2018 CAPITAL BUDGET TO INCREASE TO 10 TRILLION WITH ROLLOVER FROM 2017

Rollover will increase deficit–Expert The Senate President, Bukola Saraki has said that Nigeria’s 2018 capital budget will increase to N10 trillion considering the Federal Government plans to roll over 60 per cent of capital budget in 2017. This came on the heels of report that unless the country revenue base is expanded funding the 2018 budget will remain as tasking as the 2017 budget which is heavily depended on borrowing. But Head of Economics Department Imo State University, Dr Ben Ekeanywu said that rolling over 60 per cent of the…

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POLICY SUMMERSAULT: FG TO WIND UP NERFUND OVER 17.5BIL BAD LOANS

N17.5bn Bad Loans: FG To Shutdown NERFUND leadership.ng / Kreazetofa Odey / 2 hours ago By MARK ITSIBOR, Abuja with agency report The federal government has begun plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performance and non-performing loans of over N17.5 billion. A source at the Federal Ministry of Finance, told News Agency of Nigeria (NAN) in Abuja that a committee had already been formed to ensure smooth liquidation of the company by the end of October. The source said that the committee was expected to come up with recommendations…

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WAHALA AS CBN PRINTS MORE AND NAIRA FOR GOVT TO BE AFLOAT

For a while now, economists and finance types who follow the Central Bank of Nigeria (CBN) have been sounding a low intensity alarm about the CBN’s direct funding of the Nigerian government. Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)-an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one…

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GOOD NEWS: FG RELEASES 100BIL TO CONTRACTORS

Contractors got a piece of good news yesterday. The Federal Government has released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects of the Federal Ministry of Power, Works and Housing. Finance Minister Mrs. Kemi Adeosun, yesterday in Abuja, handed over the cheque to Minister of Power, Works and Housing  Babatunde Fashola. The government issued the Sovereign debut Sukuk of N100 billion in September. Completed last week, the Sukuk bond has a tenor of seven years. The offer was oversubscribed at N105.87 billion. To Mrs Adeosun, “the milestone was…

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BUHARI HAS NOT DONE ENOUGH FOR THE ECONOMY SAYS OBASANJO

Former president of the federal republic of Nigeria, Chief Olusegun Obasanjo has stated that president Muhammadu Buhari has not done enough to tackle Unemployment and the economic recession. Obasanjo speaking with African arguments in a recent interview said: “Buhari has made some announcements. He has tried to keep on going in the area of agribusiness, but not enough. It is not yet enough to prepare the ground for the uninhibited growth of the economy, which we need”. OBJ also pointed out that in the political structure of the country, governors…

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ELECTRICITY TARIFF HIKE: LABOUR THREATENS TO SHUT DOWN ECONOMY

…Says increase ‘ll lead to closure of factories …NASU issues December 2017 deadline for new minimum wage By Johnbosco Agbakwuru THE organised labour has threatened to paralyze the nation’s economy if the Federal Government goes ahead with the planned hike on the electricity tariff as such planned increment would lead to closure of factories as well as unprecedented unemployment. National President of Non-Academic Staff Union of Educational and Associated Institutions, NASU, Comrade Chris Ani who warned against the proposed increment of electricity tarrif at the union’s National Executive Council, NEC, …

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WHY DANGOTE’S FAILED PASTE FACTORY SHOULD GIVE BUHARI MORE HEADACHE THAN DANGOTE

For all intent and purposes, it looked like the perfect scenario- a multi-billionaire native industrialist coming in to invest several millions of dollars in order to produce a commodity that the country was spending billions of Naira importing at a time when the forex crunch was at its hardest. This fairy tale stayed at just that- a fairy tale- for the state-of-the-art, billion-Naira Dangote tomato paste constructed in Kano Nigeria. For many, and probably most important for the Federal Government, that plant was supposed to save the country 400,000 tons…

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OIL MARKETERS CRY OUT OVER 2BIL DOLLARS BANK DEBT

•Thousands of jobs on the line •Banks reject requests Oil marketers are set to send thousands of workers away – unless the Federal Government pays its debts. The debts are owed on importation of petroleum products, accrued interest on loans from banks and exchange rate differential. Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA)  and  Independent Petroleum Products Importers (IPPIs), in a joint communiqué yesterday after a meeting in Lagos, said many marketers and oil companies were…

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BUHARI: ECONOMY IS IMPROVING, LABOUR PARTY: NO, IT IS NOT

Olusola Fabiyi, Everest Amaefule, Olalekan Adetayo, Ifeanyi Onuba and Okechukwu Nnodim President Muhammadu Buhari on Monday said he was pleased with the progress being witnessed in all sectors of the economy. He expressed gladness that things were looking up after two years of what he called serious hard work. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while receiving briefing from the Minister of Budget and National Planning, Senator Udo Udoma; the Minister of Finance, Mrs. Kemi Adeosun, and Governor of…

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NUMBER OF AIR TRAVELLERS TO LAGOS DROPS

An analysis of seat capacity for travel to the top 10 international airports in Africa produced by ForwardKeys revealed that Lagos is seeing substantial decline in both domestic and international capacity, mainly because Arik Air is cutting 53 per cent of its seats for the rest of 2017. During the coming five months, August to December 2017, there will be 16 per cent fewer airline seats on domestic routes and nine per cent fewer and on international routes to and from Lagos. Commenting on this data, Jon Howell, Managing  Director…

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