ECONOMY

Nigeria plans to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, the finance minister said on Wednesday, as Africa's top economy recovers from a recession. Minister of Finance, Mrs Kemi Adeosun announced the shift after...

The Federal Executive Council on Wednesday adopted the 2017-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Plan (FSP). The Minister of Budget and Economic Planning, Senator Udo Udoma said the Federal Government hopes to achieve seven percent growth in 2020 in accordance with the administration’s Economic Recovery and Growth...

The National Bureau of Statistics (NBS) has explained that challenges beyond its control were the reasons for the postponement of the release of eight crucial reports. The Bureau disclosed this on its official Twitter handle. According to the NBS, the affected reports are July 2017 AGO/Diesel Price Watch, HHK/Kerosene Price...

The Minister of Finance, Mrs Kemi Adeosun, has given clarifications on the Federal Government Nigerian’s planned Diaspora taxes. Adeosun who made the clarification on Thursday during a Facebook LIVE video chat named “Tax Thursday”. She explained that the new tax regime is not meant for all Nigerians in the Diaspora....

Nigeria expects its economy to grow 2.2 percent this year, the government said in a strategy document seen by Reuters on Thursday, after the country suffered its first recession in more than two decades in 2016. The 2018-2020 Medium Term Fiscal Framework and Strategy Paper, to form the basis for...

The Federal Government has announced a tax holiday ranging from three to five years to fresh 27 industries. The move follows the amendment of the list of pioneer industries and products at the Federal Executive Council (FEC) meeting presided over by Acting President Yemi Osinbajo, on Wednesday in Abuja. According...

The International Monetary Fund (IMF) said on Wednesday that Nigeria is expected to emerge from recession this year, but stressed that threats to recovery remained elevated adding that the country’s economy will not grow enough to reduce unemployment and poverty. The Fund projected Nigeria's economy will grow 0.8 per cent...

African Development Bank (AfDB) has warned African countries that the current economic gains they are recording can be fragile. AfDB President, Dr Akinwunmi Adesina who gave the warning on Tuesday in Abuja at a one-day symposium on Nigeria Technical Cooperation Fund (NTCF): A Reference point for Africa’s sustainable development and...

Minister of Budget and National Planning, Senator Udoma Udo Udoma has said that the Federal Government was aware of the diminishing long-term prospects of crude oil, explaining that this was why it was imperative to maximise the use and exploitation of the nation’s petroleum resources now. Udoma said this at...

Following the execution of a Memorandum of Understanding with the Bank of Industry (BoI), Unity Bank Plc is set to partner with BOI in the execution of the Government Enterprise and Empowerment Programme (GEEP), one of the social intervention programmes of the Federal Government of Nigeria. GEEP provides access to...