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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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

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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…

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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…

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