Wednesday, October 18, 2017

Oluseyi Awojulugbe

    Corrupt people use NGOs as a front, says Okonjo-Iweala

Corrupt people use NGOs as a front, says Okonjo-Iweala

Ngozi Okonjo-Iweala, chairman of the Global Alliance for Vaccine and Immunization (GAVI), says corrupt people use non-governmental organisations (NGOs) as cover to get a clean bill of health on transparency.The economist, who is Nigeria's former minister of finance, made this statement while speaking on a panel at the annual meeting of the International Monetary Fund (IMF) and World Bank in [...]

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    Adeosun: Luxury tax will commence soon — rich people must bear the burden

Adeosun: Luxury tax will commence soon — rich people must bear the burden

Kemi Adeosun, minister of finance, says the federal government will soon start collecting luxury taxes.Addressing journalists at the annual meetings of the World Bank and International Monetary Fund (IMF) in Washington DC on Sunday, Adeosun said people with higher income must bear a greater part of the tax burden."The luxury tax planned by the federal government is being finalised now because [...]

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    Nigerians need to tolerate more debts, says Adeosun

Nigerians need to tolerate more debts, says Adeosun

Kemi Adeosun, minister of finance, says Nigerians need to tolerate more debts to allow the Muhammadu Buhari-led administration deliver on its plans for the country.The minister made this statement on Sunday at a joint press conference with Godwin Emefiele, governor of the Central Bank of Nigeria, in Washington DC."Nigeria's debt to GDP ratio is one of the lowest. We are [...]

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    IMF director advises Nigeria to change tax policies

IMF director advises Nigeria to change tax policies

Abebe Selassie, director of the African Department (AFR) at the International Monetary Fund (IMF), says Nigeria needs to change its tax policies to increase revenue mobilisation.The IMF senior official made this statement while addressing the press at the ongoing annual meetings of the World Bank Group and International Monetary Fund (IMF) holding in Washington DC."I think the ministry of finance [...]

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    Adeosun wants World Bank/IMF finance for Nigeria-Senegal highway

Adeosun wants World Bank/IMF finance for Nigeria-Senegal highway

Kemi Adeosun, minister of finance, has appealed to the World Bank and International Monetary Fund (IMF) to help West Africa build a coastal highway from Lagos to Dakar, capital of Senegal.Speaking at the G24 ministers and governors meeting in Washington DC, Adeosun said regional infrastructure development is a potential growth driver."We believe that part of the solution must be regional, [...]

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    REPORTER’S DIARY: Did Jim Yong Kim quote Buhari out of context?

REPORTER’S DIARY: Did Jim Yong Kim quote Buhari out of context?

I was in the room when Jim Yong Kim, president of the World Bank, said what he said on Thursday in Washington DC. You can call me a witness.Obinna Chima, of THISDAY/ARISE TV, had posed two questions in one.He asked: "What can you tell us about Nigeria, specifically your intervention in the power sector, and also, what is the World Bank [...]

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    IMF: Nigeria’s economy not growing like its population

IMF: Nigeria’s economy not growing like its population

Christine Lagarde, managing director of the International Monetary Fund, says the economy of some West African nations, including Nigeria, is not growing at the same rate as its population.She made this statement on Thursday while addressing the press at the ongoing International Monetary Fund annual meetings holding in Washington."Sub Saharan Africa (which Nigeria is part of one) is one region [...]

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    Oxfam director: Nigeria’s budget for health, education shameful

Oxfam director: Nigeria’s budget for health, education shameful

Winnie Byanyima, Oxfam executive director, says it is shameful that Nigeria, which is the largest economy in Africa, has made the wrong decisions as regards improving the welfare of its citizens.Byanyima made this statement on Wednesday while speaking at the ongoing World Bank and International Monetary Fund annual meetings holding in Washington, US."Compare Vietnam to Nigeria, on our commitment to [...]

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    It’s dangerous to misuse borrowed money, IMF warns Nigeria

It’s dangerous to misuse borrowed money, IMF warns Nigeria

The International Monetary Fund (IMF) says the growth being experienced will be at risk if Nigeria and other countries do not put borrowed funds to good use.The institution said this on Wednesday while unveiling the Global Financial Stability report at its headquarters in Washington."External borrowing in emerging markets and low-income countries have increased," Tobias Adiran, financial counsellor and director of [...]

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    IMF: Nigeria to overtake South Africa in 2017

IMF: Nigeria to overtake South Africa in 2017

The International Monetary Fund (IMF) says Nigeria's economy will grow faster than South Africa's in 2017.This is a reverse from the fund's earlier projection in July that South Africa's economy will grow by 1% in 2017 while Nigeria will experience a 0.8% economic expansion.Speaking on Tuesday during the unveiling of the World Economic Outlook report at the organisation's headquarters in [...]

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    Works ministry gets N100bn Sukuk proceeds

Works ministry gets N100bn Sukuk proceeds

The ministry of works, power and housing has received N100 billion proceeds from the Sukuk subscription.This comes nine working days after the subscription period of the non-interest bond.The offer period, which opened on September 14, closed on September 20. It was oversubscribed to the tune of N105.87 billion.At an event in Abuja on Thursday, Kemi Adeosun, minister of finance, handed [...]

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    Amaechi: Buhari sleeps and wakes up thinking about our railway

Amaechi: Buhari sleeps and wakes up thinking about our railway

Rotimi Amaechi, minister of transportation, says President Muhammadu Buhari "sleeps and wakes up thinking about the nation's railway.Amaechi said this after meeting with the president on Thursday.He said his ministry was expecting a total of 17 locomotives to boost rail transportation."The president sleeps and wakes up thinking about our railways; therefore I must always see him and tell him how [...]

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    US rejects Nigeria’s yam over ‘poor quality’

US rejects Nigeria’s yam over ‘poor quality’

Audu Ogbeh, minister of agriculture, says the US rejected yam exports from Nigeria because of their poor quality.In June, Nigeria exported yams to China, United Kingdom and US as part of efforts to reduce dependence on oil and increase income from the agricultural sector.Despite laying claim to not less than 60% of the world's yam production, Nigeria does not [...]

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    Cheta Nwanze: I was sent off air for discussing Asaba massacre

Cheta Nwanze: I was sent off air for discussing Asaba massacre

Cheta Nwanze, social commentator and researcher at SBM Intelligence, says he was sent off air on Thursday while having a live interview on Nigeria Info FM.Nwanze, who was the former managing editor at YNaija, an internet newspaper for young Nigerians, told TheCable that the station manager claimed to have received a phone call from the National Broadcasting Commission (NBC) ordering [...]

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    HURRAY! Rice to sell for N6,000 per bag

HURRAY! Rice to sell for N6,000 per bag

Aminu Goronyo, national president, Rice Farmers Association of Nigeria, says in the next few months, a 50kg bag of rice will be sold at the rate of N6000.Goronyo made this statement on Wednesday on the sidelines of a meeting between rice farmers, processors and Audu Ogbeh, minister of agriculture, at the ministry's headquarters in Abuja.He attributed the anticipated crash in [...]

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    Nigeria to get $22bn from foreign remittances in 2017 — up from $19bn

Nigeria to get $22bn from foreign remittances in 2017 — up from $19bn

The World Bank says Nigeria will record an inflow of $22 billion from foreign remittances in 2017, an increase from the $19 billion recorded in 2016.According to the Migration and Development Brief released by the bank on Tuesday, global remittance flow will recover in 2017 after two consecutive years of decline.Foreign remittance is money sent by a person in a [...]

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Exchange Rates

Oct 17,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS362475427
KANO363477428
PH364476427
ABUJA362480426
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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