FG, States, LGs shared N769.5 billion allocation in July

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.5 billion from the Federation Account to the three tiers of government in July 2019. This was disclosed in a communique issued by FAAC at the end of the meeting held in Abuja on Thursday. Click here for more.

Nigeria’s Finance Chief Gets a Boost With Control Over Budget

Nigerian President Muhammadu Buhari has placed budget and economic planning under the finance ministry, a move that will increase the influence of Finance Minister Zainab Ahmed in the newly appointed cabinet as she moves to shore up a slow-growing Nigerian economy. Click here for more.

FG’ll roll 60% 2019 budget into 2020 – Ngige

The Minister of Labour and Employment, Dr Chris Ngige, on Thursday said that lack of aggressive implementation of the 2019 budget meant that 60 per cent of the budget had to be rolled into the 2020 budget. Click here for more.

FG to overhaul refineries for three years to drive local production

To achieve its 2023 target of ensuring local refineries operate optimally, the Federal Government has said it has begun the overhauling of the facilities, commencing with the Port Harcourt refinery.Giving itself a three-year deadline, the Nigerian National Petroleum Corporation (NNPC). Click here for more.

FG vows to prosecute Nigerians linked with $9 billion UK Judgement

The Federal Government (FG) of Nigeria has vowed to prosecute Nigerians who are linked with the contract that resulted in the judgment of the United Kingdom Court, which awarded a cumulative sum of $9bn award in favour of a private firm, Process & Industrial Developments Limited. Click here for more.

Investors Gain N134.62bn As NSEASI Inches Up Further By 1.01%

Equities market closed yesterday on a positive note, as NSEASI appreciated by +1.01% to close at 27,629.66 points as against +1.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.09%. Click here for more.

3,891 debtors owe banks above N1bn each

About 3,891 firms and other debtors have taken individual loans above N1bn, totalling N13.19tn of loans in the banking sector. Latest figure by the National Bureau of Statistics revealed that the total loans in the banking sector stood at N15.35tn as of the end of March. Click here for more.

MTN Nigeria’s reign short-lived as Dangote Cement reclaims top position on NSE

After a few days that MTN Nigeria became the most capitalized company on the Nigerian Stock Exchange (NSE), Dangote Cement has regained the top position. The increase in Dangote Cement’s market capitalization was driven by its share price which hit N166 after from N164.50. Click here for more.

FRC Unveils Individual Registration Portal

The Financial Reporting Council of Nigeria (FRC) yesterday unveiled its individual registration portal. The Executive Secretary/Chief Executive Officer, FRC, Mr. Daniel Asapokhai, in his welcome address at a ceremony held in Lagos. Click here for more.

NNPC fails to remit N77.92b, says NEITI

The Nigerian Extractive Industries Transparency Initiative (NEITI) on Thursday accused the Nigerian National Petroleum Corporation (NNPC) of under-remitting N77.92billion to the Federation Account in 2017. The report which is pilot study on the sale of crude oil. Click here for more.

NERC to justify tariff hike decision

The Chairman, Nigerian Electricity Regulatory Commission (NERC), Prof. James Momoh on Thursday said the Commission was ready to present the market fundamentals that resulted in the tariff hike to its opposers. Click here for more.