ABUJA — The Nigerian National Petroleum Corporation (NNPC) says the distribution of petrol will normalize before the end of the month, as about 2.1 billion liters of the product would have been injected into the system. The Group Managing Director, GMD of the Corporation, Mele Kyari gave the assurance at a meeting with an Ad-hoc committee of the House of Representatives investigating the circumstances surrounding the importation of the adulterated fuel into the country. The...
ABUJA — Former Anambra Governor, Peter Obi has highlighted borrowing for consumption as Nigeria’s major challenge. He indicated that the mismanagement of borrowed funds has worsened the country’s economic situation, noting that the government should enforce a law to regulate borrowing. Peter Obi aired his opinion in a tweet on Thursday. He urged the government to wisely invest borrowed funds in order to propel growth in the country. “There is nothing wrong with borrowing. But...
Between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn or 16.67 per cent, according to data obtained from the Central Bank of Nigeria. This was contained in the Money and Credit statistics released by the regulator. The report showed that credit to the private sector stood at N30.6tn during the first month of 2021. The data, however, put credit to the private sector at N35.7tn by December...
ABUJA — An Abuja Federal High Court presided over by Justice Inyang Ekwo has fixed March 25, 2022, for judgment in the suit filed by the 36 state governments against the plan by the federal government to deduct $418 million from states’ funds to settle debts owed consultants engaged by the states and local governments in relation to the Paris Club refunds. The plaintiffs in the suit are seeking to restrain President Muhammadu Buhari and...
AWKA — A member of Atlanta ’96 Olympics Nigerian Golden Dream Team, Kingsley Obiekwu, says he now uses his only car for commercial transport to sustain his family. Obiekwu, Member of the Order of Niger (MON), said this in an interview with the News Agency of Nigeria on Tuesday in Awka. The veteran, who played for Rangers International FC, Enugu and Udoji United in his days, said he went into the transport business to sustain...
ABUJA — The Debt Management Office (DMO) has disclosed it decision to auction N150 billion federal government bonds to investors. According to the agency, the action will be conducted on Wednesday, February 16, 2022. This was indicated in a circular recently published on its website. The bond issuance will be in two tranches valued at N75 billion each. The first tranche is the 10-year, 12.5 percent FGN Jan 2026 re-opening bond, and the other is...
ABUJA — The Debt Management Office (DMO) says the International Monetary Fund (IMF) report did not acknowledge improvements through borrowing. This statement is a reaction to the IMF’s 2021 Article IV consultation report on Nigeria which was recently released. According to the report, Nigeria may spend 92.6 percent of its revenue on debt servicing in 2022. Agusto and Co, a credit rating agency, also forecasted that the figure will be around 90 percent. In a...
ABUJA — The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced the decision to end the sale of foreign exchange to banks by the end of the year. He indicated this on Thursday at a press conference in Abuja after consultation with the Bankers’ Committee. According to him, the introduction of the bank’s RT200 FX programme boosts the country’s foreign exchange inflow through non-oil exports. “The era is coming to an...
ABUJA — The Supreme Court has declared Executive Order 10 (EO10) on the funding of the State Judiciary and Legislature as unlawful and unconstitutional. In a split decision on Friday, a majority of the court’s seven-member panel agreed that the President exceeded his constitutional powers in issuing the EO10. Six of the seven members of the panel proceeded to void and set aside the EO10 issued by President Muhammadu Buhari. The apex court also dismissed...
EBU (Delta) — Delta government says it is partnering with its communities to bring back the middle class so as to spread prosperity. Mrs. Bridget Anyafulu, Commissioner for Humanitarian and Community Support Services, made the declaration in Ebu Kingdom, Oshimili North Local Government Area of the state. This was when she visited the Onu of Ebu, Obi Paul Opili, to brief him about the ministry’s mandate of providing community support services. “In line with the...
