Business

Pension assets hits N8.23trn

Nigeria’s pension asset has risen to N8.23trillion as contributors to the Contributory Pension Scheme grew by 312,291 at the end of the second quarter of 2018.

Figures from the National Pension Commission, PenCom, suggest that that the number of contributors into the scheme rose from 7.89 [...]

Sun, 12 August 2018


NIRSAL facilitates $375m agric loan from banks

Management of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, said the agency has facilitated a total of $375million from commercial banks for the agricultural sector since it was incorporated in 2013.

The Managing Director, NIRSAL, Aliyu Abdulhameed, gave the [...]

Sun, 12 August 2018


NSIA grows NBET’s investment fund by $67.4m in 4years

The Nigeria Sovereign Investment Authority, NSIA, said it has paid a total sum of $417.46 million to the Nigeria Bulk Energy Trading Company from an initial capital of $350million, following the expiry of the four years investment term.

A statement from the agency explained that the returned fu [...]

Sun, 12 August 2018


Discos rake in N2trn annually from estimated billing’

Electricity consumers under the aegis of the Association for Public Policy Analysis, APPA, have accused electricity distribution companies, DisCos, of fleecing consumers through unfair estimated bills.

The association was responding to the recent disclosure of the DisCos that they are running a [...]

Sun, 12 August 2018


Operating surplus: FG to review laws against defaulting MDAs

To curb the growing trend of evading payments into the Consolidated Revenue Fund by some government agencies, the federal government has directed all listed agencies to pay their operating surpluses into the CRF before making any investment.

The Fiscal Responsibility Commission had recently rev [...]

Sun, 12 August 2018


FG moves to improve operations of free trade zones

The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, has said government is reviewing fiscal arrangements and incentives applicable to the country’s free trade zones so as to improve their operations.

He said the Nigeria Industrial Council had been working to review the [...]

Wed, 01 August 2018


MPC worried over FG, States’ failure to save

The Monetary Policy Committee of the Central Bank of Nigeria is worried over the continued failure of fiscal authorities to build economic buffers so as to cushion the threat of declining revenue in the future.

Raising from its third meeting this year, the committee regrets that despite several [...]

Wed, 01 August 2018


Inflation rate drops by 0.37% in June

Nigeria’s inflation rate has dropped to 11.23percent (year-on-year) from 11.61percent recorded in May 2017, making it the 17th consecutive month that the index would be recording continuous decline since January 2017.

The National Bureau of Statistics reports that the Consumer Price Index [...]

Wed, 01 August 2018


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