Wednesday, November 04, 2020
Nigeria’s debt to hit N38.68trn in 2021 – Finance minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria’s total public debt is expected to hit N38.68 trillion by December 2021. The minister gave the indication in her presentation on status of 2019 and 2020 budgets and 2021 appropriation bill to the Senate Committee on Local and Foreign Debts. Ahmed said.. Read more
U.S Elections: Trump holding the South while Biden awaits Midwest results
President Donald Trump and Joe Biden, his Democratic rival, traded victories in conservative and liberal states as they waited for the results in the battlegrounds that will decide the election, including Florida. Trump won solidly conservative states across the South, including Tennessee and South Carolina, as well as Republican strongholds of Indiana and Missouri. Biden… Read more
Nigerians’ immigration to Canada booms amid economic downturn, hardship
Nigerians migrating to Canada have increased following the current worsening economic hardship and lack of hope in the country. Immigration experts have said the exodus of Nigerian immigrants to Canada is showing no signs of slowing down because of the current economic situation of the country. Experts also say Canada offers high quality education and… Read more
EXPLAINER: Here’s why Okonjo-Iweala needs US support for WTO job
Nigeria’s former finance minister, Ngozi Okonjo-Iweala, by now would have been recorded as the first African woman to occupy the seat of director-general of the World Trade Organisation (WTO) but for a veto by the United States, which halted her announcement, perhaps temporarily. The body is due to meet on November 9. However, the election… Read more
Firms expect borrowing, inflation rates to rise – CBN
The Central Bank of Nigeria has said the firms that participated in its latest business expectations survey expect borrowing and inflation rates in the country to rise further in the coming months. The CBN said in its October 2020 Business Expectations Survey Report, released on Tuesday that the respondent firms expressed pessimism on the macro economy. It said they were however optimistic in their outlook for November with a confidence index of 37.9. Read more
FG releases funds to Discos for mass metering
The Federal Government has released funds to power distribution companies for the mass deployment of about six million free electricity meters to power consumers nationwide. It was gathered that some senior officials of power distribution companies met with the Central Bank of Nigeria on Tuesday and funds were released for the purpose of mass metering in Nigeria. Read more
FG seeks fresh $1.2bn loan from Brazil
The Federal Government is seeking a $1.2bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assembly. The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend the budget proposed by her ministry, made this known. Read more
NCC assigns 357 million telephone numbers to operators
The Nigerian Communications Commission has assigned 357.53 million new telephone numbers for the use of telecommunications operators. The new telephones numbers were added in the third quarter of 2020 and belonged to about 32 licensed telecom operators, as contained in the NCC’s Q3 2020 National Numbering Plan. Read more
Consumers lament outrageous billing despite NERC capping
Despite a regulation capping the limit to which distribution companies (DisCos) can charge electricity consumers who are not metered, overbilling in the form of estimated billing has continued. Specifically, the National Electricity Regulatory Commission (NERC), in February issued an order capping estimated billings in the Nigerian Electricity Supply Industry (NESI). Read more
Japaul begins $12million mining project in Nigeria
Diversifying its operation, from Maritime Services, Japaul has entered into agreement with Chinese firm, Xiang Hui International Mining Nigeria Company Limited, for a $12million mining project in four Nigerian states. Read more
Local airlines’ debt burden hits N22b
Minister of Aviation, Hadi Sirika, yesterday, disclosed that the local airlines’ total debt burden to regulatory agencies stood at N22 billion. A breakdown showed the sum of N19.37 billion and $6,993,284 million (N2.7 billion) as unremitted Ticket Sales Charge (TSC), and Cargo Sales Charge (CSC) collected on behalf of the Nigeria Civil Aviation Authority (NCAA) and its sister agencies. Read more
