The consumer price index, (CPI) which measures inflation in Nigeria has risen to 14.23 percent, says a report recently published by the the National Bureau’s of Statistics (NBS). The report shows that the new inflation is 0.52 percent points higher than the rate recorded in September 2020. The rate as at then was 13.71 percent. The figures also reveals that inflation rose by 1.54 percent between September and October and 1.48 percent between September and...
President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law. This was disclosed in a statement signed by Buhari’s Senior Special Assistant on Media and Publicity, Garba Shehu, on Friday. The statement is titled, “President Buhari assents to Banks and Other Financial Institutions Act 2020″. According to the statement, Buhari signed the piece of legislation on Thursday. Shehu explained that the new law repealed the extant Banks and Other Financial...
By Ibrahim Abdul’Aziz, Regional Correspondent Bauchi State governor Bala Mohammed has signed the N42.8b supplementary appropriation bill recently passed by the State House of Assembly into law. Governor Bala Mohammed while signing the budget said the bill was submitted to him last Friday by the State Assembly. “We’re today again making history in collaboration with the House of Assembly and the Government of Bauchi. The state is moving forward, we are presenting this as the...
The International Monetary Fund says the activities surrounding the #ENDSARS protest may disrupt the already documented Nigeria’s growth projection. The organisation said it had already finished collecting its data but the projection will depend largely on how the protest evolves. The Fund’s Director, African Department, Abebe Selassie disclosed this while responding to questions during the virtual IMF press conference on the regional economic outlook for Sub-Saharan Africa on Thursday. “On the growth projections in Nigeria,...
The Senate Committee on Appropriation says it will begin the processing of the 2021 budget estimates on Oct. 16. Chairman of the Committee, Sen. Barau Jibril (APC Kano), made the disclosure while unveiling the timetable for processing of 2021 budget estimates by the National Assembly. He said the timetable was harmonised by the Senate and the House of Representatives appropriation committees. The Senate on Oct. 15, passed for second reading the N13.08 trillion appropriation estimates presented...
The Nigeria Customs Service, Area II Command, Onne Port, Rivers, says it generated over N13.11 billion in September. This is contained in a statement issued in Port Harcourt by the command’s Public Relations Officer, Mrs Ifeoma Ojekwu on Friday. The Controller of the command, Comptroller Auwal Mohammed, is quoted to have described the figure as the highest in 37 years of custom’s operations in the port. Mohammed stated that the command generated the revenue by...
Budget of Economic Recovery and Resilience Delivered By: His Excellency, President Muhammadu Buhari President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja Thursday, 8th October 2020 PROTOCOLS It is with pleasure that I present the 2021 Federal Budget Proposals to this Joint Session of the National Assembly. Distinguished and Honourable Leaders, and Members of the National Assembly, at this juncture, I wish to commend your tremendous efforts in approving the revision...
The Central Bank of Nigeria (CBN) has directed that Mortgage banks in the country should have a capital base of two point five billion naira (N2.5b) for effective banking services. However, the new order is affecting the operations of Adamawa State Homes and Savings Yola who have only a share capital of one hundred and forty two million naira (N142m). Managing Director and Chief Executive Officer, Adamawa Homes and Savings Limited, Dr. Giscard Norris Stanley,...
The Senate on Wednesday said that only those involved in budget preparation would be allowed to accompany President Muhammadu Buhari to the Nation Assembly on Thursday. Buhari is expected to present the 2021 national budget estimates to the joint session of the federal parliament. The Senate President, Ahmed Lawan, told his colleagues at plenary that the joint session would take place in the House of Representatives chamber. Lawan said, “This time around because of the...
President Muhammadu Buhari will present the Appropriation Bill for 2021 to the Joint Session of the National Assembly on Thursday. Ahmad Lawan, the senate president mentioned this while reading out the letter sent by President Buhari, conveying his intention to present the budget to National Assembly at plenary on Tuesday in Abuja. “May I crave the kind indulgence of the distinguished Senate to grant me the slot of 11 hours on Thursday 8th October 2020...
