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  • States to repay bailout loans from allocations

    The bailout package being prepared by the Central Bank of Nigeria for the 36 states of the federation is to be deducted from their statutory allocations, findings have revealed. Investigations on Monday revealed that some state governors...

    • Posted July 29, 2015
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  • WACOT: Nigeria gets $32m non-oil revenue from sesame export

    The General Manager, West African Cotton Company Limited (WACOT) Pankaj Chawla, said ‎Nigeria has non-oil revenue of $320 million from exports of sesame, representing 10 per cent of the total sum of $3.2 billion global trade of...

    • Posted July 29, 2015
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  • Abuja Rail Project is now 67% completed – FCTA

    The Federal Capital City Administration (FCTA) has said that in order to redress the traffic problems in and around Abuja, it has redoubled efforts to actualise the ongoing multi-billion Naira Abuja Light Rail Project, which is 67...

    • Posted July 28, 2015
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  • NERC waits on Buhari to end geometric’s lease dispute

    The Nigerian Electricity Regulatory Commission (NERC) yesterday said the long drawn disputes over the 20-year lease granted to Geometric Power Aba Limited to generate, transmit and distribute electricity in the Aba and Ariaria business districts of the...

    • Posted July 28, 2015
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  • Nigeria’s debt now N12.12tn – DMO

    Nigeria’s total debt stock now stands at N12.12tn ($63.81bn), the Debt Management Office has said. Statistics obtained from the organisation on Sunday showed that the domestic debt stock of the Federal Government as of June 30 stood...

    • Posted July 28, 2015
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  • Contractors abandon FCT projects over N112bn debt

    Contractors handling projects in the Federal Capital Territory (FCT) have withdrawn their services following the inability of the FCT administration to settle the nearly N112 billion debt owed them, THISDAY investigations have revealed. It was gathered that...

    • Posted July 28, 2015
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  • Banks increase provisioning for bad loans in first half results

    Banks have increased their provisioning for bad loans for the first half (H1) ended June 30, 2015 as a proactive measure given the headwinds in the banking sector and economy generally. THISDAY checks revealed that all the...

    • Posted July 28, 2015
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  • Stakeholders accuse telcos of underutilising $600bn 3G spectrum

    Stakeholders in the telecommunications sector have accused telecoms companies of underutilising the $600bn 3G spectrum. The stakeholders, who also include subscribers, stated that the underutilisation of the 3G spectrum by the telcos was the reason for the...

    • Posted July 28, 2015
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  • CBN forex policy fuelling economic crisis – LCCI

    The Lagos Chamber of Commerce and Industry has expressed worry over the widening gap in the foreign exchange rates between the parallel and the interbank markets, saying it is an incentive for round-tripping. The naira currently exchanges...

    • Posted July 28, 2015
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  • N10tn required to support MSMEs – CBN

    Nigeria requires about N10tn to effectively support the Micro, Small and Medium Enterprises financially, the Central Bank of Nigeria has said. According to the CBN, the N220bn MSME fund that was inaugurated by former President Goodluck Jonathan...

    • Posted July 28, 2015
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  • AGF advises workers on resource management

    The Accountant-General of the Federation, Alhaji Ahmed Idris, has called on financial managers in the public sector to adopt cost-effective ways of managing the nation’s resources. He also called on all Nigerians to always strive to do...

    • Posted July 28, 2015
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  • Introduction of 5% road user tax not politically expedient now – FERMA boss

    Although the Federal Road Maintenance Agency (FERMA) is faced with a paucity of funds and could do with the five per cent road user charge meant to assist it in its statutory duty of maintaining federal roads,...

    • Posted July 28, 2015
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  • Odds favour import contraction in Third Quarter

    There are indications that a cocktail of administrative measures put in place by the Central Bank of Nigeria (CBN) which has been responsible for the recent decline in merchandise imports will continue in the third quarter of...

    • Posted July 27, 2015
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  • Rice imports drop by 53% as prices rise

    The volume of rice being imported into the country has dropped by 53 per cent in the last one month just as the price of the commodity has increased by over 20 per cent in the market,...

    • Posted July 27, 2015
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