Anambra State Governor, Chukwuma Soludo, has signed the 2023 Appropriation Bill into law and promised to make Anambra roads motorable. Mr Soludo, at the Governor’s Lodge, Awka, said on Tuesday the budget was premised on five pillars. He listed them as security, law and order; economic transformation; social agenda; human capital development/ transformation of government works and environment. Mr Soludo had, on November 10, presented a proposed budget of N259 billion to the state House of Assembly for consideration. The governor thanked the Anambra House of Assembly, led by Speaker Uche Okafor, for their diligent and expeditious consideration of the…
Author: Elvis Eromosele
The United Bank for Africa (UBA), Access Bank, Zenith Bank, and other Nigerian banks are competing to attract up to N2.7 trillion that’s outside the formal sector, taking advantage of the six-week window citizens have to replace old currency notes with the new redesigned ones. Lenders including Zenith Bank, First Bank Limited and United Bank for Africa (UBA) have already begun reaching out to existing and potential clients online and in-person to turn in unbanked cash. The Central Bank of Nigeria (CBN) in October announced a plan to replace N200-, N500- and N1,000 notes from December 15 with the newly…
Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, announced the N19.997 billion series III offer as part of its Stanbic IBTC Infrastructure Fund N100 billion Programme. The offer went live on Friday, November 25, 2022, and is set to close on Wednesday, December 21, 2022. The Fund aims to close the funding gap in Nigeria’s infrastructure sector by investing in a carefully selected portfolio of eligible infrastructure investments across Nigeria’s core infrastructure sectors. The Fund, which is structured as a closed-ended collective investment scheme, seeks to provide a target return of 2% to 5% above the prevailing yield…
By Dr. Harrison Eromosele The current economic and socio-political environment in which the Central Bank of Nigeria (CBN) possesses certain monopolistic, statutory powers in the creation and management of national currency and foreign reserves is characteristically pained, complicated and stressed. For instance, on the macroeconomic front, there is the unprecedented presence of virulent stagflation (the concurrent existence of unemployment and inflation) following import restrictions side by side with undue applications of ways and means which conspired with a series of external and internal debts that both aggravated the multiplier effect of money supply and crowded out private sector investment respectively.…
AFCON, Oxlade, Casemiro, Will Smith, Queen Elizabeth, Finesse lyrics, Anikulapo and Buga lead trends on Search Google has announced the results of its 2022 year In search revealing the most searched terms, people, actors, musicians, topics, questions and more that captured the interest of Nigerians the most throughout this year. Google’s Year in search is an annual analysis that reveals the top trending lists and spotlights what the world searches to see, learn and do. In Nigeria, the result for this year’s Year in Search shows a heightened interest in politics, entertainment, sports, lifestyle and notable personalities. The 2022 Year…
The Central Bank has directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively. The directive is contained in a circular issued by the bank on Tuesday. The CBN said the policy will take effect nationwide from January 9, 2023. It explained that after the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5 per cent and 10 per cent, respectively. “Further to the launch of the redesigned naira notes by the president…
The United Nations (UN) through its Food and Agricultural Organisation (FAO), in partnership with the Federal Government, has selected 13 states for intervention with respect to the production of a few crops such as rice, sorghum, soybean, etc, and dairy. Minister of Agriculture and Rural Development, Mahmood Abubakar, disclosed this in his speech at the official inauguration of the National Steering Committee on the FAO Hand-in-Hand Initiative in Nigeria. In the speech, he said the selection of states for the intervention was based on their potentials for import substitution, export promotion, comparative advantage, social inclusion, and demand gap on the…
The Federal Government, on Monday, said it would continue to work hard to meet its Organisation of Petroleum Exporting Countries crude oil production quota of 1.8 million barrels per day by the end of May 2023. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this a day after OPEC agreed to maintain its production cut among member countries to maintain market stability. Sylva said the Federal Government would continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which oil was stolen by thieves and pipeline vandals. He said the…
Nigeria’s total merchandise trade fell by N1.24tn, from N12.84tn in the second quarter of 2022 to N11.59tn in the third quarter of 2022. This is according to the ‘Foreign Trade in Goods Statistics (Q3 2022)’ report released by the National Bureau of Statistics released on Monday. The fall in foreign trade was influenced by the decline in crude oil exports, which fell from N5.91tn in Q2 2022 to N4.66tn in Q3 2022. The NBS said, “In q3 2022, Nigeria’s total trade stood at N11.59tn, this was lower than the value recorded in the second quarter of 2022 (N12.84tn) but was…
The number of individuals with National Identification Numbers grew to 92.63 million in November, according to new industry statistics from the National Identity Management Commission. These new statistics revealed that 19.93 million Nigerians had got their NINs in 2022. a further breakdown indicates that 52.11 million males and 40.52 million females now have NINs in the nation. The top five states for NIN holders are: Lagos (10.33 million), Kano (8.09 million), Kaduna (5.47 million), Ogun (3.87 million), and Oyo (3.68 million). The bottom five states are Bayelsa (583,323), Ebonyi (744,869), Ekiti (971,712), Cross-River (1.06 million), and Taraba (1.35 million). According…