Lawan Asks Senate Panel to Assess Buhari’s $4bn Loan Request Within One Week

MoneyLawan Asks Senate Panel to Assess Buhari’s $4bn Loan Request Within One Week

Beloved John (Staff Writer)September 21, 2021

ABUJA — Senate President, Ahmad Lawan, has said the senate committee on foreign and local debts should assess President Muhammadu Buhari’s $4 billion loan request within one week. He gave the committee an ultimatum on Tuesday after he referred the president’s request to the committee for legislative action. Last week, Lawan read out the president’s loan request which was written in a letter. In the letter, Buhari said that the loan request was owing to...

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Sanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

BusinessLaw & JusticeSanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

Bada Yusuf Amoo (Correspondent)September 21, 2021

LAGOS — The Governor of Lagos State, Babajide Sanwo-Olu, has signed the bill prohibiting open grazing into law in the state. This comes barely a week after the governor assented to the State Value Added Tax Bill, empowering the state to collect VAT. Governor Sanwo-Olu’s assent to the bill also comes after some governors in the South, including Ogun, Ondo, Akwa Ibom, and Rivers signed the same law prohibiting open grazing. Members of the Lagos...

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VAT Collection: Yahaya Says Governors Must Wake Up to Reality

BusinessTaxationVAT Collection: Yahaya Says Governors Must Wake Up to Reality

Beloved John (Staff Writer)September 21, 2021

GOMBE —The stand of the Lagos and Rivers state government on the collection of value-added tax (VAT) should serve as a wake-up call to other states says Inuwa Yahaya, governor of Gombe state. Yahaya admitted that the Gombe state government would be unable to pay salaries without the income generated from VAT. He said this while speaking to some All Progressives Congress (APC) stakeholders from Gombe south senatorial district on Monday. He noted that 35...

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FG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

EconomyFG’s Mass Metering Programme to Generate 500,000 Jobs, Says Expert

PilotnewsSeptember 21, 20212

LAGOS —  A power expert, Mr. Kola Balogun, says the first phase (Phase zero) of the National Mass Metering Programme (NMMP) can create 500,000 jobs for Nigerians. Balogun, who is the Chairman, Momas Electricity Meter Manufacturing Company (MEMMCOL), made the assertion on Tuesday in an interview with the News Agency of Nigeria in Lagos. NAN reports that the Federal Government launched the First Phase of the NMMP in respect of which the Central Bank of...

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President Buhari Directs the Incorporation of NNPC

BusinessNewsOil & GasPresident Buhari Directs the Incorporation of NNPC

Hassan Umar Shallpella (Regional Correspondent)September 20, 2021

ABUJA — President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited. A statement issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. Part of the statement read: “This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the...

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Federal Government To Executes 15 Major Projects With $4 Billion Loan

MoneyNational DevelopmentFederal Government To Executes 15 Major Projects With $4 Billion Loan

Hassan Umar Shallpella (Regional Correspondent)September 19, 2021

ABUJA — The Presidency has confirmed the 15 major projects spread across the country’s six geo-political zones to be financed with the proposed over $4 billion loan to be sourced from multilateral institutions, under the 2018-2021 medium-term (rolling) external borrowing plan. Presidential spokesman, Mallam Garba Shehu, in a statement disclosed that President Muhammadu Buhari had requested the Senate to approve the sovereign loans of $4.054 billion and €710 million as well as grant components of...

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Enugu Govt Captures Additional 251 Hotels Operating in the State

BusinessTourismEnugu Govt Captures Additional 251 Hotels Operating in the State

PilotnewsSeptember 18, 2021

ENUGU —  The Enugu State Government says it has captured an additional 251 functional hotels within its database as part of a drive to improve hospitality and tourism businesses in the state. The General Manager of Enugu State Tourism Board, Chief Steve Odo, told the News Agency of Nigeria in Enugu on Saturday that the number of hotels captured by the government is now 403. Odo spoke on the sidelines of his achievements within one...

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FG to “Shut Down” Popular Aboki FX Website, Prosecute Owner Over Soared Naira-Dollar Exchange Rate

BusinessMoneyFG to “Shut Down” Popular Aboki FX Website, Prosecute Owner Over Soared Naira-Dollar Exchange Rate

Bada Yusuf Amoo (Correspondent)September 18, 2021

ABUJA — The Federal Government has said that it will shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform. The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde....

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eNaira: CBN to Own Major Stake in Bitt Inc.

EconomyMoneyeNaira: CBN to Own Major Stake in Bitt Inc.

Beloved John (Staff Writer)September 17, 2021

ABUJA — The Central Bank of Nigeria (CBN), will own a majority stake in Bitt Inc., its technical partner for digital currency eNaira, according to the apex bank governor, Godwin Emefiele. Emefiele announced this at the end of the CBN monetary policy committee (MPC) meeting on Friday. According to the governor, Bitts as a partner will establish their company in the country and the apex bank will own a majority stake in the company. “We...

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CBN Retains Benchmark Interest Rate at 11.5%

EconomyMoneyCBN Retains Benchmark Interest Rate at 11.5%

Beloved John (Staff Writer)September 17, 2021

ABUJA — The CBN’s monetary policy committee has decided to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. The committee unanimously voted to retain the key lending rate of 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR. Godwin Emefiele, the apex bank governor confirmed this to journalists on Friday following the committee’s two-day meeting at the CBN headquarters in Abuja. The governor stated...

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