Business

CBN allays fears over dwindling external reserves

The Central Bank of Nigeria, CBN, has said there is no cause for alarm over the drop in the nation’s external reserves which has been on a downward trend lately.

The director, Corporate Communications of the CBN, Mr Isaac Okorafor, assured that at the current level of $44billion, the exte [...]

Sun, 07 October 2018


Tax evasion: FIRS generate N12bn from billionaires

A total of N12.66billion tax revenue has been generated from billionaires who have not been paying commensurate taxes into government coffers.

The Executive Chairman of the Federal Inland Revenue Service, FIRS, Tunde Fowler stated this when he received Minister of finance, Hajia Zainab Ahmed, w [...]

Sun, 30 September 2018


Food prices crashes in spite rise in inflation

Data from the National Bureau of Statistics, NBS, have shown that foodstuff prices have been on a steady decline, despite the rise in inflation rate being witnessed in Nigeria in the last few months.

The Monetary Policy Committee of the Central Bank of Nigeria had recently warned that the count [...]

Sun, 30 September 2018


Privatization: 19 firms jostle over Genco and Disco

Not less than 19 firms have indicated interest to acquire majority stakes in Afam Power Company and Yola Distribution Company, the Bureau of Public Enterprises, BPE, has disclosed.

According to the bureau, the submission of bids for the Expression of Interest for the two power companies which e [...]

Sun, 30 September 2018


States enter agreement with ICRC on infrastructure development. PPP

All the 36 states of the federation have entered an agreement with the Infrastructure Concession Regulatory Commission, ICRC, to develop Public-Private Partnership projects across the country.

The pact signed by the Nigeria Governors’ Forum on behalf of the state governments, will allow t [...]

Sun, 30 September 2018


Strike cripples economic activities in FCT …May delay Sept. salaries

Economic activities in the nation’s capital were almost grounded over the weekend, following the indefinite strike action embarked upon by members of the Nigeria Labour Congress, NLC .

Though skeletal services are offered by banks and other service providers, our correspondent observe tha [...]

Sun, 30 September 2018


CIBN to partner NUC on SME certification

The Chartered Institute of Bankers of Nigeria, CIBN, will soon commence a certification programme on Micro Small and Medium Enterprises financing in starting from 2019, to address some of the factors militating against their contribution to the economy.

President of CIBN, Dr Uche Olowu, who dis [...]

Sun, 30 September 2018


NBS puts foreign debt at $22.1bn in H1’18

Nigeria’s foreign debt profile has risen by 17percent at the end of the second quarter of this year to hit $22.08billion, as against the $18.9billion recorded at the end of 2017.

Figures from the National Bureau of Statistics, NBS, reveals that foreign borrowings amounting to $10.88billio [...]

Sun, 30 September 2018


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