Fiscal Deficit Rose to ₦620.49bn in November – CBN

EconomyNewsNigeriaFiscal Deficit Rose to ₦620.49bn in November – CBN

Bada Yusuf Amoo (Correspondent)February 11, 2021

The fiscal deficit of the Federal Government rose by ₦208.14bn to ₦620.49bn as of the end of November from ₦421.35bn at the end of October. This was disclosed in the Central Bank of Nigeria (CBN)’s the monthly economic report for November on Wednesday on the federation account operation. The report read in part, “At N706.47bn, provisional gross federally collected revenue in November 2020 contracted by 16.6 percent and 19.7 percent, compared with the budget benchmark...

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National Identification Number NIN To Replace Bank Verification Numbers BVN- Pantami

EconomyNational DevelopmentNational Identification Number NIN To Replace Bank Verification Numbers BVN- Pantami

Hassan Umar Shallpella (Regional Correspondent)February 9, 2021

Nigerian government says it has begun phasing out the bank verification numbers (BVN) introduced by the Central Bank in 2014. President Muhammadu Buhari’s regime had directed citizens to enroll for the NIN and link the number to their SIM cards or risk deactivation of their telephone lines. The National Identity Management Commission (NIMC) Act 2007 mandates all Nigerians and permanent residents to have the NIN but is silent on linking the NIN to SIM registration...

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COVID-19: African Finance Ministers Call for Additional $500bn

AfricaCoronavirusEconomyCOVID-19: African Finance Ministers Call for Additional $500bn

PilotnewsFebruary 9, 2021

ABUJA —  African finance ministers have called for 500 billion U.S. dollars in Special Drawing Right (SDR) and an extension in the Debt Service Suspension Initiative (DSSI) to respond to the COVID-19 pandemic. The call was made during a virtual meeting convened by the Economic Commission for Africa (ECA) and International Monetary Fund (IMF) on Feb. 6, according to a statement from ECA on Tuesday. According to an IMF Factsheet, the SDR is an international...

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Why We Banned Cryptocurrencies – CBN

BusinessEconomyNewsWhy We Banned Cryptocurrencies – CBN

Beloved John (Staff Writer)February 8, 2021

The Central Bank of Nigeria named terrorism and money laundering as the rationale behind the ban of cryptocurrency-related transactions in Nigeria. In a statement released on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications said the use of cryptocurrencies in Nigeria is a direct contravention of existing law. The decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins. “The use of cryptocurrencies in...

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U.S. Endorses Okonjo-Iweala for DG WTO, Promises Her Its Supports

BusinessEconomyWorld NewsU.S. Endorses Okonjo-Iweala for DG WTO, Promises Her Its Supports

Bada Yusuf Amoo (Correspondent)February 6, 2021

The United States (U.S.) has commended Nigerian financial expert, Dr. Ngozi Okonjo-Iweala, for her desire to contribute her wealth of knowledge to the development of the World Trade Organization (WTO) as it salutes the decision of the Republic of Korea’s Trade Minister, Yoo Myung-hee to withdraw her candidacy for Director-General of the (WTO). This endorsement and salutation were contained in a statement released by the United State Trade Representative (USTR) Public and Media Affairs, in...

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Nigerian Cloud Scheduling App, Calendly, Raises $350m to Surpass Initial $3b Valuation

BusinessInvestingTechnologyNigerian Cloud Scheduling App, Calendly, Raises $350m to Surpass Initial $3b Valuation

Bada Yusuf Amoo (Correspondent)February 6, 2021

Calendly, a world-leading cloud scheduling app that got more usefulness in the wake of COVID-19 pandemic, has achieved a unicorn territory. In the report by The Atlanta Business Journal, the app which was founded by the Nigerian Tope Awotona has raised $350 million in the latest round of funding. Open View Venture Partners took the lead in the round with assistance from San Francisco-based Iconiq Capital. Calendly is a company that is one of the...

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Influx of Herdsmen: Miyetti Allah Advises FG to Leverage ECOWAS Transhumance Protocol

BusinessMigrationNewsInflux of Herdsmen: Miyetti Allah Advises FG to Leverage ECOWAS Transhumance Protocol

PilotnewsFebruary 4, 2021

ABUJA — Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has called on the Federal Government to leverage the ECOWAS transhumance certificate protocol, to check the influx of herdsmen from neighboring countries. The call was contained in a statement, jointly signed and issued by Alhaji Muhammad Kiruwa, President, and Alhaji Baba Ngelzarma, National Secretary, of the association, on Thursday, in Abuja. Ngelzarma, who explained that the advice was part of resolutions reached at the end...

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DPR Clarifies Crude Accounting Process

BusinessNewsNigeriaOil & GasDPR Clarifies Crude Accounting Process

PilotnewsFebruary 4, 2021

LAGOS — The Department of Petroleum Resources (DPR) has clarified the process it uses for accounting for crude production in the country. The agency disclosed that most incidents relating to oil theft occur from the land terminals. A statement issued on Thursday in Lagos by Mr. Paul Osu, Head, Public Affairs, DPR, said Mr. Sarki Auwalu, Director, DPR made the clarification while speaking before the House of Representatives Ad-hoc Committee on Oil Theft in Abuja....

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Court Orders Reopening of Wuse, UTC Markets in FCT, Imposes N50,000 Fine

CoronavirusMarketsNewsNigeriaCourt Orders Reopening of Wuse, UTC Markets in FCT, Imposes N50,000 Fine

PilotnewsFebruary 4, 2021

ABUJA — The Federal Capital Territory Administration (FCTA) mobile court has ordered the reopening of Wuse, UTC markets, and Murg Shopping Plaza shut down on Monday in Abuja for violating COVID-19 safety protocol. The court also slammed the fine of N50, 000 each on the three facilities, for over flagrant disregard to COVID-19 Health Protection Regulations Act 2021, which must be paid before the reopening. Mr. Ikharo Attah, Head, Media and Enlightenment of FCT Ministerial...

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We Are Not Afraid of Competition, Says TStv

BusinessEntertainmentFilm & TVNewsWe Are Not Afraid of Competition, Says TStv

PilotnewsFebruary 4, 2021

ABUJA — Mr. Bright Echefu, the Managing Director, TStv, an indigenous digital service television has said that the company was not “threatened” by the presence of other digital TV operators in the country. Echefu who said this at a news conference in Abuja on Wednesday added that Pay TV had a national spread across the 36 states of the federation and the Federal Capital Territory (FCT), Abuja. He said that with its modern facilities, TStv...

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