THISDAY
Adeosun, Finance Commissioners Meet Today on Fresh Bailout to States
The Minister of Finance, Mrs. Kemi Adeosun, will tuesday meet with the 36 commissioners of finance to finalise discussions on a fresh bailout to their cash-strapped states.[Read More…]
Power: Planned Transmission Repairs to Cut Supply by 300MW
Nigeria’s meagre power generation and supply capacity will in the next couple of weeks experience more distress with the planned shutdown of the 300 megawatts (MW) Agip Okpai power plant in Delta State.[Read More…]
Moody’s Reaffirms AFC’s Credit Rating with Stable Outlook
The Africa Finance Corporation (AFC), one of the leading investment grade rated multilateral development finance institution and project developer, has been awarded an A3/P-2 , investment grade credit rating with a stable outlook by international ratings agency, Moody’s for a third consecutive year.[Read More…]
PUNCH
FG to assist states raise funds from capital market
The Federal Government on Monday said it would encourage state governments to raise long-term funds from the capital market to finance capital projects.It said rather than the states looking at the banking sector to raise funds, the capital market would be assisted to play its role in economic development.[Read More…]
Operators restoring telecoms services to North-East – Army chief
Telecommunications operators have started restoring services to the north eastern parts of the country that have been ravaged by the war on the terrorist group, Boko Haram, the Chief of Army Staff, Lt.-Gen. Tukur Buratai, has said.[Read More…]
Power: NPDC, IOCs to inaugurate four gas projects
The Federal Government on Monday announced the readiness of the Nigerian Petroleum Development Company and some international oil companies to inaugurate four gas projects that would considerably improve power supply across the country.[Read More…]
Naira drops to 367/dollar over forex policy panic
Uncertainty over the Central Bank of Nigeria’s planned exchange rate policy has continued to rattle the foreign exchange market.The local currency dropped against the United States dollar from 365 to 367 at the parallel market [Read More…
CBN may adopt dual exchange rate system
The Central Bank of Nigeria may introduce a dual exchange-rate system and weaken the naira when it unveils a new policy this week, it has been learnt.Sources, who attended a meeting between the CBN Governor, Mr. Godwin Emefiele, and top bankers, said the regulator would probably make an announcement in a circular to banks, Bloomberg reported.[Read More…]
Fighting corruption not enough, says Buhari
President Muhammadu Buhari has stressed the need for increased flow of foreign exchange into the country in a bid to rebalance the nation’s ailing economy, adding that fighting corruption alone is not enough.[Read More…]
MTN fine: Reps summon AGF, Shittu, NCC boss
Fuming members of the House of Representatives Committee on Telecommunications on Monday summoned the Minister of Justice and Attorney-General of the Federation, Mr. Abubakar Malami; and his Communications counterpart, Mr. Adebayo Shittu, over the negotiated settlement of N330bn to be paid to the Federal Government by MTN Nigeria.[Read More…]
THE NATION
Nigeria earns N50.4b from cashew export
Cashew generated $253 million (about N50.4billion) in foreign exchange for the nation last year, the President, National Cashew Association of Nigeria (NCAN), Tola Faseru, has said.[Read More…]
Enugu DisCo: 70% prepaid meters bypassed by customers
The management of Enugu Electricity Distribution Company (EEDC) has said 70 per cent of its prepaid mters in the South east region of the country has been bypassed by customers.[Read More…]
BoI begins N140b scheme
The Bank of Industry (BoI) has started implementing the N140billion Government Enterprise and Empowerment Programme (GEEP) Fund, which is part of the N500billion social intervention package.[Read More…]
DAILY TRUST
Economic downturn: Bad loans rise to N1.3tr
The economic situation in Nigeria has affected payment of banks’ loans, with the non-performing loans, otherwise known as bad loans, jumping from around N600 billion, last year, to N1.38 trillion in April, 2016, a document obtained from the Central Bank of Nigeria (CBN) by the Daily Trust has shown.[Read More…]
FG, states spend 1.6% of budgets on agric
Less than two percent of the N12.2 trillion total budgets of the federal and state governments will be spent on agriculture this year, Daily Trust investigations have shown. This is happening at a time of the government’s much trumpeted determination to move away from oil to agriculture as the mainstay of the economy.[Read More…]
LEADERSHIP
HYPPADEC Gets N70m Take-off Fund
The Hydro Electricity Power Producing Area Development Commission, HYPPADEC, is to get N70 million for its full take off ,in this fiscal year even as the bill aimed at amending the act establishing the commission has passed first reading.[Read More…]
Shell Loses 130,000 bpd Over Facility Shutdown
Royal Dutch oil giant, Shell, has shut down the Trans Niger Pipeline (TNP), one of the largest pipelines in Nigeria, due to leakage.Shell confirmed to Reuters that the pipeline suffered a leak but the company has not commented on the cause.[Read More…]
Telecom Adds N1.4trn To GDP, NCC Mulls 2.6GHz Review
The executive vice chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, has disclosed that the commission would soon meet with telecom operators over the recent auction of 2.6GHz spectrum, which saw only MTN Nigeria bid for six out of 14 available slots.[Read More…]
VANGUARD
Forex crises: Conglomerates, multinationals lose N200bn in 6 months
Losses incurred by investors in conglomerates, multinational corporations and other big capitalized companies quoted on the Nigerian Stock Exchange, NSE, as a result of the delay in the roll out of the new flexible foreign exchange policy has hit N320 billion as at yesterday.[Read More…]
REUTERS
Brexit chill sends Bund yields sub-zero
The yield on the 10-year German Bund, Europe’s benchmark government bond, fell below zero for the first time on Tuesday as worries about a potential British exit from the European Union sent investors rushing for safe-haven assets.[Read More…]