Ecomony articles

Senate asks customs CG, Hameed Ali to resign

Senate asks customs CG, Hameed Ali to resign

The senate has called for the resignation of Hameed Ali, comptroller-general of the Nigeria Customs Service (NCS). The resolutions of the upper legislative chamber was sequel to prayers moved by Enyinnaya Abaribe, senator representing Abia south. The senate also declared Ali unfit to hold public office and condemned a letter written by Abubakar Malami, attorney-general

I was not appointed to wear uniform, customs CG replies senate

Hameed Ali, comptroller-general of the Nigeria customs service (NCS), says he was not appointed to wear a uniform. “I was not appointed comptroller-general to wear uniform,” he told TVC in an interview. “Does uniform work or the person behind the uniform? If we suspect that smuggled items are taken into your own house, we have

Oil prices falling again — sink to 3-month low

Oil prices are on the decline again, and this time, they have fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since December 2016. Since the Organisation of Petroleum Exporting Countries (OPEC) decided to

FG releases much-awaited economic recovery plan

The federal government has finally released its economic recovery and growth plan (ERGP), which has been in the works since 2016. The document seen by TheCable is a medium term plan aimed at revamping the economy between 2017 and 2020. “The ERGP differs from previous plans in several ways. First, focused implementation is at the

Despite leadership change, Nigerian Customs remains riddled with corruption, inefficiency

On Monday January 30, the Comptroller-General of the Nigerian Customs Service, NCS, Hameed Ali, gathered journalists in Lagos and announced that officers of the agency on “information patrol” intercepted 661 Pump Action handguns concealed inside a 40 foot container. Reading from a prepared speech, Mr. Ali described the seizure as “the new normal” and a

OFFICIAL: 2016 recession is Nigeria’s worst decline since 1987

The National Bureau of Statistics (NBS) has confirmed that the 2016 economic recession was a full year recesssion, and the worst in the country’s history since 1987. In 1987, according to World Bank data, Nigeria had a full year decline in gross domestic product (GDP) was put at 10.8 percent. The country recorded recessions in

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

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