News

The Federal Government has said over N7 trillion was recorded in the nation’s Treasury Single Account (TSA) towards the end of March 2017. The Accountant General of the Federation (AGF), Mr Ahmed Idris, who disclosed this also said the amount represents monies belonging to different Ministries, Departments and Agencies (MDAs) put in portal to enable government view the entire balance as …

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The Minister of Finance, Mrs. Kemi Adeosun, has said her ministry is working with the National Pension Commission to recover the pensions so far paid into the Retirement Savings Accounts of ghost workers. She said since the establishment of the Presidential Initiative on Continuous Audit in March last year, about 53,000 ghost workers had so far been removed from the …

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The Central Bank of Nigeria has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank. The CBN said the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, who confirmed …

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THE Group Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy, has outlined measures being put in place by the majority shareholders of the newly acquired ExxonMobil 60 percent equity stake in Mobil Oil Nigeria Plc to make the deal a game changer in the petroleum downstream sector. Venkatapathy stated at the Nigerian Stock Exchange, NSE, on the invitation of the Exchange …

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The Federal Nigeria and the World Bank Group are to meet this week in Washington D.C., United State (U.S.) to discuss and possibly conclude operational terms on the power sector recovery plan. Power, Works & Housing Minister Babatunde Fashola is billed to lead key officials in his ministry and that of the Office of the Vice President to the meeting …

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About N60 billion Universal Basic Education (UBE) fund meant to be accessed and used for the growth of basic education by states is lying idle with the Central Bank of Nigeria, Executive Secretary, Universal Basic Education Commission Dr. Hamid Bobboyi has said. The matching grant, which is an intervention fund disbursed by the Federal Government to states through the Universal …

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The Central Bank of Nigeria (CBN) has washed its hands of the controversial N15 billion Osborne Towers, Ikoyi, Lagos cash haul. CBN spokesman Isaac Okorafor told The Nation that the apex bank did not know the source of the money. Okorafor said the CBN issues serial currencies to banks which are at liberty to give such currencies to their clients. …

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Electricity distribution companies (DISCOS) are kicking against the Federal Government’s plan to centralise their revenue accounts. The decision is being taken by the Federal Government because of the DISCOS’ poor monthly remittances. In a statement yesterday, the Association of Nigerian Electricity Distributors (ANED) said such a move amounts to the nationalisation of the DISCOS, which were franchised when the Federal …

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The President, African Development Bank, Dr. Akinwumi Adesina, says billionaire businessman, Aliko Dangote, may become the largest exporter of rice in the world by 2021. Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Adesina said Africa must focus on agriculture to drive growth and create jobs on the continent. He said, “I remember when I was Minister …

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As the Nnamdi Azikiwe International Airport, Abuja, reopens on Wednesday for air traffic, Medview Airline on Monday released a schedule with six daily flights to the nation’s capital. The airline made the announcement in a statement signed by its Chief Operating Officer, Mr. Lookman Animashaun, in Lagos. Medview had on March 9 diverted its flights to Kaduna following the closure …

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