ECONOMY

…Says CBN’s forex policy encourages round tripping The Director General of the West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, has warned the current administration of Muhammadu Buhari not to allow the economic situation deteriorate to the level of Zimbabwe. In an interview with TheCable in...

The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee has refuted the claim is some quarters that the National Code of Corporate Governance (NCCG) is responsible for the recession being witnessed in the country. Rather, Obazee said that NCCG has the capacity to build confidence...

For the first time in about five months, the Bayelsa State Government on Monday declared N3.5 billion as balance of funds available for spending at the end of November, 2016. In October, like in the three previous months, the state recorded a deficit balance of N160.4 million, mainly due to...

President Muhammadu Buhari on Monday expressed optimism that the current economic recession in Nigeria would come to an end in 2017. He gave the assurance on Monday in Abuja, the nation's capital, while declaring open an induction course organized by the Ministry of Foreign Affairs for Nigerian Career Ambassadors-designate. Buhari...

The Federal Government has initiated plans to use technology as an enabler to fight smuggling and increase revenue collections. The Minister of Finance, Mrs Kemi Adeosun, who disclosed this at the commencement of the workshop, held at the Customs Command and Staff College, Gwagwalada, Abuja on Monday, said the initiative...

A sum of N386.879 billion was disbursed as Federal Allocation for November 2016 for the Federal Government, State Governments and Local Government Councils of the federation. The figure was released after the meeting of the monthly Federation Account Allocation Committee (FAAC) in Abuja on Thursday. According to figures released by...

Annual inflation in Nigeria rose in November to 18.48 percent, the National Bureau of Statistics (NBS) said on Thursday, representing the highest in more than 11 years and the tenth straight monthly rise. The rise from 18.3 per cent in October reflected higher prices for housing, electricity and food, a...

President Muhammadu Buhari on Wednesday in Abuja presented a budget of N7.30tn for 2017 before a joint session of the National Assembly. Buhari, who arrived at the assembly Chambers at 1.55p.m., apologised for shifting the time for the presentation of the appropriation bill from 10a.m. to 2 p.m. He explained...

Nigeria and Algeria are working on resuscitating the bi-national commission between the two countries, among other issues of importance to the two countries. Vice President, Prof. Yemi Osinbajo, (SAN) who was in the country on official visit dropped this hint on Tuesday after holding talks with the Algerian President, Abdelaziz...

Nigerian banks, under the aegis of the Bankers Committee, chaired by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has set up a development intervention fund taking off in January 1, 2017. The deal about the modalities of the establishment of the fund which will lend at...