Tag: Finance - Page 24 - African News Today

Youth Investment Fund: Beneficiaries to be Given N250,000 – N5m – Finance Minister

2Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Youths

Youth Investment Fund: Beneficiaries to be Given N250,000 – N5m – Finance Minister

The Federal Government has said that beneficiaries of the N75bn Nigeria Youth Intervention Fund (NYIF) will be given between N250,000 to N5m. This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday. Ahmed had previously noted that the President Muhammadu Buhari administration created a youth fund of N25bn as part of measures to tackle the #EndSARS protests and other related youth agitations in the country. The minister stated that the Federal Government would increase the fund to N75bn within a three years period. Ahmed at a meeting with the 77 District Heads and religious leaders, at Kaduna State University on Saturday said that each youth that benefits from the fund would receive between N250,000 to N5m. She who said the am...

Obasanjo Scores Buhari Low on Foreign Direct Investment, Security

30Oct

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Security

Obasanjo Scores Buhari Low on Foreign Direct Investment, Security

Former President Olusegun Obasanjo has once again rated the Muhammadu Buhari administration low on intervention security and foreign direct investment, saying that a lot is desired if the country were to impact reasonably on its citizenry. Obasanjo disclosed this at a virtual parley of former heads of state at the instance of President Muhammadu Buhari on 23rd October 2020, following the state broadcast to address the shooting of peaceful protesters at Lekki toll gate area of Lagos and other forms of violence that ensured. The former military and civilian leader quoted by Presidential aide on Media and Publicity, Femi Adesina in a statement released on Thursday warned that the country needs heavy local and international investments to make laudable impact. He said, “Let me commend...

Atiku Abubakar Berates Buhari Over 2021 Proposed Budget

10Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Atiku Abubakar Berates Buhari Over 2021 Proposed Budget

Former Vice president Atiku Abubakar has taken a jibe 2021 budget proposal submitted to the National Assembly by President Muhammadu Buhari on Thursday. He said the N13.08 trillion 2021 budget proposal contravened the Fiscal Responsibility Act. The flagbearer of the Peoples Democratic Party (PDP), in the 2019 presidential election faulted the budget proposal in a statement released on Friday, titled “The 2021 Budget Proposal Contravenes the Fiscal Responsibility Act”. He said the N5.21 trillion budget deficit amounted to over 3,5 per cent of Nigeria’s 2019 Gross Domestic Product, GDP. The statement part read, “I call on the President, to recall this budget, and recalibrate it to reflect the provisions of the Fiscal Responsibility Act of 2007, and the current economic realities ...

Okonjo-Iweala Makes Final Two in WTO Race

8Oct

By Chinedu IbeakanmaNo Comments

Africa, African Development, Finance, News, Nigeria, Women Empowerment

Okonjo-Iweala Makes Final Two in WTO Race

Former Minister of Finance Ngozi Okonjo-Iweala has made it to the final stage of the race to the office of the Director General of the World Trade Organisation (WTO). Mrs. Iweala made the final cut with South Korea’s Yoo Myung-hee, Bloomberg reports. Okonjo-Iweala has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunisation. Yoo is South Korea’s trade minister. During her 25-year career in government, she has helped expand her country’s trade network through bilateral accords with the U.S., China and the U.K. WTO General Council Chairman David Walker will formally announce the results to the institution’s delegates today in Geneva. United Kingdom’s Li...

Breaking: Nigerian FEC Approves N13.08tn Budget for 2021

30Sep

By Chinedu IbeakanmaNo Comments

Breaking News, Economy, Finance, News, Nigeria

Breaking: Nigerian FEC Approves N13.08tn Budget for 2021

The Nigerian Federal Executive Council (FEC) has projected a N13.08 trillion budget for the 2021 fiscal year. Speaking to State House Correspondents after the weekly virtual FEC meeting presided over by President Muhammadu Buhari, the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, also said the oil benchmark has been pegged at $40 per barrel. The Minister, who was flanked by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed and the Director-General of the Budget Office, Mr Ben Akabueze, also said the projected Capital Expenditure for the year is projected at N2.083 trillion. Other components projected to tune the 2021 Budget include oil production at 1.86 million barrels ...

BREAKING: Buhari to Present 2021 Budget Next Week

29Sep

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

BREAKING: Buhari to Present 2021 Budget Next Week

President Muhammadu Buhari will present the 2021 Appropriations Bill to a joint session of the National Assembly next week. Senate President, Ahmad Lawan, made the disclosure in his opening remarks to welcome Senators back from their eight- week annual vacation in Abuja. Details shortly...

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...

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

24Sep

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Petroleum

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

The Federal Government is set to meet with the Nigeria Labour Congress (NLC), and Trade Union Congress (TUC), on Thursday in an attempt to avert the planned indefinite strike by the organised labour to protest the spike in electricity tariff and fuel pump price. This was disclosed on Wednesday by Charles Akpan, Deputy Director, Press and Public Relations, Federal Ministry of Labour and Employment in an email. He said the meeting will serve as an avenue for FG to roll out its palliative plans. The mail read, “The Honourable Minister of Labour and Employment, Dr Chris Ngige will be hosting a meeting with the Organised Labour. The meeting is scheduled for Thursday, September 24, 2020 and the venue is the Banquet hall, Presidential Villa, by 3pm.” Previous talks ended in deadlock d...

CBN Disburses N3.5tr COVID-19 Intervention Cash

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...