We are building back a better Central Bank — Cardoso
Mr. Olayemi Cardoso Governor, Central Bank of Nigeria, in this maiden address to banking and finance industry stakeholders ...
FG’s borrowing from local investors rises 21% in H1’22
The Federal Government borrowed N4.2
trillion from local investors in the first half of the year (H1’22), representing 21 per cent, year-on-year YoY, increase from N3.89 trillion borrowed in the first half of 2021 (H1’21)
External Reserves set to hit $41bn, highest in 2yrs
•As $7.4bn accrues from SDR, Eurobond •But IMF is calling for further boost By Babajide Komolafe Nigeria’s external reserves is set to hit $41 billion, the highest in two years, following an eight weeks accretion triggered by inflow from the Eurobond proceeds and the Special Drawing Rights (SDR) Allocation to Nigeria by the International Monetary Fund (IMF). […]
Insurance as a catalyst to economic growth, development
Insurance has always been a sine qua non for guaranteeing comfort and peace of mind of the insuring public. The role Insurance, it must be quickly noted, has, often time, been misconstrued due to the varying perception lens many folks evaluate and view its services. Notwithstanding, this does not relegate its influence and role as a value […]
Eurobond pushes Nigeria’s external reserves to $40bn
As Nigeria raises $15. 2bn from ICM in 10yrs By Emma Ujah, Abuja Bureau Chief The successful issuance of $4 billion Eurobond by the federal government last week at the International Capital Market, ICM, has given the nation’s foreign reserves a significant boost to over $40 billion. The reserves hovered around $36. 03 billion previous week. With the […]
Revenue Commission faces herculean task on new revenue formula
Suspicion, lack of political will main headache – Chairman Emma Ujah, Abuja Bureau Chief The Chairman of the Revenue Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Engr. Elias Mbam, and his team of Commissioners face a herculean task in giving Nigerians a new Revenue Sharing Formula, which will ensure fairness and equitable distribution of nation’s […]
Hope for reduction in petrol import bill falters
As 39 domestic refinery projects shuts down By Udeme Akpan Plans to reduce Nigeria’s fuel import bill through domestic refining may have be faltering as the Department of Petroleum Resources, DPR, weekend, put the number of inactive refinery projects at 39, as of August 19, 2021. Estimated cost of importation of petrol in 2021 is […]
PIA will strengthen Naira, reduce budget deficit – PwC
96% of business executives endorses the law By Cynthia Alo The 2021 Petroleum Industry Act (PIA) will facilitate Nigeria’s economic development by attracting and creating investment opportunities for local and international investors, according to Mr. Uyi Akpata, country senior partner, PwC Nigeria. Akpata, who made this known in his opening remarks during an exclusive […]
How CBN’s N250bn fund will boost gas utilization- Experts
Targets 3m jobs in gas sector By Obas Esiedesa, Abuja With Federal Government declaration of 2021-2030 as decade of gas, experts have held that the Central Bank of Nigeria’s (CBN) N250 billion gas expansion fund would lead to increased usage of gas as main energy source across the country. Nigeria, according to the Department of […]
FAAC shares N1.9trn to FG, States, LGs in Q2’21
Allocation falls 2% By Elizabeth Adegbesan The Federation Accounts Allocation Committee (FAAC) shared a total of N1.9 trillion as Federally collected revenue in favour of the three tiers of government in the second quarter of the year (Q2’21). Vanguard Public Finance quarterly analysis of data from FAAC and the National Bureau of Statistics, NBS, reports for […]
Petrol subsidy depletes NNPC contribution to FAAC by 44%
As subsidy hits N621.55bn, still rising monthly Outstrips health, education, Works and Housing budgets By Obas Esiedesa A whooping N621.55 billion has been deducted from the Federation Accounts Allocation Committee, FAAC, funds by the Nigerian National Petroleum Corporation, NNPC, as petrol subsidy in the first half of 2021, H1’21, latest data have shown. The figure for […]
