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Domestic Airlines Owe Aviation Agencies N513bn, Says Minister


The Minister of State, for Aviation, Senator Hadi Sirika, thursday said the total debts owed aviation agencies by Nigerian airlines were over N513 billion. The minister who seemed angry with the airlines for kicking against the Single Africa Air Transport Market (SAATM), said Nigerian airlines have refused to grow, noting that they supported the liberation of African airspace when they felt that it would favour ... Read More »

Banks’ assets hit N34.6trn in 2017


The total assets and liabilities of deposit money banks in Nigeria rose N34.6 trillion, in 2017. This represented 9.2 percent increase over N31.683 trillion recorded at the end of 2016. The Central Bank of Nigeria (CBN), disclosed this in its Economic Report for fourth quarter 2017 released yesterday. It stated that noted that the N34.6 recorded by banks in the fourth quarter represented 3.9 percent ... Read More »

Signposting Confidence, Nigeria’s FX Inflow Hits $30.45bn in Q4


In a mark of rising confidence in the Nigerian economy, aggregate foreign exchange (FX) inflow into the economy grew to $30.45 billion in the fourth quarter (Q4) of 2017, indicating an increase by 14.5 per cent, compared to the preceding quarter. This also represented a significant increase by 86.9 per cent over the corresponding quarter of 2016. The Central Bank of Nigeria (CBN) disclosed this ... Read More »

Fuel Scarcity Worsens In Abuja, Marketers Arrested

fuel queue

There seemed to be no end in sight with respect to the queues for petrol in Abuja and neighbouring states of Kaduna, Niger and Nasarawa, as the situation persisted on Wednesday. Queues by thousands of motorists and other users of Premium Motor Spirit, popularly known as petrol, have been a regular sight in the Federal Capital Territory and neighbouring states since the end of the ... Read More »

FG Borrows $300m From Nigerians Abroad

DG Debt MgtDG Debt Management Office Patience Oniha Patience Oniha

The Federal Government borrowed $300m from Nigerians in the Diaspora before it secured the approval of the National Assembly, the Debt Management Office indicated on Wednesday. The DMO gave this indication in a response to an enquiry by a non-governmental organisation, Social Action Nigeria. Social Action Nigeria had in a letter written to the DMO on November 24, 2017, demanded to know what uses the ... Read More »

FG Targets N762.5bn Earnings From $2.5bn Eurobond To Finance Treasury Bills


The federal government wednesday in Abuja said its proposed $2.5 billion Eurobond already approved by the National Assembly would yield N762.5 billion proceeds for the refinancing of treasury bills. According to the government, the deal would result in annual savings of N64 billion. The Minister of Finance, Mrs. Kemi Adeosun, who made this disclosure while briefing journalists at the end of yesterday’s weekly Federal Executive ... Read More »

Contractors Handling Federal Roads Have Been Paid – FG


All contractors involved in the construction of federal road projects across the country have been paid, the Federal Government has said. According to the Minister of Power, Works and Housing, Babatunde Fashola, no contractor is being owed by the government and as a result none of them should delay construction and rehabilitation works on any federal road that is assigned to them. About two years ... Read More »

Forex: Banks Cancel Commissions On PTA, Tuition, Medical Bills


Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment. The Bankers’ Committee comprises the CBN governor, the chief executive officers of all commercial banks and merchant banks in the country, and the CEOs of other ... Read More »

Naira May Depreciate To 386/Dollar In H2 —PwC


The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said. In its economic outlook for 2018, which was released on Tuesday, the professional services firm said increased foreign exchange demand ahead of the 2019 general election might make the local unit to weaken. The report read in part, “With ... Read More »

Naira Records Marginal Gain As CBN Sells $210m


The naira recorded a marginal gain at the parallel market on Monday, closing at 363 per United States dollar, up from 364/dollar on Friday. The local currency has been trading between 362/dollar and 365/dollar in recent weeks. Analysts have said that the naira is likely to remain stable against the greenback this week as demand for the US currency weakens whenever the unit trades below ... Read More »

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