FGN Bond Prices Rise on Bargain Hunting

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Ahmed Rahma Stanbic IBTC Holdings Plc has said it will continue to support the development of education in Nigeria by promoting effective learning. Speaking on the relevance of 2021 International Day of Education themed Recover and Revitalise Education for the COVID-19 Generation, the CEO of the financial institution, Mr Wole Adeniyi, stated that, “Our organisation is keen on positively impacting the education sector to drive national development.” According to Mr Adeniyi, even in the heat of the COVID-19 pandemic, when many students struggled to keep up with learning as a result of the nationwide lockdown, the bank embarked on

By Adedapo Adesanya President Bola Tinubu has claimed that his administration has saved N1 trillion after the removal of fuel subsidies, reiterating plans to use the saved money in education, healthcare, and the economy. Giving a national broadcast on Monday night, Mr Tinubu pleaded with Nigerians facing the heat brought about by the regime that had gulped more than N10 trillion in cost, which he said had only benefitted smugglers and fraudsters. He noted that his administration would also funnel some of the saved cost into providing student loans for vulnerable students in tertiary institutions across the country. In his

By Dipo Olowookere An aide to a member of the National Assembly, Mr Sani Mashi, has reportedly died after he slumped on Monday morning. Mr Mashi is said to be a Senior Legislative Assistant (SLA). The deceased reportedly slumped at the entrance to the White House section of the National Assembly. He gave up the ghost despite efforts made by medical personnel to resuscitate him. According to reports, Mr Mashi was a Grade Level 16 worker and was on his way to obtain a pass for medical services at the National Assembly clinic when he slumped.

By Dipo Olowookere Nigerian tax firm, WTS Adebiyi & Associates has collaborated with renowned global tax company, Anderson Tax, to begin operations in the country, the first in Africa. WTS Adebiyi & Associates adopted the Anderson name to give more quality services to its clients in Nigeria, Africa and across the world. The Nigerian tax firm has locations in both Lagos and Abuja and will now operate under the Andersen Tax name after becoming a member firm of Andersen Global this week. A statement issued by Anderson Tax noted that, “The adoption of the Andersen name is the logical next

By Ahmed Rahma The Chief Executive Officer (CEO) of Flame Academy & Consulting Limited, Mr Orji Chigozie Udemezue, has advised the Central Bank of Nigeria (CBN) to apply contractionary measures to curb inflation in the country. According to the National Bureau of Statistics (NBS), inflation in Nigeria rose in December 2020 by 15.75 per cent and for Mr Udemezue, this is very high. To control this, the economist has told the central bank to reduce government spending by stabilising price, which according to him, is the main duty of central banks across the globe. Mr Udemezue, while speaking on Channels

By Modupe Gbadeyanka President Muhammadu Buhari will speak to Nigerians later today, a statement from the presidency has disclosed. Special Adviser to the President on Media and Publicity, Mr Femi Adesina, disclosed in the statement that the nationwide broadcast will take place by 8pm. During his speech, Mr Buhari is expected to announce the decision of his administration on the lockdown in Lagos, Abuja and Ogun State. About four weeks ago, President Buhari ordered a total lockdown of Lagos, Abuja and Ogun State as part of efforts to contain the spread of coronavirus disease in the country. On Sunday, March

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange finished in the bullish zone on Wednesday, August 17 as a positive price movement from a company lifted the bourse by 0.04 per cent. Nipco Plc was the sole gainer and price mover and it closed the session higher by N2 to settle at N60.00 per share compared with the previous day’s value of N58.00 per share. This increased the market capitalisation of the bourse by N370 million to wrap the day at N996.72 billion in contrast to Tuesday’s value of N996.35 billion. Following the same trend, the session ended with

By Modupe Gbadeyanka Minister of Power, Works and Housing, Mr Babatunde Fashola, has revealed that Nigeria now generates about 7001 megawatts of electricity. According to the Minister, electricity transmission is up to 6,700 megawatts, while power distribution has risen to 4,600 megawatts. However, he pointed out that this can be improved as government was working tirelessly to ensure Nigerians continue to enjoy power. Speaking at the executive session of the National Council on Power meeting, the Minister noted for power generation to improve, states and local governments must pay more attention and implement the law on power sector reform programmes.