World Bank Lists Nigeria, Nine Other Countries Among Nations with High Debt Risk

EconomyNewsWorldWorld Bank Lists Nigeria, Nine Other Countries Among Nations with High Debt Risk

Bada Yusuf Amoo (Correspondent)August 11, 2021

World Bank has listed Nigeria and nine other countries as Nations with high-debt risk exposure. In a financial statement for the International Development Association (IDA) released on Monday, the World Bank pegged Nigeria at number five with an $11.7b IDA debt stock. “As of June 30, 2021, the ten countries with the highest exposures accounted for 66% of IDA’s total exposure,” it explained in the document. “IDA’s largest exposure to a single borrowing country, India,...

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Nnewi is Competing Favourably With Cosmopolitan Cities- Madubuko

BusinessEconomyNewsNnewi is Competing Favourably With Cosmopolitan Cities- Madubuko

PilotnewsJuly 27, 2021

By Jennifer Egwuonye, Staff writer   NNEWI — In a bid to create an enabling environment for economic, social, political, and other lucrative activities to thrive in Nnewi North Local Government Area, the transition chairman, Hon. Chukwudi Orizu and erudite academician, Professor Victor Madubuko had an excellent and meaningful tete-a-tete. This is in line with the visit of Prof. Madubuko, an adjunct professor at Yeshiva University, New York to harness the available resources in Nnewi...

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CBN Maintains Key Policy Rate

EconomyMoneyCBN Maintains Key Policy Rate

Beloved John (Staff Writer)July 27, 2021

The Central Bank of Nigeria has chosen to keep the monetary policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR. Godwin Emefiele, the  CBN governor disclosed this on Tuesday at the end of the Monetary Policy Committee meeting that began on Monday. Emefiele noted that the bank also retained other parameters as the Monetary Policy Committee (MPC) voted to keep the Cash Reserve Ratio (CRR) at 27.5...

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National Pension Fund Rise to N12.6trn – PenCom

EconomyNewsNational Pension Fund Rise to N12.6trn – PenCom

Beloved John (Staff Writer)July 27, 2021

LAGOS — Nigeria’s pension fund assets rose to N12.66 trillion in June while the contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark. DG National Pension Commision (PenCom),  Aisha Dahir-Umar, indicated this while address Journalists at a Workshop held in Lagos on Monday. According to the DG, the consistent growth trajectory of the assets rationalized the commission’s overriding investment philosophy of ensuring the safety of pension fund assets. “COVID-19 has engendered socio-economic...

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Nigeria’s Revenue-to-GDP Ratio Lowest in the World – World Bank

EconomyNigeriaWorld NewsNigeria’s Revenue-to-GDP Ratio Lowest in the World – World Bank

Beloved John (Staff Writer)July 27, 2021

LAGOS — World Bank ranked Nigeria’s revenue to Gross Domestic Product (GDP) ratio as the lowest in the world. The organisation also said Nigeria ranks sixth from the bottom in terms of the human capital index produced every year. World Bank country director for Nigeria, Shubham Chaudhuri disclosed this on Monday during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS). The director emphasized the importance of diversifying...

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Buhari Signs N983 Billion Supplementary Budget

EconomyBuhari Signs N983 Billion Supplementary Budget

Beloved John (Staff Writer)July 26, 2021

ABUJA — President Mohammed Buhari has signed into law the 2021 Supplementary Appropriation Bill. The supplementary budget which had earlier been passed by the National Assembly was summed to N983 billion (N982,729,695,343) and will be used to fund security and health concerns. Umar El-yakub, senior special assistant to the president on the National Assembly (House of Representatives) disclosed the development to journalists on Monday. Speaking on the bill, Zainab Ahmed, minister of finance, budget, and...

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Senate Directs 59 Federal Government Agencies To Refund Over N300bn To The Federation Account

EconomyPoliticsSenate Directs 59 Federal Government Agencies To Refund Over N300bn To The Federation Account

Hassan Umar Shallpella (Regional Correspondent)July 15, 2021

ABUJA — The Senate during plenary on Wednesday directed 59 Federal Government agencies to refund over N300bn funds allegedly misappropriated by them to the federation account. The Senate took the decision after considering the report of the Committee on Public Accounts on the annual report of the Auditor-General for the Federation on the accounts of the Federation for the year ended 31st December 2015 (Part Ii &1). It ordered that all monies illegally spent by...

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Osinbajo Urges MSMEs to Improve Their Performance Using Technology

EconomyTechnologyOsinbajo Urges MSMEs to Improve Their Performance Using Technology

Bada Yusuf Amoo (Correspondent)June 25, 2021

ABUJA — Vice President Yemi Osinbajo says there is a need for Micro Small and Medium Enterprises (MSMEs) to leverage technology to improve their performances. Osinbajo made this call while featuring at the National MSMEs Discourse, titled ‘’Little Beginning, Huge Impact,’’ on Thursday in Abuja. The vice president was represented by the Minister of Industry, Trade, and Investment, Niyi Adebayo, at the discourse which is part of the National MSMEs week. Osinbajo said he was...

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OPINION: What Igbo Political Leaders Must Do Now

EconomyOpinionPoliticsOPINION: What Igbo Political Leaders Must Do Now

Ebuka Onyekwelu (Staff Writer)June 24, 2021

For almost two months, the Southeast geo-political zone, which used to be the safest zone in Nigeria, was suddenly engulfed by a distressing security situation that speedily degenerated. Worst is the guerrilla style with which the attacks were coordinated. What started as an attack on security formations around the zone by “unknown gunmen” quickly gained momentum and escalated with more police stations attacked, destroyed, officers killed, and their weapons taken. Thus creating a frightening circle...

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LASG Partners IFC On Green Building, Trains Construction Professionals

BusinessEconomyLASG Partners IFC On Green Building, Trains Construction Professionals

PilotnewsJune 23, 2021

LAGOS — The Lagos State Government in collaboration with International Finance Corporation (IFC), a World Bank Institution has trained environment professionals in its payroll on the Green Building initiative. A statement signed by Mr. Mukaila Sanusi, Spokesman of the Lagos State Ministry of Physical Planning and Urban Development on Wednesday in Lagos said the training is tagged “Lagos State-IFC Excellence in Design for Greater Efficiency (EDGE). Sanusi said the workshop was held at the Sheraton...

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