ECONOMY

Minister of Finance, Mrs. Kemi Adeosun, has said that the new debt strategy being adopted by Federal Government has the potential to boost development. While welcoming the advice of international development partners, Adeosun stated that a key element of the economic reform strategy was the mobilisation of revenue to improve...

Purchasing Managers’ Index (PMI) Survey Report of the Central Bank of Nigeria (CBN) for the month of October indicates that the production level index for manufacturing sector grew for the eighth consecutive month in October 2017 at 58.4 points. The index indicates an increase in production at a slower rate,...

Says VAT is key to Nigeria’s revenue strategy FG to extend tax compliance to private sector The Honourable Minister of Finance, Mrs Kemi Adeosun, revealed on Tuesday that revenue from Value Added Tax (VAT) grossed N797.51 billion into the Federation Account between January and October, 2017. The non-oil revenue represents...

The African Development Bank (AfDB) has called off a loan to Nigeria that would have helped fund the country’s budget, instead redirecting the money to specific projects, a vice president at the lender said on Monday. The Bank had been in talks with Nigeria for around a year to release...

Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest...

  FG releases N450bn for capital projects in 2017 budget The Federal Government has so far released the sum of N750 billion for capital projects under the 2017 budget even as the Federal Executive Council (FEC) has approved the 2018 fiscal estimates of the Federal Government. Speaking while briefing State...

…Says Nigeria’s debt to GDP ratio is within a reasonable threshold The Honourable Minister of Finance, Mrs. Kemi Adeosun, on Wednesday, revealed that the Federal Government would apply the sum of US$3 billion in refinancing the legacy debts of the immediate past government. The outlay is part of the US$5.5...

The Accountant-General of the Federation, Ahmed Idris, said on Tuesday that the Federal Government, States and Local Governments shared N558.082 billion in October as against N637.704 shared in September. He revealed this at the end of the monthly Federal Accounts Allocation Committee meeting in Abuja on Tuesday. According to him,...

Nigeria and Indonesia will work together to increase the level of economic cooperation between both countries, Vice President Yemi Osinbajo, SAN, has said. Prof. Osinbajo spoke earlier this morning at a bilateral meeting he held with his Indonesian counterpart, Vice President Jusuf Kalla, on the sidelines of the Extractive Industries...

The Debt Management Office (DMO) on Thursday explained that the proposed borrowing of N5.5 billion from external sources by the Federal Government of Nigerian is a good initiative. President Muhammadu Buhari recently wrote the National Assembly seeking permission to raise the funds. Many Nigerians have expressed concerns about Nigeria’s rising...