ABUJA — The minister of finance, Zainab Ahmed, has justified the FG’s thirst for taking foreign loans amidst dwindling revenue and a low standard of living generally for Nigerians. In the government’s defense, the minister said the loans taken are directed towards investment that will be beneficial to the country. According to her, the government is simply dedicated to catering to the country’s infrastructural needs. Zainab justified the move at a press conference addressing the...

ABUJA — A sum of N760.717 billion has been shared by the Federal Accounts Allocation Committee (FAAC) as the federation allocation for the month of July. Of the sum shared, N325.988 billion was allocated to the federal government, the states received N224.929 billion while the Local Government Councils got N168.424 billion. The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain. The development was contained in a statement by Oshundun Olajide,...

ABUJA — The Central Bank of Nigeria (CBN) in a circular to all MfBs titled: Cessation of non-permissible activities by MfBs” has pegged maximum loan limit for Microfinance Banks (MfBs) at N1 million per transaction. The circular, which was signed by the Director of Financial Policy and Regulation Department, Ibrahim Tukur, stated that the MfB operators were also strictly prohibited from engaging in foreign exchange transactions. The apex bank also warned MfBs to desist from offering...