ECONOMY

Federal, state and local governments of the federation shared a total of N420 billion as Federal Allocation for the month of October 2016. This was made known after the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja. According to the figures released by Office of the Accountant...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling them. The committee in a communique on Tuesday after its two-day meeting held in Abuja warned that...

The Minister of Finance, Mrs. Kemi Adeosun on Tuesday emphasised the importance critical infrastructure projects, especially in the areas of Rail and Power to the country’s economic development. She spoke during the visit of the Chinese Ambassador to Nigeria, Mr. Zhou Pingjian, to her office in Abuja. Adeosun described the...

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 14 per cent on and maintained existing Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) at 22.5 percent, the apex bank Governor, Mr. Godwin Emefiele disclosed on Tuesday. Rising from...

  The latest data of the National Bureau of Statistics (NBS) has revealed that  the Real GDP growth of the manufacturing sector slowed by 2.63 per cent points in the third quarter of 2016, to -4.38 per cent (year-on-year) from –1.75 per cent growth recorded in third quarter of 2015....

The Minister of Budget and National Planning, Senator Udoma  Udo-Udoma  has said that the Federal Government has spent 79 per cent, that is N3.577 trillion as at September 2016 out of the full year budget of N6.06 trillion in first three quarters of 2016. He noted further that a total...

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) meets today and tomorrow for the last time this year, there are strong indications that body will hold the rates at their current levels. Analysts believe that the committee will most certainly hold all rates at the...

The nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms In the third quarter of 2016. This was lower by 0.18 per cent points from growth recorded in the preceding quarter and also lower by 5.08 per cent points from growth recorded in the corresponding quarter of...

Niyi Jacobs Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has asked the Federal Government to invest in some basic infrastructures like road  bridges , airport, railways and information technology as he said this is not only good in terms of immediate job creation, but will act as a...

Jail sentence proposed for holding dollars more than 30 days The Federal Government  plans to give the Central Bank of Nigeria (CBN) more power to control capital flows and prevent foreign-exchange being taken out of the country, including jail term and fines for offenders as authorities battle a shortage of...