Nigeria’s Debt is N25.7trillion
Nigeria owes N25.7 trillion in domestic and external debt. The Debt Management Office (DMO) stated this in its ‘Total Public Debt Portfolio’ obtained from its website on Wednesday. Click here for more.
N25.7tn debt: Experts oppose IMF’s call for tax hike, say Nigerians overburdened
Finance experts, Lagos Chamber of Commerce and Industry, a university don, among others, have disagreed with the International Monetary Fund on the fund’s latest recommendation to the Federal Government to raise its tax rate in order to meet Nigeria’s huge amount spent on debt servicing and developmental projects. Click here for more.
Again, FG Makes Labour Fresh Offer to Avert Strike
After a protracted negotiation, which lasted till 2.05 a.m this morning, the federal government made a new offer to the organised labour to avert industrial action by the workers. Click here for more.
FG moves to reduce allowances of all political office holders
In a bid to reduce Nigeria’s recurrent expenditure, the Federal Government of Nigeria (FGN) is planning to scrap hazard allowances for state governors and review allowances earned by all political office holders in the country. Click here for more.
FEC Approves N5.4bn For Gas Parks, Airport Security
The Federal Executive Council has approved N5.4bn for the construction of oil and gas parks and indoor shooting range for aviation security. Click here for more.
Investors Lose N20.18bn As Sell Pressure Persists
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.16% to close at 26,472.20 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.78%. Click here for more.
Financial Inclusion Rate in Nigeria Now 63.2% As At 2018
After a dip in the financial inclusion headline number in 2016, the biannual financial inclusion survey number shows a marginal increase from 58.4 per cent in year 2016 to 63.2 per cent in 2018.Financial Inclusion Rate in Nigeria Now 63.2% As At 2018. Click here for more.
Nigeria borrowed more in last three years than it did in 30 years
At current levels of over N25 trillion, it means that Nigeria has borrowed in three years more than it borrowed in 30 years previously, and the country to remain peaceful and get the economy working better, it must return to the basics of federalism, as the foundation of her national enterprise. Click here for more.
Nigeria, Canada to ink new $2.3b power deal
The Federal Government and a Canadian firm, TREDIC Star Core are working on a $2.3b power deal which could improve Nigeria’s electricity generation by 1,652 megawatts (MW). The deal could ensure the creation of 23 micro-power stations across the country. This revelation was made by the representative of the power firm in the country, Abayomi Olushola Falana, who dropped a hint about the deal. Click here for more.
Pound stands firm as Brexit hopes build, equities rise
The pound held most of its gains Wednesday after hitting a five-month high on growing hopes that Britain and the European Union are close to a Brexit deal, while equity markets remained buoyed despite signs of fresh China-US tensions over Hong Kong. Click here for more.
U.S., Chinese Teams Working On Phase 1 Trade Deal Text: Mnuchin
U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, U.S. Treasury Secretary Steven Mnuchin said on Wednesday, adding he was prepared to travel to Beijing for more meetings if necessary. Click here for more.