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The new Chief of Staff to the President, Professor Ibrahim Gambari, has said his primary allegiance would be to President Muhammadu Buhari and not the public.

Nigerian government cuts 2020 budget by N71.5 billion

The Federal Executive Council (FEC) has approved a revision of the 2020 Budget from N10.594 trillion to N10.523 trillion, reflecting a N71.5billion downward review.
The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

Egypt receives $2.77 billion in IMF emergency financing

Egypt has received $2.77 billion in emergency financing from the International Monetary Fund, its state news agency reported on Tuesday, citing a senior central bank source.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Nigerian stocks records ninth consecutive gain

The Nigerian stock market gained ground for the ninth day in a row, with the benchmark All Share Index (ASI) improving further by 0.87 per cent to settle at 24,354.25 points after oil price climbed above $31 per barrel on Thursday.
The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS-Rodrigo Garrido-File Photo

IMF approves $491.5 million loan for Uganda to limit coronavirus impact

Uganda will receive an emergency loan worth $491.5 million from the International Monetary Fund to help cushion its economy from the impact of the new coronavirus, the fund said on Wednesday.

Nigeria receives $3.4 billion IMF emergency fund

Nigeria has received a $3.4 billion emergency fund from the International Monetary Fund (IMF), less than 24 hours after receiving $311 million of stolen money stashed in the United States and Jersey island.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Africa’s oil producers impacted by OPEC production cut

Crude oil prices rose marginally on Friday (May 1) as the Organization of Petroleum Exporting Countries (OPEC) and their allies started reducing output.
Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS-Philimon Bulawayo

Zimbabwe pleads with foreign lenders to prevent coronavirus “catastrophe”

Zimbabwe is headed for a health and economic catastrophe from the coronavirus pandemic because its debt arrears mean it cannot access foreign lenders, the finance minister warned in a letter to the IMF.
Algeria’s President Abdelmadjid Tebboune said on Twitter that he had ordered medical authorities to take maximum precaution after the coronavirus case was announced by the health minister.

Algeria cuts budget, increases minimum wage

The Algerian government decided Sunday to reduce the state budget by half due to a financial crisis caused by the global collapse in oil prices and worldwide coronavirus lockdowns.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF approves $91 million loan to Malawi for coronavirus trade balance woes

The International Monetary Fund (IMF) has approved a $91 million loan for Malawi to help fund a balance of payments deficit exacerbated by the COVID-19 pandemic, the Fund said in a statement.

Nigeria: Fuel subsidy will not return

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.
President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba

NLC: Nigeria on pathway to economic bankruptcy

As a result of massive petroleum products importation and debt overhang, the Nigeria Labour Congress (NLC) has raised the alarm, saying Nigeria is on the pathway to economic bankruptcy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate it with an Executive proposal to establish a N500 billion COVID-19 Crisis Intervention Fund.

Nigeria pledges prudent use of $3.4 billion IMF loan

The Federal Government says it will make “judicious use” of the $3.4 billion loan request recently approved by the International Monetary Fund.

Experts want Nigeria to use IMF loan for the purpose intended

Some financial experts have urged the federal government to use the loan approved by IMF for the purpose intended so as to help sustain the country’s economy.

IMF approves $3.4 billion emergency support to Nigeria

The board of the International Monetary Fund (IMF) yesterday approved Nigeria’s request for $3.4 billion emergency support to address the severe impact of the COVID-19.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

IMF approves $3.4 billion RFI to support Nigeria’s coronavirus fight

The International Monetary Fund has approved the sum of $3.4 billion to support Nigeria’s COVID-19 fight.
Leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu, has threatened to expose corrupt leaders in the north.

IPOB leader kicks against alleged fresh loans request from IMF, World Bank, AfDB

The leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu, yesterday, kicked against further lending by foreign lenders to the Nigerian government, saying it breaches the organic law of Nigeria.
Dondo Mogajane, director general of the National Treasury, said in an interview with eNCA television on Sunday that South Africa “will certainly go” for the IMF funding.

Official: South Africa seeking $5 billion from multilateral lenders to fight virus

South Africa is seeking 95 billion rand ($4.99 billion) from multilateral lenders to help it fight the COVID-19 pandemic, a senior Treasury official said on Sunday.
President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba

Why Nigeria deserves debt relief – NLC chief

President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, has joined the clamour for debt relief for Nigeria from multilateral institutions, noting that this becomes inevitable under the current circumstances imposed on global economies, specifically, the novel coronavirus pandemic.

Recent Stories

The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

PPPRA fixes petrol ex-depot price for N138.62

The Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest.
Senate Minority Leader, Hon. Ndudi Elumelu from Delta State. on Monday in a motion canvassed for adherence and respect to the concept of separation of powers as enshrined in the laws of Nigeria.

Rep Elumelu: Opposition lawmakers leading anti-corruption investigations

The Minority Leader of the House of Representatives, Rep. Ndudi Elumelu (PDP-Delta), says opposition lawmakers in the house have been at the center of unearthing and exposing acts of corruption in the country.
Gov. Bello Matawalle of Zamfara has lifted the ban on congregational prayers in Mosques and Churches placed to curtail the spread of the coronavirus in the state.

Zamfara schools to resume August 9

The Zamfara State Government has directed secondary schools in the state to reopen from August 9, to enable exiting students sit for Secondary School Certificate Examination (SSCE).
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

NSE: Trading sustains positive trend, up by 0.31 per cent

Activities on the Nigerian Stock Exchange (NSE) extended a positive trend on Tuesday with key market indices appreciating further by 0.31 per cent.

NUC: 32 universities involved in research to tackle impacts of coronavirus

The Executive Secretary, National Universities Commission (NUC), Prof. Abubakar Rasheed, says 32 federal, state and private universities across all geopolitical zones are involved in different stages of research toward tackling direct and collateral impacts of COVID-19.