Home Business Economy

Economy

President of the Senate Ahmad Lawan on Tuesday tasked top security officials to beef up security measures at the National Assembly.

National Assembly leadership meet ministers on planned 2020 budget review

The Leadership of the National Assembly on Wednesday held a meeting with some Ministers and Heads of agencies from the Executive arm of Government to brainstorm on the impact of Coronavirus pandemic on the Nigerian economy.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

Nigeria slashes oil benchmark to $30 per barrel

The Federal Government on Wednesday proposed the reduction of oil benchmark, upon which the 2020 budget was predicated, from $57 to $30 per barrel.
The Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris, has disclosed that the FAAC allocation of March 23, 2020, for the month of February has fallen short of the State government’s expectations

Kogi government laments on low allocation

The Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris, has disclosed that the FAAC allocation of March 23, 2020, for the month of February has fallen short of the State government’s expectations
As the COVID-19 pandemic stretches into its second month and shows no signs of slowing, President Donald Trump has pushed to relax the restrictions on travel and movement that are, right now, the best hope for controlling the disease.

Relaxing isolation rules won’t help the economy – economists

As the COVID-19 pandemic stretches into its second month and shows no signs of slowing, President Donald Trump has pushed to relax the restrictions on travel and movement that are, right now, the best hope for controlling the disease.
South African President Cyril Ramaphosa make a speech at the official funeral service of the later former Zimbabwean president Robert Mugabe on September 14, 2019 at National Sports Stadium in Harare. South Africa’s President Cyril Ramaphosa was jeered and whistled during his speech before he apologised for recent xenophobic attacks in his home country. At least 12 people have been killed this month in a surge in violence and mob attacks against foreign-owned businesses in and around Johannesburg, South Africa’s largest city.TONY KARUMBA / AFP

South Africa’s foreign direct investment dips in 2019

South Africa saw a dip in foreign direct investment in 2019 compared to the previous year, with inflows falling to 66.8 billion rand ($3.78 billion) from 72.1 billion rand, the central bank said on Tuesday.

Tunisia discussing new IMF programme – minister

Tunisia has started negotiations with the International Monetary Fund for a new loan programme, but a plan to issue bonds is on hold because of the coronavirus, the finance minister said on Monday.

IMF: Coronavirus recession could be worse than 2009

The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

FIRS workers pledge to achieve N8.5 trillion tax target

The Domestic Tax Operation Group (DTOG) of the Federal Inland Revenue Service (FIRS) has assured the Management and Board of the Service that it will strive to achieve its N8.5trillion revenue target.
Business activities resumed in full swing in Kano amid worsening international economic crisis occasioned by the Coronavirus pandemic.

Businesses open, schools close in Kano

Business activities resumed in full swing in Kano amid worsening international economic crisis occasioned by the Coronavirus pandemic.
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

Report: FIRS collected N338.1 billion tax in January 2020

The Federal Inland Revenue Service (FIRS) in January 2020 collected tax revenue of N338.1 billion as against a tax target of N620.2 billion.
Nigeria Naira

36 states, FCT generate N2.57 trillion net revenue in 2018

Fiscal Responsibility Commission (FRC) has put the total net revenue of the 36 states and Federal Capital Territory (FCT) at N2.57 trillion excluding the Internally Generated Revenue (IGR).
Russian First Deputy Prime Minister Andrei Belousov has said the recent breakup of the OPEC+ oil output cut agreement and subsequent collapse in oil prices was the “Arab partners’ initiative”.

Russia: Oil market slump due to ‘Arab partners’ initiative’

Russian First Deputy Prime Minister Andrei Belousov has said the recent breakup of the OPEC+ oil output cut agreement and subsequent collapse in oil prices was the “Arab partners’ initiative”.

Nigeria central bank, bankers committee to support pharmaceutical firms

As the country continues to record new cases of corona virus, the Central Bank of Nigeria (CBN) and the Bankers’ Committee rose from an extra-ordinary meeting held in Lagos on Saturday, March 21, 2020, with the pledge to grant funding facilities (in Naira and foreign exchange) to pharmaceutical companies in the country to enable them procure raw materials and equipment to boost local drug production in Nigeria.
South Africa’s rand traded slightly firmer early on Friday, recovering from a sharp dip in the previous session after the country confirmed its first case of coronavirus.

South Africa pumps liquidity to banks to ease coronavirus stress

South Africa’s central bank announced a raft of emergency liquidity measures on Friday to ease the stress on banks caused by the coronavirus outbreak.
The Minister of Agriculture and Rural Development, Alhaji Muhammad Nanono gave the assurance at the weekend while interacting with stakeholders in the sector in Bauchi.

Nigerian government frowns at indiscriminate hike in cost of rice

The Federal Government has frowned at the indiscriminate hike in the cost of local rice, saying it is dishonesty on the part of the dealers and unfair to consumers.
Governors of 36 states of the federation and Heads of Federal Government agencies have agreed to work together to tackle the novel Coronavirus pandemic ravaging the world. 4

Coronavirus: Nigeria’s economy fragile, vulnerable – NEC

The National Economic Council (NEC) on Thursday received the report of the Presidential Economic Advisory Council (PEAC) on the impacts of Coronavirus disease on the Nigeria’s economy.

NIRSAL: Corrupt interests sponsoring protests against us

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) says it has uncovered an ongoing scheme by corrupt interests to discredit the work of the agency using sponsored thugs and miscreants to stage protests around its offices.
The Presidential Advisory Council had warned about dire economic consequences, including recession, for Nigeria if the raging coronavirus infection was not contained as quickly as possible. 1

Advisory council warns Nigeria of recession

The Presidential Advisory Council had warned about dire economic consequences, including recession, for Nigeria if the raging coronavirus infection was not contained as quickly as possible.

Recent Stories

Transport firm, Peace Mass Transit, has announced that it will be shutting down operation in Enugu and Ebonyi states from Sunday.

Peace Mass Transit announces shutdown

Transport firm, Peace Mass Transit, has announced that it will be shutting down operation in Enugu and Ebonyi states from Sunday.
The Nigeria Police Force says its investigation shows that Boko Haram, Ansaru and other terror groups are getting support from some Nigerians.

Three policewomen detained for allegedly assisting rapist escape

A suspected rapist, simply identified as Kelechi, has escaped from police detention at Ajiwe Police Station, Lagos State.
Prof. Babatunde Salako, the Director-General of the institute, made this known to newsmen on Saturday in a telephone interview in Lagos.

Institute begins free virus screening, gives criteria

As the Nigerian Institute of Medical Research begins a free screening for COVID-19 on March 30 in Lagos, only invited individuals will be tested.
It was sequel to the directive of Gov. Ben Ayade and the resolution of the state chapter of the Christian Association of Nigeria (CAN)

Cross River bans religious gatherings

The Cross River State Government on Saturday banned all religious gatherings of more than five persons in the state.

US prepares emergency evacuation of citizens from Nigeria

The United States government is preparing emergency flights to evacuate its citizens in Nigeria over fear of escalation of Coronavirus in the country.