Danger ahead! Nigeria may face recession again in 2019

Adesola AfolabiDecember 17, 2018

Unable to borrow to fund projects   Some economic analysts appear to be seeing danger ahead for Nigeria in the coming year. It is a double whammy for a country marching towards a general election the back on which concerns are already forcing many domestic and foreign investors to pull funds out and taking them […]

Nigeria’s 36 sub-national states to access $750m World Bank loan, grant facility, says finance minister

December 15, 2018

The federal government says the 36 states and the Federal Capital Territory (FCT) will soon access a $750 million World Bank loan and grant facility.     Ahmed said this while addressing the 7th Community of Practice (CoP), made up of state commissioners of planning and budgeting, with the theme, “Achieving Realism in State and Federal Budgets for Effective Service Delivery.”   Ahmed, who […]

Nigeria’s trade balance at N4.9trn rises above 2017 figures

Nse Anthony-UkoDecember 14, 2018

Nigeria has increased its balance of trade to N4.9 trillion as at September 2018, surpassing the 2017 full year figure of N4.03 trillion on the back of improved crude oil exports, data from the National Bureau of Statistics (NBS) has shown. Data by the stats office indicated that Nigeria’s total export value year to date […]

Buhari to Present 2019 Budget to NASS joint session Dec 19

December 13, 2018

President Muhammadu Buhari will on Wednesday next week present the proposed 2019 budget to a joint session of the National Assembly. This was announced on Thursday in a letter sent to the National Assembly and read on the floor of the House by the speaker, Yakubu Dogara. “May I crave the kind indulgence of the […]

Nigeria sues Shell, Eni $1.1b over Malabu oil license

December 13, 2018

The government of Nigeria is suing Royal Dutch Shell Plc, Eni SpA and other companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. The suit, filed Wednesday in London, alleges that money the companies paid to acquire an oil exploration license in the Gulf of Guinea was diverted […]

Nigerian stocks slide 0.25% amid losses in NB, UBA, ETI

December 13, 2018

Nigerian stocks closed in the red Wednesday, paring gains of previous trading session by 0.25 percent chiefly hauled by losses in NIGERIAN BREWERIES (NB) (-3.2%), UBA (-3.9%) and ETI (-3.2%). Consequently, the benchmark index, the NSEASI settled at 30,642.4 points just as market capitalisation declined by N27.9 billion to 11.2 trillion. To this end, year-to-date […]

2019 budget: FEC blames NASS for presentation delay

December 13, 2018

The Federal Executive Council (FEC) has blamed the National Assembly for the delay in the presentation of next year’s budget by President Muhammadu Buhari. The council had last Friday during a special session presided over by Buhari approved the budget proposal for next year’s fiscal calendar. Udoma Udoma, minister of budget and planning,who , on […]

Nigeria to auction N70bn bonds on Dec. 19

Nse Anthony-UkoDecember 13, 2018

Nigeria’s government will on December 19, 2018 auction by subscription bonds worth N70 billion, the Debt Management Office (DMO) has announced. The DMO said in a circular issued via its website on Wednesday in Abuja that the five-year re-opening bonds of N20 billion, which would mature in April 2023, was offered at 12.75 per cent. […]

Court adjourns hearing on CBN/MTN repatriation tussle

December 12, 2018

A federal court in Lagos on Wednesday adjourned the case between the Central Bank of Nigeria (CBN) and South African telecoms firm, MTN Group, following advanced discussion by both parties to settle out of court. The court had, earlier in the month, adjourned the hearing over similar reasons. Reuters reports on Wednesday that the hearing […]