Economy

Dogara assures, says 2017 Appropriation Bill will passed in January

The Speaker, House of Representatives, Yakubu Dogara has assured that the National Assembly would expedite action toward consideration and passage of the 2018 Appropriation Bill for assent by January 2017. Dogara said this in Abuja while delivering a vote of thanks at the presentation of 2018 Budget proposals, estimated at N8.61 trillion to the National Assembly by President Muhammadu Buhari. ...

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Buhari presents N8.61t 2018 budget to National Assembly

President Muhammadu Buhari has presented about N8.612 trillion as the 2018 Appropriation bill to a joint session of the National Assembly, saying the projected expenditure would drive rapid economic recovery. He said at the sessionon Tueday that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate ...

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We are ready to engage Niger Delta Avengers – FG

The Federal government has said it is ready to engage with Niger Delta Avengers and other groups if they make their interests known. This was said by the Minister of Niger Delta Affairs, Mr Usani Uguri, after he met with President Muhammadu Buhari at the State House in Abuja, today, November 6. He also debunks allegations that the government is ...

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Oil hits hits $62 amid tightening markets, Saudi purge

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests. Brent futures, the international benchmark for oil prices, hit 62.44 dollars per barrel early on Monday, their highest level for years now. U.S. West Texas Intermediate (WTI) crude ...

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AfDB lauds Nigeria economic progress, says no move to call off loans

The management of the African Development Bank has debunked the news making the rounds suggesting that the bank has called off loans to the country. Rather in a statement issued by the Director, Communication and External Affairs, Dr. Victor Oladokun on Tuesday, the bank lauded the country’s economic recovery efforts as well as its moves towards diversification of the economy. ...

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Oil prices set to hit $70 as OPEC supply cuts tighten market

Oil prices were up early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged. Brent crude futures, the international benchmark for oil prices, were at 60.84 dollars per barrel at 0027 GMT. Brent was 60.91 dollars on Tuesday. U.S. West Texas Intermediate (WTI) crude futures ...

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We’ll use $3bn of $5.5bn loan to refinance past debt – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has revealed that the Federal Government would apply the sum of US$3 billion in refinancing the legacy debts inherited from the immediate past government. This information is contained in a statement issued by the minister’s media aide, Mr. Oluyinka Akintunde on Wednesday, wherein he stated that the outlay is part of the US$5.5 ...

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Nigeria must borrow responsibly – Shehu Sani

The Chairman, Senate Committee on Local and Foreign Debts, Senator Shehu Sani, says if Nigeria must borrow, it must borrow responsibly. Sani gave the advice in a meeting with the Ministers of Transportation; Finance; Budget and National Planning and Power, Works and Housing on Thursday in Abuja. The meeting was in connection with President Muhammadu Buhari’s loan request of 5.5 ...

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Archbishop says prayers alone won’t solve Nigeria’s corruption problem

The Catholic Archbishop of Lagos, Most Rev. Adewale Martins, has urged Nigerians to go beyond prayers in the fight against corruption by imbibing and practising values that witness to honesty and nobility. Martins said this in Lagos on Thursday at the 10th Anniversary of the Anthony Cardinal Okogie Annual Lecture entitled: Creating a Corrupt-Free Society in Nigeria: The Role of ...

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Buhari re-appoints Orji as boss of Sovereign Fund

President Muhammadu Buhari has re-appointed Mr. Uchechi Orji as Managing Director of the Nigeria Sovereign Investment Authority (NSIA). This is contained in a statement issued by the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Thursday. Orji was first appointed in October 2012 for an initial term of five years, renewable for another term of ...

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