The federal government’s repeated recourse to its Ways and Means facility with the Central Bank of Nigeria (CBN) shows weaknesses in public finance management, says Fitch Ratings. Fitch Ratings stated this in its report on Wednesday titled ‘Nigeria’s deficit monetisation may raise macro-stability risks’. The W&M facility is the government’s pre-existing overdraft at the CBN…
Tag: Finance
Kaduna earmarks N970m for rural roads in 2021
Executive Governorof Kaduna State, Nasir El-rufai The Kaduna state government has earmarked the sum of N970 million for rural feeder roads projects in 2021, under its Ministry for Local Government Affairs. This is contained in the breakdown of N1.9 billion allocated to the ministry for capital projects in the 2021 approved budget document. The document…
Gov Fintiri signs Adamawa N140bn 2021 budget into law
Ahmadu Fintiri Governor Ahmadu Fintiri of Adamawa on Saturday signed the state N140 billion 2021 budget into law. Speaking at the ceremony in Yola, Fintiri said that 52 per cent of the budget was for capital expenditure, while 48 per cent was for recurrent expenditure. According to him, the budget is the first of its…
2021 budget: Reps approve FG’s request to extend timeline for capital projects implementation
… execution now ends March 31, 2021, as against December 31, 2020 …pass Buhari’s Finance Bill, 2020 By Levinus Nwabughiogu-Abuja House of Representatives, Wednesday gave its nod to the request by the Federal Government to extend the timeline for the implementation of capital projects in the 2020 budget. The House passed into law the 2020…
Bauchi governor budgets N213bn for 2021
By Charly Agwam – Bauchi The Bauchi state governor, Bala Mohammed, has presented a budget of N213 billion for the 2021 fiscal year to the Bauchi State House of Assembly for scrutiny. The proposal which is N46 billion higher than the previous year was christened the ‘Budget of Consolidation’. At the presentation at the Bauchi…
Akwa Ibom Assembly passes N456.25bn appropriation bill into Law
Akwa Ibom House of Assembly By Chioma Onuegbu – Uyo The Akwa Ibom State House of Assembly Tuesday passed into Law the state appropriation bill of N456.25billion for the 2021 fiscal year. The 2021 appropriation bill is broken down to of N164.52billion Recurrent expenditure, N241.45billion Capital Expenditure and N50.3billion for Consolidated Revenue Fund Charges. This…
Experts harp on need to curb money laundering
By Ebunoluwa Sessou GIABA, an institution of the Economic Community of West African States, ECOWAS, has again harped on the need to curb money laundering saying, failure to address the menace will further disrupt the serenity of the society. Speaking during the workshop organised by GIABA/ AML/CFT CSOs, Information Manager, GIABA, Timothy Melaye disclosed that…
Kano Assembly okays Ganduje’s N20bn loan request
Governor Abdullahi Umar Ganduje of Kano State. By Bashir Bello – Kano Kano State House of Assembly has on Monday okayed Governor Abdullahi Umar Ganduje’s request to access N20 billion Infrastructural facility loan from the Central Bank of Nigeria, CBN and United Bank for Africa, UBA. Ganduje was said to have written to the Assembly…
FG processing $750m World Bank loan for states — Finance Minister
Minister of Finance, Zainab Ahmed By Emma Ujah The federal government is currently procession a $750 million loan from the World Bank for state governments to address the impacts of the COVID-19 pandemic among the populace. The Minister of Finance, Mrs. Zainab Ahmed, disclosed this at the inauguration of the committee on Nigeria Covid-19 Action…
Confirmed: Okonjo-Iweala becomes first African to lead WTO
Former Minister of Finance Ngozi Okonjo-Iweala has emerged the first African to lead the World Trade Organisation as Director General after a tight race since the process began. Okonjo-Iweala who is Nigeria’s nominee for the position is not yet officially announced but according to Reuters, a key group of WTO ambassadors proposed Okonjo-Iweala to lead…
CJN, CBN gov, over 70 Judges for e-workshop on movable assets
The Chief Justice of Nigeria, Justice Tanko Muhammad is expected to lead over 70 other judges across the country for an e-worksop on secured transactions in movable assets and credit reporting reforms in Nigeria. Also, in attendance at the workshop will be the Governor of Central Bank (CBN) Mr. Godwin Emefiele and the administrator of…
Financial tips for our youth
One of most important life skills you need throughout your life is financial knowledge. Unfortunately, personal finance is not in the school curriculum. This leaves many young adults without any knowledge about how best to manage money or stay out of debt. Here are some few tips to set you well on the path to…