Monday, November 18

Finance

Dollar Shortage, Subsidy, Deficit Financing Threatening Nigeria’s Growth – W’Bank
24Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Dollar Shortage, Subsidy, Deficit Financing Threatening Nigeria’s Growth – W’Bank

The World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed this in its Nigeria Development report, which was released on Tuesday. The report identified measures taken by the government to tackle the pandemic-induced economic challenges. “In 2020, the Nigerian government began to address longstanding macroeconomic challenges by harmonising the two main exchange rates, adjusting electricity tariffs to more cost-reflective levels, cutting nonessential spending, redirecting budgetary resources towards the COVID-19 response at both the federal and state levels, strengthening debt management, and increasing th...
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Naira Loses Steam, Slides To 555/Dollar In Parallel Market
23Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Naira Loses Steam, Slides To 555/Dollar In Parallel Market

The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday. After tumbling to 575/dollar recently, the local currency began a gradual uptick in recent weeks peaking at 530/dollar last week. Operators in the parallel market, who spoke to our correspondent on Monday, said the local currency was bought and sold at 550/dollar and 555/dollar respectively. Read Also: Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo An operator in the black market attributed the fall to an increase in demand for the greenback. At the Central Bank of Nigeria’s Investor & Exporter Window, the naira fell by 0.16 per cent to close at 415.07/doll...
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Buhari Approaches World Bank, Others For $30million Loan
21Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Buhari Approaches World Bank, Others For $30million Loan

President Muhammadu Buhari says his government is in talks with the World Bank to obtain $30 million to build a vaccine plant in Nigeria. Buhari, represented by Vice-President Yemi Osinbajo, made this known in Jos on Saturday during the graduation of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies. The President said he hoped that the vaccine plant to be built in collaboration with May & Baker Nigeria Plc would commence next year. Read Also: No Diamond Bra Recovered From Diezani, Says Bawa He said, “Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about $30 million to help finance a vaccine plant – Biovaccines Nigeria Ltd, (with 49 per cent of the company owned by the Nigerian government an...
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Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees
19Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees

The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria warned that the rising cost of petrol at depots would definitely warrant commensurate increase in pump price if not checked. They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre. But the Nigerian National Petroleum Company Limit...
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FG Raises Power Tariff December, Begins Free Meters Purchase
18Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria, Power

FG Raises Power Tariff December, Begins Free Meters Purchase

Power consumers nationwide may start to pay more for electricity, following plans by the Federal Government to carry out a review of power tariff. This came as the Federal Government said on Wednesday it had commenced the procurement of four million meters meant to be distributed free of charge to unmetered power users nationwide. It also put the number of unmetered electricity consumers in Nigeria at about eight million, adding that over 860,000 meters were distributed for free to power users under phase zero of the National Mass Metering Programme. It was learnt on Wednesday the Nigerian Electricity Regulatory Commission would review the country’s power tariffs by next month, barring any unforeseen circumstance. On the four million free meters being procured, the Deputy Gener...
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ASUU Threatens Fresh Strike, Over Unpaid N22bn Allowance
16Nov By Obiajulu Joel NwoluNo Comments
Education, Finance, News, Nigeria

ASUU Threatens Fresh Strike, Over Unpaid N22bn Allowance

The Academic Staff Union of Universities, on Monday, gave the Federal Government a 21-day ultimatum over the failure of the government to implement the agreement reached with it. This is as the Minister of State for Education, Chukwuemeka Nwajiuba, claimed in an interview with The PUNCH that the union had failed to submit a breakdown of the workers entitled to the N22.1bn earned allowances. The ASUU President, Prof Emmanuel Osodeke, who spoke during a press briefing at the University of Abuja, blamed the Federal Government for failing to honour the agreement it signed with the union, which made it call off its strike in December 2020. Recall that in March 2020, ASUU embarked on a nine-month strike following its disagreement with the Federal Government over the funding of universit...
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EFCC Grills New MD of First Bank Holdings, Nnamdi Okonkwo
15Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

EFCC Grills New MD of First Bank Holdings, Nnamdi Okonkwo

The newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo has been grilled by the Economic and Financial Crimes Commission (EFCC). Okonkwo’s grilling is said to be connected with his alleged role in the transfer of $153 million linked with Nigeria’s former petroleum minister, Diezani Alison-Madueke from the Nigerian National Petroleum Commission (NNPC). Though there were reports that he was also detained by the anti-corruption agency, details are still sketchy as of the time of filing this report, Punch reports. The EFCC had claimed that Diezani siphoned $153 million out of the NNPC and stashed it in three banks in the country. Read Also: EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud The EFCC had on April 28, 2016 detained Mr ...
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VAT Row: FG Eyes Out-Of-Court Settlement
13Nov By Obiajulu Joel NwoluNo Comments
Finance, Judiciary, News, Nigeria

VAT Row: FG Eyes Out-Of-Court Settlement

The Federal Government has hinted that it may explore an out-of-court solution to the lingering legal battle between its agency, Federal Inland Revenue Service, and Rivers and Lagos states over the collection of Value Added Tax. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that efforts were ongoing on the issue but she did not give details as the matter was subjudice. Speaking in an interview on Channels Television’s Politics Today on Thursday night, Ahmed said she hoped there would be a political solution to the issue rather than a protracted court case.× The Federal High Court sitting in Port Harcourt, the Rivers State capital, had on August 9 ruled that Rivers State and not the FIRS should be the authority collecting VAT and Personal Income Tax...
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Court Fines Kanu Nwankwo, Hotel For Stalling Trial In Alleged Debt Of N924million
13Nov By Obiajulu Joel NwoluNo Comments
Finance, Judiciary, News, Nigeria

Court Fines Kanu Nwankwo, Hotel For Stalling Trial In Alleged Debt Of N924million

former Super Eagles captain, Kanu Nwankwo and his hotel, Hardley Apartment, have been fined N30,000 by the Federal High Court in Lagos State. According to Daily Post, the Justice Chukwujekwu Aneke-led Federal High Court on Friday, ordered Kanu and his hotel, Hardley Apartment, to pay the sum. They were fined for stalling the scheduled hearing of debt recovery suit brought against them by the Asset Management Corporation of Nigeria, AMCON. Recall that AMCON had dragged the former Arsenal star, his hotel and its directors, Ayoola Gam-Ikon before the court over alleged debt of N924.7 million. But at the hearing on Friday, T. A Idelegbagbon, lawyer to Kanu and Hardley Apartment told the court that she is withdrawing all motions earlier filed in response to the suit in 2017. Read...
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EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud
12Nov By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

EFCC Detains Ex-Edo Gov, Igbinedion, Over N1.6bn Fraud

A former governor of Edo State, Lucky Igbinedion has been detained by the Economic and Financial Crimes Commission. Premium Times reports that Igbinedion who finished his tenure as governor in 2007 is being grilled at the Abuja headquarters of the EFCC for allegedly diverting public funds to the tune of N1.6 billion. A loan obtained by the Edo State government is said to have been diverted to a company which he has an interest in. Read Also: Arik Airlines Staff Arrested For Seeking Bribe From Passenger At Lagos Airport Mr Igbinedion was prosecuted in 2008 by the EFCC and convicted of embezzling N2.9 billion belonging to Edo State. He was sentenced to six months’ imprisonment after he pleaded guilty to one count which was pruned from 191 charges. The latest invitation ...
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