20% of Naira in Circulation is Fake, Says Former CBN Dep Governor
Twenty per cent of the currency in circulation is fake, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, has disclosed. Mailafia made the disclosure yesterday while speaking at the opening session of a three-day public hearing on the 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
Saudi Arabia Cuts Oil Output, As Shale Oil Remains A Problem
A top member of the Petroleum Exporting Countries (OPEC) member and oil producer, Saudi Arabia, has made a large cut in its crude oil output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 per cent. The OPEC is curbing its output by about 1.2 million barrels per day (bpd) from January 1 Russia and 10 other non-OPEC producers agreed to cut half as much.
NiMet Signs MoU With British American TNF
Nigeria Meteorological Agency, NiMet, weekend, signed Memorandum of Understanding, MOU, with the British American Tobacco Nigeria Foundation, BATNF, an independent charitable organization incorporated in Nigeria. The MoU shall be for an initial period of three (3) calendar years effective from the date of final execution and may be renewed thereafter on terms mutually agreed upon by the parties.
Trump Calls Buhari, Hails FG’s Anti Terror War
President Muhammadu Buhari was said to have spoken to President Donald Trump on the telephone on Monday afternoon at the request of the American President. The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, disclosed this in a statement on Monday
World Bank Tasked On Projects Implementation In Imo State
The Imo State Government has urged the World Bank authorities to introduce more people- oriented projects in the state in order to afford it the opportunity to participate in them. The deputy governor of the state, Eze Madumere, stated this yesterday in Owerri, while receiving the bank’s team at the GovErnment House, Owerri. He regretted that out of 35 projects marked by the bank, only four were being carried out in the state, calling for more.
NBCC To Boost Nigeria-UK Trade Volume Above N7.7 Trillion
The President NBCC, Dapo Adelegan, said while unveiling plans to mark the 40th anniversary celebration of the Chamber in Lagos that new initiatives mulled by the Nigerian-British Chamber of Commerce (NBCC) could drive trade volume between Nigeria and the United Kingdom (U.K.) above projected N7.7 trillion (£20 billion).
The plan is led by a ‘stern decision’ to promote made-in-Nigeria products, particularly non-oil goods as well as to harness the potential of Nigerians living in U.K. This could beat the projection that the trade volume between the two countries could hit £20 billion by 2020.
FG Inaugurates Committee For Re-negotiation With University Unions
In order to stem the tide of incessant and protracted strikes in the Nigerian tertiary institutions, especially universities, and to ensure that the bone of contention between unions and the federal government is progressively buried, a 14-man committee has been inaugurated. The committee which is headed by Mr. Wale Babalakin (SAN) is expected to re-negotiate the 2009 federal government/university based staff unions agreement.
Lawmakers Decry Non-implementation Of NASENI Fund
Lawmakers have blamed the slow growth in technology development in Nigeria on poor implementation of National Agency for Science and Engineering Infrastructure (NASENI) funds and others. The lawmakers fumed that government agencies which were established to revolutionise job creation opportunities or to develop technologies for industrial development are either poorly funded or abandoned, even as there is pervading poverty, unemployment and general capacity underutilisation leading to mass frustration among Nigerians.
KPMG To Undertake Forensic Audit Of Arik Air
The new management of Arik Air has appointed KPMG, a world-class financial expert, to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true status of its finances. This was disclosed in a statement yesterday issued by Simon Tumba of SY&T Communications Limited, media consultant to the Asset Management Corporation of Nigeria (AMCON).
TCN Earmarks 11 Critical Projects For Completion
Notwithstanding the leadership crisis currently rocking the soul of the Transmission Company of Nigeria, TCN, the company has earmarked 11 outstanding critical projects for completion in the 2017 fiscal year. The embattled Managing Director and Chief Executive officer of TCN, Engr. Abubakar Atiku said the management was working hard to ensure the completion of the outstanding critical projects, which were funded in 2016 budget and hopefully to be funded in 2017.