Finance

  • African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond

    By Patrick Otelemuye on Mar 28, 2020
    The African Development Bank (AfDB) raises $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.
  • Nigeria’s foreign reserve rises to $44.14bn

    By Macaulay Maduwuba on Mar 29, 2019
    CBN data shows reserves rose slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, before falling to $42.296bn at the end of February. It gained over $1.8bn in the month of March.
  • Tinubu kicks against 50% VAT increase

    By Macaulay Maduwuba on Mar 28, 2019
    National leader of the All Progressives Congress (APC), Bola Tinubu, has kicked against reports of government’s plan to increase the Value Added Tax (VAT). The VAT which is charged at 5% could be hiked to 50% considering statement attributed to Minister of Finance, Zainab Ahmed, that the Nigerian government has concluded plans to increase revenue by introducing new taxes. Officials […]
  • N100 billion Nigeria bonds go on sale March 27

    By Macaulay Maduwuba on Mar 20, 2019
    The Debt Management Office (DMO) announces auction for 100bn Nigeria Bonds maturing until February 2028.
  • Nigeria’s Debt At $48.5bn Worrisome

    By Leadership Newspapers on Apr 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 Mar 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 Mar 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 Mar 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 Mar 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 Mar 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...