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Nigeria Naira

Economic expert frowns at Nigeria’s debt servicing figures

An renowned economist, Dr Paul Alaje, has frowned at a situation whereby Nigeria spends up to 60% of its revenue on debt servicing, describing the development as disturbing and worrisome.
India’s economy grew 0.4 per cent year-on-year in the final quarter of 2020, official data showed Friday, ending its first recession since independence as easing coronavirus restrictions sparked a modest recovery.

India exits recession with 0.4 percent quarterly growth

India’s economy grew 0.4 per cent year-on-year in the final quarter of 2020, official data showed Friday, ending its first recession since independence as easing coronavirus restrictions sparked a modest recovery. The country has struggled...
The Minister of Aviation, Sen. Hadi Sirika, on Thursday received a new aircraft brought by Allied Air at the Nnamdi Azikiwe International Airport, Abuja for the distribution of COVID-19 vaccines across the country.

Nigeria receives new aircraft for coronavirus vaccines distribution

The Minister of Aviation, Sen. Hadi Sirika, on Thursday received a new aircraft brought by Allied Air at the Nnamdi Azikiwe International Airport, Abuja for the distribution of COVID-19 vaccines across the country.

CBN boss pledges accommodative monetary policy to boost economic growth

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.
Nigeria Naira

Odua Investment: Southwest GDP worth over $80 billion

With a population of over 40 million people, the South West Gross Domestic Product (GDP) is estimated to be worth over $80 billion.
Acting Finance Minister of Finance Zainab Ahmed

Nigerian government plans supplementary budget as coronavirus vaccines arrive next week

The Minister of Finance, Budget and National Planning, Zainab Ahmed, Thursday said a supplementary budget would be presented to the National Assembly for COVID-19 vaccines and vaccination of frontline workers.
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.

Minister: Nigeria won’t stop borrowing

Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday.
Nigeria Naira

Minister: Unifying Naira’s exchange rate will take time

The total borrowing of the country as of 31 December is 21.6 per cent of the GDP. So, if we were not looking at adding the other category of loans that I mentioned, we don’t even need to increase that at this time As of 2019, the debt to GDP ratio was 19.2 per cent so only two per cent was added.
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.

Nigerian government celebrates rising price of crude oil in the global market

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.

Fitch revises Nigeria’s 2021 GDP forecast to 1.6%

It pointed out that rising oil exports would be the main growth driver for the country in 2021, while consumer spending and business investment were likely to be subdued because of persistently high inflation and the slow rollout of a Covid-19 vaccine.

NCC highlights role of telecoms in Nigeria’s exit from recession

The Nigerian Communications Commission (NCC) has highlighted the role played by the telecommunications sector in lifting the country out of recession in the recently released fourth quarter Gross Domestic Product (GDP) figures for the fourth quarter of 2020.
The people of Iviebua, Iyiakhua and five other communities in Etsako East Local Government Area of Edo are to benefit from a 13.5 km rural roads in the area which would bring down the cost of transportation by 30 percent.

Nigerian government plans tolling on 12 highways

In its bid to ensure the regular maintenance of its road network across Nigeria, the Federal Ministry of Works and Housing plans to concession no fewer than 12 federal highways to private entities to manage.
Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disclosed this in a statement in Abuja.

Presidency: Exit from recession key indicator of sustainability plan’s performance

Nigeria’s prompt exit from recession is a key indicator of the success of the ongoing Economic Sustainability Plan (ESP) approved by the Federal Government, the Presidency has said in a statement on Sunday in Abuja.
Former Vice-President, Atiku Abubakar has called on the federal government to adopt proactive measures to tackle the second wave of the dreaded coronavirus before things get out of hand.

Atiku Abubakar commends Nigerian government’s ‘plan’ to privatize refineries, others

Former Vice President, Alhaji Atiku Abubakar has commended President Muhammadu Buhari’s willingness to privatize the nation’s existing refineries and other assets to revamp the country’s economy.
The Minister of Information and Culture, Alhaji Lai Mohammed, who disclosed this at a media briefing on Monday in Lagos, said centres were also built in collaboration with states and the private sector to isolate and treat cases of COVID-19.

Minister: Nigeria did not exit recession by accident

The Minister of Information and Culture, Alhaji Lai Mohammed, says Nigeria did not exit the latest recession by accident, but with “hard work, foresight and deliberate planning by the government.”

NEPC chief: Nigeria to exit dependence on oil revenue in 10 years

The Executive Director/CEO of the Nigerian Export Promotion Council, NEPC, Mr Segun Awolowo, yesterday assured that given the steps being taken to improve the non-oil exports, Nigeria will exit its dependence on crude oil revenue in the next 10 years.
South African Finance Minister Tito Mboweni gestures as he delivers his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Reuters-Sumaya Hisham

South Africa’s economic rebound expected to trim budget deficits

South Africa’s consolidated fiscal deficit is expected to narrow this year because of an economic rebound, although the long-term trend of higher debt remains unchanged due to COVID-19 and pre-existing spending, a Reuters poll forecast on Friday.
Nigeria Naira

Economic expert: Key lessons learnt from exiting recession

Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.
National Bureau of Statistics NBS

Nigeria rebounds from recession with 0.11% GDP growth

The National Bureau of Statistics (NBS) says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signalling a gradual recovery from recession.

IMF endorses CBN’s policy on cryptocurrency, seeks FX rates unification

The International Monetary Fund (IMF) has expressed its support for the recent directive of the Central Bank of Nigeria (CBN) to financial institutions to ban transactions with cryptocurrency.
Foreign minister Marcelo Ebrard

Mexico urges rich countries to stop ‘hoarding’ coronavirus vaccines

Mexico on Wednesday made a plea at the U.N. Security Council for countries to stop hoarding vaccines against COVID-19 as poorer ones fall behind in the race to vaccinate their citizens.
President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba

NLC: Nigeria’s insecurity, poverty getting out of control

The Nigeria Labour Congress (NLC) on Wednesday held their National Executive Council (NEC) meeting, at the Nigerian Airforce Conference Centre, Abuja, where they lamented the precarious state of insecurity and economic woes in the country.

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Twitter is looking into adding subscription options to become less dependent on targeted ads, Bloomberg reported Monday. Several teams are apparently in the early stages of researching different approaches.

Twitter opens its audio chat room Spaces to Android users

Twitter introduced a limited version of the Clubhouse competitor on iOS in January. While any users of Twitter’s iOS app can join and listen to Spaces, only a few can host them at the moment.
Rivers State Governor, Nyesom Wike, on Tuesday, brokered a truce between the Governor of Benue State, Samuel Ortom and Governor of Bauchi State, Senator Bala Mohammed in Port Harcourt.

Bauchi, Benue governors reconcile in Port Harcourt

Rivers State Governor, Nyesom Wike, on Tuesday, brokered a truce between the Governor of Benue State, Samuel Ortom and Governor of Bauchi State, Senator Bala Mohammed in Port Harcourt.
FC Barcelona and Atletico Madrid will have to cut down the costs of their squads by more than 35 million euros ($42.14 million) following new salary limits imposed by La Liga on Tuesday to cope with the financial impact of the Covid-19 pandemic.

Barcelona, Atletico Madrid ordered to further tighten belts by La Liga

FC Barcelona and Atletico Madrid will have to cut down the costs of their squads by more than 35 million euros ($42.14 million) following new salary limits imposed by La Liga on Tuesday to cope with the financial impact of the Covid-19 pandemic.
Isu said the agency had earlier distributed food items meant for the 2019 flood victims, which was initially kept at its warehouse, following the approval of Gov. Douye Diri two weeks ago.

Bayelsa governor: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta

Gov. Douye Diri of Bayelsa on Tuesday proposed that 10 per cent of derived oil revenue be provided in the Petroleum Industry Bill (PIB) for the host communities.
A Nigerian police officer holds a bunch of handcuffs in Abuja on October 3, 2020. Sodiq Adelakun-Channels TV

Police nab five ‘armed robbers’, recover fire arms in Nasarawa

Police in Nasarawa state Tuesday announced the arrest of two suspected notorious armed robbers who have been terrorising Nasarawa and its environs and recovered fire arms from them.

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The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, made the disclosure in an interview with newsmen on Sunday in Abuja.

Nigerian government to disburse N200 million to 100 artisanal miners

The Ministry of Mines and Steel Development is considering disbursing N200 million to 100 artisanal miners to boost mining activities in Nigeria.
Watching Kylian Mbappe and Paris Saint-Germain tear Barcelona to shreds at Camp Nou on Tuesday evening in the first leg of their Champions League last 16 tie, it felt there’s a new king in town.

Kylian Mbappe makes huge decision on Liverpool switch

Kylian Mbappe will inform Paris Saint-Germain he wants to leave the Ligue 1 giants this summer – with Liverpool his most preferred destination.
1. Girls who were kidnapped from a boarding school in the northwest Nigerian state of Zamfara, are seen after their release in Zamfara , Nigeria March 2, 2021. REUTERS-Afolabi Sotunde

Zamfara schoolgirl: Our abductors were young boys, they wanted to ‘touch us’

One of the victims of last Friday’s abduction of Zamfara State Government Girls Secondary School in Jangebe, Hafsat Anka, said the captives threatened to kill, fry and eat them if they misbehaved.
The Police in Ogun State on Friday arrested and detained the Deputy Speaker of the State House of Assembly, Oludare Kadiri, for alleged assault.

Group condemns arrest, detention of Ogun deputy speaker

A group of youths, under the aegis of the Ogun East Youths for Good Governance, has condemned the arrest and detention of the Deputy Speaker, Ogun State House of Assembly, Rt. Hon. Oludare Kadiri, by the police over alleged invasion and assault.
Mafia-type organisations, often based in eastern Europe, are likely to have been behind a recent wave of cyber attacks on French hospitals, rather than foreign powers, said the French minister for digital technology Cedric O on Thursday.

French minister: Mafia-type gangs likely behind cyber attacks on hospitals

Mafia-type organisations, often based in eastern Europe, are likely to have been behind a recent wave of cyber attacks on French hospitals, rather than foreign powers, said the French minister for digital technology Cedric O on Thursday.