Business

The World Bank has blasted the Minister of Finance, Kemi Adeosun, for insisting that the Federal Government must borrow more in order to develop the nation’s infrastructure and stimulate the economy. Speaking through its Senior Economist, Gloria Joseph-Raji, on Monday in Abuja, the World Bank said the cost of borrowing or paying interest on Nigeria’s debt was not sustainable as revenues to make such payment had dried up. Recall that Adeosun, on Sunday at a press briefing rounding off the…
Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, has predicted that Nigeria could experience food scarcity come 2018. Emefiele disclosed this during a lecture tagged: Financing science, technology (STI) for the development of agro-allied industries in Nigeria, delivered to the participants of Senior Executive Course 39, at the National Institute of Policy and Strategic Studies (NIPSS), kuru-Plateau State. Emefiele, who was represented by Deputy Governor Corporate Services, Alhaji Suleiman Barau, made this claim after the prediction of the potentially…
About 27 Toyota Hilux pick-up vans with N432 million duty paid value (DPV), suspected to have been smuggled into the country has been nabbed by the Nigeria Customs Service. This was disclosed in a media briefing by the Deputy Comptroller-General (DCG) of Customs in-charge of Enforcement, Investigation and Inspection, Aminu Dangaladima. He stated that the Service has continued to make gains as regards to its anti-smuggling operations in the country.His statements read thus: “It's my pleasure to welcome you to…
The International Monetary Fund, IMF has urged world central banks to take note of the improving financial system across the world. The warning came, to avoid looming dangers in the form of financial risks which will force about one-third of globally systematically important banks with assets worth $17 trillion to struggle in achieving sustainable profit. However, the IMF, while unveiling its 2017 Global Financial Stability Report in Washington DC yesterday, advised central banks to have a new plan for unwinding…
Nigeria could be thrown into more debt after President Muhammadu Buhari requested the approval of the Senate to take $5.5 billion foreign loan for the execution of the 2017 budget. The letter of the President’s was read by the Senate President, Bukola Saraki during this morning plenary. The letter dated October 4, this year was read a week after the Minister of Finance, Kemi Adeosun blamed the Senate for delaying the approval. She claimed that the request has been hanging…
The National Bureau of Statistics, NBS, has disclosed that a whopping sum of N118 trillion has been made by the Nigerian government with a period of 53 years. The NBS data obtained from  the Nigerian National Petroleum Corporation (NNPC), was collated from 1961 till 2014. “The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at N118.49 trillion has been produced between 1961 and 2014. “The highest barrels of…
The Central Bank of Nigeria, CBN on Thursday vowed that it will sanction exporting firms who have refused to remit its export proceeds. The Director, Banking Supervision, CBN, Ahmad Abdullahi, at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos, disclosed that defaulters would be blacklisted. “In line with the Foreign Exchange Manual, exporters are mandated to repatriate the proceeds of their exports. Unfortunately, some exporters are not doing this. So, the issue was…
The intervention by the Central Bank of Nigeria, CBN, has helped the naira to continue to regain it's stance after closing at N363 to the dollar on Wednesday. Recall that there was no trading on Monday, following the declaration of public holiday by the Federal Government to celebrate the Independence Day. However, the naira had closed at N364 against the green back currency on Tuesday, a lift from the N365 that was recorded on Friday. In order to ensure the…

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