Finance

  • Nigeria’s Debt At $48.5bn Worrisome

    By Leadership Newspapers on April 15, 2013
    Chief As Nigerian’s total debt hits $48.49 billion, more concerns are being raised over the rising level of the country’s debt, both home and abroad. Currently, Nigeria’s external debt stock stands at $6.52 billion or N1.016 trillion ...
  • Budget: Oyo House Okays N159.6 Bn

    By Leadership Newspapers on March 19, 2013
    The Oyo State House of Assembly on Tuesday in Ibadan approved the sum of  N159.6 billion as the budget for 2013 fiscal year. The News Agency of Nigeria (NAN) reports that the amount had  a variation of more than N7 billion from the original b...
  • Nigeria, France Trade Volume Hits $7bn – Envoy

    By Leadership Newspapers on March 19, 2013

    Trade between Nigeria and France currently stands at $7 billion, Nigeria’s envoy to France, Amb. Akin Fayomi, has said.

    Fayomi, who spoke with the Western Europe Correspondent of the News Agency of Nigeria (NAN) on Tuesday, in Paris, said that the figure represented the volume of trade in 2012.

    "As at 2012, the volume of trade was about $7 billion which translates to about 4.5 billion euro. It is a lot of money considering the economic recession, though given the potentials of Nigeria we feel it is not enough.

    "We are France's second largest trading partner in sub-Saharan Africa, and the trade is in favour of Nigeria as oil is our main export," he said.

    The envoy, however, said that French investors were keen on exploring other areas of investment.

    "Already, there is a lot of involvement in other sectors like construction, manufacturing and others.  The oil sector is saturated; Total has been operating in the country for many years.

    "Also in Pharmaceuticals, there are some companies that manufacture drugs in partnership with some Nigerian companies,’’ Fayomi said.

    He added: "Similarly, in waste management and maintenance culture, some state governments are in partnership with French companies."

    Fayomi further said that the embassy was liaising with some French institutions for exchange programmes for Nigerian students and teachers in order to encourage the study of French as a language.

    NAN reports that upon its attainment of independence in 1960, Nigeria immediately established diplomatic relations with France.

  • World Bank Commits $300m To Poverty Reduction

    By Leadership Newspapers on March 18, 2013
    The World Bank has concluded arrangements to commit the sum of $300 million credit to Nigeria, to tackle poverty particularly among the vulnerable. To this end, the Board of the Bank is to give approval for the release of the credit tomorrow  for ...
  • FG Releases N400b For First Quarter

    By Leadership Newspapers on March 14, 2013
    The Federal Government on Thursday in Abuja released N400 billion first quarter allocations for capital expenditure in the 2013 budget. This is contained in a statement signed by Mr Paul Nwabuikwu, Spokesman for the Minister of Finance and Coordinating...
  • FAAC: FG, States, LG Share N886bn For February

    By Leadership Newspapers on March 14, 2013
    The Federation Account Allocation Committee (FAAC) on Thursday in Abuja shared  N886.402 billion to the three tiers of government for the month of February. The Minister of State for Finance, Dr Yerima Ngama disclosed this while briefing newsmen o...
  • Nasarawa Assembly Passes N110bn Appropriation Bill For 2013

    By Leadership Newspapers on March 13, 2013

    The Nasarawa State House of Assembly on Wednesday passed the state's 2013 appropriation bill of N110 billion into law.

    The Majority Leader of the House, Mr Godiya Akwashiki, moved the motion for speedy passage of the bill to enable the State Government deliver dividends of democracy to the people.

    Akwashiki (PDP-Nassarawa Eggon West), urged his colleagues to pass the bill to enable the government execute development projects for the benefit of the people.

    He said: ``The total amount approved is N110 billion comprising recurrent expenditure of N42.3 billion, representing 38.4 per cent, and capital expenditure of N67.7 billion, representing 61.6 per cent, for the 2013 fiscal year.”

    The Minority Leader of the House, Alhaji Adamu Maikatako (CPC-Lafia Central), seconded the motion for speedy passage of the bill.

    Maitakato said the passage of the bill would also enable the government to complete various ongoing projects and embark on new projects for the development of the state.

    After listening to various contributions, the Speaker, Alhaji Musa Ahmed, directed the clerk to produce a clean copy of the bill for the governor's assent.

    Ahmed (PDP-Nasarawa Central), urged the executive to ensure proper implementation of the budget and prompt release of funds to  various ministries and agencies.

    The speaker commended his colleagues for passing the budget into law, urging them to closely monitor the implementation of the fiscal policy for effective result.

    The News Agency of Nigeria (NAN) recalls that Gov. Umaru Al-Makura had on Dec, 12, last year, submitted a budget estimate of N107 billion for the 2013 services for approval by the assembly.

    NAN also reports that there was an increase of three billion naira from the initial budget, submitted to the house to enable the executive complete some abandoned projects across the state.

    A breakdown of the allocation shows that works got the lion share of N15.7 billion, housing N6.6 billion, education N4.2 billion, commerce N3.9 billion, health N3.7 billion as well as land and survey N3.1 billion.

    Other sectorial allocations are: water resources N2.9 billion, sports N1.7 billion, information N1.6 billion, agriculture N1.4 billion and judiciary one billion naira.

    Meanwhile, the house has also passed into law a bill for a law to establish the College of Selectors of Chun-Mada and a bill for a law to amend the Nasarawa State Local Government Laws 2003, to create additional chiefdoms in the state.

     

  • Security Tribunal Critical To Growth, Smooth Operation Of Capital Market – Minister

    By Leadership Newspapers on March 11, 2013
    The Minister of State for Finance, Dr Yerima Ngama, on Monday said the Investments and Securities Tribunal (IST) was critical to the growth and smooth operation of the capital market. Ngama, who made this known in Abuja at the inauguration of the IST b...