Business

FG, States Received N3.88tn From FAAC In Six Months

The Federation Accounts Allocation Committee (FAAC) on Tuesday said it shared N3.879 trillion to the Federal Government, States, local government areas, and other statutory recipients in the first half of 2020. In a statement by the committee’s Director, Communications and Advocacy, Orji Ogbonnaya, the Federal Government received a total of N1.53 trillion while the states got N1.29 trillion and the ...

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French Economy To Bounce Back As Lockdown Lifted

France’s economy, which like those of other countries was pushed into a bruising recession by the coronavirus, will bounce back now that lockdown measures are lifted but will still contract over the year as a whole, official data showed Tuesday. France’s gross domestic product, which had shrunk by a record 13.8 percent in the second quarter, is forecast to grow ...

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Justify The Necessity For Electricity Tariff Increase, Organised Private Sector Tells FG

The Organised Private Sector of Nigeria (OPSN) has asked the Federal Government to justify the recent increase in electricity tariff which took effect on September 1, 2020. The OPSN said this at a meeting with the Special Adviser to President Muhammadu Buhari on Infrastructure, Ahmad Zakari, on Friday A statement by the OPSN on Monday said that the meeting had ...

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Financial Inclusion: CBN Directs Licence Payment Service Banks To Reach Unbanked Persons

The Central Bank of Nigeria (CBN) has issued guidelines for licensing and regulation of Payment Service Banks (PSBs) as it aims to enhance financial inclusion to small businesses, low-income households, and other financially excluded entities. In a circular to PSBs on Thursday, the financial regulator said that despite several initiatives introduced, the inclusion rate remained below expectations. It added that ...

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South Africa’s Annual Inflation Climbs To 3.2%

South Africa’s annual consumer inflation rate climbed to 3.2 percent in July from 2.2 percent the previous month, driven mainly by transport, food and housing prices, official statistics showed Wednesday. Prices are starting to pick up as the economy gradually re-opens after months of tight restrictions imposed to limit the spread to coronavirus. Under the hard lockdown, the consumer inflation ...

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Presidency Reacts To –6.10% GDP Decline, Says Nigeria Not Doing Bad

The Presidency has hailed the second quarter (Q2) Gross Domestic Product (GDP) estimates by the National Bureau of Statistics (NBS). According to the NBS report, Nigeria’s GDP fell by –6.10% (year-on-year) in real terms in the second quarter of 2020 while for the first half of 2020, real GDP declined by –2.18% year-on-year, compared with 2.11% recorded in the first ...

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Emefiele To Host CEOs Of Multinational Companies Over Export Market

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has hinted on plans to meet with the Chief Executives of multinational companies in Nigeria, to discuss the revamp of Nigerian export markets. Mr. Emefiele dropped the hint on Tuesday, during the meeting of the Bankers’ Committee, noting that the CBN is ready to encourage the revamp of Nigeria’s ...

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GDP Decline: Time To Start Doing Some Things Differently, Says Rewane

Notable economist and adviser to the Federal Government, Bismarck Rewane, on Monday said the latest Nigeria Bureau of Statistics report on the economy should push the country to start “doing some things differently.” Nigeria’s Gross Domestic Product (GDP) decreased by six percent in real terms in the second quarter of 2020, the NBS said Monday morning. According to Rewane, the ...

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Lagos Govt Targets December To Deliver Iconic Office Projects

Amid the economic recession and dwindling financial resources occasioned by the COVID-19 pandemic, the Lagos State government says it is determined to reduce the cost of governance. The state governor, Babajide Sanwo-Olu, also pledged that his administration would promote inter-communication among agencies through the provision of sustainable office infrastructure for its workforce. He pledged on Friday during an unscheduled visit ...

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WTO, AfCTA Will Affect Nigeria’s Revenues – Customs CG

Comptroller General of the Nigeria Customs Service, Hameed Ali, on Thursday, said the World Trade Organisation (WTO) treaty and the African Continental Free Trade Area (AfCFTA) agreement recently signed by Nigeria will adversely affect the country’s revenue generation drive in the coming years. Mr. Ali made the remarks during the continuation of an interactive session organized by the Senate joint ...

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