Category: Economy

FG to employ 75,000 agric workers

The Federal Government on Wednesday announced that it would employ 75,000 agricultural extension workers to motivate farmers in the production of agro commodities. It also inaugurated the National Fish Association of Nigeria with the aim of boosting domestic fish production following the closure of Nigeria’s borders to fish imports, among others. The Minister of State… Read More »

Category: Economy

CBN advances N610.4bn loans to farmers

The Central Bank of Nigeria has released a total of N610.4bn to the banks for farmers under the Commercial Agricultural Credit Scheme. The CBN disclosed this in its economic report for the third quarter report on the performance of the CACS. Part of the report read, “At end-September 2019, the total amount released since inception… Read More »

Category: Economy

Nigeria To Mainstream Maritime Sector For Economic Development – Amaechi

· Better Understanding of Maritime Transportation Will Facilitate Economic Growth – Dakuku · IMO Reiterates Commitment to Assisting Member States on UN 2030 SDG Agenda The Minister of Transportation, Rt. Hon. Chibuike Amaechi has disclosed that the Federal Government of Nigeria will ensure the maritime sector gets into the mainstream of economic strategy as it… Read More »

Category: Economy

FG’s quarterly non-oil revenue rises to N1.36bn

The Federal Government’s revenue from the non-oil sector rose to N1.36tn in the third quarter of 2019. The Central Bank of Nigeria disclosed this in its economic report for third quarter report. The CBN said, “Non-oil revenue (gross), at N1.36tn, rose above the quarterly budget of N1.34tn by 1.4 per cent. It, similarly, rose above… Read More »

Category: Economy

Bill to hike VAT passes second reading in Senate

An Executive bill forwarded to the National Assembly seeking to make changes in the Nigerian tax and fiscal law scaled second reading at the upper chamber on Wednesday. Senators however protested the non-inclusion of details of the bill, which seeks among others, raising the current Value Added Tax from five per cent to 7.5 per… Read More »

Category: Economy

Non-oil will fetch 80% of Nigeria’s revenue — Fowler

The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that Nigeria will earn at least 80 per cent of its revenues from the non-oil sector in the next three years. According to a statement from the FIRS on Tuesday, Fowler said this at the Nigeria-Canada Investment Summit in Abuja. He noted that… Read More »

Category: Economy

President Buhari Appoints Sarah Alade Special Adviser On Finance And Economy

President Muhammadu Buhari has approved the appointment of Dr (Mrs) Sarah Omotunde Alade, as Special Adviser to the President on Finance and the Economy, domiciled in the Ministry of Finance, Budget and National Planning. Dr. Alade, who holds BSc (Economics) and PhD in Management Science (Operations Research), retired from the Central Bank of Nigeria (CBN)… Read More »

Category: Economy

Debt servicing gulped $1.09bn in nine months – CBN

Nigeria spent $1.09bn on debt servicing between January and September this year, a new report by the Central Bank of Nigeria has indicated. The international payment data by the CBN showed that debt servicing gulped a total of $1.28bn in nine months of 2018. Our correspondent can also report that the CBN only services the… Read More »

Category: Economy

Dangote plans fuel exports to Europe, others

Dangote Group has said it plans to export petroleum products from its refinery to Europe, South America, West Africa and Central Africa. The company stated this on Sunday during a visit by a delegation led by the Minister of State for Petroleum Resources, Chief Timipre Sylva, to the refinery site in Lagos. The Executive Director,… Read More »

Category: Economy

Foreign reserves fall by $1.26bn in four weeks

Nigeria’s foreign reserves fell by $1.26bn from $41.76bn in October 2 to $40.5bn as of the end of October 30, according to figures from the Central Bank of Nigeria on Thursday. The reserves which had continued to shed in recent months dropped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August… Read More »