LCCI, Projection The Lagos Chamber of Commerce and Industry (LCCI) has projected a further perpetuation of the current recession on the Nigerian economy should the reverberating effects of COVID-19 pandemic persist into Q1-2021. “The economy was faced with positive but sluggish growth before the pandemic with real GDP growth averaging 1.94 per cent between Q2-2017 … Read more
Kaduna, Rural Roads 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 obtained by the … Read more
Bond The Debt Management Office (DMO) says a total of N60 billion bond it offered for the month of December had been oversubscribed by more than N70 billion. This is contained in a statement obtained from DMO’s website on Wednesday. “DMO offered a total of N60bn at the FGN Bond Auction of December 2020, which … Read more
EKHA, 2021 Appropriation Bill The Ekiti State House of Assembly has unanimously passed the 2021 budget appropriation of more than N109.6 billion, the News Agency of Nigeria (NAN) reports. The passage followed the submission of the report of the House Committee on Finance and Appropriation by its Chairman, Mrs Olubunmi Adelugba (APC – Gbonyin) at … Read more
Border reopening, NSE The Nigerian Stock Exchange (NSE) market capitalisation on Friday rallied by N296 billion to cross N19 trillion mark, amid gains by some blue chips. Specifically, the market capitalisation which opened at N18.940 trillion rose by N296 billion or 1.56 per cent to close at N19.236 trillion. Also, the NSE All-Share Index inched … Read more
loan takes effect from 2021 and will be terminated in 2024. The World Bank has approved Nigeria’s request for a $1.5 billion loan. This was announced in a statement by World Bank on Tuesday, December 15 noting that the loan kicks into effect from 2021 and will be terminated in 2024. “This Country Partnership Framework … Read more
Extension Mr Yemi Kale, Statistician-General of the Federation, says the ongoing 2020 National Business Sample Census (NBSC) in Nigeria has been extended by two weeks. Kale disclosed this while fielding questions from journalists on the sidelines of the annual meeting of the National Consultative Committee on Statistics (NCCS) on Monday in Akwanga, Nasarawa state. The … Read more
LASG, REDAN The Lagos State Government on Sunday said that it was ready to collaborate with the Real Estate Developers Association of Nigeria (REDAN), being a critical stakeholder in the development of the state. The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako, made the assertion at the 2020 Maiden Edition … Read more
The World Bank has warned that the economic impact of the COVID-19 may send personal incomes back four decades, Eko Hot Blog reports. According to a World Bank report, Africa’s most populous country will have to enact a series of potentially politically unpopular reforms in order to avoid a prolonged recession. The report stated that … Read more
The Federal Government said on Friday that has no plans to introduce any new taxes in 2021, but is making efforts to reduce the tax burden on the Nigerian people in view of the current economic situation occasioned by the COVID-19 pandemic and the fall in the prices of crude oil in the international market. … Read more
Payment The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers clarity for new and … Read more
The unstable nature of the naira is a very troubling development for key industry players and will continue to shape and reshape the direction of the nation’s economy and businesses. Judging by the persistent free fall of the naira against major foreign currencies, especially the dollar, the local currency may fall as low as N800 … Read more
The Nigeria Union of Pensioners (NUP) has disapproved government’s plan to borrow from the pension fund, saying that the government has no rights to tamper with the money. On Friday, the Nigeria Governors’ Forum endorsed two proposals to borrow a total of N17tn from two sources for infrastructural development. The governors took the decision after … Read more
The Central Bank of Nigeria (CBN) on Tuesday has introduced a special bill to mop up excess liquidity (idle cash) in the economy. Announcing the introduction of the special bills, Director of Banking Supervision Department (CBN), Bello Hassan said that the bills will be 90Days tenor and will be issued at zero-coupon. He said: “The … Read more
The Central Bank of Nigeria has relaxed it policy on receipt of foreign remittance. The appex bank announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now receive such inflows in foreign currency (US Dollar) through the designated bank of their choice. The apex bank made the announcement in a … Read more
Former governor of Anambra State, Peter Obi, has denounced Nigeria’s habit of obtaining frequent loans to supplement for its economic deficiencies, noting that ‘we cannot borrow our way out of our situation’. Mr. Obi, who appeared on Arise Television to discuss the state of Nigeria’s economy amongst other issues on Monday, 30th November 2020, took … Read more
Shares The Nigerian Stock Exchange (NSE) on Thursday sustained positive momentum with a growth of 0.10 per cent. Specifically, the All Share Index inched higher by 34.00 points or 0.10 per cent to close at 34,803.00 from 34,769.00 posted on Wednesday, Ekohotblog gathered. Similarly, the market capitalisation which opened at N18.166 trillion rose by N18 … Read more
The Federal Government has disclosed plans to exempt minimum wage earners from the payment of Personal Income Tax. President Muhammadu Buhari, who announced this on Monday, said the plan is one of the proposals in the 2020 Finance Bill pending before the National Assembly. Buhari, in a speech delivered virtually on his behalf by Vice … Read more
Budget Governor Seyi Makinde of Oyo State on Monday presented a budget proposal of N266.6 billion to the Oyo State House of Assembly for the 2021 fiscal year. Presenting the budget, tagged: “Budget of Continued Consolidation,” the Governor said the sum of N56 billion representing 21 percent is allocated to education while a sum of … Read more
Senior Special Assistant on Media and Publicity to Vice-President Yemi Osinbajo, says the Nigerian economy is on its path to recovery. Laolu Akande said this while reacting to the report stated by the National Bureau of Statistics which showed that Africa’s biggest economy entered a second recession in five years. The NBS, in its report … Read more