Sunday, April 7, 2019

Tag "federal executive council"

    FG approves national leather policy

FG approves national leather policy

The federal executive council has approved the Nigerian leather policy, aimed at boosting the business opportunities in the leather sector.Ogbonnaya Onu, minister of science and technology, says the policy can generate $900 million if well harnessed.Onu said the leather industry generated $921million for the government in 2013, a feat that can be replicated."We resolved to harness the national leather and [...]

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    FEC directs FCT minister to summon security council over Shi’ites uprising

FEC directs FCT minister to summon security council over Shi’ites uprising

The federal executive council (FEC) has directed Bello Muhammad, minister of the federal capital territory (FCT), to summon a meeting of the territory’s security council to address the Shi'ite uprisings.Lai Mohammed, the minister of information and culture, made this known when he fielded questions from state house correspondents at the end of the council’s meeting on Wednesday in Abuja.The meeting [...]

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    FEC approves N8.73trn for 2019 budget

FEC approves N8.73trn for 2019 budget

The federal executive council (FEC) has approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than the 2018 budget.This figure is N400 billion lesser than the N9.12 trillion 2018 budget.Udoma Udo Udoma, minister for budget and national planning, made this known on Wednesday while briefing journalists on the outcome of the council's meeting.The meeting was [...]

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    FG suspends national carrier project indefinitely

FG suspends national carrier project indefinitely

The federal government has suspended the national carrier project indefinitely.Hadi Sirika, minister of state for aviation, made this known on Wednesday."I regret to announce that the Federal Executive Council has taken the tough decision to suspend the National Carrier Project in the interim. All commitments due will be honoured. We thank the public for the support as always," he wrote [...]

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    All eyes on Zainab Ahmed as three ministers lead her to a new seat at FEC

All eyes on Zainab Ahmed as three ministers lead her to a new seat at FEC

Zainab Ahmed, acting minister of finance, was the star of the moment at Wednesday's federal executive council (FEC) meeting presided over by President Muhammadu Buhari.Ahmed, who had all along attended the meeting as minister of state for budget and national planning, was congratulated by her colleagues.Buhari had appointed Ahmed on Friday, following the resignation of Kemi Adeosun, minister of [...]

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    FG: We’ve released $1m for delivery of free contraceptives

FG: We’ve released $1m for delivery of free contraceptives

Isaac Adewole, minister of health, says the federal government has released $1 million for the delivery of contraceptives to improve family planning.The minister made this known while addressing state house correspondents after the federal executive council (FEC) meeting.According to him, procurement for the implementation of the plan led by a committee chaired by a director in the ministry had equally [...]

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    Nigeria exits 90 international organisations

Nigeria exits 90 international organisations

The federal government has decided to stop Nigeria's membership of 90 international organisations.This is as a result of a backlog of $120 million in membership dues and other financial commitments.The decision was reached at the federal executive council meeting presided over by President Muhammadu Buhari on Wednesday.Addressing reporters at the end of the weekly meeting, Kemi Adeosun, minister of finance, said [...]

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    FEC approves three-year tax holiday for 27 industries

FEC approves three-year tax holiday for 27 industries

Okechukwu Enelamah, minister of industry, trade and investment, says the federal executive council has approved a three-year tax holiday for 27 new industries and products.Enelamah, who made this known after the federal executive meeting on Wednesday said it was done in a bid to enable them to grow and expand investments.He said: "The FEC gave approval to a memorandum that [...]

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    FG issues IOUs to clear 11-year backlog of debt

FG issues IOUs to clear 11-year backlog of debt

The federal executive council (FEC) on Wednesday approved the issuance of promissory notes for the settlement of debts owed local contractors worth N740 billion.Kemi Adeosun, minister of finance, said this at a briefing after the FEC meeting, adding that debts to GENCOS, DISCOS and state government were N193.69billion."The memorandum that the council approved was for the issuance of a promissory [...]

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    FG sets $38 oil benchmark in 2016 expenditure

FG sets $38 oil benchmark in 2016 expenditure

The federal executive council (FEC) has approved a N6trn expenditure for 2016 in the medium term expenditure framework (MTEF).Udoma Udoma, minister of budget and national planning, disclosed this to journalists after a meeting of the council presided over by President Muhammadu Buhari on Monday.Udoma also revealed that an oil benchmark of $38 was being projected for the framework.The MTEF, which [...]

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    Buhari inaugurates national economic council

Buhari inaugurates national economic council

President Muhammadu Buhari has inaugurated the National Economic Council (NEC) headed by Vice President Yemi Osinbajo.Speaking at the event, which held at the council chambers of the presidential villa in Abuja, Buhari challenged the council, comprising the 36 state governors and the governor of Central Bank of Nigeria (CBN), to look into outstanding salaries and wages across the country.He also [...]

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    Lagos gets approval for $242.2m IDA loan

Lagos gets approval for $242.2m IDA loan

The Lagos State Government received approval from the Federal Executive Council on Wednesday for two separate loans totalling $242.2m (about N40bn) from the International Development Association (IDA).The minister of information, Mr. Labaran Maku, who disclosed this to state house correspondents at the end of the FEC meeting presided over by President Goodluck Jonathan, said $200m loan was approved to support [...]

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    2014 budget full of distortions, says FG

2014 budget full of distortions, says FG

The 2014 budget passed by the National Assembly is "full of distortions", the federal government has said.Information Minister Labaran Maku said the Goodluck Jonathan administration was doing everything possible to resolve the issues which may cause a negative impact on its implementation.The Senate and House of Representatives passed the budget shortly before Easter, raising the figures from the N4.642 trillion [...]

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Exchange Rates

April 5, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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