Gov Fintiri Signs 2021 Budget As 52% Goes For Capital Expenditures, 48% Recurrent

By Ibrahim Abdul’Aziz, Regional Correspondent ____ Adamawa State  Governor Ahmadu Umaru Fintiri Saturday signed the 2021 budget of N140.034 billion into law.While explaining the budget, the governor said ” it is the first time in the state that the capital expenditure surpassed the recurrent expenditure.” To enhance a lot of the youth and women,  a whooping sum of N16 billion was earmarked in the budget. To this end,  Fintiri thanked the state house of assembly...

CBN Lends ₦1.7tn to Banks in Three Months – CBN Economic Report

The Central Bank of Nigeria (CBN) in the third quarter of 2020 lent Deposit Money Banks the sum of ₦1.7trillion. This was disclosed by the CBN in its third-quarter economic report. The report reads in part, “Deposit Money Banks and merchant banks continually accessed the standing facilities window to square up positions in 2020 Q3. “The trend at the CBN standing facilities window indicated more activities at the Standing Deposit Facility window, compared to the...

ADHA Passes 2021 Budget Of Over N140b

Adamawa State House of Assembly Thursday during a rare session passed the 2021Appropriation bill of over one hundred and forty billion naira (N140b) as the proposed Budget Estimate of the Adamawa State Government. The Passage of the bill followed the presentation of the report of the House Standing Committee on Finance, Appropriation and Budget on the floor of the House by the committee chairman Mrs. Kate Raymond Mamuno. After resolving some issues raised, Mrs. Mamuno...

FGN Bond Oversubscribed by N70bn — DMO

The Debt Management Office (DMO) has said the N60 billion bond it offered for the month of December had been oversubscribed by more than N70 billion. FGN Bonds are debt securities issued by the DMO for and on behalf of the Federal Government and the government has an obligation to pay the bondholder the principal and agreed on interest as and when due. The organisation stated that the rates of 6.945 per cent and 7.000...

Trump Rejects $900bn COVID-19 Relief Bill Passed by Congress

U.S. President Donald Trump on Tuesday rejected the $900 billion (N349.2 trillion) Coronavirus (COVID-19) relief bill passed by Congress, describing it as a disgrace. In a video message posted on Twitter, Trump alleged that the bill contained “wasteful and unnecessary items”, adding that there was almost nothing about COVID-19 in it. According to him, the bill contains $85.5 million (N33 billion) for assistance to Cambodia and $134 million (N51,9 billion) to Burma. The president stated...

BREAKING: House of  Reps Approves N13.6 Trillion Budget For 2021

The House of Representatives passed a total of N13.6 trillion as the approved budget for 2021. The lawmakers approved a benchmark of $40 per barrel of crude oil. In a special plenary on Monday to mark the end of the year, the lawmakers passed the budget out of which N496 billion will be for statutory transfers for agencies such as the National Assembly and INEC which is under the first line charge. The lawmakers also...

AfCFTA: Commonwealth to Strengthen Capacity of African Countries Export

The Commonwealth has reiterated its commitment to work with African countries to deepen export capacity and, particularly, take advantage of trading opportunities like the African Continental Free Trade Area (AfCFTA). Patricia Scotland, Secretary General of the Commonwealth, stated this in a telephone interview with the News Agency of Nigeria (NAN) in Abuja. She explained that the Commonwealth Secretariat had been working with the 19 African member states to strengthen their institutional capacity and develop trade...

Reopened Land Borders Will Boost Business, Economic Activities – NECA

The Nigeria Employers’ Consultative Association (NECA) has said the reopening of the four borders will revive and boost business and economic activities while generating revenue to government coffers. NECA’S Director-General, Dr Timothy Olawale, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos while commending the Federal Government for reopening the borders. Olawale said that the re-opening of the borders was long expected, saying its closure brought untold...

Anambra Loses N3bn to Fake Revenue Collectors in 3yrs

The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has lost over three billion naira to illegal revenue collectors within Onitsha and its environs in three years. ONICCIMA President, Mr Chris Ukachukwu, said this at a news conference on Wednesday in Onitsha. Ukachukwu said that another N100 million was indirectly lost through the activities of the miscreants. Ukachukwu lamented that the activities of the illegal toll collectors had contributed to the diminishing business fortunes...

Buhari Approves Immediate Reopening of 4 Land Borders

President Muhammadu Buhari has approved the immediate reopening of four land borders. Hajia, Zainab Ahmed, Minister of Finance, Budget and National Planning, disclosed this while briefing State House correspondents after the Federal Executive Council (FEC) meeting on Wednesday at the Presidential Villa, Abuja. The virtual FEC was presided over by Vice President Yemi Osinbajo. Buhari, who is on a private visit to Kastina State, joined the virtual meeting from his hometown, Daura. Ahmed listed the...

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