2020 budget: Nigeria President Buhari bars his ministers, agency heads from overseas trip
Businessam StaffOctober 12, 2019
President Buhari has embargoed overseas travels by all ministers and heads of government agencies. The suspension of such travels is to enable functionaries and agencies of the executive arm to provide the cooperation required by the legislature for timely passage of the Appropriation Bill presented Tuesday last week by Buhari. He had presented a N10.33 trillion ($33.8 […]
Oil prices jump more than 1% after Iran says two missiles struck one of its tankers
Businessam StaffOctober 11, 2019
Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea. Brent crude futures were up 1.4% at $59.93 a barrel, with West Texas Intermediate (WTI) futures showing similar gains. The National Iranian Oil Company told NBC that the tanker was hit by two explosions at […]
NIPC tracked $9.29bn investment in three months
Businessam StaffOctober 11, 2019
The Nigerian Investment Promotion Commission on Friday said it recorded a total investment commitment of $9.29bn in the third quarter of this year. The commission said this in a report released in Abuja. The report showed that a total of 13 projects across four states were announced by investors from four countries. The major announcements […]
CBN: Why Credit Easing Will Not Increase Non-performing Loans
Businessam StaffOctober 11, 2019
The Central Bank of Nigeria (CBN) has doused fears that its aggressive drive to increase banking sector’s lending to the private sector will result in a gradual accumulation of non-performing loans (NPLs) in the sector. Isaac Okoroafor, the director, corporate communications, CBN, said in an interview yesterday that with the lending clause introduced recently by […]
Budget: 85% VAT going to states, LGAs –Fashola
Businessam StaffOctober 11, 2019
Babatunde Fashola, the minister of works and housing, has said that 85 per cent of the value added tax to be raised in the 2020 budget will go back to the states and local governments areas to take care of salaries and infrastructure investment. According to him, the remaining 15 per cent will go to […]
Minimum wage not salary review, FG tells labour
Businessam StaffOctober 11, 2019
Chris Ngige, the minister of labour and employment, said the federal government had yet to commence total implementation of the new minimum wage of N30,000 to all categories of workers because organised labour mistakenly saw consequential adjustment in salary as total salary review. Ngige spoke on Thursday when the director general of the Nigeria Employers […]
CBN rolls out regulations on indirect participants in payments system
Moses ObajemuOctober 10, 2019
By Moses Obajemu The Central Bank of Nigeria (CBN) has rolled out regulations governing the operations of the in-direct participants in the payments system. According to a circular titled “Regulation for the operation of indirect participants in the payments system”, released by the apex bank on Thursday which was signed by Sam Okojere, its director of payment […]
FG, CRCC sign $3.9bn contract for Abuja-Itakpe railway
Businessam StaffOctober 10, 2019
The federal government has signed a $3.9bn contract with the China Railway Construction Corporation Limited for the construction of a new Abuja-Baru-Itakpe-Lokoja rail line. Both parties signed the contract on Thursday in Abuja at the headquarters of the Federal Ministry of Transportation. Rotimi Amaechi, the minister of transportation, who received senior officials from CRCC […]
Graft: Sell forfeited assets, put money realised in TSA, Buhari tells committee
Businessam StaffOctober 10, 2019
President Muhammadu Buhari has directed the Presidential Advisory Committee Against Corruption to deposit all monies generated from sale of assets forfeited on account of corruption in the Treasury Single Account. Buhari said this during his meeting on Thursday with the committee, as tweeted via his verified Twitter handle @MBuhari: The PACAC was established in 2015 […]
World Bank: Low, middle income countries’ debts hit $7.8tr
Businessam StaffOctober 10, 2019
TOTAL external debt of low- and middle-income countries climbed 5.3 percent to $7.8 trillion last year, while net debt flows (gross disbursements minus principal payments) from external creditors tumbled 28 percent to $529 billion, the World Bank’s International Debt Statistics 2020 shows. Although on average the external debt burden of low- and middle-income countries […]