OSINBAJO, OBJ, SULTAN STORM MINNA FOR NIGER ECONOMIC SUMMIT, SEE PICS

The Acting President, Yemi Osinbajo, and some prominent Nigerian at the Niger State Economic Summit. See photos: Acting President, Prof Yemi Osinbajo arrives Niger for Economic Summit Elder States man, Chief Olusegun Obasanjo attend Niger Economic Summit Prof Yemi Osinbajo and Niger State officials The Sultan of Sokoto at Niger Economic Summit   Photo credit: Twitter, @MrAbuSidiq

Read More

PRESIDENCY REPLIED JONATHAN: BUHARI MET ECONOMY RAVAGED BY MISMANAGEMENT, CORRUPTION

The Presidency said on Monday that the President Muhammadu Buhari administration was handed an economy ravaged by years of mismanagement and corruption. Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, stated this in a statement in Abuja. The presidential aide was reacting to statements credited to former President Goodluck Jonathan and Sen. Ahmed Makarfi, the Caretaker Chairman of the party, to the effect that “under the previous administration, there was money but now things are very hard’’. SEE ALSO: Corruption worsened under Buhari – Jonathan…

Read More

RECESSION LIKELY ENDED IN JUNE- NBS, BANKERS SUGGEST

Statistician-General, Yemi Kale There is likelihood that the economic recession in the country ended in the second quarter of the year following some improvements in some sectors of the economy, the Statistician-General and the Bankers Committee noted yesterday. Yemi Kale, chief executive officer of the National Bureau of Statistics told Bloomberg, “Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in.” Kale, said in an interview in his office in Abuja that, “If it doesn’t happen in the…

Read More

M-LAGOS WILL BECOME AFRICA’S THIRD LARGEST ECONOMY BEFORE I DIE – OBASANJO

Former President Olusegun Obasanjo has said Lagos will become Africa’s third largest economy in a short time. Obasanjo made this known at the book launch of a book titled, “Making Africa Work”, co-authored by the former president and three other authors on Wednesday. He said the Lagos State government was working towards making the state an economic hub.  “(Even though) People said I look like someone who is in the departure lounge,” Obasanjo said. “Lagos will become the third largest economy before I take my boarding pass.” The former president also said that Africa is…

Read More

ECONOMIC RECOVERY CAN RELAPSE, CBN WARNS

The Central Bank of Nigeria (CBN) has warned that Nigeria’s fragile growth risks falling back into recession. Addressing reporters at the end of the bi-monthly Monetary Policy Committee Meeting in Abuja yesterday, CBN Governor Godwin Emefiele said “forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year”. ”The Committee  cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain it,” he stressed. To guard against this, the MPC noted that “the expected fiscal stimulus and non-oil federal receipts, as well as improvements in economy-wide non-oil exports, especially…

Read More

WHY INVESTORS ARE RUNNING AWAY FROM NIGERIA – PETROLEUM MINISTER, IBE KACHIKWU

Okechukwu Nnodim, Abuja There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. This is coming as the Group Managing Director of the Nigerian National Petroleum                               Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day. Kachikwu, who spoke at the 6th Sustainability in the Extractive Industries Conference organised by CSR-in-Action on Wednesday in Abuja, noted that although…

Read More

SEE THE STATES WITH THE HIGHEST TRANCH IN THE NEWLY RECEIVED PARIS CLUB REFUND

 • FG releases N243.8bn to 36 states and FCT Obinna Chima in Lagos and Yinka Kolawole in Osogbo Of the N243.8 billion released on Monday by the federal government to the 36 states of the federation and the Federal Capital Territory (FCT) as the second tranche of Paris Club refunds, Akwa Ibom, Bayelsa, Delta, Kano and Rivers got N10 billion each, making the five states the highest recipients of the refunds for over-deductions on Paris and London Club Loans and multilateral debts between 1995 and 2002. A statement Tuesday by…

Read More

NIGERIAN MIGRANT WORKERS REMIT ABOUT 23BILLION DOLLARS ANNUALLY – POSTMASTER GENERAL

THE Nigerian Postal Service (NIPOST) yesterday revealed that Nigerian migrant workers remit between $23 and $24 billion into the country annually. Its Post Master-General Adebisi Adegbuyi spoke to reporters in Ilorin, the Kwara State capital, after his visit to the service’s facilities. He said: “We are going to start financial services. We stand to make a lot of money from remittances in Africa. Our migrant workers all over remit home between $23 and $23 billion every year. “That is the formal aspect. The informal sector has not been captured and…

Read More

OPEN MARKET PRICE OF PETROL NOW 148 NAIRA PER LITRE SAYS BUREAU OF STATISTICS

The Nigeria’s downstream petroleum industry lost about N884.8 million in seven days to the high cost of importing Premium Motor Spirit (PMS), also known as petrol, resulting from a differential of N3.16 per litre. PHOTO: GOOGLE.COM/SEARCH Import differentials result in N884.8m losses weekly The Nigeria’s downstream petroleum industry lost about N884.8 million in seven days to the high cost of importing Premium Motor Spirit (PMS), also known as petrol, resulting from a differential of N3.16 per litre. Besides, Nigeria’s crude oil production, excluding condensate increased by 168,800 barrels per day…

Read More

FG EMPLOYS FOREIGN EXPERTS TO TRACE AND PROBE ASSETS AND TAX OF 150 WEALTHY NIGERIANS

Oyetunji Abioye and Stanley Opara The Federal Government has engaged Kroll, a United Kingdom-based forensic and assets-tracing firm, and some other foreign firms to trace the assets of very wealthy Nigerians at home and abroad. The names of 150 very wealthy Nigerians are on the list for the first batch of the exercise, which is expected to last for some months. The Minister of Finance, Mrs. Kemi Adeosun, confirmed at a press briefing in Lagos on Thursday that the government had engaged some foreign firms to trace the local and…

Read More