There are strong indications that plans by the Federal Government and the labour unions’ representatives to reach a truce on consequential adjustment on the N30,000 minimum wage on Monday did not achieve any tangible results. The disappointed workers have, therefore, threatened to resume their suspended industrial action over in the national minimum wage implementation. A […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday hinted that the Federal Government would unveil a 30-year development plan before the end of the implementation of the ERGP in 2020 as part of the measures to achieve broad-based and sustainable national development. She explained that unlike past development plans that […]
President Muhammadu Buhari on Monday announced the appointment of Prof. Doyin Salami, of Lagos Business School (LBS) as the chairman of his newly constituted 8-member Economic Advisory Council (EAC). A statement issued by the President’s Special Adviser (Media & Publicity), Mr. Femi Adesina, listed Dr. Mohammed Sagagi as Vice Chairman while members include Prof. Ode […]
The Federal Government on Thursday promised to provide hundreds of Nigerians returning from South Africa following rising incidents of xenophobic attacks in the country soft loans to be provided by the Bank of Industry (BOI) to support those interested in small trade and businesses. The Chairman and Chief Executive Officer (CEO) of the Nigerians in […]
Determined to correct the structural defects in Nigeria’s fiscal regime, especially the structural imbalances in oil and non-oil revenue collections, the Federal Executive Council (FEC) on Wednesday approved a hike in the nation’s Value Added Tax rate to 7.2 per cent, up from the current five per cent rate. The Minister of Finance, Budget and […]
The Bureau of Public Procurement (BPP) has reported that it reduced the cost of federal contracts in 2018 by over N26.86 billion after revising contract sums in various Ministries, Departments and Agencies (MDAs) submitted by contractors. The bureau, which disclosed this in its just published 2018 Annual Report, stated that in the year under review, […]
Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]
The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria’s Consumer Price Index (CPI), which measures inflation rate, dipped to 11.25 per cent (year-on-year) in March, representing 0.06 per cent points lower than the rate recorded in February. The Bureau in its “CPI and Inflation Report’’ stated that increases were recorded in all Classification […]
The Chairman of United Bank for Africa Plc, (UBA) and Heir Holdings, Mr. Tony Elumelu on Friday charged the International Monetary Fund (IMF) and other development partners to provide alternative sources of raising funds for Nigeria if Chinese loans are not in the best interest of the country. Elumelu, who gave the charge while interacting […]
The International Monetary Fund (IMF) on Tuesday projected that Nigeria’s economy would grow at the rate of 2.5 percent by 2020, up from the 2.1 percent forecast for 2019. The Breton Woods institution in a new World Economic Outlook (WEO) release issued at its ongoing joint annual spring meetings with the World Bank, in Washington […]