Fiscal financing threatens Nigeria’s macroeconomic stability, says Fitch
Charles Abuede
January 20, 2021
By Charles Abuede Says FGN’s repeated recourse to its WMF with CBN shows signs of weaknesses on public finance management Fitch has said Nigeria’s sustained use of direct monetary financing could raise risks to the country’s macroeconomic stability given the current weak institutional protection that preserve the policymaking credibility of the central bank, as […]
Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA
Chris IkosaJanuary 20, 2021
By Tobias Pius Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) has termed Nigeria’s domestic Liquefied Petroleum Gas (LPG) consumption as laudable following figures that clearly indicated a steady and sustained growth pattern, as 2020 saw LPG consumption for the first time in the nation’s history reach one million metric tonnes threshold following an appraisal of […]
Agusto & Co. says opportunities abound for Nigeria amidst pandemic risks
Charles AbuedeJanuary 20, 2021
By Charles Abuede Amidst increasing economic risks that could raise Nigeria’s risk profile in 2021, which sector has the bright spot? A new study by Agusto & Co, a research, credit ratings and credit risk management firm, says that amidst the myriad risks from the global health pandemic, which could increase economic risks globally, […]
Nigeria’s railway e-ticketing platform launch set for next week
Arakunle KayodeJanuary 15, 2021
By Arakunle Kayode Rotimi Amaechi, Nigeria’s minister for transportation, has through a tweet post on his official Twitter handle on Wednesday, revealed that the federal government of Nigeria will commence an e-ticketing platform for the Nigerian Railway Corporation (NRC) one week from now. This followsearlier disclosures that the government has started test bookings on […]
Rivers receives N78.9bn refund from FG as Wike plans more projects with funds
Ben EguzozieJanuary 15, 2021
Gov assembles top politicians to commission plethora of road projects But opposition says projects impressionistic, lacking economic growth ingredients Oil-rich Rivers State has finally received the N78.9 billion federal government refund promised it by PresidentMuhammaduBuhari in May last year, following a federal executive council decision to undertake refunds to five states totalling […]
Nigeria recession exit unlikely in Q1, says Chukwu, CAML chief
Ben EguzozieJanuary 7, 2021
Minister Ahmed’s exit date only ambitious statement Economy may further contract as several economies are just reopening Appropriate policy choices urgently required to stimulate recovery Nigerians should expect ‘V-shaped Curve’ Economy to witness slow growth all through like in previous years Given the current policy choices of the federal government, Nigeria cannot possibly […]
Nigeria makes unused funds in dormant bank accounts loan to government
Charles AbuedeJanuary 7, 2021
By Charles Abuede Broke government borrowing funds to plug financial holes The Nigerian government has turned to unclaimed dividends and unused funds in dormant bank accounts belonging to investors and savers, in a desperate bid to plug huge financial holes in the federation. It has succeeded in doing this by pushing through a legislation […]
World Bank says Nigeria to grow 1%, SSA moderate 2.7% in 2021
Charles AbuedeJanuary 6, 2021
By Charles Abuede Rising government debt, natural phenomenon pose downside risks to recovery Banks may face sharp increases NPLs in 2021 The World Bank says Nigeria is to grow by 1.1 per cent this year and 1.8 per cent in 2022. The forecasts are contained in the bank’s latest 2021 global economic outlook just […]
Nigeria’s Ogun State to build country’s first agro-allied airport
Onome AmugeJanuary 5, 2021
By Onome Amuge Backs former President Obasanjo’s agro-commodities goal The Ogun State government, in partnership with Olusegun Obasanjo, erstwhile Nigerian president, is moving towards establishing an agro-commodities airport in the South-west state of Nigeria. Dapo Abiodun, Ogun State governor, who disclosed this in a recent statement, noted that the project is duly supported by […]
UNICEF predicts over 800,000 Nigerian children to suffer starvation in 2021
Onome AmugeJanuary 5, 2021
By Onome Amuge No fewer than 800,000 children will suffer acute malnutrition in the northeast of Nigeria with about 300,000 of the total projection in danger of death in 2021, the United Nations Children’s Fund (UNICEF) has predicted. According to the latest projection from the international aid agency, about 10.4 million children in six […]
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External reserves sink to five-month low of $43.67bn
Frontpage September 2, 2019