Nigeria’s states have raised ₦791.2 billion through the issuance of bonds over the last 40 years to carry out infrastructural development projects or service loans. According to SEC data, the now defunct Bendel State was the first to secure ₦20 million on behalf of the Bendel State Loan Stock in 1978 for housing estate development. Of the current states, Lagos leads the way with a total of ₦290.090 billion in bond issuances, the largest being a ₦87.5 billion
Data released by the Nigerian Bureau of Statistics today shows that Nigeria’s economy is finally out of a recession. GDP growth for Q2 of 2017 grew by 0.55%, halting five quarters of negative growth. As expected, there have been mixed reactions to this. Some have celebrated what they consider a praiseworthy feat which indicates that the government has finally turned the corner on revamping the economy.
Others are however less excited by the developments, and there
The first meeting of Nigeria’s cabinet since the return of President Muhammadu Buhari from three months of medical leave in Britain has been cancelled, his spokesman said on 23 August without explaining why. Buhari returned to Nigeria on Saturday after travelling to Britain on May 7 for an unspecified illness, and had written lawmakers on Monday to confirm he had returned and was resuming his duties. In a related development, the Vice President Yemi Osinbajo
Over the last few months, there has been a rise in attacks by the Boko Haram terrorist group in the North East. More worrying is that in some cases, these attacks have been successful, with Boko Haram overwhelming security forces and taking captives in the process. Many of these attacks are suicide attacks targeted at Maiduguri with the University of Maiduguri coming under a serious and concerted threat perhaps for the first time. This has led the authorities to dig
- The Henshaw Town Beach Market Traders’ Union, a traders’ union in Cross River state, shut down the Marina Beach Market in Calabar over the imposition of high levies by government agents. The traders, are specifically protesting the introduction of “waterfront regulatory economic levies” which ranged from N200 to N15,000. Nkereuwem Bassey, the union’s leader, said the new levies were introduced by the state Internal Revenue Service, and
An overwhelming number of Nigerians will accept a bribe when offered or pay a bribe when demanded, the first ever Nigerian Corruption Survey 2017 published by the National Bureau for Statistics (NBS) has revealed. The survey published on 16 June, showed only 5.3 percent of Nigerians will either refuse to pay a bribe when asked to or refuse to accept when a bribe is offered to them. The result of the survey which has now been published, revealed only 20 out of 100 people
Badly weighed down by the debilitating effect of Nigeria’s huge debts, the Federal Government Wednesday sought a way out, approving the issuance of dollar-backed Treasury bills even as it extended the maturity period from between 91 and 364 days to two and three years respectively. Throwing light on the shift from naira denomination of treasury bills to dollars, the finance minister, Kemi Adeosun said the council approved a memo restructuring the issuance of treasury
A group of Nigerian banks has agreed on an extension to a $1.2 billion loan made to 9mobile, formerly known as Etisalat Nigeria, pending the mobile operator finding new investors, FCMB said on Tuesday. Nigerian regulators stepped in last month to save Etisalat Nigeria from collapse and to prevent lenders from placing the country’s fourth biggest telecoms group into receivership, prompting a board, management and name change. Etisalat Nigeria took out a $1.2 billion
The growing calls for restructuring in Nigeria, recent events, and the reactions they have spawned, have shown the Nigerian Constitution as an increasingly unworkable document. As a result, the National Assembly has commenced the process to amend the Constitution, and on Wednesday 26 July, and Thursday 27 July, the Senate and the House of Representatives voted on some of the proposed changes.
Thirty-three laws in the Constitution came up for review, and both houses
- The CBN says it remains committed to the convergence of rates between the bureau de change and the Nigeria Autonomous Foreign Exchange.The regulator on Friday intervened in the Inter-bank Foreign Exchange Market with the total sum of $462,336,426.74. A breakdown of the forex intervention figures obtained from the regulator indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $267,336,426.74. The CBN also offered