Business

FAAC shares N616.198bn as April revenue

A total of N616.198 billion was distributed to the three tiers of government as federal allocation for the month of April, 2019.

The communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee, FAAC, at the end of the meeting held in Abuja, indicated that [...]

Mon, 27 May 2019


Nigeria loses N4.6tn to non-implementation of import duty portal

Nigeria is said to have lost over N4.6trillion in two years, from the non-implementation of the Import Duty Exemption Certificate, IDEC, portal.

According to the ministry of finance, the country lost revenue of N2.5trillion in 2017 and another N2.1trillion in the 2018 fiscal period, due to its [...]

Mon, 27 May 2019


FG releases N1.55tn for capital project in 2018 –Minister

The federal government has so far released about N1.55trillion for capital projects under the 2018 Budget, the Minister of Budget and National Planning, Sen. Udo Udoma, has said.

According to him, the Ministry of Finance had released over N4.33trillion in the last three years to Ministries, Dep [...]

Mon, 27 May 2019


Phone subscribers rise to 91% as NCC reviews teledensity

Nigeria currently has an active telephone subscriber base of 91percent, as 173.7million Nigerians are said to have an active phone line as at March 2019.

The latest figure is an improvement over the 173.6million subscriber base recorded in the previous month.

Nigerian Communications Comm [...]

Mon, 27 May 2019


Increased food prices push inflation by 0.12 points

The increase in food prices witnessed in April 2019, has pushed inflation up by 0.12percent point higher than was recorded in March.

The National Bureau of Statistics, NBS, said the Consumer Price Index, CPI, which measures inflation increased by 11.37percent (year-on-year) in April 2019.

< [...]

Sat, 18 May 2019


FG to revive 50 textile firms by 2023

The federal government has set a four-year target within which to resuscitate the textile industry in the country.

Already the Central Bank of Nigeria, has set up a Textile Revival and Implementation Committee, TRIC, for the revival of the country’s cotton, textile and garment, CTG, indus [...]

Sat, 18 May 2019


SEC warns against new Ponzi scheme, ‘Loom’

The Securities and Exchange Commission, SEC, is worried over the growing acceptance of the new online investment scheme tagged “Loom Money Nigeria”.

While warning Nigerians over the activities of the fraudsters running the new Ponzi scheme, SEC said Loom Money Nigeria is taking over [...]

Sat, 18 May 2019


PPP still an alternative for infrastructure dev’t - FG

The federal government has stressed that Public Private Partnership, PPP, model remains a sustainable option for the development of infrastructure in Nigeria.

The Permanent Secretary, Federal Ministry of Finance, Alhaji Mahmoud Isa-Dutse said the model is a credible alternative to traditional p [...]

Sat, 18 May 2019


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