Saturday, February 8, 2020

Tag "Zainab Ahmed"

    Zainab Ahmed: Nigeria’s debt service to revenue ratio is higher than desirable

Zainab Ahmed: Nigeria’s debt service to revenue ratio is higher than desirable

Zainab Ahmed, the minister of finance, budget and national planning, says the country's debt service to revenue ratio is higher than desirable. Ahmed was speaking on Tuesday during a presentation before the house of representatives committee on aids, loans and debt management in Abuja. In her presentation, the minister said the federal government's intended $22.71 billion loan will be gotten from multilateral [...]

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    Zainab Ahmed: Why Nigeria needs a central register for oil business owners

Zainab Ahmed: Why Nigeria needs a central register for oil business owners

Zainab Ahmed, minister of finance budget and planning, says the federal government will be able to track monies linked to tax evasion, terrorist financing and corruption with the establishment of a register for beneficial owners. Ahmed was speaking on Thursday in Abuja at a roundtable on beneficial ownership register in Nigeria. "As we deliberate today, we should, therefore, be ambitious in our [...]

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    Border closure contributing to rising inflation, says finance minister

Border closure contributing to rising inflation, says finance minister

Zainab Ahmed, minister of finance, says the closure of the country’s land borders is contributing to rising inflation. Last week, the Nigeria Bureau of Statistics (NBS) released figures that showed that the consumer price index, which measures inflation, rose to 11.61% in October, an increase of 0.36 percentage points compared to 11.24% recorded in September. That was the exact inflation rate recorded in [...]

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    ‘FG not responsible for every road in the country’ — Zainab Ahmed defends Fashola

‘FG not responsible for every road in the country’ — Zainab Ahmed defends Fashola

Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in the country. Addressing journalists on Wednesday at the end of the federal executive council meeting in Abuja, the minister said the federal government is only responsible for major arterial roads. Babatunde Fashola, the minister of works and housing, [...]

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    Signing AfCTA doesn’t make our country a dumping ground, says Zainab Ahmed

Signing AfCTA doesn’t make our country a dumping ground, says Zainab Ahmed

Zainab Ahmed, the minister of finance, budget and national planning, has advised participating countries to comply with rules of African continental free trade agreement (AfCTA). Ahmed was speaking during a panel discussion at the ongoing African Economic Congress (AEC) in Abuja on Monday. Represented by Adeyemi Dipolu, the special adviser to the president, Ahmed said all the obligations of trade must be [...]

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    FG planning another 20-year plan to replace Vision 2020

FG planning another 20-year plan to replace Vision 2020

The federal government has announced to work on a 20-year economic development plan for the country to succeed the Vision 2020. Speaking on Thursday at the BusinessDay Investment and Capital Markets conference in Abuja, Zainab Ahmed, the minister of finance, budget and national planning, said there will also be a five-year plan to succeed the economic and recovery growth plan (ERGP). Both [...]

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    Zainab Ahmed: Nigeria’s growth plan has suffered seriously since 2017

Zainab Ahmed: Nigeria’s growth plan has suffered seriously since 2017

Zainab Ahmed, minister of finance, budget and national planning, says the implementation and targets of the economic and recovery growth plan (ERGP) have been at risk since 2017 because of underfunding. Speaking on Tuesday at the Nigeria Governors Forum (NGF) peer-learning event, Ahmed said the federal government had recorded 42% revenue shortfall as at June 30. "Regarding the 2019 budget, as at [...]

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    Nigeria planning to get first tranche of $3bn World Bank loan in April

Nigeria planning to get first tranche of $3bn World Bank loan in April

Talks of a loan for the expansion of the transmission and distribution facilities of the power sector between the Nigerian government and the World Bank have reached final stages as both parties have settled on a loan size of $3 billion. Zainab Ahmed, the minister of finance, made this known on Sunday while addressing journalists, TheCable inclusive, on the activities of [...]

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    FG to publish details of federal, state debts

FG to publish details of federal, state debts

The federal government says it is working to create a database of all the loans and debts held at national and sub-national levels. Zainab Ahmed, the minister of finance, made this known on Thursday while speaking on a panel at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Washington DC. The session, which was tagged 'Decoding [...]

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    Follow TheCable for updates of Nigeria’s activities at IMF/World Bank annual meetings

Follow TheCable for updates of Nigeria’s activities at IMF/World Bank annual meetings

It has been a year since Nigeria was named the poverty capital of the world, six months since Nigeria's excess crude account was named the second-worst globally and three weeks after its top 20 Ease of Doing Business reformers ranking. At its 2019 annual meetings that begin on Tuesday, October 14, the International Monetary Fund (IMF) and World Bank Group, Nigeria's [...]

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    Zainab Ahmed: We’re working to grow our economy as fast as China’s

Zainab Ahmed: We’re working to grow our economy as fast as China’s

Zainab Ahmed, minister of finance, budget and national planning, says the federal government is working towards growing the nation's economy at a similar pace with China's. Speaking at a news conference on the forthcoming 25th Nigerian Economic Summit in Abuja on Monday, Ahmed said there are plans for operational, regulatory and legislative interventions to move the country to the top 100 [...]

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    Zainab Ahmed: FEC approved increase in VAT to 7.5% — NOT 7.2%

Zainab Ahmed: FEC approved increase in VAT to 7.5% — NOT 7.2%

Zainab Ahmed, minister of finance, budget and national planning, says the federal executive council (FEC) approved an increase in value added tax (VAT) from 5% to 7.5% and not 7.2% which was announced earlier. On Wednesday, the minister told state house correspondents at the end of the cabinet meeting that the FEC approved the increase to 7.2%, which is now subject [...]

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    FG proposes N9.79 trillion for 2020 budget

FG proposes N9.79 trillion for 2020 budget

The federal government says it will propose a sum of N9.79 trillion to the national assembly as total expenditure in the 2020 budget. The amount which represents an increase of 9.75 percent over N8.916 trillion spending for 2019, is based on the projection of a proposed revenue of about N7.64 trillion and a total proposed fiscal deficit component of about N2.142 trillion. Zainab [...]

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    Zainab Ahmed: We’ll submit 2020 budget in September

Zainab Ahmed: We’ll submit 2020 budget in September

Zainab Ahmed, minister of finance, budget and national planning, says the federal government will send the 2020 budget proposal to the national assembly by the end of September. Ahmed spoke at a meeting on national donor coordination held in Abuja on Wednesday. "The 2020 budget preparation process is well underway, and we intend to finalise and submit the 2020 appropriation bill to [...]

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    Nigeria’s problem is revenue not debt, says Zainab Ahmed

Nigeria’s problem is revenue not debt, says Zainab Ahmed

Zainab Ahmed, minister of finance, says Nigeria does not have a debt problem. According to her, what Nigeria has is a revenue problem. As of December 2018, Nigeria's debt profile was N24.387tn. It rose by 12. 25 percent from N21.752tn in 2017. And the country's external debt alone rose to $11.77bn in three years. Speaking with the management staff of the ministry of [...]

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    FG moves to recover N614bn budget support given to states

FG moves to recover N614bn budget support given to states

The federal government is making moves to recover N614 billion given to 35 states as budget support facility. Zainab Ahmed, finance minister, disclosed this at the end of the national economic council (NEC) meeting on Thursday. The meeting was presided over by Vice-President Yemi Osinbajo at the council chambers of the presidential villa in Abuja. Ahmed said the council agreed to constitute a [...]

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Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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