Economy
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Buhari summons minister over country’s poor power
President Muhammadu Buhari has summoned Minster of Power, Abubakar Aliyu to a meeting over the frequent power outages in the country. Senior Special Assistant to the President on Media and Publicity, Garba Shehu, made this known in a statement on Monday. According to Shehu, the president summoned Imo State Governor, Hope Uzodinma over the insecurity in the state. The president…
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Nigeria among 10 most improved economies, says Lai Mohammed
Minister of Information and Culture, Alhaji Lai Mohammed, said the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016.The minister, who disclosed this during a visit to the IshK Tolaram Foundation in Lagos on Monday, said the reforms were also responsible for Nigeria being…
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FCCPC wants MultiChoice to allow subscribers suspend subscription four times annually
Federal Competition and Consumer Protection Commission (FCCPC) has instructed Multichoice Nigeria Limited to increase the number of times subscribers suspend subscriptions to at least four times in a year. MultiChoice Nigeria is the Nigerian Subsidiary company of MultiChoice Africa, owner of DStv and GOtv. In the past, MultiChoice had allowed suspension of accounts for a fixed period between seven to…
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Analysts expect MPC members to hold rates despite external sector pressures
A group of analysts at Cordros Research have predicted that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) may retain the interest rate or Monetary Policy Rate (MPR) at 11.5per cent alongside other monetary policy parameters. They also expected the Committee to strike a hawkish tone in light of the tightening of monetary policy by global…
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JUST-IN: Access Bank reports N176.7bn PBT in 2021, hits N11.7trn in total assets
Access Bank Plc has reported N176.7billion profit before tax in the financial year result and accounts for the period ended December 31, 2021. The Pan-African bank’s profit before tax rose by 40.3 per cent when compared to N125.9billion reported in the prior year’s results. The audited results on the Nigerian Exchange Limited (NGX) showed 51.1 per cent increase in profit…
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Finally, Customs bows to CBN on e-Invoicing policy
The Nigerian Customs Service (NCS) has finally accepted the e-Invoicing and e-Valuation policy for imports and exports in the country introduced by the Central Bank of Nigeria (CBN). Nigerian Customs had opposed the new payment policy recently introduced by the CBN, saying it was against conventional practice. NCS also decried poor sensitisation by the CBN on the project. On its…
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FG’s debt servicing gulps N2.05trn in 2021, says DMO, total borrowing stands at N41.026trn
Nigeria spent N2.05trillion on debt servicing payments in 2021, data obtained from the Debt Management Office (DMO) have shown. Meanwhile, the DMO revealed that Nigeria’s total public debt stock, comprising the Federal Government, Federal Capital Territory (FCT), states and local governments stood at N39.556 trillion as at December 31, 2021. In addition, the DMO disclosed that the Federal Government has…
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FG raises $1.25bn through Eurobonds, says DMO
In a move to bridge the infrastructure deficit in the country, the Debt Management Office (DMO) has disclosed that the Federal Government raised a $1.250billion 7-year Eurobond in the International Capital Market (ICM). The latest report by DMO stated that the development makes Nigeria the first African country to access the ICM in 2022. The debt office said Nigeria’s ability…
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BudgIT releases 2022 budget analysis consultative memo, slams NASS for corruption loopholes
BudgIT has called on the National Assembly to eliminate infractions and corruption loopholes in the 2022 approved budget. The call was made on Thursday after BudgIT published its 2022 Federal Government Budget Analysis Consultative Memo titled ‘Leveraging Budget Reforms for Economic Development’. It would be recalled that BudgIT’s preliminary analysis of the 21,108 capital projects in the 2022 approved budget…
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FMDQ Exchange welcomes NECIT Nigeria Limited Series 1 CPon its platform
FMDQ Securities Exchange Limited has announced the approval for quotation of the NECIT Nigeria Limited’s N2.17 billion Series 1 Commercial Paper (CP) under its N20 billion CP Issuance Programme on its platform. NECIT Nigeria Limited is an indigenous company that deals in the manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil.…
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