archiveDecember 2016

The Kaduna State House of Assembly on Thursday passed the 2017 Appropriation Bill, three weeks earlier than it did last year. The lawmakers approved N214.921 billion for 2017 up from the N172 billion approved for 2016. This is made up of recurrent expenditure of N83.46 billion and capital spending of...

A group, Information for Democracy and Development (IDD) has condemned in strong terms what it called unwarranted barrage of media attacks on the Financial Reporting Council of Nigeria (FRC) and its current Executive Secretary/CEO, Mr Jim Obazee. Executive Secretary (Banking and Financial Sector Observatory) of the Abuja-based organisation, Mallam Yakubu...

A Federal Government audit report on 33 revenue yielding agencies  have so far yielded a recovery of N292.44 billion from  non-disclosure of actual revenues accruing to them. The Minister of Finance, Mrs Kemi Adeosun, made the disclosure on Thursday  at  a media briefing where she said the government was about...

MTN Group’s plan to sell shares in its Nigerian unit on the local stock exchange next year is at risk following allegations by lawmakers that Africa’s biggest wireless carrier illegally moved almost $14 billion out of the country, according to two people familiar with the matter. In the event of...

The African Development Bank Group (AfDB) and Nigeria’s United Bank for Africa (UBA) have signed a $150 million loan agreement to finance Small and Medium Scale enterprises (SMEs). The loan was initiated to also finance infrastructure and women-owned enterprises in Nigeria, AfDB said in its news release. “The Fund will...

Nigeria’s cabinet approved a 20 percent increase in spending proposals next year, taking the figure to 7.3 trillion naira ($23.3 billion), according to the Budget and Planning Ministry. Bloomberg’s report monitored by Business247 News Online revealed. President Muhammadu Buhari will probably present details of the spending plan to the lawmakers...

Equities trading on the Nigerian Stock Exchange (NSE) sustained the rebound recorded in previous session to resume the month of December with a growth of 0.90 per cent. Market capitalisation grew to N8.69 trillion from N8.689 trillion, while the All Share Index (NSE ASI) added 23.45 basis points to close...

The National Working Committee (NWC) of the ruling All Progressives Congress (APC), has rejected the offer to step aside by its National Legal Adviser and former Commissioner for Environment in Lagos State, Dr. Muiz Banire (SAN). Our correspondent reports that Banire had about three weeks ago written to step down...

*Osinbajo in Sagamu, on second visit to industrial hubs in a week In a consistent demonstration of the administration's determination to press the diversification agenda and promote private sector partnership with the Federal Government, Vice President Yemi Osinbajo, SAN, continued his tour of industries in the country on Thursday visiting...

The National Bureau of Statistics (NBS) has said import from China recorded N478 billion in third quarter of 2016. The bureau said that Nigeria imported goods from China was 19.8 per cent of total imports. “This was followed by Belgium at N331.3 billion or 13.7per cent, Netherlands with N299.7 billion...