stated that overcharged bank customers can petition the corporation or the Central Bank of Nigeria (CBN) to facilitate a refund. He said this while addressing business editors and members of the Finance Correspondents Association of Nigeria (FICAN) at a three-day workshop. According to him, bank customers should be enlightened on bank charges, noting that the apex bank’s guideline on bank...

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CBN to Roll Out eNaira App for Persons Without Bank Accounts

EconomyMoneyNewsCBN to Roll Out eNaira App for Persons Without Bank Accounts

Beloved John (Staff Writer)November 2, 2021

ABUJA — The Central Bank of Nigeria (CBN) is working on providing eNaira applications for persons without bank accounts to boost financial inclusion according to Bitt Inc. Bitt Inc is the CBN’s technical partner for the eNaira project. The fintech company is based in Barbados. Speaking at a recent interview with CoinDesk, Brian Popelka, the chief executive officer (CEO) of Bitt Inc., said the present version of the eNaira app is for people with bank...

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FG Set to Scale Up Contribution of Livestock to GDP, Minister

EconomyFG Set to Scale Up Contribution of Livestock to GDP, Minister

PilotnewsOctober 26, 2021

BENIN — The Federal Government says it will soon roll out plans to scale up the contributions of livestock sub-sector to the country’s Gross Domestic Product (GDP). The Minister for Agriculture and Rural Development, Dr. Mohammad Abubakar, made the disclosure in Benin on Tuesday at the 57th annual congress of the Nigeria Veterinary Medical Association (NVMA). Represented by Dr. Maimuna Habib, the Minister, noted that the Veterinarians have a role to play in this, noting...

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Medical Tourism Straining Nigeria’s Foreign Reserves – CBN

EconomyHealthNewsMedical Tourism Straining Nigeria’s Foreign Reserves – CBN

Beloved John (Staff Writer)October 26, 2021

LAGOS —The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said medical tourism is taking a toll on the country’s foreign reserves. At the launch of Duchess International Hospital, a newly built 100-suit health facility located in Ikeja, Lagos, on Sunday, Emefiele conceded this. He urged private sector operators to invest in medical facilities to improve access to healthcare in the country. “Medical tourism puts a huge strain on our foreign reserves,...

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VAT collection: Rivers Not In A Fight With FG – Wike

EconomyTaxationVAT collection: Rivers Not In A Fight With FG – Wike

Beloved John (Staff Writer)October 25, 2021

ABUJA — Rivers’ Nyesom Wike, has said the state is not in a feud with the federal government over the collection of value-added tax (VAT). Governor Wike said this on Sunday in Abuja at a public lecture to mark the 60th birthday of Ahmed Raji, a senior advocate of Nigeria (SAN). The Federal Inland Revenue Service (FIRS) and some state governments are currently embroiled in a legal tussle over VAT collection. But Wike who was...

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Nigerians Spent N54trn on Household Consumption in Six Months – NBS

EconomyNewsNigerians Spent N54trn on Household Consumption in Six Months – NBS

Beloved John (Staff Writer)October 19, 2021

The National Bureau of Statistics (NBS) has said spending by citizens in Nigeria rose to N54.84 trillion in nominal terms in the first half of 2021. This is N48.22 trillion recorded in the first half of 2020 according to an Expenditure and Income Gross Domestic Product (GDP) report. Household final expenditure is the amount of final consumption expenditure made by resident households to meet their everyday needs, such as food, clothing, housing (rent), energy, transport,...

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