Business Economy

BREAKING: Nigeria’s debt hits ₦31trn, increases by ₦2.3trn – DMO

Ihesiulo Grace 9 September 2020 0

DMO debt – The Debt Management Office on Wednesday has released Nigeria’s total public debt stock as of June 30, 2020, DMO reports that the country’s entire debt  rounded off at ₦31trn, which indicates an increase of ₦2.38trn within a space of three months. READ ALSO: World Bank

Economy News

We know what Nigerians are facing — Lai Mohammed

Ihesiulo Grace 8 September 2020 0

The minister of information, Lai Mohammed claims that the opposition and their allies are taking advantage of the new electricity tariff and increase in petrol price to play dirty politics, Daily Times gathered. Mohammed said in a press conference on Monday in Abuja that subsidising petrol is no longer feasible due to the overwhelming economic […]

Economy News

FG will spend ₦2.3tn to revive the economy — Adesina

Ihesiulo Grace 7 September 2020 0

The Special Adviser to the President on Media and Publicity, Mr Femi Adesina, has said the Federal Government will spend ₦2.3tn to revive the nation’s economy as part of the Nigeria Economic Sustainability Plan (NESP) to ameliorate the effects of COVID-19, Daily Times gathered. Adesina disclosed the information in a presentation at the 2nd Annual […]

Economy News

The economy will recover by January 2021 — Minister

Ihesiulo Grace 7 September 2020 0

The Minister of State for Budget and National Planning, Clem Agba, has said the Federal Government’s National Development Plan for the year 2020-2025 can help accelerate the numerous various regional and global agendas of the government, Daily Times gathered. He stated that the nation is on course for an economic recovery. Agba said his ministry […]

Economy

‘World economy heading towards recession’

Ihesiulo Grace 2 September 2020 0

By Godwin Anyebe The Chief Executive Officer of Mascot IT, an ICT firm, Agbolade Omowole, has said that the global economy may be heading towards a recession post COVID-19. Agbolade who made this known during a two days virtual meeting held by Mascot IT with the aim to help Nigerians navigate through the storm that […]

Economy News

No more federal allocation for FIRS, Customs, NBC, 57 others – Senate

Ihesiulo Grace 30 August 2020 0

The Senate will advise the Federal Ministry of Finance, Budget and National Planning that 60 federal agencies should be removed from the beneficiaries of allocation from the national budget, starting from next year, DAILY TIMES gathered. The Federal Inland Revenue Service, Nigeria Customs Service, Security and Exchange Commission, National Broadcasting Commission, and Oil

Economy News

‘Anti-graft campaign needs public, private synergy to succeed’

Ihesiulo Grace 28 August 2020 0

By Henry Omunu Stakeholders in the anti-corruption campaign of the Federal Government have called for a holistic approach to curbing graft in the country, declaring that synergy between the public and private sector is required for the anti-corruption crusade to yield desired dividends. They made the submission at a virtual dialogue titled: “Collective responsibility and

Economy

Nigeria’s 2020 GDP contraction equivalent to entire 2021 budget

Ihesiulo Grace 26 August 2020 0

By Philip Clement We’re already in recession, no need for official figures, say experts Construction, transport, real manufacturing, others record negative growth The consecutive shrinking of Nigeria’s Gross Domestic Product (GDP) growth in the two quarters of 2020 is equivalent to the entire amount budgeted to be spent by the Federal Government, findings by Daily […]

Economy News

We are in debt of ₦336 bn — Fashola reveals

Ihesiulo Grace 24 August 2020 0

The Minister of Works and Housing, Mr Babatunde Fashola, says the Federal Government is still owing contractors ₦336 billion as of July 2020, Daily Times gathered. Fashola said this during an interview on Arise Television on Sunday. He said only ₦27 billion had been released by the Federal Ministry of Finance, while about ₦162 billion […]

Economy

Naira strengthens against dollar

Ihesiulo Grace 20 August 2020 0

Barely 24 hours after the naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at ₦477 to a dollar at the parallel market in Lagos. According to reports, the Pound Sterling and the Euro traded at ₦608 and ₦550, respectively. READ ALSO: Naira declines as external reserves shed $2.69 billion […]

Economy News

Is China transport infrastructure devt loan beneficial to Nigeria?

Ihesiulo Grace 14 August 2020 0

By Taiye Elebiyo-Edeni Nigerian transportation industry which comprises aviation, land (road and rail) and maritime subsectors has faced challenges of infrastructure deficit since independence and successive administrations have taken steps to address these challenges. Since assuming office on May 29, 2015, President Muhammadu Buhari has taken giant strides to address

Economy News

Lawyers express divergent views on China Loan ‘Sovereignty Clause’

Ihesiulo Grace 11 August 2020 0

By Andrew Orolua, Abuja Two Senior Advocates of Nigeria, Chief Mike Ozekhome and Norrison Quarkers have said that the ‘China loan Sovereignty Clause’ is very dangerous and toxic and could mortgage the country to its lenders. Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) and his counterpart in the Transportation ministry, […]

Economy

FIRS allegation false, CBN opened the Stamp Duty account – NIPOST

Ihesiulo Grace 9 August 2020 0

FIRS – The Nigerian Postal Service (NIPOST) on Sunday disclosed that its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account. NIPOST made this known in response  to a publication by FIRS alleging that the postal service agency operated an illegal stamp duty account. READ ALSO: Disregard NIPOST […]

Economy Lifestyle News Tourism

4 reasons Ghana should be your next travel destination

Ihesiulo Grace 8 August 2020 0

Ghana is arguably one of Africa’s true jewels, Mutiat Alli reports. Formerly called the Gold Coast, Ghana’s rich tradition means that it is truly one of the best places to visit in West Africa. Throw in a growing tourism industry as well as an incredible energy about the capital Accra that makes it ideal for […]

Economy News

Air Peace, Bristow given 14 days to reinstate sacked workers- NLC

Ihesiulo Grace 7 August 2020 0

Air Peace, Bristow Helicopters and Turkish Airlines two weeks to reinstate all their sacked workers, the Nigeria Labour Congress (NLC) has given This was disclosed in a statement signed by Ayuba Wabba, president of NLC, on Friday. READ ALSO: Why we sacked over 70 pilots and staff – Air Peace According to Wabba, it was […]

Covid-19 Economy

Details of governors’ meeting over opening of economy revealed

Ihesiulo Grace 9 July 2020 0

Due to the novel coronavirus pandemic, Nigeri Governors meet in other to discuss various ways to rejuvenate the Economy. Members of the Nigeria Governors’ Forum (NGF) met on Wednesday to discuss the impact of the coronavirus (COVID-19) pandemic on Nigerians and the economy. At the meeting which held virtually and was presided by the NGF […]

Business Economy

Market forces to determine price of petrol – PPPRA

Ihesiulo Grace 5 June 2020 0

Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol. Also the Nigerian National Petroleum Corporation (NNPC) says it is firming up business portfolios in the power, medical, housing and other sectors that would strengthen the profitability of the state […]

Economy

Nigerians to pay 50 naira stamp duty on electronic receipts

Ihesiulo Grace 30 May 2020 0

Nigerians will now pay stamp duties on all forms of electronic notifications acknowledging receipts of funds. This includes SMS and messages on any electronic platform such as emails and Whatsapp messages. This is according to a circular that was signed by FIRS’ Executive Chairman, Muhammad Nami, as seen on the tax agency’s website. Part of […]

Economy

SGF, Boss Mustapha reveals Nigeria will reopen its economy in phases

Ihesiulo Grace 18 May 2020 0

The reopening of Nigeria’s economy will be done in phases, the Secretary to the Government of the Federation (SGF), Boss Mustapha, has said. The Nigerian economy has been shut for about four weeks as businesses were closed, airports shut, schools shut and lockdown imposed in many states of the federation, including the commercial capital, Lagos, […]

Business Covid-19 Economy

Reduce Interest Rates, provide Tax Reliefs – Tinubu urges Banks, FG

Ihesiulo Grace 4 May 2020 0

The national leader of the All Progressives Congress (APC), Bola Tinubu, is of the opinion that if the COVID-19 crisis is to have any positive economic aspect, then it should be that Nigeria used this moment to drive down interest rates. Tinubu in a lengthy communique on Sunday, advised the Federal Government to avail tax […]