President Muhammadu Buhari has requested the approval of N4 trillion as payments for petrol subsidy payments in 2022. The president said this in a letter addressed to the house of representatives, titled “Submission of the Revised 2022 Fiscal Framework”. Femi Gbajamila, speaker of the house of representatives, read the letter during a plenary on […]
President Muhammadu Buhari has said that the increase in the 2022 budget deficit will be financed through borrowing from the domestic market. President Buhari made this known in a letter written to the House of Representatives and was read by the speaker of the house, Femi Gbajabiamila, on thursday. According to the letter, the […]
In continuation of efforts to fund the N6.4 trillion deficit spending in budget 2022, the Federal Government borrowed N2.2 trillion from local investors in the first quarter of the year, Q1’22, through FGN Bonds, treasury bills and the FGN Savings Bonds. The amount borrowed however represents an 8.6 per cent decline when compared to […]
The federal government says President Muhammadu Buhari’s administration will no longer complete the Ajaokuta steel plant in 2022, as earlier promised. The COVID-19 pandemic and the Russia-Ukraine war were blamed for frustrating the project on several fronts. Olamilekan Adegbite, minister of mines and steel development, disclosed this on Thursday while addressing state house correspondents […]
Facts have emerged on how Nigeria paid $137 million in two years for gas and electricity that were never used in the “take or pay deal” the country entered into with some investors in the power sector. The whooping sum covers payments for 2018 and 2019 under the gas supply agreement deals reached with […]
Former President Olusegun Obasanjo on Wednesday described the economic situation for many small businessmen and women in Nigeria as frustrating. Obasanjo said the situation had made his friend, a legal luminary, Afe Babalola, to weep. The former President said this at the Youth Development Centre of the Olusegun Obasanjo Presidential Library Credit Scheme […]
Former Governor Peter Obi has expressed belief that Nigeria, with its abundant resources, can be on the right developmental track, with strict implementation of progressive policies. Obi said he was in Morocco as part of his plans for meetings and understudy of the best performing economies in Africa. He revealed that his meetings […]
Malam Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Ltd. (NNPC), says no national oil company in the world is as transparent as NNPC. He said this in reaction to the summons by the House of Representatives Committee on Public Accounts. The committee had directed Heads of NNPC subsidiaries to appear […]
The Federal Government has said the increase in prices of some foodstuffs, petrol, diesel and other items is a global trend, and not limited to any country. The Minister of Information and Culture, Alhaji Lai Mohammed, who stated this at media briefing on Monday in Abuja, added that presenting the situation as a Nigerian […]
Godwin Emefiele, governor of the Central Bank of Nigerians (CBN), says he is focused on fighting inflation and designing a robust monetary policy for the country. He said this in a series of posts made via his official Twittter handle on Monday. The CBN governor was reacting to reports regarding his rumoured bid for […]
