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Sell Public Enterprises To Fund 2020 Budget, BPE Tells FG

Sell Public Enterprises To Fund 2020 Budget, BPE Tells FG

October 21, 2019 10:41 am

The Director-General of the Bureau of Public Enterprises (BPE), Mr.Alex Okoh, has advised the federal government to consider the privatisation of federal government-owned enterprises to fund the ₦10.33 trillion 2020 budget, which has a total deficit of ₦2.28 trillion.

He decried a situation where state-owned enterprises place undue pressure on the lean public purse by way of subventions.

A statement by BPE’s Head, Public Communications, Amina  Tukur Othman quoted Okoh as saying that there was no justification for the ritual of yearly budget deficit with local and external borrowings when there are national assets that could be converted into …

NERC, CBN Consider Ways To Monitor Electricity Market Fund

NERC, CBN Consider Ways To Monitor Electricity Market Fund

October 21, 2019 9:47 am

In a bid to curb the poor remittances of power market funds by distribution companies, the Nigerian Electricity Regulatory Commission (NERC) is to set up mechanisms to rectify the Discos’ unruly financial behaviours by monitoring the monthly financial inflows into the country’s power market from the power distribution firms, journalists learnt at the weekend.

According to a source, a new Central Bank of Nigeria (CBN) and NERC-driven presidential initiative on power market revenue would be rolled out soon to ensure that the Discos no longer default in their minimum monthly remittances to the market.

The source said the CBN was …

AMCON Seeks Much Collaboration To Recover ₦5trillion Debt

AMCON Seeks Much Collaboration To Recover ₦5trillion Debt

October 21, 2019 7:40 am

The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru has said that the agency would require support of other agencies to help in the recovery of over ₦5.4trillion outstanding debt in the hands of a few Nigerians.

Aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and Other Related Offences Commission (ICPC); Nigerian Financial Intelligence Unit (NFIU); Nigerian Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN) as well as Ministry of Justice, Kuru has extended hand of fellowship to the judiciary whom he said must strongly support AMCON to …

NCC Grants Airtel Permission To Disconnect GLO Network

NCC Grants Airtel Permission To Disconnect GLO Network

October 21, 2019 6:55 am

The Nigerian Communications Commission (NCC) has granted Airtel Networks Limited an approval to partially disconnect Globacom from its network.

“The Commission having examined the application and circumstances surrounding the indebtedness determined that the affected operator does not have sufficient reason for non-payment of interconnect charges,” NCC spokesman Henry Nkemadu said in a statement.

“All subscribers are, therefore, requested to take notice that the Commission has approved the partial disconnection of Glomobile by Airtel in accordance with Section 100 of the Nigerian Communications Act 2003 and the Guidelines and Procedure for Granting Approval to disconnect Telecommunication Operators.”

Nkemadu disclosed that Glo …

FIRS Establishes Tax Office For Non-Resident Persons

FIRS Establishes Tax Office For Non-Resident Persons

October 21, 2019 4:26 am

The Federal Inland Revenue Service (FIRS) has established a tax office that is designated solely for the administration of taxes for non-resident persons.

This was contained in a statement signed by the Executive Chairman, FIRS, Mr. Tunde Fowler, which clarified that a non-resident person referred “to a foreign company as defined in the Companies Income Tax Act (Cap C2, LFN (Laws of the Federation of Nigeria) 2004 as amended) or an individual (who is resident outside Nigeria and derives income or profit from Nigeria) as defined in the Personal Income Tax Act (Cap P8, LFN 2004 as amended).”

The statement …

Lobby And Face Sanction, NIS Comptroller Warns Officers

Lobby And Face Sanction, NIS Comptroller Warns Officers

October 21, 2019 4:13 am

The Comptroller General of the Nigeria Immigration Service (NIS), Muhammad Babandede has promised to sanction officers who lobby for positions or postings.

He spoke at the ‘passing out parade’ of the second batch of converted/ upgraded officers (Course 2019) of the service held at the Immigration Training School, Kano.

“You are advised not to engage anybody to lobby on your behalf for any favours including staff deployment. Failure to adhere to this would be tantamount to indiscipline” he stated.

READ ALSO: Second Niger Bridge Suffer Setback

Babandele explained that the training was designed to deepen and widen their skills and …

Zainab Ahmed: Why IMF Supports Nigeria’s Border Closure

Zainab Ahmed: Why IMF Supports Nigeria’s Border Closure

October 21, 2019 3:07 am

The Minister of Finance, Mrs. Zainab Ahmed, has stated that the International Monetary Fund (IMF) supported Nigeria’s closure of its land borders because it understood that the action was not punitive.

Addressing journalists in Washington yesterday, Ahmed explained that the measure was intended to restore Nigeria’s relationship with its neighbours, based on commitments made.

She said that President Muhammadu Buhari did not want to approve the closure because he was mindful of the adverse effect it would have on the economies of neighbours.

READ ALSO: American Weapons Ended Up In The Wrong Hands In Yemen.

According to her, there …

AfDB Advocates Unlocking Of $1.8tn AUM For Investment

AfDB Advocates Unlocking Of $1.8tn AUM For Investment

October 21, 2019 2:58 am

The President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has stressed the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa’s development.

He also said commercial banks who desire to get credit lines from the AfDB would have to increase lending to women-focused businesses, saying the bank was set to launch a rating for women-focused lending.

Adeshina said this in an interview on the sidelines of the just-concluded 2019 Annual Meetings of the World Bank and International Monetary Fund in Washington DC over the weekend.…

WAIFEM, Others Oppose Governors' Push For FAC In Dollars

WAIFEM, Others Oppose Governors’ Push For FAC In Dollars

October 21, 2019 2:32 am

The West African Institute for Financial and Economic Management (WAIFEM) and some other industry stakeholders have kicked against the planned bid by the governors of the 36 states of the federation to demand that their shares and those of the local governments of monthly allocation from the Federation Account should be given to them in dollars.

Speaking in separate interviews with newsmen, they said the move by the state governors did not make any economic sense and would resort to volatility in the system.

Journalists last week reported exclusively that worried by the intractable problem of fuel subsidy, which had …

FG Earmarks $1.61 Billion For Stable Power Supply - TCN

FG Earmarks $1.61 Billion For Stable Power Supply – TCN

October 20, 2019 8:13 am
  • Targets 20,000 MWs by 2022

Nigeria may soon wriggle out of incessant power outage as the federal government, in collaboration with some international donor agencies, has set aside over $1.61 billion to ensure steady power supply across the country.

Managing-Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Alhaji Usman Gur, said the project would be carried out under the Transmission Rehabilitation Expansion Programme. Gur said the project targeted 20, 000 megawatts by 2022.

“We are rehabilitating and expanding to degree 20,000 megawatts by 2022 across the country,” he said at the weekend in Kano while speaking to journalists …

Border Closure: IMF Backs Nigeria, Urges Redress Of Issue

Border Closure: IMF Backs Nigeria, Urges Redress Of Issue

October 19, 2019 9:03 am
The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington.

He was responding to a question on whether the closure negates the African Continental Free Trade Agreement (AfCFTA).

Selassie said although free trade was critical to the economic growth of the continent, it must be legal and in line with agreements.

`On the border closure in Nigeria which

…
Lagos State Governor Sanwo Olu Flags-Off Pilot UberBOAT

Lagos State Governor Sanwo Olu Flags-Off Pilot UberBOAT

October 19, 2019 6:17 am

Governor of Lagos; Babajide Sanwo Olu was the special guest of honor and “rider zero,” as Uber, yesterday, announced its pilot of UberBOAT in Lagos.

The event which took place at the Lagos State Waterways Authority complex at the Five Cowries Jetty Falomo, also had Governor Sanwo Olu take a ride on the newly unveiled UberBOAT.

Speaking during a media parley, the Governor said, “The last couple of years have seen the Lagos State Government commit to building up infrastructure that supports multi-modal transportation, which includes water transport. We collaborated with Uber on this because of the shared vision to …

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