Ecomony articles

Why passage of Nigeria’s 2018 budget is being delayed – Official

Why passage of Nigeria’s 2018 budget is being delayed – Official

The Budget Office of the Federation has debunked claims that the 2018 budget has not been passed because some details required for its passage were not submitted. Ben Akabueze, Director General of the Budget Office of the Federation, said in a statement Sunday that media reports suggesting that the FGN 2018 Budget was submitted to

IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

The International Monetary Fund (IMF) says Nigerians are getting poorer and that “coherent and comprehensive” economic reforms are urgently needed in the country. The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017. The Bretton Wood institution said

Rewane says Buhari scored an own goal, equalised ‘and then took credit for a draw’

Bismark Rewane, renowned Nigerian economist, says President Muhammadu Buhari has only repaired the damage he did to the economy. The Buhari administration has often listed Nigeria’s exit from its worst recession since 1987 as a key achievement. It also celebrated exchange rate stability — after allowing the naira to devalue from N197/$1 to N360/$1 following

REVEALED: Militants not solely responsible for oil production losses

Nigeria struggled to meet its 2017 oil production target of 2.3mbpd and missed revenue projections for the year’s budget but militant attacks are not solely responsible for the cuts, TheCable Petrobarometer can report. Production averaged 2.05mbpd at the end of December 2017 because of a combination of violent attacks by militants and technical challenges. According

38 investors ‘interested’ in building modular refineries in Niger Delta

The presidency says 38 licensed privately financed greenfield and mini-modular refineries investors have shown interest in the establishment of modular refineries in the Niger Delta. Laolu Akande, presidential spokesman, said the proposed investment will re-position the petroleum industry and ensure self-sufficiency of petroleum products. Akande said not less than ten of the 38 interested investors

REVEALED: Nigeria lost $1.45bn worth of crude oil in 2015

Nigeria lost 27.1 million barrels of crude oil produced in 2015 despite huge expenses on industry security, the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. Added to the $25 million worth of crude that the Pipelines and Product Management Company (PPMC) reported as lost, the total comes to $1.45 billion for that year alone.

How Nigeria will meet 2018 budget target despite OPEC oil cap – Kachikwu

Last Thursday’s Organization of Petroleum Exporting Countries, OPEC, resolution extending by another nine months its 2017 output cut agreement will not affect the Nigerian government’s revenue projections in the 2018 Budget, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Mr. Kachikwu, who stated this on Friday in an exclusive chat with PREMIUM

Illegal Funding of FG: The key question CBN Governor, Emefiele, failed to answer

In apparent response to an exclusive report by PREMIUM TIMES, the Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday scrambled to defend his bank’s huge funding of the federal government. This newspaper had published a report on Monday detailing the CBN’s massive financing of the federal government in clear contravention of the

Buhari meets Adeosun, Emefiele, says he’s happy with state of the economy

President Muhammadu Buhari is delighted over the improving state of the economy, Femi Adesina, his spokesman, has said. In a statement on Monday, Adesina said Buhari spent about two hours receiving briefing from Udoma Udo Udoma, minister of national budget and planning; Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of Central Bank of