Trading Floor of NSE The Nigerian exchange declined by 0.40 per cent as investors reacted to the latest Consumer Price Index figures from the country’s statistics bureau. At the close of trade on Monday, the All-Share Index and the market …
Read More »Naira Depreciation Pushes Nigeria’s Imports To N35tn
Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports stood …
Read More »Senate Warns Against Supplementary Budget, Excess Loans
The Senate has warned the executive against increasing the budget size through a supplementary budget, advising the government to use the excess savings that are expected to be made from the recent depreciation of the naira to fund deficit. This …
Read More »FG Eyes $1bn W’Bank Loans For IDPs, Agric
The Federal Government is in talks with the World Bank to complete the processes of obtaining over $1bn loans to address the challenges facing Internally Displaced Persons and their host communities, as well as bolster rural access and agricultural marketing …
Read More »FG Plans Fresh Borrowing Via Eurobond In June
President Tinubu The Federal Government has enlisted the expertise of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide its forthcoming Eurobond issuance. It also appointed Standard Chartered Bank and the …
Read More »Senate Gives Panel Six Weeks To Probe N30tn CBN loans
The Senate President, Godswill Akpabio, has charged the panel members investigating the N30tn “Ways and Means” loans secured from the Godwin Emefiele-led Central Bank of Nigeria by the Federal Government not to leave any stone unturned, saying the panel must …
Read More »PenCom Denies Lending FG N10tn
DG, PENCOM, Aisha Umar The Director General of the National Pension Commission, Aisha Dahir-Umar, has denied allegations that the commission loaned N10tn to the Federal Government. The House of Representatives in October adopted a motion mandating its Committee on Pensions …
Read More »Naira Devaluation Fuelling Massive Regional Export – Govs
The Nigeria Governors Forum has said governors are implementing diverse strategies and measures aimed at resolving the ongoing economic challenges and food crises in their respective domains. The NGF also said the devaluation of the naira was fuelling food export …
Read More »Cement Companies Grow Revenue To N3tn
The three cement manufacturing companies listed on the Nigerian Exchange Limited improved their incomes by 30.65 per cent to N3.07tn in 2023. The financial statements of Dangote Cement, BUA Cement and Lafarge Africa for 2023 showed a revenue of N2.35tn …
Read More »Banks Involved In 70% Of Financial Crimes – EFCC
The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria. EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and …
Read More »Senate Summons CBN Officials Over N30tn Loans
The Senate has said it will quiz some officials of the Central Bank of Nigeria on how the N30tn Ways and Means loan was obtained and spent by the Federal Government during the Muhammadu Buhari-led administration. The Chairman of the …
Read More »NDIC Refunds Depositors Of 179 Liquidated Banks
The Nigeria Insurance Corporation has said that it has reimbursed depositors of 179 rested microfinance and four mortgage banks across the country. The Managing Director of the NDIC, Dr Bello Hassan, stated this at the NDIC Special Day during the …
Read More »FX Debt: CBN Owing Only Five Banks, Says Cardoso
CBN’ Governor, Dr Olayemi Cardoso The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an …
Read More »CBN Sells Over $300m To Banks As Naira Gains
The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo …
Read More »Foreign Loans Make Up 59% Of $4bn Capital Importation – NBS
No less than 59.1 per cent of capital importation into the country in 2023, amounting to $2.31bn, was foreign loans, according to the latest capital importation report released by the National Bureau of Statistics. According to the report, foreign capital …
Read More »N500bn Recapitalisation: FMBN Extends Loans To NHF Contributors
The Federal Government has assured the Federal Mortgage Bank of Nigeria (FMBN) of legislative amendments of relevant housing industry laws that will pave the way for its recapitalisation to N500 billion to enable the bank carry out its cardinal objectives. …
Read More »Minimum Wage: Private Sector, States Fault Labour’s Push For N1m
Joe Ajaero, NLC President The organised private sector, Ekiti, Sokoto, and other states have faulted the demand by the Nigeria Labour Congress for N1m minimum wage, stating that it is not realistic. The NLC President, Joe Ajaero, in an interview …
Read More »Nigeria Facing Worsening Economic Crisis, Says IMF
The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global lender said …
Read More »Ban On Sachet Spirits, PET Bottles Threatens N800bn Investments – MAN
25 companies affected 5.5m direct, indirect jobs at risk The Manufacturers Association of Nigeria (MAN) said the ban imposed on the production and sales of alcoholic drinks in sachets and PET bottles threatens investments worth over N800 billion. This was …
Read More »Naira Weakens At Parallel Market, Rises At Official Window
The naira strengthened at the official window on Monday, after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured that the apex bank was making efforts to tackle the volatility of the currency. The local currency appreciated by 1.09 per …
Read More »