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.
Nigeria Naira

Nigeria’s inflation rises to 12.20 percent in February

Nigeria’s headline inflation has recorded another increase from the 12.13 percent recorded in January to 12.20 percent in February 2020.

Recent Stories

Some Aba residents on Tuesday flouted the stay-at-home executive order of the Abia government, which is meant to check the possible spread of Coronavirus into the state.

Lockdown: Aba residents flout stay-at-home order

Some Aba residents on Tuesday flouted the stay-at-home executive order of the Abia government, which is meant to check the possible spread of Coronavirus into the state.
Barcelona are ready to sell Antoine Griezmann, less than one year after signing him from Atletico Madrid, according to Sport.

Barcelona begin Manchester United swap deal talks ahead of summer transfer window

Barcelona are holding internal talks about possibly swapping players with Manchester United and Juventus this summer, it has been claimed.

WHO appreciates front-line health workers in Nigeria

The World Health Organisation (WHO) Office in Nigeria, Abuja on Tuesday appreciated the contribution of front-line health workers fighting the novel Coronavirus (COVID-19) around the world.

Ondo PDP senator commends governor for paying predecessor’s appointees entitlements

Sen. Nicholas Tofowomo, representing Ondo South Senatorial District at the National Assembly, has thanked Gov. Oluwarotimi Akeredolu over the payment of two months entitlements of all political appointees under former Gov. Olusegun Mimiko.
Kemi Adepoju, a dressmaker, sews a dress with a sewing machine in her shop amid the spread of the coronavirus disease (COVID-19) in Lagos, Nigeria April 5, 2020. REUTERS-Seun Sanni

Lockdowns: Saving lives, but ruining livelihoods in Africa

In a dark ground-floor room in Lagos, dressmaker Kemi Adepoju gazes at a pile of dresses she has made but which cannot be collected due to the lockdown in force to slow the spread of the new coronavirus.