Business

FG borrows N600bn to augment 2016 budget

A total of N600bn has so far been borrowed by the Federal Government to augment the shortfall in government revenue caused by the drop in oil prices as well as activities of vandals along oil pipelines across the country.
The amount, which was borrowed from the domestic market between January an [...]

Tue, 16 August 2016


FG reviews tax policy to boost revenue generation

The Federal Government said it’s currently reviewing the National Tax Policy with a view of improving the collections processes for effective revenue generation.
While dismissing the fear that the review could lead to additional burden on small business owners, the Minister of Finance, Mrs [...]

Tue, 16 August 2016


Forex: CBN sets 2% interest margin for BDCs

In a bid to check the free fall of the naira against other currencies, the Central Bank of Nigeria, CBN, has placed an interest rate limit on foreign exchange sold in the parallel market.
The bank last week, directed Bureau De Change, BDC operators not to sell forex above two percent margin of t [...]

Tue, 16 August 2016


FG urges economic patriotism from Nigerians in Diaspora

The Federal Government last week extended the call for economic patriotism to Nigerians in Diaspora, saying only concerted effort by all Nigerians would deliver the country from its present economic state.
Minister of Finance, Mrs. Kemi Adeosun, who made the appeal at the 2016 Diaspora Conferenc [...]

Sat, 13 August 2016


Banks get ultimatum to make full provision for forex loans

The seven days grace given to commercial banks, within which, to dust up their books on foreign currency denominated loans and advances provided in the previous exchange rate regime, elapses this week.
The Central Bank of Nigeria had last week ordered Deposit Money Banks to make full provision f [...]

Sat, 13 August 2016


Forex sale to BDCs will discourage speculations - CBN

The Central Bank Governor, Mr. Godwin Emefiele, has allayed fears that its recent decision to allow International Money Transfers Operators, through authorised dealers, sell foreign currencies to BDCs would fall arbitrage.
He said the policy would rather bridge the gap between the interbank and [...]

Sat, 13 August 2016


Huge debts threaten GENCOs investment in Nigeria

If nothing is done to recover the huge debt owed Electricity Generating Companies, GENCOs, or a full payment of the federal government’s stabilization fund is made, then the power companies may be forced to withdraw their investments from the country.
Those were the submissions of the firm [...]

Sat, 13 August 2016


FG spends 35% of 2016 budget in 2 months

Over 34.6percent, that is about N2.1 trillion, of the 2016 budget has so far been expended since May, when the federal government began implementation of the budget.
Minister of Budget and National Planning, Mr. Udoma Udo-Udoma, disclosed that approximately N2.1 trillion of the N6.06 trillion ap [...]

Sat, 13 August 2016


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