According to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper, the Federal Government projects that debt servicing will cost N10.43 trillion by 2025. This is an 182.66 percent increase over the N3.69tn budgeted for debt service in 2022. Multilateral agencies and economists have repeatedly warned the Federal Government about the rising cost of debt service, which could lead …
The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. The World Bank Country Director to Nigeria, Shubham Chaudhuri, revealed this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, noting that the amount was the largest of any country. He noted that it was still insignificant in …
After eight years of successful editions, Informa Markets has announced that Power Nigeria has now evolved into Nigeria Energy, a transformation designed to keep Nigeria’s leading event at the forefront of the rapidly evolving energy sector. According to Informa Markets, “Nigeria Energy was rebranded from Power Nigeria in 2020 to reflect the evolving nature of producing electricity and delivering energy …
President Muhammadu Buhari has approved the designation of Lekki Deep Seaport as a Customs Port and Approved Wharf. In a statement posted on the Nigerian Ports Authority’s (NPA) official social media handles on Friday, the President approved the new port for commercial vessel berthing via the Ministry of Transportation to the NPA’s managing director, Mohammed Bello-Koko. The NPA also stated …
Haruna Abdullahi, Acting Chairman of the Federal Capital Territory (FCT) Internal Revenue Service (FCT-IRS), has suggested that only 10% of registered taxpayers in the nation’s capital pay their taxes. This means that 90 percent of FCT residents who are registered for tax do not file returns. He made this remark during a day-long tax seminar in the nation’s capital aimed …
In an update to its global growth forecast released Tuesday, the International Monetary Fund (IMF) warned of global economic risks that, if unchecked, could push the world into recession. The IMF blamed high inflation and the risks posed by Russia’s invasion of Ukraine for putting the global economy in jeopardy, adding that “worst case” scenarios are possible. According to IMF …
As the Academic Staff Union of Universities’ ongoing strike continues to make many undergraduates redundant, DEBORAH DAN-AWOH examines key lessons that students can learn to achieve financial independence before terminating their academic programmes. In the last five months, Nigerian undergraduates at government-owned universities have seen their educational pursuits come to a halt due to a strike called by lecturers for …
The Monetary Policy Committee’s (MPC) decision to maintain a hawkish stance and raise the benchmark interest rate has caused consternation not only in the financial industry, but also among organised private sector operators who believe the hike will further restrict their access to credit. The MPC raised interest rates for the second time this year in an attempt to slow …
Almost a year after President Muhammadu Buhari launched the Central Bank Digital Currency (CBDC), known as the eNaira, it has yet to fully permeate the financial industry, a situation the Central Bank of Nigeria (CBN) blamed on the country’s banks’ uncooperation. The governor of the Central Bank of Nigeria, Godwin Emefiele, stated last week that the use of the enaira …
Ambassador Mariam Katagum, Minister of State for Industry, Trade and Investment, applauded the recent approval obtained by the Standards Organisation of Nigeria (SON) to return to the ports in order to collaborate with the Nigerian Customs Service (NCS) to combat the menace of substandard at all entry points in Nigeria. She also reaffirmed his ministry’s commitment to assisting SON in …
As part of its efforts to alleviate the harsh economic crunch on youths, leading technology conglomerate, the Zinox Group, recently offered employment to a batch of unemployed Nigerian graduates who successfully completed its internship programme. The successful graduates were among the second batch of participants who completed a 30-day intensive Mini-MBA training programme organised by the Zinox Institute of Technology …
The Industrial Training Fund (ITF) and other labour sector stakeholders declared on Tuesday that Nigeria should make the most of its rapidly growing population by employing a skilled workforce. The Manufacturers Association of Nigeria (MAN) has specifically tasked ITF with leveraging a 3 million euro grant in the pipeline to produce more skilled workers in Nigeria. The desire of the …
The Premium Breadmakers Association of Nigeria (PBAN) has lamented the difficulty of running bakeries in Nigeria. As a result, they have decided to withdraw their services for four days beginning Thursday, July 21, 2022, according to a statement issued by the association. “Bread is a staple food and one of the cheapest ‘grab and go’ foods available to both the …
Ken Langone, a billionaire investor and philanthropist, has identified three key business principles that have served him well throughout his career. He told CNBC in an interview that aired on Mad Money that these principles have also been helpful in building a successful organisation. According to him, the three most powerful things in business are a kind word, a thoughtful …
The world is currently dealing with high inflation, and Africa is not immune, with countries on the continent printing record high inflation rates in 2022. The rise in the inflation rate coincides with the rise in crude oil prices, which has occurred in the midst of the conflict between Russia and Ukraine. The rising cost of energy around the world …
Personal Loan Against Salary (PLAS) was introduced by FirstBank of Nigeria Limited to assist customers in meeting their daily obligations. AMAKA IFEAKANDU considers the product’s impact and benefits on account holders. The recent increase in the prices of goods and services in the country has continued to put pressure on many Nigerians, forcing them to think about how to raise …
NFT’s limited edition 1 of 1 champagne ‘Magnum 2.5’ has just become the world’s most expensive champagne. Purchased on OpenSea as an NFT for 2500 ETH, which is equivalent to $2.5 million USD. The magnum of Chateau Avenue Foch 2017 was sold with an NFT that grants the holder digital art and intellectual property rights to an image of a …
Senator Ademola Adeleke, Governor-elect of Osun State, has admitted that some associates of All Progressive Congress (APC) party chieftain and Minister of Interior, Rauf Aregbesola, supported him during the state’s recent governorship election. Ademola stated that while some of Aregbesola’s allies may have joined the Peoples Democratic Party (PDP) and worked for his victory, it is not clear that the …
The Securities and Exchange Commission has received an application from MTN Nigeria Communications Plc in relation to the registration of a brand-new N200 billion Bond Issuance Program. This information was provided in a disclosure document submitted to the exchange regarding MTN Nigeria Communications Plc’s registration of a follow-up N200 billion Bond Issuance Program. The company stated that capital expenditures, working …
The Ikeja Special Offences Court in Lagos sentenced a businessman to 60 years in prison for a N184 million fraud. Chukwuemeka Ekwunife was sentenced by Justice Sherifat Solebo after the Economic and Financial Crimes Commission found him guilty on counts one through six of the charges brought against him (EFCC). The judge sentenced him to ten years in prison for …
