Senate passes 2021-2023 MTEF/FSP documents

Senate passes 2021-2023 MTEF/FSP documents

The passage followed the adoption of the recommendations of the report of its joint committees on National Planning and Finance, on the 2021-2023 MTEF and FSP documents. The documents were submitted by President Muhammadu Buhari to the Senate for consideration on July 21. Chairman of the joint Committee, Sen. Solomon Adeola (APC-Lagos), while presenting its recommendations said there was need for the National Assembly to ensure effective collaboration with the executive to ensure effective implementation of the MTEF and FSP. Following the presentations and contributions by some senators on need to cut cost of…

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$3bn COVID-19 bond earns AfDB global recognition

adesina, AfDB

The African Development Bank (AfDB) has been selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued on March 27, 2020. The winners of the GlobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years. GlobalCapital is a leading source of information on global capital markets with coverage of all market segments. “We are grateful for the market’s recognition of the…

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National Assembly shifts PIB deliberations to 2021 –National FG

NASS, 2021 Budget

Deliberations on the Petroleum Industry Bill (PIB) by the National Assembly has been shifted to the first quarter of next year, the Minister of State for Petroleum Resources, Timipre Sylva, has said. At the sidelines of the Joint Executive-Legislature Leadership Retreat at the Presidential Villa Banquet Hall in Abuja, Sylva told journalists that the National Assembly said they need to work on the 2021 Appropriation Bill. This, according to him, was one reason why deliberations on the PIB had to be shifted, adding that the lawmakers explained that the 2021…

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Broadband: NCC finalising counterpart funding agreement for 6 Infracos

Broadband: NCC finalising counterpart funding agreement for 6 Infracos

Umar Danbatta, the executive vice chairman and chief executive officer of the Nigerian Communications Commission (NCC) has said the commission is finalising counterpart funding agreement for the six infrastructure companies licensed to roll out telecoms infrastructure in Lagos and the six geopolitical zones of the country. He made this disclosure in his keynote address at the Nigeria Innovation Summit held virtual in Tuesday, stating that NCC is working on the agreement to galvanise the full rollout of broadband infrastructure on an Open Access Model (OAM) aimed at enhancing digital transformation.…

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CBN condemns airlines, shipping firms for violating export procedures

CBN condemns airlines, shipping firms for violating export procedures

The Central Bank of Nigeria (CBN), on Tuesday, expressed dismay over the non-compliance with the provisions of its circular on compliance with export procedures by shipping and airline companies, especially regarding processing Bills of Lading and Airway Bill in respect of exports from the country. The circular referenced TED/FEM/FPC/GEN/001/008, drew attention to provisions of an earlier circular: TED/FEM/FPC/GEN/01/009, dated June 6, 2017 requiring that such bills should carry the Form NXP number in respect of the underlying cargos. The circular addressed to all banks the Nigerian Customers Service, Nigerian Shippers’…

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Itel targets Nigerian market with S16 Smartphones series

itel S16 smartphone

Itel Mobile Nigeria, makers of the itel phones, has launched the itel S16 smartphone series in Nigeria. The launch, which was hosted by Nigerian actress, Mrs Annie Idibia, also saw the company unveiling other electronic products including the itel television, itel power bank, itel AWS Earbuds and the itel extension cord. Speaking at the launch, Oke Umhurhohwo, Itel’s marketing manager, reiterated the company’s commitment to providing classy yet budget-friendly devices to its customers in Africa. “For the past 12 years, the itel brand has positioned itself as a brand of…

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Nigerian economy unstable, directionless under Buhari, says economic society

Nigerian economy unstable, directionless under Buhari, says economic society

Nigeria’s debt fast becoming unsustainable, may reach N34tn, LCCI warns Economic advisory council parades the best 11 economists – Presidency _____________________________________ The Nigerian Economic Society on Tuesday berated the regime of the President, Major General Muhammadu Buhari (retd.), over its handling of the economy, which it said was directionless and unstable. The President of the NES, Prof Sarah Anyanwu, who stated this when she led members of the society on a visit to the Senate Minority Caucus, lamented that Buhari’s regime excluded economists from its economic management team. According to…

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Why full potential of Nigerian fintech remains untapped, by McKinsey

Why full potential of Nigerian fintech remains untapped, by McKinsey

Despite the increased activity in the fintech sector in Nigeria and the positive multiplier effect in the economy, there is significant potential for further growth, report by McKinsey and Company, has said. According to the report, ‘Harnessing Nigeria’s Fintech Potential’, Fintech accounted for only around 1.25 per cent of retail banking revenues in 2019. It noted that while fintech investments in Nigeria grew to approximately $460 million in 2019, the majority of which was from external investors, this was only a small fraction of the $36 billion invested in fintech…

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Equity index jumps 4.9% as investors shares another N709bn profit

Volume up 105%, value swells 109% as stocks post N747bn weekly profit

Market posts highest daily return since April, 2015 Bargain hunting, liquidity as the driving forces MTNN, Dangcem, others claim lion shares ______________________________________________ The equities market in Nigeria is growing stronger by the day following 4.9 per cent improvement it recorded on Tuesday, as prices rose on liquidity and high expectations of Q3 earnings. Consequently, bargain buying of large cap stocks continued on the floor of the Nigerian Stock Exchange (NSE) during the session, as investors continued to seek real returns, amidst abysmal fixed income yields. Thus, investors’ interest in DANGCEM…

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