CBN To Inject Another $10,000 To BDCs To Check Speculation
The Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide, Alhaji Aminu Gwadabe says. Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Naira Overvalued By 20%, Says IMF
The International Monetary Fund has said Nigeria’s economy needs urgent reform. In a in a report published on Wednesday, it highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from the IMF staff which Reuters saw an earlier version of last month, outlined a raft of failings in the Federal Government’s handling of the economy and could affect at least $1.4bn in international loans.
Nigeria Has Not Borrowed Internationally Since 2013 – Kemi Adeosun
The Finance Minister, Mrs Kemi Adeosun, yesterday spoke live on her Facebook page about few things that has happened within the Ministry and initiatives introduced to boost the Nigerian economy. The essences of the live video on Facebook she said was to unravel the state of the economy to Nigerians who have the right to know about the happenings in the economy.
Local E&P Firms Produce About 180,000 bpd
Indigenous oil exploration and production (E&P) companies produce about 10 per cent of the total national output – between 180,000 and 200,000 barrels per day of oil (bpd), Chairman, Society of Petroleum Engineers, Nigeria Council, Dr Saka Matemilola, has said. Matemilola said the jump in oil production by local E&P firms was due to Shell’s divested interests in some juicy oil blocks. Shell and co-venturers, including Total and Agip, divested their 45 per cent interests in over seven oil blocks and they were acquired by local firms.
Buhari’s Govt., Not Low Oil Prices Caused Recession — Pat Utomi
Nigerian economist and politician, Pat Utomi, has chided the Buhari administration for the state of the economy, saying it lacks the capacity for effective budget planning. He spoke in Awka, the Anambra State capital, on Wednesday, as guest lecturer at Emmanuel Egbogah Budget Roundtable organised by the Business School of Nnamdi Azikiwe University.
2016 Expenditure Within Budget Plans, Says Amaechi
Minister of Transportation, Chibuike Rotimi Amaechi yesterday said that the ministry spent funds released to it from the 2016 budget strictly in line with budgetary plans and approvals to revive the nation’s rail sector. He stated this in Abuja while briefing members of the House of Representatives Joint Committee on Transportation headed by Nkiruka Onyejiocha when they paid him a scheduled visit to exercise their oversight functions for the ministry.
Nigerian Govt Clears N54 Billion Pension Backlog – Minister
Concerned about the plight of pensioners who retired under the Contributory Pension Scheme without being paid, the federal government has cleared the inherited arrears of accrued pension benefit for the year 2014, 2015 and 2016 by releasing N41.5 billion to the National Pension Commission, PENCOM, for onward payment to the retirees, Minister of Finance, Mrs. Kemi Adeosun has disclosed. The minister also announced that N12.5 billion being outstanding for January, February and March 2017 has been settled based on 2016 appropriation, bringing the tally to over N54 billion.
NCDMB Set To Unveil Data On Oil Industry Projects
The Nigerian Content Development and Monitoring Board (NCDMB) may unveil the data of upcoming projects in the downstream, midstream and upstream of the oil and gas sector within the next few weeks. The Executive Secretary of the NCDMB, Simbi Wabote, who disclosed this in Uyo, Akwa Ibom, at the first Nigerian Oil and Gas Opportunity Fair (NOGOF), explained that the compilation of the projects is good news as more jobs would be created very soon in the industry.
We’ll Fix Economy Frontally As We Did Corruption, Insecurity – PMB
President Muhammadu Buhari vowed yesterday that his administration will bluntly confront Nigeria’s economic challenges the way it tackled corruption and insecurity head on, with a view to fixing the country’s ailing economy. He made the declaration when he formally launched Nigeria’s Economic Recovery & Growth Plan (ERGP 2017 – 2020) at the presidential villa, Abuja. The president said, while his administration inherited numerous challenges, the political campaign of his party, the All Progressives Congress (APC), in 2015 was based on the recognition of the difficult situation Nigerians were enmeshed in and the need to bring positive and enduring change to the country.
NCC Partners NCS In Deepening Digital Literacy
The Nigerian Communications Commission, NCC, yesterday, presented a set of ICT equipment to Nigeria Computer Society, NCS, to enable the association deepen digital literacy in rural communities across the FCT. Items presented include 60 monitors, 50 UPS, 35 CPU units, 30 printers and 15 laptops. Presenting the equipment, Executive Vice Chairman of the commission, Prof. Umar Dambatta, said the gesture was in compliance with the commission’s belief in closing the existing digital gap in the country as a responsible regulator.