The Central Bank of Nigeria has chosen to keep the monetary policy rate at 11.5 per cent, with the assymetric corridor of +100/-700 basis points around the MPR. Godwin Emefiele, the CBN governor disclosed this on Tuesday at the end of the Monetary Policy Committee meeting that began on Monday. Emefiele noted that the bank also retained other parameters as the Monetary Policy Committee (MPC) voted to keep the Cash Reserve Ratio (CRR) at 27.5...
ABUJA — The operators of the Bureau De Change have been, with immediate effect, stopped from operating forex sales by the Central Bank of Nigeria (CBN). This was disclosed by the Governor of the CBN, Godwin Emefiele, after the two-day meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday. The Committee, at the end of the meeting, also retained the Monetary Policy Rate at 11.5 percent. The MPC also retained the Cash Reserve...
LAGOS — Nigeria’s pension fund assets rose to N12.66 trillion in June while the contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark. DG National Pension Commision (PenCom), Aisha Dahir-Umar, indicated this while address Journalists at a Workshop held in Lagos on Monday. According to the DG, the consistent growth trajectory of the assets rationalized the commission’s overriding investment philosophy of ensuring the safety of pension fund assets. “COVID-19 has engendered socio-economic...
LAGOS — World Bank ranked Nigeria’s revenue to Gross Domestic Product (GDP) ratio as the lowest in the world. The organisation also said Nigeria ranks sixth from the bottom in terms of the human capital index produced every year. World Bank country director for Nigeria, Shubham Chaudhuri disclosed this on Monday during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS). The director emphasized the importance of diversifying...
ABUJA — President Mohammed Buhari has signed into law the 2021 Supplementary Appropriation Bill. The supplementary budget which had earlier been passed by the National Assembly was summed to N983 billion (N982,729,695,343) and will be used to fund security and health concerns. Umar El-yakub, senior special assistant to the president on the National Assembly (House of Representatives) disclosed the development to journalists on Monday. Speaking on the bill, Zainab Ahmed, minister of finance, budget, and...
YOLA — Members of the Nigeria Union of Journalists (NUJ) Adamawa state council have decried the high cost of living being experienced by the citizenry and called on government and political leaders to address the issue. The members made their feelings Saturday during a congress meeting of the union noting that prices of foodstuffs are skyrocketing on a daily basis. They lamented that a bag of maize is now sold around N23, 000.00 while a...
LAGOS — The Lagos State Chapter of the National Union of Road Transport Workers, NURTW, popularly referred to as Agberos generates about N123.08 billion annually. This was according to the statistical report by the International Centre for Investigative Report. The report also showed that the yearly income of the transport union could service the annual budget of Nasarawa, Niger, and Yobe states put together. Other sources of income excluded from the report were money levied...
Nigeria lost an estimated N53.26bn in the first two months of this year as international oil companies and local players flared a total of 33.04 billion standard cubic feet of natural gas. The NNPC, in its latest monthly report, said out of the 206.05 billion scf produced in February, a total of 133.06 billion scf was commercialised, consisting of 40.15 billion scf and 92.91 billion scf for the domestic and export market respectively. The oil...
ABUJA — Lawyers who have won various litigations against the federal government agencies have cried out over non-payment of judgment debts incurred by the government. In a statement issued by the director of Legal Services, Centre for Civic Education, Barrister Agomuo Chimaobi, on behalf of the lawyers, said the unpaid judgement debts were affecting them economically, having used their personal resources to prosecute some of the cases on behalf of their clients. Parts of the...
The Governor of Nasarawa State, Abdullahi Sule, has expressed concerns over where the monies allocated to the Niger Delta region go, citing the critical condition of the region. The governor registered his concerns as he faulted the debate over the Petroleum Industry Bill allocation for oil-producing states Governor Sule shared his view when he appeared as a guest on Channels Television’s programme, ‘Politics Today’ on Sunday evening, adding that beyond percentage, what matters more is...
