Category: Economy - Page 18 - African News Today

Nigeria – Why We Resigned from NESG – Bank Directors

11Sep

By adminNo Comments

Economy, Finance, News, Nigeria

Nigeria – Why We Resigned from NESG – Bank Directors

It is no longer news that the NESG (Nigerian Economic Summit Group), few days ago criticized some policies adopted by the CBN in its bid to stabilize the economy. What is however news is that following this criticism and CBN's response, doubling down on its position, three members of the have NESG board resigned. The three board members that resigned are Kennedy Uzoka, Group Managing Director of UBA Plc, Adesola Adeduntan, Managing Director of First Bank and Abubakar Suleiman, Managing Director of Sterling Bank Plc. The reason they gave for their resignation was that they were not carried along by the NESG board before the release of the statement attacking CBN's policy direction. They said among other things "We were not consulted on the statement, and as directors of the NESG...

Government Will not Pay a Kobo of Foreign Reserves to Import Food or Fertilizer Says President Buhari

11Sep

By Obiajulu Joel NwoluNo Comments

Agriculture, Economy, Finance, News, Nigeria

Government Will not Pay a Kobo of Foreign Reserves to Import Food or Fertilizer Says President Buhari

President Muhammadu Buhari has instructed the Central Bank of Nigeria (CBN) to make forex inaccessible for people seeking to import food items and fertilizer. The President said this at the meeting of the National Food Security Council at the Presidential Villa in Abuja on Thursday. It restates the earlier directive on forex given by Buhari in August 2019. President Buhari asked private businesses determined to import food items to use their money to compete with local farmers, noting that government will not provide forex for such purposes in a bid to promote local production. He said, “I am restating it that nobody importing food or fertilizer should be given foreign exchange from the Central Bank. We will not pay a kobo of our foreign reserves to import food or fertilizer. ...

CBN Defends Policies, Responds to NESG’s Claims

10Sep

By Obiajulu Joel Nwolu19 Comments

Covid-19, Economy, Finance, News, Nigeria, Press Statement

CBN Defends Policies, Responds to NESG’s Claims

The Central Bank of Nigeria (CBN) has defended its intervention programmes aimed at stimulating economic growth, saying it everted food crisis during the peak of COVID-19 lockdown. This was stated in a statement by the CBN titled, “Re: Matters of Urgent Attention,” signed by its Director, Corporate Communications, Mr. Isaac Okorafor, which was in response to claims by the Nigerian Economic Summit Group (NESG), that its stimulus programmes were without policy clarity. According to a statement released on Monday, NESG had alleged a huge loophole between food production and the needs of Nigerians despite the enormous sums disbursed by the CBN under its intervention programs. The CBN, in its reaction defended its action claiming its intervention packages were channeled to sectors crit...

Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari

8Sep

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Petroleum

Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari

President Muhammadu Buhari has said his administration cannot afford to subsidise Premium Motor Spirit, widely known as petrol, as Nigeria’s revenue has remarkably dropped. The President disclosed this during the opening of the First Year Ministerial Performance Review Retreat at the Presidential Villa, Abuja. Buhari said a return to the era of subsidy would lead to ‘several negative consequences,’ among which is the long queues at filling stations for hours before petrol could be bought. His view has been countered by the Trade Union Congress (TUC) and the Academic Staff Union of Nigeria (ASUU), who called on President Buhari to fulfil his promise to rehabilitate the country’s refineries. The Buhari administration had in March deregulated the petroleum sector allowing petrol p...

Fuel Subsidy Removal: History will Judge Buhari Favourably for Removing Fuel Subsidy- Garba Shehu

7Sep

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Petroleum, Press Statement, Transportation

Fuel Subsidy Removal: History will Judge Buhari Favourably for Removing Fuel Subsidy- Garba Shehu

The senior special assistant to the president on media and publicity, Garba Shehu has said President Muhammadu Buhari will go down in history as a courageous leader who brought sustainable development by removing subsidy. The Presidential aide on Sunday said history will be kind to President Buhari as the leader who implemented real changes to economic and overall national development by eliminating the evils of corruption inherent in subsidies. Shehu stated these in a statement titled “History will be kinder to President Buhari than his critics are prepared to be.” He was reacting to public outcry as a result of the recent hike in fuel price and electricity tariff. According to him, the reforms that led to the hike in prices are “necessary and overdue.” “Subsidy removal in ...

Opinion: The Financial Costs of General Buhari’s CluelessNess By Reno Omokri

6Sep

By adminNo Comments

Economy, News, Nigeria

Opinion: The Financial Costs of General Buhari’s CluelessNess By Reno Omokri

At least three major UK based companies appear set to deliver a fatal blow to Nigeria’s economy due to the cluelessness of General Buhari’s administration. P&ID is already an infamous example of how having an inept leader is about to cause Nigeria to lose almost $10 billion from our foreign reserves, or other foreign assets, simply because Buhari did not set up his cabinet for six months after being sworn in, and left government to his unelected cabal, who were more interested in lining their pockets. Additionally, Buhari erroneously thought the P&ID contract was signed under former President Jonathan. So he dragged his foot and instead approached a US court for a subpoena, which he got, to search for hidden accounts held by Jonathan. Alas, he found n...

Nigerian Government Approves Phased reopening of Schools

4Sep

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Education, Finance, News, Nigeria, Safety, Transportation

Nigerian Government Approves Phased reopening of Schools

Reviews curfew from 12am to 4am Lifts ban on market, cinema and gym Approves reopening of NYSC orientation camp The Nigerian government has ratified the phased reopening of educational institutions across all states of the federation after schools were closed in March as a measure to control the spread of COVID-19. Government tasked state government and stakeholders in the education sector to commence preparations for the full resumption of schools and also approved the extension of curfew from the initial 10 pm to 4 pm to 12 am to 4 am. The extension of the mandate of the Presidential Task Force on COVID-19 (PTF), was extended from September till December 31. Briefing reporters in Abuja, Dr. Sani Aliyu, National Coordinator of the PFT said, “For educational...

Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union

3Sep

By Obiajulu Joel Nwolu1 Comment

Economy, Education, News, Nigeria, Petroleum

Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union

The Students’ Union Government of Tai Tai Solarin University of Education (TASUED), Ijagun, Ijebu-Ode, Ogun State has rejected the hike in the pump price of Premium Motor Spirit (PMS) from N148 to N151.56k per litre. The PMS price regulatory agency had announced an increase to N151.56k per litre for the Nigerian National Petroleum Corporation retail outlets while the Independent Petroleum Marketers Association of Nigeria instructed its members in the South-West to dispense at N162. Describing it as an act of war on Nigerian students, TASUED Students Union President, Abdul-Azeez Lekan Soneye said it was time for them to confront the government or be consumed. He said, “War is coming. And it will consume everyone of us here if care is not taken. Electricity fee has been hiked by 300...

Reps Fault Chinese Loan Terms, as FG Confirms Sovereignty Clause

18Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Legislature, News, Nigeria

Reps Fault Chinese Loan Terms, as FG Confirms Sovereignty Clause

The House of Representatives has frowned at the sovereignty clause in Nigeria’s loan agreement with China, describing it as dangerous. Nicholas Ossai, Chairman of the House Committee on Treaties, Protocols and Agreements stated this at the investigative hearing on external loans and commercial agreements, saying Nigeria’s loan agreement with China was overseen by Chinese laws. He said Nigerian officials have been going against the Executive Order providing guidelines on waiver of sovereign immunity during loan and commercial agreement negotiations which the Federal Government signed in 2014. Ossai in his remarks, noted that the controversial clauses and agreements preceded the President Muhammadu Buhari’s administration. He also said that the inquiry was not about the All Progress...

Lai Mohammed Justifies Borrowing to Finance Infrastructure

16Aug

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Transportation

Lai Mohammed Justifies Borrowing to Finance Infrastructure

Minister of Information and Culture, Lai Mohammed has justified government’s borrowing to finance infrastructure, saying there is nothing bad with it. He disclosed this while on an inspection tour of the Lagos-Ibadan railway project. According to Mohammed, “We didn’t borrow money for services.” “We didn’t borrow money for overhead expenditure. We borrowed money for capital projects – rail, road, bridges, power, general infrastructure. “There is nothing bad in borrowing, provided that borrowing is invested in infrastructure, especially when it will create jobs, create an enabling environment for the economy.” The Minister expressed satisfaction with the quality of work done on the Lagos-Ibadan rail project. “I am very excited,” he said. “When I got into the train this morn...