Nigeria Governors Forum Lauds Freezing Of Bank Account Linked To Paris Club Consultant Inbox

MoneyNewsUnited NationsNigeria Governors Forum Lauds Freezing Of Bank Account Linked To Paris Club Consultant Inbox

Hassan Umar Shallpella (Regional Correspondent)August 16, 2022

The Nigeria Governors Forum says the freezing of the Panic Alert Security System Limited Bank account linked to a Paris Club consultant is for the benefit of the citizenry. Recall that on June 29, 2005, the Paris Club approved $18bn as a debt relief package for Nigeria. Mr. Abdulrazaque Bello-Barkindo, Head of Media and Public Affairs of the Forum, in an interview on Monday, said the forum will not pay for unverified, saying everyone or...

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Federal Government Borrow N2.45 trn From CBN In Six Months

Banking & FinanceEconomyFederal Government Borrow N2.45 trn From CBN In Six Months

Hassan Umar Shallpella (Regional Correspondent)August 12, 2022

The Federal Government has borrowed N19.91trn from the Central Bank of Nigeria through its Ways and Means Advances. Ways and Means Advances is a loan facility the Central bank uses to finance budget deficits. As of December 2021 total Ways and Means Advances to the Federal Government was N17.46 trn.  From January to June 2022, the Government borrowed N2.45 trn. Ways and Means Advances is backed by Section 38 of the CBN Act, 2007, the...

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Naira Will Rise to N10 To US Dollar – Pastor

BusinessNewsNaira Will Rise to N10 To US Dollar – Pastor

By Ezinwanne Onwuka (Senior Reporter)August 3, 2022

The General Overseer of the Prayer Centre Church of God (PCCG), Samson Oluwamodede, has asked Nigerians not to despair amidst the current economic crisis. Oluwamodede said “no one should yet give up on the current state of things in the country”, revealing that the country would undergo a transformation from bad to good, particularly in its economy. While prophesying an economic boom for the country over the weekend, the Akure-based cleric said the Holy Spirit...

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Zainab Ahmed Speaks on Depletion of Excess Crude Account

EconomyNewsZainab Ahmed Speaks on Depletion of Excess Crude Account

Beloved John (Staff Writer)July 27, 2022

The state governors, in consultations with the national economic council (NEC), are aware of withdrawals from the excess crude account (ECA), according to the minister of finance, budget, and national planning, Zainab Ahmed. The minister disclosed this on Wednesday at the end of the federal executive council (FEC) meeting presided over by President Muhammadu Buhari. She said the governors, who are joint owners of the accounts, were aware of the withdrawals. The minister explained that...

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OPINION: Will Economic Collapse Precede Political Transition in Nigeria?

ColumnsEconomyNigeriaOpinionOPINION: Will Economic Collapse Precede Political Transition in Nigeria?

PilotnewsJuly 26, 2022

Nigeria is staring down the barrel of financial bankruptcy.   A bizarre situation is playing out in Nigeria. If you fix your attention on the political space, things have never been more stable. The major political parties have picked their candidates for next February’s all-important presidential election, who in turn have selected their running mates. From this angle, as the commentariat picks over the bones of the “Muslim-Muslim ticket,” the most urgent consideration is the...

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Zimbabwe Launches Gold Coins To Combat Inflation

AfricaEconomyZimbabwe Launches Gold Coins To Combat Inflation

By Ezinwanne Onwuka (Senior Reporter)July 26, 2022

Zimbabwe has launched gold coins to be sold to the public in a bid to control the soaring inflation that has considerably weakened the local currency. The unprecedented move was announced on Monday by the country’s central bank, the Reserve Bank of Zimbabwe (RBZ). RBZ announced on Monday, 4 July 2022 that it plans to sell gold coins to the public from July 25 as a store of value to stabilise the nation’s tumbling currency...

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ACOMORAN Warns Federal Government On The Implications Of Banning Motorcycle Operations

BusinessNational SecurityNewsACOMORAN Warns Federal Government On The Implications Of Banning Motorcycle Operations

Hassan Umar Shallpella (Regional Correspondent)July 26, 2022

ABUJA — The Amalgamated Commercial Tricycle and Motorcycle Owners, Repairs and Riders Association of Nigeria (ACOMORAN) have warned that the idea of banning the use of motorcycles nationwide by the Federal Government would be counter-productive. Recall that the Federal Government, after its Security Council meeting on July 21st, 2022, gave an indication that it might be compelled to ban the use of motorcycles and mining activities as it had been discovered to be major means...

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Anambra Assembly Approves Soludo’s N100 Billion Loan Request

EconomyNewsAnambra Assembly Approves Soludo’s N100 Billion Loan Request

Ebuka Onyekwelu (Staff Writer)July 21, 2022

AWKA — Anambra State House of Assembly has during the plenary today, approved Governor Soludo’s N100 billion loan request. This is coming after the House Committee on Public Accounts chaired by Hon. Somto Udeze had interfaced with Commissioner for Budget and Economic Planning and Commissioner for Finance, demanding explanations as to where the loan would be invested, among other things. Ifeatu Onejeme and Chiamaka Nnake, Finance Commissioner and Budget and Economic Planning Commissioner spent several...

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Petroleum Marketers Lament Excessive Taxes In South East

BusinessOil & GasPetroleum Marketers Lament Excessive Taxes In South East

PilotnewsJuly 20, 2022

By Handel Patrick (Staff Reporter)   The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lamented the excessive taxes being by its members in the south-eastern states. The Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu state, Mr Chinedu Anyaso, alleged that governors in the South East were not interested in the functionality of depots, but rather on taxing IPMAN members. Speaking during an emergency meeting in Anambra on Wednesday,...

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More Facts Emerge As Anambra Lawmakers Are Set to Interrogate Prof. Chukwuma Soludo’s N100 Billion Loan Request

EconomyNewsMore Facts Emerge As Anambra Lawmakers Are Set to Interrogate Prof. Chukwuma Soludo’s N100 Billion Loan Request

Ebuka Onyekwelu (Staff Writer)July 20, 2022

AWKA — Anambra State lawmakers are now set to interrogate Governor Soludo’s loan request, in which the governor is seeking the nod of the House to borrow N100 billion, to help with funding the 2022 revised budget which has just been approved for the governor by the House. The Commissioner for Budget and other relevant government agencies and officials will be meeting with the House Committee on Public Accounts chaired by Hon. Somto Udeze, to...

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