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Buhari Orders MDAs To Prioritize Nigerian Professionals On Govt Contracts

President Muhammadu Buhari has ordered chieftains in federal Ministries, Departments and Agencies (MDAs) to prioritize the engagement of Nigerian professionals for planning, design and execution of national projects, stressing that foreign professionals should only be engaged where there is no local expertise. Buhari gave the directive Thursday at the inauguration of the Presidential Monitoring and […]

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NNPC Unveils Plans To Utilize Tax Credit Scheme For Road Projects

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has hinted of plans by the corporation to rebuild key roads used in the transportation of petroleum products under the Federal Government’s Tax Credit Scheme. Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector […]

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Privatisation Proceeds To Partly Fund Nigeria’s 2022 Budget Deficit

President Muhammadu Buhari has again reiterated that some of the privatisation proceeds would be part of borrowings, totaling N5.01 trillion, to fund the deficit in the 2022 budget. The President, who reiterated the fiscal option  while presenting the 2022 Appropriation Bill tagged ‘Budget of Economic Growth and Sustainability’ to the joint session of the National Assembly in […]

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Nigeria Records 51% Oil Revenue Shortfall, As Buhari Proposes N3.6Trn For Debt Servicing In 2022

President Muhammadu Buhari on Thursday disclosed that the Federal Government’s share of oil revenue as at July this year totalled N570.23 billion, representing 51 percent shortfall from the budgetary target for the seven months period. Buhari  gave this hint in his address on the proposed N16.39 trillion Appropriation Bill 2022 at the National Assembly. He […]

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Economists Foresee Global Financial Crisis If US Defaults On Debt

White House economists have sternly warned of a potential global financial crisis if U.S. Congress fails to raise the federal government’s debt limit before the country is expected to default on the national debt. Speaking on the implications of default by the President Biden-led administration on the country’s debt obligations, Cecilia Rouse, leading other economists […]

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EU Reinsurers Urge UK Regulator To Delay Solvency II Revision

Insurance Europe’s Reinsurance Advisory Board (RAB) has urged the UK’s Prudential Regulation Authority (PRA) to either extend its Temporary Permissions Regime (TPR) for the reinsurance business or wait until the Treasury’s review of Solvency II is finalised before making changes to its regulatory requirements. It would be recalled that a recent consultation conducted by the […]

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Again, FG Insists On More Borrowing As Public Debt Stock Rises

In what sounded an unrepentant voice of justification of the nation’s rising public debt stock, the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday stoutly defended the borrowings of the President Buhari-led administration, saying the government will continue to borrow to fund critical projects. The minister, who spoke against the background of […]

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LCCI Lauds FG’s Monetary Policies, Calls For Improved Non-Oil Revenue, Infrastructure

The Lagos Chamber of Commerce and Industry (LCCI) on Tuesday commended the monetary authorities on recent policy measures adopted to manage the economy and canvassed the need for improved non-oil revenue and infrastructure development to sustain the current growth trajectory in the nation’s economy. The President of the organized private sector (OPS) umbrella body, Mrs. […]

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IMF Revises Global Economic Growth Below 6% In 2021

The International Monetary Fund (IMF) on Tuesday stated that it expected global economic growth in 2021 to fall slightly below the 6% in earlier projected in July. The Managing Director of the IMF, Kristalina Georgieva, cited growing risks associated with debt, inflation and divergent economic trends in the wake of the COVID-19 pandemic as the […]

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US Economy Will Slide Into Recession Unless Debt Ceiling Is Lifted – Yellen

US Treasury Secretary, Janet Yellen, on Tuesday warned that failure to raise the country’s debt limit could hurt the dollar reserves level and by implication push the economy on a recessionary trend. This is even as she maintained that she still regarded October 18 as the debt limit deadline, adding that it is now  up […]