Delay In 2017 Budget Passage May Stall ERGP –FG
The Federal Government has declared that delays in the passage of the 2017 Appropriation Bill by the National Assembly may stall the implementation of its Economic Recovery Growth Plan (ERGP). This is even as it attempts to tie exiting country recession by end of the year to early passage of the budget as well as the full implementation of the economic recovery growth plan expected to be launched soon. Minister of Budget and National Planning, Udoma Udo Udoma, made the declaration while briefing State House Correspondents on the outcome of the Federal Executive Council (FEC) meeting chaired by Acting President, Yemi Osinbajo.
Minister Lists Benefits Of BoA Restructuring
Minister of Agriculture, Chief Audu Ogbeh, has said the restructuring and re-positioning of Bank of Agriculture (BoA) would help in the diversification of Nigeria’s economy from over-dependence on oil. Speaking yesterday in Kaduna at “Launch of Capacity Building and Institutional Strengthening of Bank of Agriculture Project”, Ogbeh said President Muhammadu Buhari had since given his nod for the restructuring and re-positioning of the bank.
FG Optimistic Nigeria Will Exit Recession This Year
The federal government on Wednesday expressed optimism that the Nigerian economy was on the path of recovery, assuring the public that the country would crawl out of recession before the end of the year. Making this disclosure while briefing journalists at the end of the Federal Executive Council (FEC) in Abuja, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said available indices had shown that the economy was recovering faster than it was envisaged.
Nigeria To Earn N3trn From New Oil Field
As Nigeria grapples with the economic challenges it is presently enmeshed in, indications have emerged of a brighter future in the nation’s oil and gas sector, with a new oil reserve which has been estimated to generate upwards of N3 trillion for the country. The oil reserve discovered last October by United States’ oil giant, ExxonMobil Corporation, with about one billion barrels of oil in the Owowo field, offshore Nigeria, is capable of spinning the whooping amount for the country in no distant future, LEADERSHIP exclusively gathered yesterday.
OPEC Deal Yielding Benefits For Nigeria, Says Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the agreement by the Organisation of the Petroleum Exporting Countries and non-OPEC producers to cut production with a view to stabilising prices is already yielding results for Nigeria. He said higher oil prices and a long-term plan for production were spearheading the country’s efforts to get its oil and gas sector back on track.
Nigerians Can Travel To United States – US Govt
United States government has said that Nigerians are free to travel to the country, saying there is no reason for Nigerians with valid visas to postpone or cancel their travel to the country. This was contained in a statement made available to LEADERSHIP in Abuja titled, ‘’Nigerians travelling to the United States’’ signed by the US Embassy Abuja. The statement clarified that Nigeria is not named in the executive order on immigration issued on March 6, 2017.
Oil Output: FG Abandons Four-million-barrel Target
Seven years after the production target of four million barrels of oil per day was set, the Federal Government has given up hope of achieving that output by 2020 as the country struggles to retain its Africa’s top producer status. The Federal Government now aims to achieve 2.5 million barrels per day by 2020, according to an Economic Recovery and Growth Plan released by the Ministry of Budget and National Planning on Tuesday.
Women To Create 79,000 Jobs By 2019 -BoI
As Nigeria joined its counterpart across the globe to celebrate the 2017 International Women’s Day, the Bank of Industry (BoI), has said that the womenfolk could create about 79,000 by 2019. Group head, Gender Business, Bol, Mrs Adebisi Ajayi, stated this at the‘BoI 2017 International Women’s Day’ held in Lagos yesterday.
Nigeria’s Recovery Could End OPEC Oil Output Cut Exemption
When OPEC agreed to exempt Libya and Nigeria from its oil production cuts, market watchers said the two beleaguered countries’ upside potential could complicate its attempt to accelerate the market’s rebalancing, reports. Both countries have ambitious aims to recover output following months of militant attacks on oil infrastructure that caused their production to plummet last year, as OPEC was negotiating the deal.
3 Banks Plan Takeover Of Etisalat For N541bn Loan Default
Three indigenous banks, including Guaranty Trust Bank (GTB), Zenith and Access Banks may have assumed the management of Etisalat Nigeria over unpaid loans of N541 billion in 2015. Their action followed the failure of the telecommunications firm to liquidate an outstanding N541 billion loan to the banks on account of the current recession that has constrained operators’ financial capacity. Etisalat, according to industry sources, ought to have paid the loan but unstable dollar price had stopped it because it would mean paying three times higher the original loan.