America’s failure to get a grip on the pandemic is putting the brakes on its rebound compared with Europe, where many former virus hot spots managed to resume economic activity without causing a similar surge in infections. Crucial for a sustainable recovery is confidence that the virus is no longer out of control, and Europe’s …read more →
Economy
Ugwuanyi Signs Enugu’s Revised 2020 Budget of N146.4bn into Law
Governor Ifeanyi Ugwuanyi of Enugu State has signed the revised 2020 budget of N146,374,641,080.00 into law, as against the earlier approved budget of N169,557,658,300.00. The revised 2020 budget of N146.4 billion represents 13.67 percent reduction in the initial budget size of N169.6 billion, which amounts to N23,183,017,220.00. The revised budget, which was in response to …read more →
Nigeria Sells N265.94 Billion Worth of Treasury Bills
Nigeria’s Debt Management Office (DMO) sold a total of N265.94 billion across all three tenors of Treasury bills on offer against N468.25 billion total subscriptions from investors. The nation on Wednesday surprisingly increased marginally the yield on its 1-year Treasury bond at an auction, but dropped rates it sold the 3-month and 6-month tenor paper. …read more →
We Take Loans to Develop Key Infrastructure – Makinde as Oyo adopts alternative project funding approach
Oyo State Governor, Engineer Seyi Makinde, has explained that his administration’s determination to fix the huge infrastructure deficit in the state and get the state on the right track for economic growth was behind the move to secure loans that target key infrastructure. In a statement released by his Chief Press Secretary, Mr. Taiwo Adisa, …read more →
Dangote Cement ships first clinker cargo to Senegal ….declares N162.9 Billion Profits In 6 Months
Dangote Cement Plc has announced that it has shipped its first clinker cargo to Senegal from its new cement terminal in Apapa, Lagos, Nigeria. While disclosing this to news men in Lagos, the Group Managing Director, Mr Michel Puchercos, said that It has been a long journey for Nigeria, from being one of the largest …read more →
CBN Retains MPR at 12 Percent to Stabilise Economy
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained Monetary Policy Rate (MPR) at 12.5 percent and held all other policy parameters constant. The CBN Governor, Mr. Godwin Emefiele made the pronouncement while reading the communique after the MPC meeting in Abuja yesterday. Emefiele also said that the committee retained …read more →
Diaspora Contributions to Development Excites President Buhari
President Muhammadu Buhari has commended the contributions of Nigerians in Diaspora to the social-economic development of the country. Buhari said this at the maiden Virtual National Diaspora Day celebration held via Webinar with the theme for the event was “Leverage the Diaspora Resources for National Development.” He said that over the past three years, Nigerians …read more →
Rwanda Gets $97.67 Mn Loan from AfDB to Strengthen Budget 2020
The African Development Bank on Thursday approved a concessional loan of $97.675 million to Rwanda to strengthen its national budget as it works to mitigate impacts of the COVID-19 pandemic. The funding will take the form of an African Development Fund loan, which the Bank is providing under its COVID-19 Response Facility. Rwanda mounted a …read more →
Improved Gold Mining Operations to Generate 250,000 Jobs, $500m Annually In Royalties, Says Buhari
President Muhammadu Buhari has said that improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the Federal Government. In a statement by the Special Adviser to the President on Media & Publicity, Femi Adesina, the president said the gold mining operations …read more →
World Bank Board to Meet on Nigeria’s $1.5 Billion Loan Request On August 6
The board of the World Bank is expected to meet on August 6, to decide on Nigeria’s request for $1.5 billion facilities to augment its revised 2020 budget amidst the impact of corona virus pandemic, sources at the international lender said. The lender decision which was initially set for late July, according to the sources …read more →