Senate raises 2020 revised budget before passage
Businessam Staff
June 11, 2020
The National Assembly has finally put closure to the 2020 appropriation process by approving the reworked bill on Thursday. The senate raised the budget of N10,59 trillion submitted by president Mohammadu Buhari to N10.805 trillion. The House of Representatives had passed the budget on Wednesday. The N10.805 trillion was the same amount approved by the […]
FAAN receives guide from Munich airport ahead resumption of flights
Samson EchenimJune 11, 2020
The Federal Airports Authority of Nigeria (FAAN) is working with Germany’s Munich Airport International as it prepares to resume operations after the Covid-19 induced lockdown on June 21. The authority said in an effort to begin the reopening of some of the airports in the nation, it held a skype meeting with Munich Airport International […]
No more oil sale discounts from July — NNPC
Businessam StaffJune 11, 2020
The Nigerian National Petroleum Corporation (NNPC) has saidit will discontinue crude sales discount regime effective from July this year. Mele Kyari, NNPC group managing director, disclosed this yesterday in an interview with Bloomberg TV, saying the corporation was looking at achieving the target by June 30 or latest by July. The NNPC boss further said […]
ECOWAS leaders to Adesina: ‘We are behind you’
Businessam StaffJune 11, 2020
Political leaders of the 15 Economic Community of West African States (ECOWAS) member states have reaffirmed their total trust and full confidence” in Akinwumi Adesina who is up for reelection in August as the President of the African Development Bank (AfDB). The 15 presidents of the ECOWAS member states restated their support for Adesina in […]
FG suffers N1.01tn revenue shortfall
Businessam StaffJune 10, 2020
The negative impact of the Coronavirus pandemic has resulted in the federal government recording a revenue shortfall of about N1.01tn in the first quarter of this year. The drop in revenue according to documents from the Budget Office of the Federation, was primarily due to the dwindling revenue inflow into the federation account. The pandemic […]
Seven Discos face NERC’s sanction over uncapped estimated billing
Businessam StaffJune 10, 2020
Nigerian Electricity Regulatory Commission (NERC) yesterday gave seven Distribution Companies (Discos) 14 days to explain why they should not be sanctioned for breaching the capping order on estimated billing of customers without meters. NERC’s order 197/2020 placed limits on estimated bills that could be issued by Discos to unmetered electricity customers of residential (R2) and […]
Tackling the forex crisis with new payment channels
Moses ObajemuJune 9, 2020
Moses Obajemu As the forex crisis in Nigeria heightens with unmet demands piling up week after week, stakeholders have called for a broadening of the international supply lines to bolster and guaranty availability when needed to ensure that both businesses and individuals can do their job unhindered. The onset of the coronavirus pandemic and its […]
Buhari to delay financial autonomy for states’ legislature, judiciary
Businessam StaffJune 9, 2020
President Muhammadu Buhari has succumbed to pressure from governors of the 36 states of the federation to slow down the implementation of Executive Order 10 of 2020 on financial autonomy for the legislature and judiciary at the sub sub-national level. The president, after a meeting yesterday in Abuja with a delegation of the Nigeria Governors’ […]
Expert pushes for Naira as West Africa’s reserve currency
Phillip IsakpaJune 7, 2020
But analysts say it’s a tough nut to crack A London based derivative expert is pushing for Nigeria to use the enormous market intelligence provided by the prolonged closure of its land borders, as well as the opportunity offered by the outbreak of the coronavirus pandemic to push the country’s currency, the Naira, […]
AfDB board authorises independent review of ethics committee report
Businessam StaffJune 5, 2020
The Board of Governors of the African Development Bank (AfDB) has authorised an independent review of the Report of the Ethics Committee of the Boards of Directors on the complaint by whistle-blowers against the President of the Bank, Dr. Akinwumi Adesina, the sole candidate for the bank’s upcoming election. The independent review, the board said, […]