Business

The Central Bank Governor has predicted that the nation’s Foreign Exchange reserve will increase to $40 billion by the end of 2018. The CBN Governor, Godwin Emefiele, who disclosed this in his address to the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), held in Lagos over the weekend, said the reserve is currently at $34 billion. Emefiele in his Outlook for 2018 said: “Over the last 12 months Nigeria’s FX reserves grew by over US$10…
The Minister of Transport, Rotimi Amaechi, has disclosed that the Abuja-Kaduna rail line will have 10 new coaches and two locomotives by Dec. 10. Amaechi who said this in an interview with newsmen in Lagos on Saturday while highlighting his achievements to mark his two years in office said it would be inaugurated by President Muhammadu Buhari. The minister recalled that President Buhari had told the National Assembly that the new coaches would arrive in November. According to him, every…
‎The Minister of Works, Power and Housing, Babatunde Fashola, on Friday, replied Senator Dino Maleye who accused him of financial misappropriation. ‎TM News recalls that the controversial Senator had on the floor of the Senate, alleged that the Power Ministry under Fashola’s watch, diverted $35 million to the Afam fast power project, with approval from the National Assembly, adding that $350 million from a $1 billion Eurobond, deal had also been spent by the Ministry. ‎In a statement titled: “Before…
Africa’s richest man, Aliko Dangote donated N500million to thousands of traders affected by the Kano Market fire disasters a few months ago. ‎Recall that fire disaster has destroyed about five major markets across the state within the past few months with no fewer than 1,400 shops and goods estimated at N28 billion gutted by the inferno. This forced the State Government into setting up a judicial commission of enquiry and an appeal committee headed by Alhaji Dangote and another businessman,…
  The Minister for Mines and Steel Development and Kayode Fayemi has revealed that N9.9 billion of the revenue directly generated by his ministry was used by the three tiers of government in July 2017. He stated this during the NEITI South West Zonal Outreach and Stakeholders’ engagement meeting in Abeokuta, Ogun State. Fayemi who is also the Chairman, National Stakeholders’ Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiatives (NEITI), said the money was used based on the…
The Minister of Finance, Mrs. Kemi Adeosun, has disclosed that over 800,000 companies, including contractors had never paid any form of taxes. In an article entitled: ‘All change, Nigeria is not an oil economy’ she disclosed that an audit of the defaulting companies is currently ongoing. While names of the defaulters were not mentioned, she noted that the situation of having only 14 million active taxpayers from an economically active base of 70 million was no longer acceptable. She explained…
The Minister of Finance, Mrs. Kemi Adeosun, on Thursday disclosed plans by the government to save N91.65bn yearly from the $3bn debt. Adeosun said this in a statement issued by her Media Adviser Mr. Oluyinka Akintunde. The Finance minister expressed confidence that the Federal Government ’ s revenue and debt management strategy would mitigate the country’ s debt service risk and fast- track her development. She said , “The proposed refinancing of $3 billion worth of short - terms Treasury…
Telecom Satellite Television (TStv) has finally fulfilled its promise of distributing and installation of 5,000 free decoders nationwide. The Managing Director of the outfit, Dr. Bright Echefu, who made this known in Abuja said they are aware of the promise of November 1st made to Nigerians to flag off operation. He said the exercise was to ensure proper monitoring and evaluation of its signal strength and quality of channels and programmes nationwide. His words “TStv Africa wishes to appreciate all…

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