Economy Archives — Page 256 of 258

December 8, 2015 No Responses

FG Proposes N6tri Budget For 2016

For the fiscal year 2016, the Federal Government has proposed a budget of N6 trillion, allocating 30 percent of the budget to capital expenditure. It has also approved and submitted the Medium Term Expenditure Framework ( MTEF), to the National...

December 4, 2015 No Responses

FG reduces MTN fine to N674b

The Federal Government through the Nigerian Communication commission (NCC) has reduced MTN fine from N1.otrillion to N674 billion. Meanwhile, the South African telecommunication giant has announced the resignation of the head of its Nigerian operations, Mi...

December 3, 2015 No Responses

Govt insists on use of technology for development

President Muhammadu Buhari’s administration is interested in using technology to fast track the country’s growth and development, Vice President Yemi Osinbajo has said Speaking while signing a Memorandum of Understanding (MoU) between the Federal Governm...

December 3, 2015 No Responses

FG to raise N50b in 2020, 2024 bonds

The Federal Government has concluded plans to raise N50 billion in local currency denominated bonds maturing in February 2020 and March 2024 at its last debt auction of the year on Dec. 9. According to the Debt Management Office (DMO),...

December 3, 2015 No Responses

Senate restates ban on rice importation

The Senate has criticized the lifting of ban placed on rice importation and urged the Presidency to prevail on the Nigeria Customs Service (NCS) to immediately restore it. Adopting the report of the Ad-hoc Committee on Import Duty Waivers, Concessions...

December 2, 2015 No Responses

CBN cautions against weak corporate governance practices

The Central Bank of Nigeria (CBN) has reiterated its commitment to ensure zero-tolerance to weak corporate governance practices in the country. According to the CBN Deputy Governor in charge of Financial System Stability, Dr.Okwu Joseph Nnanna, who spo...

December 2, 2015 No Responses

Senate approves N574.5b supplementary budget

The Senate on Tuesday passed N574,532,726,857 billion as the 2015 supplementary budget. Under the arrangement, it is N108,895,800,000 billion higher than the N465,636,926,857 billion proposed by President Muhammadu Buhari to the National Assembly for appro...

November 25, 2015 No Responses

CBN cuts interest rate to 11%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (benchmark interest rate) from 13 per cent to 11 per cent. Speaking at an interactive session with Journalists after the MPC meeting explained...

November 23, 2015 No Responses

Fidelity Bank rewards more customers

FIDELITY Bank Plc’s “Save4Shelter” promotion has rewarded more customers in its second monthly draw. The bank explained that the initiative depicts its concern in meeting the basic needs of its valued customers. The reward scheme is the fifth of its...

November 20, 2015 No Responses

Dangote Flour changes name

The management of Dangote Flour plc has notified the Nigerian Stock Exchange (NSE) of the company’s change of name. Company Secretary and Legal Adviser of Dangote Flour Plc, Aisha Ladi Isa explained that company’s new name is Tiger Branded Consumer...

November 20, 2015 No Responses

Buhari restates commitment to Privatisation

President Muhammadu Buhari has reaffirmed his Administration’s commitment to the Federal Government’s privatisation and commercialisation policy. Speaking at an audience with Peugeot’s Executive Vice President for Africa and the Middle-East, Mr. Jean-Chr...

November 20, 2015 No Responses

FG approves disbursement of $150m NNLG fund

The National Economic Council (NEC) has approved the sharing of $150 million among the three tiers of government. According to the council, the money is part of the $400 million dividends paid by the Nigerian Liquefied Natural Gas. Vice President...

November 19, 2015 No Responses

Dangote remains Africa’s richest person, says Forbes

For the fifth consecutive year, Forbes has rated the President of the Dangote Group, Aliko Dangote, as Africa’s richest person in Africa. The Magazine also ranked Dangote as the 67th richest person in the world, from a peak of 23rd...

November 19, 2015 No Responses

Buhari seeks extra N466b for subsidy, others

PRESIDENT Muhammadu Buhari has sent a letter to the National Assembly seeking approval for N465.64 billion as supplementary budget for the 2015 fiscal year to among others, pay petroleum subsidy claims amounting to N413, 363, 134, 505. In the letter...