Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021. However, the newly released World […]

The Federal Government has projected that debt servicing will cost N10.43tn by 2025, according to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper. This is a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. Multilateral agencies and economists have constantly warned the Federal Government about the rising cost […]

The Federal Government budgeted about N874.83bn for the Federal Ministry of Agriculture and Rural Development from 2016 to 2021, whereas the imports of agricultural goods into Nigeria during same period were estimated at N7.81tn, checks by our correspondent showed. It was gathered that the highest imports of agricultural goods into the country during the period […]

The President, Major General Muhammadu Buhari (retd.), has consented to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. This is according to a tweet by the Presidency on Monday afternoon titled ‘President Buhari consents to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.’ […]

The Federal Government has projected that debt servicing will cost N10.43tn by 2025, according to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper. This is a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. Multilateral agencies and economists have constantly warned the Federal Government about the rising cost […]

The Federal Government has paid a total of N980.18bn to retirees of treasury funded Ministries, Departments and Agencies from the inception of the Contributory Pension Scheme in 2004 to December 2021. The Director-General, National Pension Commission, Aisha Dahir-Umar, disclosed this in her report on the pension industry for 2021. She said, “In addition, the Federal […]

NOVA Merchant Bank Limited has announced the appointment of two independent non-executive directors and one non-executive director. In a statement, the bank said it has promoted about 20 per cent of its workforce to various grade levels in the bank. The statement said the three new appointees are expected to strengthen the board and bring […]

Nigeria lost N891bn to gas flaring in 18 months, according to data from the Nigerian Oil Spill Monitor, an arm of the Nigerian Oil Spill Detection and Response Agency, NOSDRA, released on Sunday. The data revealed that the country lost a total of N707bn in 2021 and N184bn in the first half of 2022, totaling […]

CFAO Motors has launched the completely revamped Suzuki Celerio in the Nigerian automotive market in Lagos. The company disclosed that Celerio is an addition to the collection of CFAO Motors’ latest technological advancements comes in a variety of colors. Speaking during the Suzuki Celerio model launch, the General Manager of Suzuki by CFAO, Aissatou Diouf […]

The Federal Government has replanted over 20 million hectares of land across the country under its afforestation/reforestation programme, the Minister of Environment, Mohammed Abdullahi, said on Thursday. In his keynote address at the 16th meeting of the National Council on Environment in Abuja, the minister stated that the move was part of the government’s efforts […]