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Tag Archives: business news

Reps Seek N500bn Recapitalisation For FMBN

Nigerian House of Representatives

The House of Representatives on Tuesday asked the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500bn. It said this was necessary to make the bank more vibrant and responsive to its functions for effective housing delivery in the country. The recommendation to recapitalise the bank was contained in the report of the House Committee on Housing, which lawmakers ... Read More »

IMF Doubts Nigeria’s Capacity To Repay Debts


The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilise more revenues domestically. The Washington-based fund, at the public presentation of the Spring 2018 Issue of the Regional Economic Outlook for Sub-Saharan Africa, said the public debt in the region was on the rise. IMF Senior Resident Representative and Mission ... Read More »

FG, Others Plan N1.7tn Investment In Niger Delta

niger delta

The Federal Government on Monday announced that about N1.7tn would be invested by various stakeholders in the Niger Delta between this year and 2021. It said the fund would be spent on the development of the region, adding that about N50bn had been spent on the payment of stipends to ex-militants from the area. The Special Adviser on Niger Delta Affairs to the Minister of ... Read More »

Nigeria’s Oil Output Drops By 150, 000 Bpd Under Shell’s Force Majeure


NIGERIA’s daily oil output has dropped by 150,000 barrels per day (bpd) as a result of the shutdown of Nembe Creek Trunk Line. File photo In its 2018 budget, the Federal Government had earlier projected to produce 2.3 million bpd at the reference price of $51 per barrel. But with this development the target would not likely be met. Already, Shell Petroleum Development Company of ... Read More »

National Assembly Raises 2018 Budget By N508bn …May Pass N9.12tn Budget Today


The National Assembly has raised the 2018 budget by over N508bn, bringing it to N9.12tn. The original estimates presented to the legislature on November 7, 2017 by President Muhammadu Buhari totalled N8.612tn. The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday. The crude oil benchmark price of ... Read More »

FG Clears Workers’ Promotion Arrears With N34.2bn


The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015. The minister made this known while appearing before the ad hoc committee of the Senate on Promissory Note Programme and Bond Issuance. The committee is chaired by the Deputy Chief Whip, Senator Francis Alimikhena. Adeosun, according ... Read More »

NSE Sheds N125bn On Continuing Bearish Trading


The equities market capitalisation went down by N124.9 billion yesterday as bearish trading continued on the Nigerian bourse. The market had shed 0.48 per cent last week due to profit taking in bellwether stocks. While it was expected that trading might resume on positive on bargain hunting, the bears remained in control. Consequently, market capitalisation fell by N124.9 billion to close at N14.7 trillion, while ... Read More »

World Bank Hails FG’s Economic Growth Strategy, Others


The World Bank Group on Monday commended the strategy of the Federal Government in the implementation of the Economic Recovery and Growth Plan. The global lending institution said this in a statement issued in Abuja. The ERGP was launched last year to restore growth by diversifying the economy, stabilising the macroeconomic environment, investing in infrastructure and improving the country’s business environment, among others. The main ... Read More »

Power Sector Records N163.9bn Loss in First 131days of 2018


A data of the power sector’s operations obtained from the Advisory Power Team in the Office of the Vice President, Prof. Yemi Osinbajo, has shown that the power sector lost N163.944 billion in the first 131 days of 2018- January 1 to May 11. This is coming as the Nigerian Electricity Regulatory Commission (NERC) has said it would not take the current rainy season as ... Read More »

N260bn Invested In Roads Under Buhari —FG


Declare emergency on Nigerian roads, NUPENG tells FG The Federal Government on Thursday said it had invested N260bn in roads across the country in the past three years. According to the Minister of Power, Works and Housing, Babatunde Fashola, the funds were expended on the road sector between 2015 and 2018. Fashola disclosed this in his keynote address at the 4th Quadrennial Delegates’ Conference of ... Read More »

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