HOW NIGERIA BLEW 732BIL.TO SUBSIDISE INFLATED PETROL – WORLD BANK

Chineme Okafor in Abuja A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy in the recent past, summarises the staff’s assessment of likely economic outcomes in the short-to-medium term, given the policy developments; as well as highlights key short-term…

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IMF RANKS NIGERIA SECOND WORST IN TERMS OF USE OF SOVEREIGN WEALTH FUND

Just In: IMF ranks Nigeria second worst in the world in use of sovereign wealth fund The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds. According to the Fiscal Monitor report released on Wednesday, Qatar was the only country worse than Nigeria on the index. The Bretton Wood institution said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP…

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NIGERIAN ECONOMY IS SLIPPING- WORLD BANK

Dayo Oketola, Washington DC The World Bank has said that the Nigerian economy has been slipping since 1995 and this continued till 2018. The bank, in its latest report on the regional economy titled, ‘Africa’s Pulse’, released the taxonomy of growth performance in sub-Saharan Africa, which focused on the macroeconomic and financial features that led to growth resilience on the continent. According to the bank, the taxonomy is used to help identify the factors that are correlated with success or failure in economic growth performance in sub-Saharan Africa, with emphasis…

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RMAFC TO PROBE BANKS FOR STAMP DUTY FRAUD

Everest Amaefule, Abuja The Revenue Mobilisation Allocation and Fiscal Commission says it is set to probe 22 commercial banks over stamp duty collections. In a statement issued by the commission’s spokesman, Mr Ibrahim Mohammed, in Abuja on Sunday, RMAFC said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks from 2000 to 2018. Mohammed said that RMAFC was the only constitutional body vested with the powers to monitor all revenue accruals into the federation…

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BUHARI’S LAST FOUR YEARS WAS DISAPPOINTING- BLOOMBERG

Bloomberg who in its new report stated that one of humanity’s most hopeful developments in recent decades has been the dramatic drop in extreme poverty, added that Nigeria needs growth to defuse poverty time bomb.While describing  President Muhammadu Buhari’s record over the last four years as discouraging, the New York-based international news agency wondered if he “is up to the task” of reviving the economy. Noting that in the year 2000, over 1.4 billion people lived at or below the global poverty line of $1.90 a day, the editorial wrote;…

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60% NORTH EAST, NORTH WEST LIVE IN EXTREME POVERTY, DANGOTE REVEALS

By Ben Agande Kaduna – Africa’s richest man and president of the Dangote group, Aliko Dangote has challenged northern leaders to wake up from their lethargy and provide leadership that will lift the region from extreme poverty and wants. Aliko Dangote In a keynote address at the fourth edition of the Kaduna Investment Summit in Kaduna, Dangote said the investment needed to generate employment can only be provided by private investors and called on state government in the region to provide the enabling environment to attract investors to the region.…

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NIGERIAN ECONOMY IN CRISIS, YET WHO WILL TELL THE PRESIDENT?

  By Dele Sobowale As far as I am concerned, the 2019 elections are over. The so-called inconclusive elections announced by Professor Mahmood Yakubu are just smokescreens for arriving at conclusions already decided. At the very least, Professor Yakubu, who at various times was asked to resign by various groups and individuals, should quickly release the results he likes and then just as quickly resign. He will never go down in history as having conducted a free and fair election. Perhaps the next Chairman of the Independent National Electoral Commission,…

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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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