Tag: Finance - Page 20 - African News Today

My Government Can Barely Afford Salary Payment – El-Rufai

13Apr

By Obiajulu Joel NwoluNo Comments

Finance, Labour, News, Nigeria

My Government Can Barely Afford Salary Payment – El-Rufai

The Kaduna State government has said that its revenue allocation from the Federation Account Allocations Committee, FAAC, since the middle of 2020, can barely pay salaries and overheads of workers in the state. This comes on the heels of the recent disclosure that the state government is downsizing its workforce because of the overstretch of public finances by huge wage bills at a time when revenue has dwindled. It disclosed this in a statement issued by the Special Adviser on Media and Communication to the Governor, Muyiwa Adekeye. It read, “The government was elected to develop the state, not just to pay the salaries of public servants. It was elected to promote equality of opportunity, to build and run schools and hospitals, upgrade infrastructure and make the state more secure...

Ghana Cedi Ranked Best Currency in Africa

5Apr

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Ghana, News

Ghana Cedi Ranked Best Currency in Africa

Ghana’s legal tender has been ranked the best performing currency in Africa for the first quarter of 2021. It appreciated at 0.6 per cent to the US dollar, bettering some other prevalent 15 currencies in Africa. Among the currencies are the Egyptian pound, Nigerian naira and the South African rand, Ghanaweb reports. A report by Joy Business monitored by GhanaWeb showed that the cedi's performance is almost similar to that of 2020. Also, the currency has benefitted from growth-related efforts such as diversified exports of cocoa, gold among others. Courage Martey, a Senior Economic Analyst at Databank Research, while adducing the rationale for the growth of cedi said, "the Ghana cedi ended the first quarter of 2021 with yet another impressive performance, similar to what it did ...

2Apr

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Infrastructure, News, Nigeria, Petroleum

Femi Adesina: Flying on Wings of Gas

By the time we remove hatred, malice, indecent politics, and all the ills that plague our country and its leaderships across different governments, President Muhammadu Buhari would go down in history as the one that pioneered different kinds of revolution in our national life: agriculture, infrastructure (roads, rail, bridges, airports etc.), and the latest; gas. In fact, Nigeria is set to fly on the wings of gas, courtesy of President Buhari. But let me give due credit for the headline of this piece, which is the brainchild of Mr Tony Attah, Managing Director of Nigeria Liquefied Natural Gas (NLNG). At the conference on the Decade of Gas, flagged off by the President on Monday, Attah declared: “Gas is now everything for Nigeria. We must use what we have to get what we want. Saudi Ar...

Supplementary Budget Not Yet Sent to National Assembly – Presidency

31Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Supplementary Budget Not Yet Sent to National Assembly – Presidency

The Presidency has disclosed that it has yet to forward the supplementary budget for 2021 to the National Assembly. This was made known on Tuesday by the Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Umar el-Yakub, in response to an inquiry by Punch. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had earlier on February 25, 2021, said the Federal Government would prepare a supplementary budget to be sent to the National Assembly to cater for COVID-19 vaccines and vaccination. Ahmed had said the fiscal document would be prepared in March. On Monday, President Muhammadu Buhari met behind closed doors with the President of the Senate, Ahmad Lawan; to discuss the issue of coming up with a supplementary budge...

CBN Introduces New Charges for USSD Services

17Mar

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria, Press Statement

CBN Introduces New Charges for USSD Services

The Central Bank of Nigeria has introduced new charges for customers using the Unstructured Supplementary Service Data services. The apex bank said effective Tuesday, customers will pay a flat fee of N6.98 per transaction every time they use USSD services. It said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks. This was contained in a statement released on Tuesday and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde. The statement was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of...

CBN directs Banks to Start Scan-to-pay System

16Mar

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, News, Nigeria

CBN directs Banks to Start Scan-to-pay System

The Central Bank of Nigeria (CBN) has requested Deposit Money Banks (DMBs) to begin the adoption of the contactless payment service option. The NQR payment solution, launched yesterday on Monday rs instant value by simply scanning generated digital code to make payment. The new ‘touch-free’ payment method would help create and offer better customer experience to the public. Speaking during the launch in Lagos, CBN Director, Payment System Management, Musa Jimoh, said the NQR payment solution is an alternative payment plan that will eliminate direct contact between merchants and their customers. The innovative solution will catalyse to boost financial inclusion while providing access to faster, easier and secure financial services to Nigerians. It provides a “touch-free” optio...

Naira Trades at N481/$ at Parallel Market

16Mar

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Trades at N481/$ at Parallel Market

The naira has further taken a fall at the parallel market by exchanging for N481/$. It exchanged for an exorbitant N412 at the Exporter and Importer forex window. Recall that Nigeria’s apex bank, the Central Bank of Nigeria had stated that the naira depreciated at the official market to N410 against the dollar. The CBN said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.”

ASUU Threatens Fresh Strive Over Unremitted Deductions, Inconsistent Payment

15Mar

By Obiajulu Joel NwoluNo Comments

Education, Finance, Labour, News, Nigeria

ASUU Threatens Fresh Strive Over Unremitted Deductions, Inconsistent Payment

The Academic Staff Union of Universities has warned that its members might be forced to withdraw from work over what it termed the victimization of its members. The union blamed the Federal Government, as well as the Accountant General of the Federation, over refusal to pay its members’ salaries despite the ‘no victimisation clause’ of the suspended strike, Punch reports. It said that while its members have long resumed duty, the hardship been faced due to unpaid salaries and non-refund of deducted check-off dues will affect productivity. According to the Chairman of ASUU, University of Ibadan, Prof. Ayo Akinwole, the Federal Government failed to remit the deductions it made to the account of the union. The varsity lecturers warned that if pushed to the limit, “withdrawal of wo...

PPPRA Deletes Template Announcing N212/Per Litre Petrol Price

12Mar

By Obiajulu Joel NwoluNo Comments

Cost of Living, Finance, News, Nigeria, Petroleum

PPPRA Deletes Template Announcing N212/Per Litre Petrol Price

The Petroleum Products Pricing Regulatory Agency, PPPRA, has deleted an earlier published template announcing an increase in the retail price of petrol The PPPRA had published a new template on Thursday night that showed an increase in the pump price of petrol from N186 to N212 per litre. According to the template, the retail price of petrol was put on the market band of N209.61 and 212.61. Usually, marketers sell at the upper band. The March template showed that the landing cost for petrol per litre is N189.61 with the ex-depot price put at N206.42 per litre. Though the rationale behind taking down the post could not be ascertained, reports suggest it was informed by the backlash which trailed the petrol price hike. The controversial template was previously accessible using...

Breaking: Supreme Court Upholds Ex-Plateau Gov Dariye’s 10-Year Jail Sentence

12Mar

By Obiajulu Joel NwoluNo Comments

Crime, Finance, Judiciary, Namibia, News

Breaking: Supreme Court Upholds Ex-Plateau Gov Dariye’s 10-Year Jail Sentence

The Supreme Court has upheld a criminal breach of trust brought up against jailed former Governor of Plateau State, Joshua Dariye. The former governor has approached the court to overturn the November 16, 2018 judgement of the Court of Appeal, Abuja, which found him culpable and sentenced him to 10 years for diverting public funds estimated at N1.162 billion while he was the Governor of Plateau. The apex court on Friday upheld the 10-year jail term imposed on Dariye upon his conviction on the charge of criminal breach of trust. It, however, set aside the charge that alleged misappropriation of fund, which prescribed a two-year sentence for Dariye.