Economy
Ngige Confirms FG Borrows from World Bank, Others to Pay Salaries

By Dipo Olowookere
Minister of Labour and Employment, Mr Chris Ngige, has confirmed that the federal government under President Muhammadu Buhari borrows funds from international sources to pay salaries of workers because of a shortfall in the country’s revenue.
Mr Ngige, while speaking on Sunday night on a programme monitored by Business Post on Channels TV, stated that the government takes borrowed funds from foreign institutions like the World Bank to offset some recurrent expenditures.
Last week, after the Senate resumed plenary, a letter from President Buhari requesting approval for fresh offshore loans of $4 billion and €710 million was read to the lawmakers by their head, Mr Ahmad Lawan.
This generated different reactions from various quarters. The government defended the borrowings, arguing that they were being used to develop the country, especially in the area of infrastructure.
In the midst of these, the Debt Management Office (DMO) said the nation’s total debt at the second quarter of this year stood at N35.5 trillion.
Some Nigerians had argued that the penchant for this government for borrowing was becoming unbearable, especially when the country was using about 98 per cent of generated revenue to service the debts.
But the government has maintained that the loans being taken by the federal government were not above the limit and that the projects being executed with the funds, including rails, were capable of generating revenue to repay them.
Next month, Nigeria will borrow between $3 billion and $6.2 billion from local and international investors through the sale of Eurobonds, adding to the debts already on ground.
While speaking on Sunday Politics anchored by Mr Seun Okinbaloye, Mr Ngige admitted that the central government truly takes funds from international lenders to pay workers.
“Talk in terms of something like the residency training funds; that money was appropriated in 2021. It was delayed because the President signed the supplementary budget [late] but because the resident doctors did not want to listen, they wanted the money to go into their accounts immediately, according to them.
“I told them, no, when the budget office explained [that] we don’t have this cash, the borrowing agencies [like the] World Bank and the rest will give us this money through the CBN (Central Bank of Nigeria (CBN) in Dollars and we change it to give to you, to pay you and others that are involved because we are funding the budget through some deficits.
“So, I will tell the budget office, expedite action, do this in one week because this is an emergency, these people are not accountants, they don’t understand and we put it down and the budget office rises up to the occasion, works day and night and put it out, Minister of Finance approves, AIE (Authority to Incur Expenditure) and the N4.8 billion is there, waiting to be disbursed.
“Give us the names of those to be paid and they bring (sic) their names through the post-graduate medical college and when the names come (sic), their parent body, which is the Ministry of Health discovered that there were names that were no resident doctors. So, how do you pay?
“Okay, they submitted 8,000 names, they have cleaned them down to 5,800, which means about 2,000+ are not resident doctors. How do you pay them?
“Further investigation, according to the Minister of Health, revealed that some of them are medical officers, senior medical officers, principal medical officers, who hold full appointments, some of them are not resident doctors but because they have been captured in resident doctors association, they want them to be paid; that’s wrong.
“We tell (sic) resident doctors, ‘give them more time to clean up’. They are cleaning it (the list) up, the money is there. So, I expected the resident doctors to go and help them clean up and submit the authentic list,” Mr Ngige said on the programme.
On Monday, while speaking on Politics Today with the same anchor, the spokesman of the President, Mr Femi Adesina, while asked if the government borrows for consumption, answered that the larger part of the borrowed funds is used for critical projects capable of boosting the economy.
Economy
NGX Jumps 1.17% on Strong Investor Sentiment

By Dipo Olowookere
The upward movement witnessed at the Nigerian Exchange (NGX) Limited in the past trading session continued on Wednesday by 1.17 per cent.
The bullish momentum was buoyed by bargain-hunting in mid and large-cap shares on the platform amid renewed confidence in Nigerian equities.
Though the insurance counter closed lower by 0.04 per cent due to profit-taking, the gains by the others ensured that the domestic bourse remained in the green territory.
The industrial goods index appreciated by 2.11 per cent, the consumer goods sector surged by 1.44 per cent, the banking industry increased by 0.49 per cent, and the energy space rose by 0.20 per cent.
Consequently, the All-Share Index (ASI) went up by 1,272.64 points to 107,847.62 points from 106,574.98 points and the market capitalisation gained N794 billion to settle at N67.290 trillion compared with the previous day’s N66.496 trillion.
The volume and value of transactions as well as the number of deals decreased yesterday by 7.52 per cent, 15.25 per cent, and 1.19 per cent, respectively.
This was because investors bought and sold 442.6 million stocks worth N10.0 billion in 15,376 deals at midweek versus the 478.6 million stocks valued at N11.8 billion in 15,561 deals.
Sterling Holdings traded 49.6 million shares for N296.8 million, Ellah Lakes exchanged 34.5 million equities valued at N133.9 million, Zenith Bank transacted 25.6 million stocks worth N1.3 billion, Access Holdings sold 19.6 million shares valued at N553.7 million, and AIICO Insurance traded 18.5 million equities worth N32.2 million.
Business Post reports that Customs Street ended midweek with a positive market breadth index after 51 stocks closed in green and 16 stocks ended in red, indicating a strong investor sentiment.
VFD Group and Ikeja Hotel were the best-performing equities on Wednesday after chalking up 10.00 per cent each to sell for N52.80 and N14.85 apiece, Honeywell Flour gained 9.99 per cent to quote at N12.66, Transcorp Hotels also improved its value by 9.99 per cent to N126.10, and Eterna rose by 9.93 per cent to N48.70.
However, the worst-performing equity for the day was CWG with an 8.95 per cent loss to trade at N8.65, Regency Alliance slumped by 7.89 per cent to 70 Kobo, Lasaco Assurance tumbled by 7.25 per cent to N3.20, Royal Exchange plunged by 7.22 per cent to 90 Kobo, and SCOA Nigeria crashed by 6.54 per cent to N3.43.
Economy
Controversial Tax Reform Bills Scale Second Reading at House of Reps

By Adedapo Adesanya
The four tax reform bills transmitted to the National Assembly last year by President Bola Tinubu have finally scaled second reading in the House of Representatives.
The bills, which have generated criticisms across the country, scaled the second reading on the floor of the Green Chamber on Wednesday, five months after the President transmitted them to the parliament for consideration following the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms led by a tax expert, Mr Taiwo Oyedele.
The bills include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
They are gearing up for public hearing, which should be announced soon.
The four bills met minimal opposition in the Senate but faced a higher level scrutiny at the 360-member House of Reps as well as criticisms from northern statesmen, including governors and leaders.
During the midweek plenary, Mr Sada Soli feared that some sections of the new bills might contradict the 1999 constitution. According to the lawmaker, the issue of derivation must be clearly defined to avoid any ambiguity.
He was hopeful that the committee saddled with the responsibility to scrutinise the bills would address the issues that might arise before the bills are passed.
Other lawmakers also drew attention to the 40 acts which the bill sought to amend and requested they should be laid before the National Assembly.
The lawmakers said the issue of multiple taxation involving property purchase provided in the bill should be addressed, as the provision stated that the buyer and seller must pay tax.
In response, the Chairman of the tax reforms committee, Mr Oyedele, who has tirelessly defended the bills since they were presented, lauded the efforts of the lawmakers.
“We are grateful to the lawmakers for their robust debates and diligent consideration of the bills and look forward to continued engagement with the National Assembly and active participation in the public hearing process.
“May Nigeria win!,” he wrote.
Economy
NASD Unlisted Security Index Slips 0.49%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.49 per cent on Tuesday, February 11 as investors recalibrated their portfolios, selling off some securities they fell have yielded returns since they were acquired from the market.
This action by the market participants depleted the value of the trading platform by N8.86 billion during the trading session to N1.803 trillion from the N1.812 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) went down by 15.65 points to settle at 3,184.02 points compared with 3,199.67 points recorded at the previous session.
UBN Property Plc declined by 17 Kobo to end at N2.05 per share compared with Monday’s closing price of N2.22 per share, Geo Fluids Plc decreased by 30 Kobo to N4.24 per unit from N4.54 per unit, Central Securities Clearing System (CSCS) Plc lost N1.50 to settle at N23.00 per share versus N24,50 per share, and FrieslandCampina Wamco Nigeria Plc crumbled by 12 Kobo to close at N39.98 per unit, in contrast to the preceding session’s N40.10 per unit.
Conversely, Air Liquide Plc appreciated by 41 Kobo to N8.33 per share from N7.92 per share and Afriland Properties Plc increased by 75 Kobo to sell for N18.65 per unit versus N17.90 per unit.
During the trading session, there was a 270.2 per cent rise in the volume of securities traded by investors to 1.9 million units from 502,112 units, the value of securities transacted grew by 223.4 per cent to N48.2 million from N14.9 million, and the number of deals went up by 63.2 per cent to 31 deals from 19 deals.
Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.
Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.
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