Federal Government to generate N484bn from e-payment channels.

The Federal Government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy. This projection was made by the Budget Office of the Federation and revealed in its 2023…

Decentralise premiums among MDAs, says SGF

The Secretary to the Government of the Federation (SGF), Boss Mustapha, has called for the decentralisation of insurance premium among the Ministries, Departments and Agencies (MDAs). Mustapha made the call when the governing board of the National Insurance Commission (NAICOM) visited him…

Diaspora Nigerians remit $60.22bn in three years

The Nigerian population in the Diaspora remitted $60.22bn in the three years to boost economic activities and the nation’s external reserves. This is according to data from the World Bank and Budget Office of the Federation. The World Bank revealed that Diaspora…

Address multiple exchange rate regime, NESG tells CBN

The Nigerian Economic Summit Group is asking the Central Bank of Nigeria to address the challenge of multiple exchange rate windows in order to improve the inflow of foreign investments and diaspora remittances. The NESG disclosed this in a communiqué from a…

Nigeria makes top World Bank borrower’s list

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with 11.7…

High debt hurting investment in infrastructure –DMO.

The Director General of the Debt Management Office, Patience Oniha, has said that high debt levels lead to high debt services and affect investment in infrastructure. This is according to a document by her, which was presented during a workshop for civil…

World Bank commits $8.5bn to Nigeria, faults N6.7tn subsidy.

The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri,…

Oil price falls, OPEC raises Nigeria’s production quota.

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that…

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