Category: Finance - Page 7 - African News Today

Federal Government Proposes to Spend N19.76 trillion in 2023

30Aug

By Osaretin BalogbanNo Comments

Finance, News, Nigeria

Federal Government Proposes to Spend N19.76 trillion in 2023

The Federal Government has revealed its plan for a budget of 19.76 trillion to be spent from 2023 as disclosed by the Minister of Finance. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, made the revelation in Abuja on Monday. See Also: 2023: INEC Budgets N239bn For Poll Materials, Presidential Run-Off The Minister briefed the House of Representatives Committee on Finance concerning the 2023-2025 Medium Term Expenditure Framework. She said the government was protruding revenue of N8.46 trillion for 2023 as N1.9 trillion is expected from oil-related sources while 6.56 trillion would be generated from non-oil sources. Ahmed noted the budget was based on the exchange rate of N435.57 per dollar and 70 dollars per barrel of crude oil. The oil product...

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

11Aug

By Osaretin BalogbanNo Comments

Economy, Finance, News, Nigeria

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market. According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market. As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market. See Also: Bakers on The Verge of a Nationwide Strike “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable. However, On the official marke...

30Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

How To Save Naira – CBN

The Central Bank of Nigeria, CBN, has urged Nigerians to avoid rumours in the foreign exchange market to ensure the naira does not dip further. This was said by the CBN corporate communications director, Osita Nwanisobi, in a statement issued on Friday. The statement follows the raiding of Wuse Zone 4, Abuja by operatives of the Economic and FInancia Crimes Commission, EFCC, over alleged mopping up of foreign currencies by some Bereaux De Change, BDC, operators. Reports say the raid was in an attempt to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.” The naira recently dipped to around N7070 per dollar from about N580 at the parallel market. According to Nwanisobi, the dip was occasioned by “speculative tendencies...

Naira Devalues to N700/$1 as Dollar Demand Rises

29Jul

By Osaretin BalogbanNo Comments

Economy, Finance, News, Nigeria

Naira Devalues to N700/$1 as Dollar Demand Rises

The value of the Naira has continued to fall and has now hit N700 to $1 in the parallel market as the demand for the foreign currency persists. As of last week, Naira was valued at N630 to $1 and has maintained a value of N620 to $1 before the further devaluation. Abudul Hassan, who is a Lagos-based Bureaux De Change (BDC) operator said the devaluation of the naira to the dollar is a result of the demand for the dollar in the parallel market, so therefore the Central Bank of Nigeria (CBN) finds it difficult to meet the demand at the official market. “Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, people are quoting sale price at N710/$1 but actual transactions are settled around N700/$1. We expect the...

Ebonyi Governor Suspends Payment of Pensions

29Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

Ebonyi Governor Suspends Payment of Pensions

Governor David Umahi of Ebonyi State has suspended the payment of pensions to pensioners in the State, citing fraud in wage bills. Umahi disclosed this while addressing the press immediately after the executive council meeting at the New Government House, Centenary City, Abakaliki, on Thursday. The Governor in a statement issued by Uchenna Orji, Commissioner of Information and State Orientation, expressed surprise over the sustained spike in the wage bills of the State. Consequently, he ordered immediate re-validation and re-verification of pensioners in the State. He said, “EXCO received a memo on the re-validation and re-verification of Pensioners in Ebonyi State due to a continuous increase in wage bills. The office of the Head of Service had made discoveries of p...

7Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

Fuel Subsidy Is A Scam – Peter Obi

Fuel subsidy is a scam. This is the position of the Presidential Aspirant of the Labour Party, LP, Peter Obi who has promised to offer a better alternative if elected. He describes the present structure of fuel subsidy as a scheme that funds incompetence. Obi made the pledge when he appeared on Arise Television on Wednesday, noting that the petrol subsidy was part of the ways government spends recklessly, promising that if elected, his administration will not expend $40 billion of tax payer’s money on subsidy as presently done by the President Muhammadu Buhari’s regime. Statistics show that the country spent N1.27 trillion on petrol subsidy payments in the past five months, amounting to about 31 percent of the N4 trillion budget for the year. It threatened oil gains as Nigerian ...

1Jun

By Obiajulu Joel NwoluNo Comments

Corruption, Finance, Judiciary, News, Nigeria

Okorocha Gets Bail, Leaves EFCC Custody

A Federal High Court in Abuja on Tuesday ordered a former governor of Imo State and presidential aspirant of the All Progressives Congress, Rochas Okorocha, to remain in custody until he perfects the conditions attached to his bail. Justice Inyang Ekwo made the order after admitting the ex-governor to bail in the sum of N500m and one surety in the like sum. Admitted also to bail by Justice Inyang Ekwo is his co-accused, Anyim Nyerere, who was sighted in a 17-count that majored on money laundering. For Nyerere, the court ordered that he should continue on the administrative bail granted him by the Economic and Financial Crimes Commission for exhibiting good conduct while on bail. The court ordered that Okorocha’s surety must have a property in Abuja not below N500m and the ...

Strike: We’ve Resumed Talks With FG, Say ASUU, SSANU

30May

By Obiajulu Joel NwoluNo Comments

Education, Finance, News, Nigeria

Strike: We’ve Resumed Talks With FG, Say ASUU, SSANU

The Academic Staff Union of Universities, Joint Action Committee of the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Educational and Associated Institutions have said the Prof Nimi Briggs Committee is in negotiation with the unions. Speaking in an interview with The PUNCH on Sunday, the ASUU’s National President, Prof Emmanuel Osodeke, said the union had been negotiating with the Briggs Committee since last week over its demands. ASUU commenced its ongoing strike on February 14, 2022 after the Federal Government failed to meet some of its demands namely; the release of revitalisation funds for universities, renegotiation of the 2009 FGN/ASUU agreement, release of earned allowances for university lecturers, and deployment of the ...

EFCC Operatives Storm Okorocha’s Abuja Residence, Arrest Him

25May

By Obiajulu Joel NwoluNo Comments

Corruption, Finance, News, Nigeria

EFCC Operatives Storm Okorocha’s Abuja Residence, Arrest Him

Economic and Financial Crimes Commission (EFCC), yesterday, arrested the former Imo State governor and presidential aspirant, Rochas Okorocha, at his Maitama, Abuja residence. Though the security operatives met stiff resistance from the supporters of the former governor, tear gas was fired to disperse them to effect the arrest. The anti-graft agency said it laid siege to the home of the former governor to arrest him, accusing him of jumping bail granted him by the commission. EFCC’s spokesperson, Wilson Uwujaren, in a statement, said the move followed the refusal of Okorocha to honour invitations after jumping the administrative bail earlier granted him by the commission. Read Also: EFCC Arrests Accountant General, Idris For Alleged N80b Fraud According to Uwujaren, th...

$4.7m Malawi Covid Fund Missing After Audit

22May

By Chukwuebuka FestusNo Comments

Corruption, Covid-19, Finance, Malawi, News

$4.7m Malawi Covid Fund Missing After Audit

An audit into Covid spending in Malawi has found that around $4.7m (£3.7m) cannot be accounted for from $21m set aside to deal with the second phase of the pandemic. This is on top of $881m from the first phase that a 2020 audit showed had been spent irregularly or was not accounted for. After the first audit, President Lazarus Chakwera promised to crack down on the culprits and several officials were taken to court, though none of the cases have yet concluded. The latest investigation - a 66-page report by the country’s auditor general - lists the irregularities, which include undelivered medical supplies, allowances paid without attendance sheets and fuel acquired without official documentation. Read Also: Face Masks Now Optional, COVID-19 Restrictions To Go Soon – FG ...