Business
Recurrent expenditure gulps 70% govt revenue
Over 70percent of government’s revenue being spent on salaries and other recurrent expenditure, thereby shrinking resources for infrastructure development.
The Minister of Finance Mrs. Zainab Ahmed stated this at a retreat on the roles of MDAs in the implementation of the Integrated Payro [...]
Lagos, Abuja, others generate most IGR in 2018
The federal capital territory, Abuja, was among the five states with the highest Internally Generated Revenue for the year 2018.
Figures from the National Bureau of Statistics shows that Lagos, Rivers, Ogun, Abuja and Delta states generated the most from the N1.16trillion IGR generated by the 3 [...]
Nigeria, S’Africa slow economic growth in sub-saharan Africa-IMF
The International Monetary Fund, IMF, fears that the level of uncertainties around some government policies in Nigeria and South Africa could hold back economic growth in Sub-Saharan Africa.
IMF, in its latest ‘Regional Economic Outlook for sub-Saharan Africa’, said although economi [...]
FG 30-yr bond records 400% oversubscription on debut
Investors showed keen interest for the N20billion 30-year Federal Government of Nigeria Bonds, as the Debt Management Office, DMO, recorded over 400percent oversubscription for the asset.
Financiers were said to have staked N80.41billion on the N20billion Bonds issued by the debt office at the [...]
AfDB’s investment to Nigeria hits $4.5bn in March
The African Development Bank, AfDB, says its investment in Nigeria now stands at $4.5 billion as at March 2019.
According to the Media Relations Officer of the bank, Mr Emeka Anuforo, AfDB’s active portfolio in the country comprised 60 operations which included 28 public sector operations [...]
TCN completes 60MVA Ekim substation …NERC issues permits to 11 meter providers
The Transmission Company of Nigeria, TCN, said it has completed and energised a 60MVA 132/33kV power transformer and three outgoing 33kV feeder bays in the first phase of the transmission substation in Ekim, Akwa Ibom State.
The spokesperson of TCN, Mrs. Ndidi Mbah, said the transformer was ene [...]
SIM registration: 95mn cards valid, undergoing verification
The Nigerian Communications Commission, NCC, has cleared the air on the supposed invalidation of over 95million Subscriber Identity Module, SIM, cards, explaining that the affected cards are merely undergoing some form of verification.
The regulator claims that the 95.7million affected SI [...]
Loopholes in tax system limits revenue collections- FG
President Muhammadu Buhari said government is aware of some of the loopholes in the Nigerian tax system, as reflected in the low revenue being generated from the sector.
He said the federal government is taking steps to change the narrative by ensuring that the level of commercial activit [...]
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