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Buhari Seeks N/Assembly’s Approval For New $6.8Bn Loan

President Muhammadu Buhari on Tuesday formally requested the Senate’s approval of a new $6,18 billion (about N2.3 trillion) foreign loan to part-fund the 2021 budget. The President’s request was conveyed in a letter read at the Red Chamber’s plenary by the President, Senator Ahmad Lawan. Buhari indicated that the new loan loan, if approved, would […]

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BugdIT Discovers N39.56Bn Potential Fraud In 2021 Capital Budget

BudgIT, a public finance transparency advocacy organization has alleged that 316 capital projects were duplicated in the 2021 approved with the consequence that if implemented based on the approved estimates, it would result in about N39.5 billion fraud. The civil society organization in its analysis of the 2021 budget report circulated to the media indicated […]

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CBN Urges S/East Leaders On Improved Participation In Intervention Programmes

The Central Bank of Nigeria (CBN) on Tuesday expressed its concern about low participation of the South East region in its various economic intervention policies and programmes in the past few years, urging the leaders to encourage improved participation of their people in the programmes. The apex bank’s Acting Director, Corporate Communications Department, Mr. Osita […]

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PwC Forecasts Feasibility Of Nigeria’s 2021 Oil Budget Projections

Pricewaterhouse Coopers Limited Nigeria (PwC), one of the world’s leading research and consulting firms, has projected that given the realities in the international oil market, Federal Government’s oil production target and earnings’ projections in the 2021 budget look feasible. The consulting company gave this hint in its just published ‘Economic Alert: Assessing the 2021 FGN […]

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FG Commends NEXIM Bank Mgt For Bank’s Revival, Profitability

The Federal Government on Friday commended the management of Nigeria Export-Import Bank (NEXIM Bank), for returning the bank to profitability and reducing its non- performing loans (NPL). The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave the commendation when she inaugurated two newly appointed Non – Executive Directors into the Board of […]

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Brexit: European Parliament Ratifies EU-UK Trade Pact

The European Parliament on Wednesday ratified the post-Brexit EU-UK Trade and Co-operation Agreement (TCA) in a strategic move to ensure that tariff and quota free trading regime continues among the countries. The trade deal has been operating provisionally since January until late Tuesday, the MEPs voted in favour of the ratification by 660 votes to […]

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NEITI, ICPC Partner On Extractive Industries’ Anti-Corruption Drive

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have agreed to cooperate on anti-corruption crusade in the nation’s extractive industries. A statement issued on the partnership of the two agencies by NEITI’s Head, Communications and Advocacy, Mrs. Obiageli Onuorah, on Wednesday indicated that under the […]

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OAGF To Assist NEITI In Tracking Oil, Gas Revenue Accruals

The Office of the Accountant General of the Federation (OAGF) has indicated its readiness to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue accruable to the Federal Government to ensure appropriate remittances. The Accountant General of the Federation (AGF), Mr. Ahmed Idris, gave the pledge on Tuesday when he […]

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AfDB President, Prof. Stiglitz Advocate Debt Restructuring Plan For Africa

The African Development Bank (AfDB) President, Dr. Akinwumi Adesina, and Professor Joseph Stiglitz have called for a quick and comprehensive plan for debt restructuring in Africa. Making the call at the launch of the AfDB’s 2021 edition of its annual African Economic Outlook, Adesina urged African governments to consider collectively establishing an African financial stabilization […]

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23.18m Nigerians Jobless, As Unemployment Rate Hits 33.3%

Despite policy measures and other initiatives by the Federal and State governments to tackle the challenge of rising unemployment rate in the country, Nigeria’s crisis of joblessness has continued to accentuate with 23.18 million competent and fit Nigerians remaining unemployed as at last quarter of 2020. Specifically, the National Bureau of Statistics (NBS) on Monday […]