Ecomony articles

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

The Central Bank of Nigeria(CBN) has reversed it policy restriction on foreign exchange (forex)and has ordered banks to set up forex kiosks at airports. This policy reversal was made public via a statement by Isaac Okoroafor, the Apex Bank’s spokes man. SEE STATEMENT BELOW: “In continuation of efforts to increase the availability of Foreign Exchange

NNPC records massive reduction in pipeline vandalism

The Nigerian National Petroleum Corporation (NNPC) recorded a marked reduction in the cases of pipeline sabotage. This was disclosed in the Corporation’s monthly Financial and Operations Report for the month of December 2016 which has just been released. According to the report, only 18 cases of vandalized points on downstream pipelines were recorded in November

How top NNPC officials, foreign oil companies, rip Nigeria off through refining of crude

Declining revenue from oil many not be due to the result of activities of militants in the Niger Delta alone as the Federal Government and Nigerians believe. Nigerian Times investigations show that senior officials of the state owned oil behemoth, the Nigerian National Petroleum Corporation (NNPC), have been helping themselves with proceeds from the 450,000

Reps to inaugurate tactical committee to end recession

The House of Representatives will on Tuesday inaugurate a tactical committee to arrest the country’s current economic recession. The Committee would liaise with relevant stakeholders in the sector to achieve this goal. This followed a resolution of the House on January 26, on a motion titled “Need for more proactive steps to abate hardship being

Fayose threatens to sue FG over Eurobond, likens APC to biblical prodigal son

Ayodele Fayose, governor of Ekiti state, has compared the All Progressives Congress (APC) to the “biblical prodigal son”. Expressing concerns over the plan of the current administration to lend $1bn Eurobond, Fayose threatened to sue the federal government over the issue. He said he was worried that the deal could plunge the country into more

Nigeria’s 3rd Eurobond issue over-subscribed despite economic crisis

In spite of the gloom on the country’s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times. The over-subscription was with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion. The bond, issued under

South Africa introduces $260 minimum wage as Nigeria’s remains stuck at $60

South Africa will introduce a national minimum wage of 3,500 rand ($261) per month in 2018, Deputy President Cyril Ramaphosa said on Thursday, according to a Reuters report. The announcement follows protracted negotiations between the government and labour unions. Nigeria’s current minimum wage is N18,000 ($60) with organised labour asking it be increased to at

Getting the Nigerian Economy out of Recession

Rislanudeen Muhammad looks at how the economy plummeted into a recession and what can be done to reverse it Nigeria’s 2016 budget was tagged budget of economic recovery and growth strategy. It was aimed at pulling the economy out of recession and stagflation. Africa’s largest economy slipped into recession second quarter of 2016 having had

Fashola’s ministries take lion share as Buhari presents N7.29 trillion 2017 budget to NASS

The Works, Housing and Power ministries headed by former Lagos State Governor Raji Fashola, have been allocated more money than other ministries in the N7.298 trillion 2017 budget presented at the National Assembly on Wednesday by President Muhammadu Buhari. The three ministries have been allocated a total of N520 billion for capital projects. Meanwhile, the

New hands for rural women

By Bob Majirioghene Etemiku We thought they wouldn’t show up. But the women and youth of this church, the Redeemed Christian Church of God, Pyankasa Village, Abuja did and they came in their numbers. Most cannot read, cannot write, and that perhaps was what was uppermost in my mind….their minds as well. If someone cannot

Senate mandates 5 committees to probe Amaechi

The senate has directed five of its standing committees to commence investigation into the concessioning of rail lines to General Electric (GE), a US infrastructure company, by the ministry of transportation. The committees are privatisation, land transport, anti-corruption and financial crimes, special duties, trade and investment and judiciary. Rotimi Amaechi, minister of transportation, was accused

Integrity issues dog Nigeria’s $2.2bn railway deal with GE

The federal government bypassed its own laid-down processes in concessioning the railway to US conglomerate, General Electric (GE), TheCable can report. In his October 1 speech, President Muhammadu Buhari said GE “is investing US$2.2 billion in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line”. GE confirmed

Senate: FG sent an incomplete document… don’t blame us for delay of 2017 budget

Ali Ndume, majority leader of the senate, says the upper chamber of the national assembly should not be blamed over the delay in the consideration of the 2017 budget. Speaking on the floor of the red chamber on Thursday, Ndume said the Medium Term Expenditure Framework (MTEF), which the executive sent “is empty”. The MTEF

$30 billion loan: Senate accuses Buhari’s aides of incompetence

The Senate on Thursday blamed its rejection of President Muhammadu Buhari’s $29.960 billion external loan bid on the incompetence of presidential aides tasked with preparing the proposal. This position was given by the Senate spokesperson, Aliyu Abdullahi, when he featured on a Channels TV breakfast programme, Sunrise, on Thursday. The president, last week Tuesday, forwarded

Recession: Osinbajo, 30,000 others to pray

The Vice President, Prof. Yemi Osinbajo is to lead a 30,000-man prayer convention to pray for Nigeria’s economic recovery, slated to hold in Abuja from Nov.16 to Nov. 19. Mr Cosmos Uzodinma, member, 2016 Africa Convention Abuja (ACA), said the convention is being organised by the Full Gospel Business Men’s Fellowship International-Nigeria (FGBMFI). Uzodinma, via

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