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Monday, August 3, 2020

Analysis

FG Plans to Borrow N4.28 Trillion, Spend N12.66 Trillion in 2021; MPC Holds MPR at 12.50%…

In the just concluded week, the Federal Government indicated, in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) it presented to the National Assembly, that its proposed spending for the year 2021 would rise to N12.66 trillion, as against the 2020...

Buhari challenges Nigerians in Diaspora on economic recovery as remittance inflows hit $25bn

By Ismaila Chafe Abuja, July 25, 2020 President Muhammadu Buhari has urged Nigerians in the Diaspora to actively participate in the country’s Post-COVID-19 economic recovery efforts. A statement by the President’s spokesman, Mr Femi Adesina, in Abuja on Saturday said Buhari made the call in a...

MTN Group expects slight profit drop afterNigeria’s FX rate shift

ABUJA, July 23 - MTN Nigeria expects its profit margin to dip by almost half a percentage point this year as its leased tower services feel the impact of weaker currency exchange rates, it said on Thursday. The dollar conversion rate used by the...

Nigeria stocks rise to 3-week high, Dangote Cement gains

ABUJA - Nigerian stocks climbed to a three-week high on Thursday lifted by gains in its biggest listed firm Dangote Cement, which announced a share buyback this year. The main share index bucked four straight days of losses to rise 1.4% to 24,512 points...

Nigeria needs restructuring so that institutions can be accountable to citizens. —John Campbell, Ex-US Ambassador

John Campbell, a former US Ambassador to Nigeria, says Nigerians have lost trust and confidence in the government. He berated the attitude of the government and Nigerian politicians, saying the people have never been at the centre of governance in the country. Campbell spoke during an...

Nigeria must improve tax collection to boost macroeconomic sustainability – IMF

Predicts 36.5% Debt-to-GDP Ratio for Nigeria in 2020 Nigeria’s government must improve tax collection because revenue is lower than the minimum amount required for the state to play an enabling role in the economy, an International Monetary Fund official said. “Nigeria has one of the lowest...

Nigeria’s dollar shortage worsens, naira weakens 472 per dollar as banks restricts access

Nigeria’s dollar shortage is worsening, with the local currency weakening in the parallel market and banks restricting the ability of customers to spend greenbacks abroad using naira cards. The naira’s black-market rate declined to 472 per dollar on Monday from 465 naira on June 15,...

Commercial Banks’ NPL Ratios Seen Moderate Further as CBN Implements GSI…

All appears to be set for the commencement of the Global Standing Instruction (GSI) as the Central Bank of Nigeria (CBN), having issued its guidelines, mandated all banks and other financial institutions to begin implementation of GSI from August 1, 2020. More importantly, the GSI...

Saipem SpA says Aliko Dangote’s $2 Billion Fertilizer Plant Set For February Start

Part of plant ready, but testing hampered by virus disruption Facility is the world’s biggest, with 3 million tons capacity Dangote Group’s fertilizer plant, now under construction in Nigeria’s biggest city of Lagos, will be ready to start production late this year, according to Saipem SpA,...

UPDATED: Nigeria’s consumer price index spikes 12.56% as food and healthcare cost weigh

Nigeria's consumer price index (CPI) increased by 12.56% (year-on-year) in June 2020, The National Bureau of Statistics (NBS) reports seen by Naija247news shows. The increase is 0.16% higher than the 12.40% recorded in May 2020, according to an NBS report published on Friday, July...
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