IMF: Comprehensive reform package urgently needed in Nigeria
Businessam Staff
October 9, 2019
The International Monetary Fund (IMF) has said Nigeria urgently requires, “a comprehensive package of measures,” to reduce vulnerabilities and raise economic growth in the country. The IMF stated this in a statement released on Wednesday, at the end of a visit by its team, led by Amine Mati. the senior resident representative and mission chief for Nigeria, Mati, […]
FG plans two terminals for Lagos international airport
Businessam StaffOctober 9, 2019
There are plans by the federal government to operate two terminals at the Murtala Muhammed International Airport, Lagos, it was gathered. The plan to have two terminals like the local wing of the Lagos airport was to accommodate the over 30 airlines operating international flights into the country. It was gathered that at the completion […]
Investors lose N421bn in six trading days
Businessam StaffOctober 9, 2019
Equity investors lost a total of N421bn in six trading days as the market capitalisation dropped to N13.051tn on Tuesday from N13.472 on September 27. At the end of trading on Tuesday, the benchmark index declined by 0.2 per cent to 26,809.92 basis points following major losses posted by MTN Nigeria Communications Plc, Dangote Sugar […]
FG may revoke Abuja, Ikeja, six Discos’ licences
Businessam StaffOctober 9, 2019
The federal government may cancel the licences of eight power distribution companies as the Discos breached some provisions of the Electric Power Sector Reform Act in July 2019. According to the Nigerian Electricity Regulatory Commission, the eight power firms include Abuja, Benin, Enugu and Ikeja Discos. Others are Kaduna, Kano, Port Harcourt and Yola Discos. […]
Senate gives MDAs October deadline for budget defence
Tola AkinmutimiOctober 9, 2019
By Tola Akinmutimi The Nigerian senate has given minisries, departments and agencies (MDAs) of the federal government up till the end of October 2019, to defend their 2020 budget estimates to enable the passage of the document in December. Ahmad Lawan, president of the senate, in his remarks during the presentation of the 2020 budget […]
Payment of salary to workers not on IPPIS will end by October 31 —Buhari
Businessam StaffOctober 8, 2019
Any federal government worker not captured on the Integrated Payroll and Personnel Information System by October 31 would not be paid his monthly salary. President Muhammadu Buhari disclosed this during the presentation of the 2020 budget proposal to the joint session of the National Assembly in Abuja on Tuesday. He said this was part of […]
Budget 2020 ultimately to serve marginalised, vulnerable Nigerians —Buhari
Chris IkosaOctober 8, 2019
President Muhammadu Buhari has said that the 2020 Appropriation Bill is designed to enhance his administration’s social investment programmes, in order to further deepen their impact on the marginalised and most vulnerable Nigerians. Buhari, accompanied by members of the federal executive council, on Tuesday presented the 2020 budget proposal to a joint session of the […]
Buhari seeks global action against piracy in Gulf of Guinea
Samson EchenimOctober 8, 2019
By Samson Echenim …as Dakuku says Nigeria ccounts for over 65% of cargo generated from the region As sea crime incidences soar in the Gulf of Guinea (GoG), President Muhammadu Buhari has called for cooperation of the international community in ending the menace, which the International Maritime Bureau says $7.2 billion global shipping loss so far […]
OML 11: Ogonis reject Gov. Wike’s acquisition
Ben EguzozieOctober 8, 2019
…says action done without free, prior, informed consent …non consultation with DPR, NNPC, NAPIMS Ogoni umbrella body, Movement for the Survival of the Ogoni People (MOSOP), has faulted Rivers State government’s acquisition of 45 percent of Shell Petroleum Development Company’s (SPDC) stake in Oil Mining Licence (OML) 11 in Ejama Ebubu community in […]
Banks’ deposit with CBN shrinks by 68%
Businessam StaffOctober 8, 2019
Banks’ deposit with the Central Bank of Nigeria through the standing deposit facility dropped by 68 per cent in the first nine months of the year as a result of pressure to meet the 60 per cent Loan-to-Deposit Ratio deadline of September 2019. Specifically, it was learnt that banks’ deposit with the apex bank dropped […]