Nigeria Rakes N193.59bn from Solid Minerals in 2021

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

Like most people, you probably think of credit restoration as a way to fix your credit score after you’ve made some mistakes. But what if I told you that credit restoration is about so much more than just fixing your credit score? Credit restoration can be one of the most important steps to rebuilding your financial life. So what exactly is credit restoration, and why is it so important? Keep reading to find out. What is Credit Restoration? In short, credit restoration is the process of repairing your credit history and improving your credit score. However, for credit restoration to

**Demand Bonus Shares By Modupe Gbadeyanka Shareholders of Nestle Nigeria Plc have expressed concerns over the huge amount used by the company for its marketing and distribution of goods across the country. The shareholders advised the management to look for creative ways to carry these functions with lesser amount of money. In the 2018 financial year, Nestle Nigeria said it spent N43.4 billion for its marketing and distribution, which the shareholders said was too high. They urged the company, one of the largest food and beverage companies in Africa, to decentralise its operations so as to save cost. However, National

By Aduragbemi Omiyale The total debt profile of Nigeria increased by 2.98 per cent on a quarter-on-quarter basis to N42.84 trillion in June 2022 from N41.60 trillion in March 2022. A statement issued by the Debt Management Office (DMO) disclosed that the total public debt stock of N42.84 trillion comprises the funds borrowed by the federal government, the 36 state governments and the Federal Capital Territory (FCT). In Dollar terms, the money owed by Nigeria stood at $103.31 billion as at June 30, 2022, in contrast to $100.07 billion as at March 31, 2022. These debts were incurred by the

By Dipo Olowookere The British Standard Institute (BSI) Group has awarded the prestigious ISO/IEC 20000-1:2011 certification to Nigerian lender, Diamond Bank Plc. The ISO 20000:2011 certification for Service Management System (SMS) is the world’s highest standards of information technology service delivery. It demonstrates Diamond Bank’s commitment to a world-class, customer-focused service culture and environment. The certification was awarded to the bank after a rigorous process and systems audit by qualified BSI auditors. It is a seal of approval that Diamond Bank’s network architecture, software design, security policies, procedures and protective practices conform to global security standards in data and financial

By Adedapo Adesanya The African Development Bank (AfDB) has announced the appointment of Mr Souley Amadou as General Counsel and Director of the Legal Service Department, a position which he will take over effective November 1, 2021. A transactional lawyer, Mr Amadou has over 25 years of substantive legal work experience, including over 20 years spent at the bank, where assumed the role of Acting Corporate Secretary & General Counsel of Africa50 from 2015 to 2018. A highly recognized legal professional for his strategic leadership and management skills in multicultural settings, he has a robust track record providing legal advice,

By Dipo Olowookere The 2017 Humanitarian Response Plan for Nigeria has said it needs more than $1 billion to address the needs of those in crisis in the three most affected states of Borno, Adamawa and Yobe, with 75 partners ready to respond to those needs where areas area accessible. During the course of 2016 as the Nigerian Armed Forces pushed back Boko Haram held areas the scale of the human suffering became more apparent and the humanitarian community scaled up the response. The centre of gravity for the response moved from Abuja to Borno’s state capital, Maiduguri to enable

By Dipo Olowookere The absence of any bullish trigger left the local stock market extending its losses to the sixth consecutive trading day on Monday. It was observed that the negative investor sentiment continued yesterday with cautious trading witnessed all through the session. Recent happenings in the country have left investors in cautious mood as no one wants to caught napping. At the close of market activities yesterday, the Nigerian Stock Exchange (NSE) suffered a 0.13 percent decline. This left the year-to-date loss at 7.44 percent. Also, while the All-Share Index (ASI) depreciated by 47.19 points to settle at 35,399.28

By Modupe Gbadeyanka Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Commissioner for Finance in Ekiti and the Accountant-General of the state. The two top officials of the state government were picked up by the anti-graft agency on Thursday, September 28, 2017. Their arrest came moments after Governor Ayodele Fayose declared his intention in Abuja to contest in the presidential election in 2019. Mr Fayose, whose tenure as Governor of Ekiti State ends next year, is planning to achieve his ambition under the platform of the Peoples Democratic Party (PDP) and has been a very hard critic