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CBN Frets Over Huge Spending to Fight Boko Haram

Central Bank of Nigeria (CBN)’s monetary policy committee has warned that military operations against Islamic insurgents in the North could pose liquidity risks for the economy. Sanusi Lamido Sanusi, governor of the CBN and chairman of the Committee, who said this at the end of the committee’s two-day meeting, projected that the emergency rule declared in the three North Eastern states may spur increased spending ... Read More »

Jonathan orders MDAs to complete on-going projects

AHEAD of the second anniversary of the present federal administration, President Goodluck Jonathan has given a marching order to all Federal ministries, departments and agencies to complete ongoing and abandoned projects that are viable and of economic benefit to the people. Minister of Water Resources, Mrs Sarah Reng Ochekpe, said this yesterday, at the commissioning of the N159 million Erusu/Arigidi dam project in Akoko North-West ... Read More »

NAMA Workers Paralyse Flights Nationwide

Air travellers in Nigeria waited helplessly at terminal buildings on Monday as a strike by aggrieved workers of the Nigerian Airspace Management Agency, NAMA, paralysed flight operations nationwide. Flights from Lagos to Abuja, Port Harcourt, Uyo, Calabar and other destinations were delayed for several hours as the 14-day ultimatum given to NAMA management by the angry workers expired on Monday. “Our flights are being delayed ... Read More »

FG Recovers over N100bn Unremitted Taxes as House Probes NNPC Subsidies, 23 Banks

Facts emerged at the weekend, that the federal government has recovered over N100 billion unremitted taxes sequel to the ongoing investigation initiated by the House of Representatives on commercial banks’ tax accrued to the federal government. The Chairman, House Committee on Finance, Abdulmumin Jubrin, explained that the investigation became imperative following alleged sharp practices levelled against 23 designated tax-collecting banks on collection and remittance to ... Read More »

NIMASA: We’ll Expose Big Names behind Oil Theft Syndicate

Says NLNG’s unpaid levies will be calculated from October 2009 By Tokunbo Adedoja The Nigerian Maritime Administration and Safety Agency (NIMASA)  is  soon to reveal the “big names” behind piracy and crude oil theft syndicate.   Its Director General, Mr. Patrick  Akpobolokemi, told journalists at an interactive session  at the weekend in Abuja, that the agency has in custody some vessels seized from those perpetrating ... Read More »

We Are Not Responsible for Scarcity of New Naira Notes – CBN

The Central Bank of Nigeria (CBN) has said it is not responsible for the artificial scarcity of new naira notes. In a statement signed by the Director, Corporate Communications, Ugochukwu Okoroafor, claims that the apex bank had refused to disburse such notes to commercial banks was untrue, stating that there was also no basis on the allegation the CBN officials were in the practice of ... Read More »

World Bank Expects Growth, Less Inflation in Nigeria

The World Bank in its new Nigeria Economic Report (NER) released May 13, 2013 says, Nigeria’s short term macroeconomic outlook looks generally strong, with the likelihood of higher growth, lower inflation and reserve accumulation. According to the report, this will present the Nigerian government with an opportunity to make progress in key reforms and public investments associated with the Transformation Agenda for job creation, diversification ... Read More »

Nigeria Set For Explosive Growth, Says Utomi

The prospects for the Nigerian economy is positive, Prof Pat Utomi has said. Utomi, who is Founder, Centre for Values in Leadership (CVL), and Director, Pan African University, warned that the country needs to do more to ensure government spending for the people in the area of job creation, skills, supply chains, investment and the quality of life. Speaking at a workshop in Lagos, Utomi ... Read More »

Nigerian Government’s Failures Cause World Bank to Reduce Funding to PPP Projects

The World Bank said government agencies refused to utilise previous funds. The World Bank said on Tuesday that its financial support to Nigeria for the implementation of projects under the public-private partnership (PPP) strategy has been scaled down drastically for poor utilization by government agencies and departments. The Bank’s Sector Manager, Finance and Private Sector Development (Western & Central African countries), Paul Noumba, said in Abuja that the non-utilisation of the ... Read More »

NLC Condemns Call for Subsidy Removal by IMF

Nigeria Labour Congress, NLC, has strongly criticized the pressure on the Federal Government to further remove subsidies on petroleum products. A statement by Comrade Kiri Mohammed, Deputy President & chairman, Economic Commission, NLC said “the pressure of the IMF on the Federal Government to withdraw subsidies on petroleum products is rather unfortunate. For an organization whose history is replete with prescribed policies in the developing ... Read More »

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