Senators Express Worries over N10bn Budget Estimates’ Viability
Businessam StaffOctober 10, 2019
The Senate wednesday began debate on the 2020 budget estimates with senators divided over the viability of the N10.33 trillion Appropriation Bill presented to the National Assembly by President Muhammadu Buhari. The debate of the budget proposal began at 11a.m. and lasted till about 3 p.m. with many senators across party lines describing the budget […]
2020 budget presentation fails to bring respite to investors as losses hit N103bn
Omobayo AzeezOctober 9, 2019
By Omobayo Azeez As market capitalization plunges below N13trn It’s appropriate time for liquid investors to take position, say analysts As President Muhammadu Buhari presented Nigeria’s 2020 budget to the National Assembly on Monday, there were high expectations that the country’s stock market would react positively and bring some respite to investors in its […]
LCCI expresses mixed feelings about 2020 proposed budget
Tola AkinmutimiOctober 9, 2019
By Tola Akinmutimi The Lagos Chamber of Commerce and Industry (LCCI) on Wednesday expressed its mixed feelings about the N10.33 trillion budget proposed by the executive for the 2020 fiscal year. In a statement by Muda Yusuf, the chamber’s director general, the organized private sector (OPS) group, lauded the executive arm of government and the […]
FDI consideration strong basis to work for passage of petroleum legislation, says NNPC chief
Businessam StaffOctober 9, 2019
By Business a.m. Staff Consideration for acceleration of foreign direct investment into Nigeria is a strong basis for the federal government of Nigeria to work with the country’s legislature and other stakeholders to pass a long awaited legislation for the petroleum industry, says Mele Kyari, group managing director, Nigerian National Petroleum Corporation (NNPC). The legislation, […]
Minimum Wage: Again, FG, Labour in closed-door meeting
Businessam StaffOctober 9, 2019
Chris Ngige, the minister of labour and employment, commenced dialogue with labour unions again in Abuja on Wednesday as time runs out on a deadline issued by Labour for the payment of a new wage approved for workers by the federal government. The meeting is the latest in a series of meetings with labour leaders […]
World Bank cuts sub-Saharan Africa’s 2019, 2020 growth forecast
Businessam StaffOctober 9, 2019
The World Bank on Wednesday cut its economic growth forecast for sub-Saharan Africa for 2019 to 2021 by 0.2 percentage points from its earlier projection, citing a slowdown in fixed investment and policy uncertainty in the global economy. The bank said the region’s economy was expected to grow 2.6 per cent this year, from a […]
Buhari meets members of Economic Advisory Council
Businessam StaffOctober 9, 2019
President Muhammadu Buhari on Wednesday in Abuja met behind closed doors with members of the recently constituted Economic Advisory Council. The EAC, which was constituted on September 16, replaced the Economic Management Team, headed by Vice President Yemi Osinbajo. The functions of EAC, chaired by Doyin Salami, a professor, include fiscal analysis, economic growth and […]
Nigeria to spend a quarter of 2020 budget on debt payment
Businessam StaffOctober 9, 2019
Nigeria will use nearly a quarter of its 2020 budget to repay debts the government owes locally and internationally. President Muhammadu Buhari on Tuesday presented a spending plan of N10.3 trillion to the National Assembly, making next year’s proposed budget the country’s highest ever. Of that amount, Mr Buhari said his government will spend N2.5 […]
IMF: Comprehensive reform package urgently needed in Nigeria
Businessam StaffOctober 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 […]