Economy
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FG to unbundle 11 power distribution companies, orders sale of four
The Federal Government on Monday declared power distribution companies (Discos) are currently being unbundled along state lines due to their large sizes which often result in inefficiency and ineffectiveness, It stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines so as to be…
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FG to attract foreign savings with new Diaspora Bond, says Minister of Finance
The Federal Government said it has planned to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora. The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun disclosed this, yesterday, at his wrap up media briefing at the end of the 2024 Spring Meetings of the IMF and World…
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PHOTO NEWS: Cardoso’s fruitful first outing at World Bank/IMF Spring Meeting in Washington
The Governor, Central Bank of Nigeria (CBN), Yemi Cardoso attended his first World Bank/IMF Spring Meeting in Washington. The Governor had many important meetings. The day 5 of the IMF/World Bank Spring Meetings saw the CBN continue its strategic engagements with key stakeholders, focusing on strengthening Nigeria’s economic partnerships and shaping the global economic landscape. #IMFSpringMeetings Governor Cardoso was the…
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SERAP threatens to sue Wike, 36 governors over FAAC allocations
The Socio-Economic Rights and Accountability Project (SERAP) has threatened to drag the 36 state governors and the Minister of the Federal Capital Territory, Abuja, Nyesom Wike to court if they failed to provide with documents how they spent trillions of FAAC allocations received by their States and the FCT since 1999. SERAP also urged them “to invite Independent Corrupt Practices and…
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FG, States, LGs share N1.123trn for march 2024
The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Accountant General of the Federation, Mrs. Oluwatoyin S. Madein, shared a total sum of N1,123.391 trillion to the three tiers of government as Federation Allocation for the month of March, 2024 from a gross total of N1,867.808 trillion. From the amount inclusive of Gross Statutory Revenue, Value…
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Alake supports Oyo’s quest for mining licences
The Minister of Solid Minerals Development, Dr. Dele Alake has backed plans by the Oyo State Government to obtain mining licences. Reiterating the Ministry’s support for sub-national entities in the country to develop the sector, the Minister emphasised that cooperation with states will develop the mining industry value-chain and promote value addition for maximum beneficiation to host communities. In his…
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FG to pin down ways, means to address liquidity
In its avowed determination to alleviate the pressure of excess money in the system, the Federal Government has said that it will pin down Ways and Means to deal with the problem of much liquidity in the system. Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, disclosed this in Washington DC, United States of America, while…
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NNPCL, First E&P achieve 20,000bpd production at OML 85
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil production from the asset, also known as Madu Field. Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at…
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FG issued N8trn TBills to stabilize, boost economy, says Finance Minister
Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy. He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America. He noted that the fiscal authority and…
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FG showcases progress of Nigerian economy to boost foreign investment
As the World Bank-IMF Spring Meetings intensify in Washington DC, the Federal Government has assured that it will continue to showcase the progress made so far in the Nigerian economy in order to attract more foreign investment into the country with a view to improving on the lives of Nigerians. The Honourable Minister of Finance and Co-ordinating Minister of the…
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