ECONOMY

  The Federal Executive Council (FEC) on Wednesday approved the engagement of a Malaysian based consultant to conduct a study that will aid implementation of the National Economic Recovery and Growth Plan (ERGP) at the cost of N458 million. This week FEC meeting presided over by the Vice President Yemi...

The National Bureau of Statistics (NBS) has said that inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.91 per cent in October from 15.98 recorded in September. The NBS disclosed this in its “CPI October 2017 Report’’ released on Wednesday in Abuja. The CPI, which...

Dutch textile and design company, Vlisco Group on Tuesday held a high-level discussion with the Honourable Minister of Finance, Mrs. Kemi Adeosun, over its proposed investment in the Nigerian cotton textile industry. The Chief Executive Officer of Vlisco Group, Mr. David Suddens, who led the group’s delegation to the meeting...

The Senate on Tuesday approved President Muhammadu Buhari’s request for the country to borrow $5.5 billion from foreign investors. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. The nation’s economy grew in the second quarter,...

  Urges fiscal, monetary authorities not to relax The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the implementation of the apex bank’s policy, which restricts access of importers of certain items to foreign exchange from the Nigerian Forex market, has led to improvements in the domestic production...

The Federal Government has developed incentives for the various sector of the economy to accelerate growth, the Minister of State for Labour and Employment, Prof. Stephen Ocheni, has said. Ocheni said this at the 2017 tax week by the Chartered Institute of Taxation of Nigeria on Thursday in Abuja. The...

  Budget size: N8.612 trillion (16% higher than 2017 estimates)   Assumptions, projections ================== Benchmark crude oil price-US$45 per barrel Oil production estimate – 2.3 million barrels per day Exchange rate – N305/US$ for 2018 Real GDP growth of 3.5 per cent Inflation Rate of 12.4 per cent   Expenditure...

President Muhammadu Buhari on Tuesday in Abuja presented about N8.612 trillion as the 2018 Appropriation Bill to a joint session of the National Assembly, saying the projected expenditure will drive rapid economic recovery. He said at the session that with a benchmark of 45 dollars per barrel at an exchange...

  Says foreign debts not good for economy Federal Government should ensure that a large part of the of the N8.6 trillion budget for 2017 targets infrastructure, Chief Executive Officer, BudgiT, a civic organization promoting transparency in governance,  Seun Onigbinde, has said. Speaking on Tuesday during the maiden edition of...

Banks are bracing for the effects of a likely  forfeiture of funds in accounts without the Bank Verification Number ( BVN ). Should the government enforce the court order on such accounts, the banks will recall loans from customers; and lay-off staff. Speaking yesterday on the development, former Registrar/Chief Executive,...