Civic rights group BudgIT urges Saraki, Dogara to end NASS budget secrecy

BudgIT, a Nigerian civic rights group has called on the leaders of the upper and lower houses of the National Assembly to end the secrecy associated with budget allocations to their arm of the government.  The group in a statement made available to business a.m Wednesday stated that, despite Nigeria’s membership in open government partnership and tons […]

India to inject $6.8bn into state lenders to boost loans

India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, […]

Capital market expert wants Osinbajo to lead CAMMIC

Uche Uwaleke of Nasarawa State University Keffi, is advocating for the leadership of Capital Market Master Plan Implementation Council (CAMMIC) to rest on Yemi Osinbajo, the country’s vice president, and head of the country’s economic team. This advocacy, according to Uwaleke, who is also Nigeria’s first professor of capital market and the president of the […]

Budget minister tasks accountants on fight against corruption

Udoma Udo Udoma, Nigeria’s minister of Budget and National Planning has called on chartered accountants to support the anti-corruption fight of the federal government by creating systems that promote transparency and make it difficult for diversion of resources. Udoma who made the call in Abuja on Tuesday when the executive of the Institute of Chartered […]

Drowning in debt, hedge fund billionaires’ home faces budget crunch

Connecticut, home to hedge fund billionaires alongside cities mired in poverty, is racing against the clock to pass a budget or face further spending cuts to education and municipal aid across the state. Nearly two months without a budget, Connecticut is getting crushed by a burdensome debt load that has squeezed spending and amplified legislative […]

After $1.1trn from oil in 35 years, Nigeria has just $3.9bn left, barely enough to fund 16% of budget

Despite earning a whopping $1.09 trillion from oil exports in 35 years, Nigeria still lacks the capacity to fund its annual expenditure programme, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). NEITI, in its second occasional paper series entitled “The Case for Robust Oil Savings for Nigeria”, said from 1980 to 2015, Nigeria exported […]