The United Nations Environment Programme (UNEP) has harped on a “fundamental and urgent” need for collaboration with the global insurance industry to successfully tackle the climate emergency. The agency’s call came amid concerns about major re-insurers withdrawal from the global Net-Zero Insurance Alliance (NZIA). Earlier this week, another leading re-insurance the Swiss Re, announced its […]
With just less than one week to the end of his eight-year tenure, President Muhammadu Buhari has written a letter to the National Assembly, seeking the Senate’s approval for the payment of sundry judgment debts in the sum of $566,754,584.31, £98,526,012.00, and N226 billion The requested funds are the monies which the Federal Government owed […]
….promises to refund past deductions Nigeria’s 36 state governors under the auspices of the Nigeria Governors Forum (NGF) on Tuesday disclosed that the Federal Government had agreed to stop further deductions from the State Governments’ federal accounts monthly allocations to offset Local Government Councils’ London/Paris Club debt obligations. The outgoing Chairman of NGF, Governor Aminu […]
The President of African Development Bank (AfDB), Dr. Akinwumi Adesida, has decried the lack of adequate financing for tackling climate change in Africa, saying that paucity of funds is “choking” the continent. Adesina, who made this remark on Monday while addressing journalists at a media lunch organized to kick off the bank’s 2023 Annual Meetings […]
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has projected that the commencement of operations of the Dangote Refinery had the potential of saving Nigeria over $25 billion in foreign exchange (FX) in energy imports and provide $10 billion as exports. Emefiele, who made this forecast on Monday during the commissioning of the […]
Nigeria’s currency – the Naira – further weakened in its exchange rate struggle against the US dollar at the parallel market on Monday, trading at an average of N760/$1 and representing 0.66% decline compared to the N755/$1 it traded at the unofficial FX market last Friday. The Bureau De Change (BDC) dealers in the Federal […]
The Central Bank of Nigeria (CBN) reported at the weekend that Nigerians living overseas remitted a $19.8 billion to the country in 2022, representing a 7% increase (about $.5 billion) higher than the $19.3 billion they remitted in 2021, and about 5% of the country’s gross domestic product (GDP). These figures from the apex bank’s […]
The World Bank Group has approved US$460 million in credits and grants from the International Development Association (IDA) to improve and harmonize data systems in eight countries in Western Africa and three regional organizations. According to the Washington D.C-based development finance institution, the Harmonizing and Improving Statistics in West and Central Africa (HISWACA) Project, Phase […]
The Federation Account Allocation Committee (FAAC) reported on Thursday that it shared a total sum of N655.932 billion in April 2023 from Federation Account revenue to the three tiers of government even as it stated that Excess Crude Account (ECA) dropped to $473,754.57 as of the date of its meeting in May this year. The […]
A Partner and Chief Economist at KPMG Nigeria, Dr. Yemi Kale, has expressed some concern about plans by the Federal Government to get $800 million loan from the World Bank and disburse it as fuel subsidy palliatives given the potential negative effects on the nation’s economy. The seasoned economist, who is also a former Statistician-General […]