States lack sustainable fiscal plan, BudgIT
Adesola Afolabi
September 24, 2018
BudgIT, a social advocacy group, in a recent analysis of the fiscal condition of states, says Nigerian state governments lack sustainable fiscal plan. It noted that “it was critical that state governments embrace a high level of transparency and accountability, develop workable economic plans, take haircuts, especially on overheads, expand their internally generated revenue (IGR) base, […]
No court order, no release of Bank Verification Number, says Nigeria central bank
Businessam StaffJuly 12, 2018
The Central Bank of Nigeria (CBN) has demanded the provision of valid court order as a pre-requisite for releasing Bank Verification Number (BVN) information to applicants. This follows an amendment to the regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian financial system by the CBN. In a circular to deposit […]
Nigeria’s FAAC shared N1.9trn in Q1 2018 – NEITI
Businessam StaffMay 10, 2018
The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday disclosed that the Federation Account Allocation Committee (FAAC) disbursed N1.938 trillion in the first quarter of 2018 to the federal, states, local government areas, and other beneficiaries. The amount shared represented an increase of 37.3 percent when compared with N1.411 trillion shared during the same period […]
Nigeria restates commitment to global fight against terrorism, backs ‘no money for terror’
Businessam StaffApril 30, 2018
The Federal Government of Nigeria has affirmed its commitment to the global fight against the financing of terrorism. Kemi Adeosun, the country’s minister of finance, gave this pledge at an International conference against the financing of terrorism in Paris, France. The conference, which had as theme “No money for terror”, was hosted by Emmanuel Macron, […]
Nigeria’s Yola, Afam power companies set for privatization as BPE meets transaction advisers
Businessam StaffApril 6, 2018
The Nigerian government through its privatisation agency, the Bureau of Public Enterprises (BPE) has kick-started the process of privatizing the Afam Power Generating plant and the re-privatisation of the Yola Power Distribution Company. To this end, the BPE Wednesday met with FBN Quest Consortium, the sole transaction adviser for the privatisation of the two entities, […]
Nigeria’s central bank holds interest rate meeting April 3-4
Businessam StaffMarch 19, 2018
Nigeria’s central bank plans to hold its next interest rate meeting April 3-4, a spokesman said on Monday, contingent on the upper house of parliament confirming the president’s nominees for the monetary policy committee (MPC). The spokesman according to Reuters said, “the new dates for the MPC are April 3 and 4. “We are hoping […]
Central bank issues regulation for payment of bills in Nigeria
Businessam StaffMarch 19, 2018
The Central Bank of Nigeria (CBN), in an effort to promote sound financial, efficient and effective payments system in the country, has unveiled regulations for the payment of bills. In a circular released on its website at the weekend, the CBN explained that the move was to document the minimum standards that must be complied […]
Egypt debt to UAE oil company drops to $228m
Businessam StaffFebruary 12, 2018
Egypt has paid $164 million to the UAE-based Dana Gas reducing its debt to the company to $228 million, a statement on the organisation’s website on Sunday said. The funds, according to middleeastmonitor, were paid by Cairo last year, the company added. Egypt has faced difficulties in paying foreign companies’ debts since the January revolution of […]
UK offers initiative for holistic approach to infrastructure devt in Africa
Businessam StaffFebruary 12, 2018
UK has indicated that it would increase its efforts to work closer with African governments and private sector on infrastructure development through a vehicle, the Africa Infrastructure Board. On the sidelines of the Mining Indaba in Cape Town last Friday, the UK government and private sector presented the Africa Infrastructure Board and emphasized the unique […]
Nigeria’s crude account held $2.32bn as of Jan 15
Businessam StaffJanuary 19, 2018
Nigeria’s excess crude account stood at $2.317 billion as of Jan. 15, a state governor said on Thursday. The figure was given by the finance minister during a meeting of Nigeria’s national economic council, according to Abdullahi Umar Ganduje, the governor of Kano state, who briefed reporters after the meeting, according to Reuters. Last month, […]