Category: Finance - Page 28 - African News Today

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

27Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation. Osinbajo made the remark at a virtual interactive forum in Abuja. According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol. Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.” The Vice President while spe...

23Sep

By Chinedu IbeakanmaNo Comments

Cost of Living, Covid-19, Economy, Finance, Nigeria

CBN Disburses N3.5tr COVID-19 Intervention Cash

The Central Bank of Nigeria (CBN) says it has disbursed N3.5 trillion to various sectors of the economy to assist in cushioning the effects of the Coronavirus pandemic. The Apex bank says it will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele who stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja also gave a breakdown of how the funds were disbursed. The breakdown is as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 bi...

Photos: Public Complaints Commission Staff Embark on Warning Strike, Stage Protest at Headquarters

18Sep

By Obiajulu Joel NwoluNo Comments

Finance, Interview, News, Nigeria, Photos

Photos: Public Complaints Commission Staff Embark on Warning Strike, Stage Protest at Headquarters

Staff of the Public Complaints Commission (PCC) have embarked on a 7 days warning strike to drive home their demand for payment of minimum wage. Staff members staged a protest at the entrance of the commission’s headquarters at Aguiyi Ironsi Street, Maitama Abuja. Comrade Ogah Folorunsho, unit Chairman, Civil Service Union in PCC in an exclusive interview with African News Today, said, “We are protesting the non-implementation of minimum wage and payment of accrued arrears for over seventeen months.” He said though President Muhammadu Buhari assented to the minimum wage Act on 19 April, 2019, the commission is yet to benefit from the payment of the new minimum wage. Speaking on efforts to resolve the discrepancy, Folorunsho said, “We did not just come out in the street. We have...

16Sep

By Obiajulu Joel NwoluNo Comments

Economy, Employment, Finance, News, Nigeria

NESG Vs CBN Faceoff: Prospects for SMEs

Most Nigerians were startled and bemused by the recent revelations by the Nigerian Economic Summit Group (NESG), against Nigeria’s apex Bank, Central Bank of Nigeria. The NESG is a non-profit private sector organisation setup in 1966 with a mandate “to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy”. It issued a 15-point statement jointly signed by its Chairman, Mr Asue Igbodalo and the Chief Executive Officer, Mr Laoye Jaiyeola where it made some damning accusations on the integrity of the CBN to stimulate the ailing Nigerian economy to thrive under the COVID-19 pandemic. It concerns bothered on issues such as transparency and efficiency of agricultural intervention under the anchor borrowers programme; foreign e...

Economy Will be Revatalised Soon, Buhari Promises Nigerians

16Sep

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Finance, News, Nigeria

Economy Will be Revatalised Soon, Buhari Promises Nigerians

President Muhammadu Buhari has expressed optimism that the Nigerian economy would bounce back strongly, given the well-planned policy responses to the economic challenges which are fall out of the COVID-19 pandemic. He said his administration had implemented appropriate policies geared towards steadily addressing the challenges created by the pandemic. President Buhari disclosed this while speaking at the 13th annual banking and finance conference in Abuja themed: “Facilitating Sustainable Future: The Role of Banking and Finance.” He said, “So far, government has implemented a wide range of fiscal, prudential and monetary measures that squarely address four key necessities to ensure sufficient liquidity to support government programmes for saving lives and livelihoods, maintain st...

CBN Urges Nigerian Banks to Increase Agric Sector Lending to 10%

16Sep

By Obiajulu Joel NwoluNo Comments

Agriculture, Covid-19, Economy, Finance, News, Nigeria

CBN Urges Nigerian Banks to Increase Agric Sector Lending to 10%

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has asked banks in Nigeria to consider increasing the percentage of loans available to the agriculture sector to 10 percent by 2024. Emefiele advocated for a spike in the current four per cent. This comes on the heels of optimism by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed that the Nigeria economy will bounce back strongly within the near term with the right policy responses to the multidimensional crises occasioned by the COVID-19 pandemic. The CBN governor while delivering an address at the opening ceremony of the 13th Annual Banking and Finance Conference said the sum of N69 billion had so far been disbursed to over N140,000 beneficiaries from the N100 billion CBN COVID-19 support...

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

13Sep

By adminNo Comments

Corruption, Economy, Finance, News, Nigeria, Petroleum

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

There is no more unmistakable evidence for the dishonesty, dubiousness and downright gangsterism of the Buhari administration than the fuel subsidy heist that they have pulled in Nigeria. The Buhari administration is so dishonest and corrupt in their handling of the downstream sector of the oil and gas industry. And this is fact, not opinion. Let us now consider some facts. The government said they removed subsidy in June 2020 (although some officials say it was in March). In June 2020, the Naira traded officially at ₦360 to $1 before it was devalued to ₦380 on August 6, 2020. This is a 6% devaluation. There have not been any significant changes in the price of crude oil between June and today. The price differential per barrel is $4. As of June 2020,...

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...