Nigeria partners UNDP and GEF to invest $58m in food security projects
The FG, @AsoRock has collaborated with the United Nation Development Programme (UNDP) and Global Environmental Facility (GE) to earmark the sum of $58 million for investment in agriculture.
Warnings signs as depot owners lament over high cost of fuel
Depot-owners, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPMAN), have voiced their displeasure at the new price regime on petrol, seeking to hike the product to N117 per litre from N111.
Stamp Duty Controversy: CBN recovers over N35bn as probe begins
The @cenbank revealed it has recovered over N35 billion from Commercial Banks, being part of the reported N20 trillion unremitted stand duty. CBN's Mallam Abubakar Kure disclosed this on Wednesday in Abuja
SEC warns ponzi-thirsty Nigerians against Loom Money Nigeria
The Securities and Exchange Commission (SEC), has warned Nigerians to beware of the fraudulent activities of Loom Money Nigeria promoters.
NCC set to host maiden edition of Nigerian Telecom Leadership Summit
The NCC, have finished preparations to host the maiden edition of Nigerian Telecom Leadership Summit (NTLS 2019) scheduled to hold in Lagos next week.
Over N190bn disbursed through Anchor Borrowers Programme – CBN
The @cenbank disclosed that over N190 billion has been disbursed to more than 1.1 million smallholder farmers through the Anchor Borrowers Programme. This was disclosed, yesterday, by the CBN Governor, Godwin Emefiele
Why Nigeria wants to borrow another $1bn from China
The Federal Government, rising from its Federal Executive Council meeting on Wednesday, concluded plans to take a fresh $1 billion foreign loan facility aimed at bankrolling the Gurara II Hydropower project.
Price Watch: The average prices of Kerosene, Diesel, and Gas in April
The average price per litre of Kerosene in Nigeria increased to N316.26 in April 2019, compared to N303.94 recorded in March. This indicates that the Average price per litre paid by consumers for National Household Kerosene increased by 4.06 percent month on month and 13.57 percent year-on-year.
Senate confirms Emefiele’s re-appointment for second term
Breaking: The Nigerian Senate has confirmed the re-appointment of the Central Bank of Nigeria Governor, Gowin Emefiele.
DRAMA: TCN declares war on TUC over attempt to halt power transmission
The Transmission Company of Nigeria (TCN), has declared war on the Trade Union Congress (TUC), pledging to fight against the Union's intention to disrupt power transmission with protests.
Nigeria’s inflation rate increased after three consecutive decline
Nigeria's Inflation increased 0.12% from the previous rate of 11.25% YoY, being the first increase after three consecutive declines in inflation rate for 2019.
$9bn fine: P&ID open to settlement as court order to seize Nigeria’s assets is...
The founder of Process and Industrial Development (P&ID), Brendan Cahill has disclosed that the company is open to settling its disagreement with the Federal Government amicably despite a court scheduled for next week.
Price Watch: Average petrol pump prices spike in April
The average pump price of premium motor spirit (Petrol) increased by 0.4% in April 2019. This is revealed in the latest PMS price watch data released @nigerianstat.
FG’s domestic debt servicing cost hit N1.7tn in 2018
A CBN report has revealed that the serving of domestic debt instruments cost the Federal Government a whopping N1.799 trillion in 2018.
$1.6bn has been recovered from the Atlantic Energy dispute by NNPC
Maikanti Baru said the Nigerian National Petroleum Corporation has retrieved $1.6bn savings from the Nigerian Petroleum Development Company
NECA takes up alleged N500bn fraud case, requests independent audit
Some financial and economic experts have asked the Central Bank of Nigeria (CBN) to ready itself for an independent audit.
Petrol price to increase as subsidies drain Government’s revenue
Petroleum price may go up in just a matter of weeks, even as Nigerians have been advised to brace up for the negative effects such a development would have on the economy.
Federal Government offers fresh N100bn bonds for subscription
The Federal Government has offered a fresh bond of N100 billion. To effect this, the DMO has been authorised to receive applications for the bond.
Nigeria’s inflation rose to 11.37% in April, after 3 months decline
The consumer price index, which measures inflation, rose to 11.37% in April 2019, according to the monthly inflation report released by @nigerianstat. The rise in April's inflation rate represents the first time inflation increased in three months.
Oil prices spike after Saudi Aramco facilities suffer drone attack
The facilities of Saudi Aramco suffered setback early Tuesday morning after explosive-laden drones attacked two pumping stations belonging to the state-owned oil company.
Pension contributors hit 8.5m, but statistics still show worrying signs
The summary of Pension Fund Assets shows that Pension contributors hit 8.56m in February 2019. When compared to the 8.4m plus contributors that had been maintained since December, there's an increase.
Visa applications will no longer be accepted by DHL in Nigeria
Visa applications by DHL will no longer be accepted in Nigeria, as the U.S embassy in Nigeria indefinitely suspends interview waiver.
BoI’s disbursements to businesses increased by 130% in FY 2018
The Bank of Industry (BoI), reportedly disbursed a total of N259.6 billion to support Nigeria's industrialisation between January and December 2018.
FG assures no infrastructure was mortgaged in the China loan agreement
FG have disclosed that the country's infrastructure was not mortgaged in the loan agreement between the country and China-Exim bank.
Market Update: Escalating US-China trade tensions weigh on market sentiments
Nairametrics' summary of the daily performance of major economic indicators and highlights from trading sessions and key statistics such as Treasury Bills, is brought to you by Zedcrest.
Alleged 500bn Fraud: The CBN and others should be investigated for posterity’s sake
While this is still an allegation, the FG should not push this over, because a corrupt Central Bank of Nigeria is capable of grounding the economy to a halt
Federal Executive Council approves N35.94bn road contracts in six states
The Federal Executive Council has approved road contracts worth N35.944bn in six states of the federation, the Federal Ministry of Power, Works and Housing announced on Sunday.
35 States will struggle to fund budgets as Federal Government’s earnings fall
Thirty-five States will struggle to fund their budgets, as the Federal Government's earnings declined in the first quarter of 2019 after the Federation Allocation Account Committee (FAAC) recorded a drop in its disbursement, posting N1.929 trillion.
Fixed Income Market Monitor (Monday, 06-Friday, 10 May 2019)
The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 10.00% and 9.14% from 5.93%.
FSDH Merchant Bank predicts further decline in Nigeria’s inflation rate
Nigeria's trend of inflation drop will continue in April 2019. This is according to a forecast by FSDH Merchant Bank, that inflation will decline to 11.23%.
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Canada invited 3,357 Express Entry Candidates with scores as low as 300
Canadian province, Alberta, has issued a total of 3,357 invitations to apply for a provincial nomination for Canadian Permanent Residency (PR) to Express Entry candidates with Comprehensive Ranking System scores as low as 300.
FG explains why it plans to demolish and rebuild the MMIA in Lagos
FG has explained the underlining reasons for the planned demolition and rebuilding of the 40-year-old Murtala Muhammed International Airport in Lagos.
Federal Government to stop ownership of gas cylinders by consumers
By this new policy by @AsoRock, LPG consumers are not longer allowed to own gas cylinder.