The World Bank says it is support of efforts made by the Nigerian government to achieve economic growth. including securing foreign loans.In a statement signed by Rachid Benmessaoud, senior communications officer of the bank, the organisation denied the reports that it is not in support of Nigeria securing foreign loans."On October 11, during the launch of Africa’s Pulse, the World [...]
The 36 states of the federation spent N2.67 billion to service external debt in September.The amount is contained in a report which NAN obtained from the office of the accountant-general of the federation on Wednesday.Figures from the Debt Management Office (DMO) also showed that as of June 30, 2017, the 36 state governments and the federal capital territory (FCT) had a [...]
Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), has been elected the first vice chairman of United Nations committee of experts on international cooperation in tax matters.According to a statement shared with TheCable on Wednesday, the election took place on Tuesday in Geneva, Switzerland, where the global UN committee of tax experts is holding its meeting.The statement, which [...]
The probe by the joint senate committees on customs, excise and tariff and marine transport led to the recovery of N140 billion, Hope Uzodinma, a PDP senator from Imo state, has said.Uzodinma, who is chairman of the committee of customs, said this on Wednesday while presenting an interim report on the investigation of the Nigerian Customs Service (NCS).The lawmaker highlighted [...]
The Nigerian Stock Exchange (NSE) says it has suspended trading of shares belonging to Oando Plc.In a notice posted on its website on Wednesday, NSE said it acted on the directive of the Securities Exchange Commission (SEC).It read: "Dealing members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the [...]
Maikanti Baru, general managing director of the Nigerian National Petroleum Corporation (NNPC), says the corporation has over two billion litres of premium motor spirit (PMS) for end-of-year festivities.Baru said this after the Federal Road Safety Corps (FRSC) conferred on him the honour of a "special marshal".The GMD said the provision of adequate petroleum products would ease transportation and also make [...]
The ministry of mines and steel development says issuance of mining titles will soon be reduced to between 30 and 45 days as stipulated in the Nigerian Mining and Minerals Act, 2007.Kayode Fayemi, the minister, disclosed this at the ongoing 2nd Nigerian Mining Week, organised by the Miners Association of Nigeria, in partnership with IPAD Nigeria, PricewaterhouseCoopers and Spintelligent.This held in [...]
Ontario Oil and Gas Limited has denied being indebted to Union Bank Plc to the tune of $70 million.In a petition submitted to the Economic and Financial Crimes Commission (EFCC), it was alleged that the company, said to be a customer of the branch of the bank at Stallion Plaza, Marina, Lagos, obtained the loan purchase locally refined petroleum products.But [...]
The governors of the 36 states of the federation have asked the federal government to release the 50 percent balance of Paris Club refund by November.The federal government has disbursed N760.17 billion, paid in two tranches, to the 36 states as refund under the Paris Club loan.Paris Club refund is a partial settlement of long-standing claims by state governments relating [...]
In a drive to reduce Nigeria's dependency on oil revenue, the federal government has introduced a number of policy initiatives to demonstrate its commitment to the age-old consensus that the country must diversify its income base. The launch of the Voluntary Assets and Income Declaration Scheme (VAIDS) by the federal ministry of finance is one of such initiatives.VAIDS provides a window of opportunity, [...]
