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Economy

90% of vehicles imported to neighbouring countries are on transit to Nigeria, says Customs boss

The Comptroller-General of Customs, Col. Hameed Ibrahim Ali (Rtd) has directed operatives of the Headquarters Compliance Team and Federal Operations Units (FOUs) to compliment the resident officers of land borders to effectively beef up security and enforce the Federal Government policy on non importation of vehicles through the land border. ...

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FG explains $300m diaspora bond

The Minister of Finance, Mrs Kemi Adeosun, on Tueadsy explained that the $300 million Diaspora bond  would be rolled out in March this year. Speaking on Tuesday when  the Senior Special Assistant on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa,  visited her in Abuja, Adeosun said: “The Diaspora bond which ...

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N510b Budget Support Facility: FG commences independent monitoring of State finances

* Appoints KPMG, Ernst & Young, PWC to monitor, evaluate implementation of FS         The Federal Government on Tuesday said it has commenced independent review of State financial management by appointing eight reputable accounting firms including KPMG, Ernst & Young and PWC to monitor and evaluate the implementation ...

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Nigeria’s 2017 Budget of Recovery & Growth – Bright and Sore Spots

Nigeria’s President Buhari presented the 2017 Budget to a rare joint session of the National Assembly on December 14th, 2016. The Budget speech was also the first major economic speech of the president since Nigeria went into a recession in the second quarter of 2016. The title of 2017 budget—Budget ...

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We have not raised Tariffs for Food Items, Luxury Goods-FG

Kemi Adeosun     The Federal Government on Friday denied it has raised import duties on food items and luxury goods. The federal Ministry of Finance in a statement signed by its Director Information,Salisu Na’ Inna Dambatta said the correct position is that, the 2016 FPM did not involve any upward ...

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Some Fine Details in the Budget Speech

The president’s 2017 budget speech to both houses of the National Assembly is an ambitious statement of intent. We learn that in the first nine months of this year aggregate FGN revenue and expenditure amounted to N2.17trn and N3.58trn respectively, and that the proposed budget projects corresponding totals of N4.94trn ...

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FG Recovers N228b From Looters, Says Fund Will Be Used to Fund 2017 Budget

The Federal Government on Monday said it has recovered  a total sum of N288.6billion. The Director-General of the Budget of the Federation, Ben Akabueze, made this known at the Old Banquet Hall of the Aso Rock Presidential Villa in Abuja during the public presentation of the 2017 budget proposals, he ...

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Economic recession will end in 2017-Buhari

  President Muhammadu Buhari on Monday said his optimistic that the current economic recession will end in 2017. Speaking in Abuja while declaring open an induction course organised by the Ministry of Foreign Affairs for Nigerian Career Ambassadors-designate who were recently cleared by the Senate, President Buhari said, “We are ...

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Investor optimism, global economic reality may clash in 2017

Investors sound optimistic about a breakout for the world economy next year, but for all the talk of huge tax cuts from the incoming U.S. presidency of Donald Trump, the economic outlook looks similar to 2016: uneven and unspectacular. Accelerating inflation and a soaring U.S. dollar as the Federal Reserve ...

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