FG slashes 2015 budget by N357bn
Coordinating Minister for the Economy and Finance Minister, Ngozi Okonjo-Iweala yesterday presented estimates of the N4.357 trillion 2015 budget to the Senate with a cut of N357 billion.
On November 18, President Goodluck Jonathan proposed N4.724 trillion budget in the 2015-2017 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) he presented to the National Assembly. Read more
Military Sentences 54 Soldiers to Death, Five Discharged and Acquitted
In another solemn end to a General Court Martial, the Nigeria military has sentenced 54 soldiers of the Nigerian Army to death, having found them guilty of mutiny and refusal to fight Boko Haram terrorists in Borno State, while five others were discharged and acquitted.
The soldiers were among the 97 military personnel including 15 officers whose trials were announced on October 15, for various offences. Read more
Furore still over 50 per cent import duty on books
On January 23, 2014, the Federal Government released a gazette announcing that a 50 per cent tariff would be imposed on books, effective from March 30, 2014. Since the announcement was made, the Nigeria Publishers Association (NPA) has made several submissions on the dangers that the policy portends to the education sector and the knowledge economy. The association is appealing to the President Goodluck Jonathan-led administration, stakeholders and well meaning Nigerians to ensure the tariff is reverted to zero duty. Barely two weeks to the expiration of December 31, 2014 deadline for implementation of the policy, the situation remains unchanged. Read more
FG promises shift from oil revenue – Okonjo-Iweala
Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, yesterday, indicated Federal Government resolve to diversify the economy in 2015, by shifting from the oil sector to aggressive revenue generation through taxes.
This is even as Senate President David Mark assured that the Senate would dedicate two days to consideration and approval of the Budget, to enable President Jonathan Goodluck begin implementation in earnest. Read more
FG approves N57bn for rehabilitation, construction of roads
The Federal Government on Wednesday gave nod to contracts worth N57.34 billion for the rehabilitation, construction and review of different roads across the federation.
The Federal Executive Council (FEC) at its last meeting before the Yuletide approved the award of contract for the rehabilitation of the outstanding section of Onitsha-Enugu Expressway, Amansea-Enugu in Enugu State in favour of Messrs RCC Nigeria Limited in the sum of N24.243 billion with a completion period of 36 months. Read more
FG Presents Budget, Slashes 2015 GDP Growth to 5.5%
The federal government on Wednesday laid the N4.357.96 trillion budget for the 2015 fiscal year before the respective houses of the National Assembly, stating that the economy will grow by 5.5 per cent in 2015, down from an earlier projection of 6.4 per cent, due to lower oil revenues.
The budget, which was laid by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, was predicated on $65 per barrel oil benchmark and an exchange rate of N165.00 to the dollar. Read more
Nigeria’s intermodalism to cost $113bn —BPE
Nigeria requires the injection of $113bn to fix inter modal system which if put in place would put the economy of the nation on a sound pedestal, the Bureau of Public Enterprises has said.
The Director-General of the agency, Mr. Benjamin Dikki, said this in a paper he delivered at a forum by the Manufacturers Association of Nigeria. Read more
FG withdraws $1bn from excess crude account
The acute shortage of funds occasioned by the slide in the international crude oil prices is already taking toll on the economy, as the Federal Government withdraws $1 billion from the Excess Crude Account to cushion the effect of the cash crunch.
With the withdrawal, the account, which was previously $4.1billion, now stands at $3.1 billion. Read more
Naira Falls Most in 2 Weeks, Stocks Down as Oil Price Drops
The naira headed for a record low just as equities on the Nigerian Stock Exchange (NSE) dropped for an eighth day as oil prices below $60 a barrel made investors wary of Africa’s largest crude producer.
According to Bloomberg, the nation’s currency depreciated 2.7 per cent to N184.85 against the dollar at 12:53 p.m. in Lagos, the most in more than two weeks and its lowest level on a closing basis. Read more
Devaluation: Manufacturers lament high cost of production
Still reeling under the yoke of recent govern ment’s devaluation of the naira, occasioned by the crash in the price of crude oil in the international mar ket, Nigeria’s manufactur ing sector may face tougher challenges in the months ahead convincing consum ers to pay more for goods with rising production cost.
This is because while the dwindling price of crude is already sending economic and political signals around the world, the devaluation of the naira is impacting negatively on cost of production, with observers fearing the situa tion could precipitate a further spike in the price of products and services. Read more
Court affirms NSC as ports regulator
A Federal High Court sitting in Lagos has affirmed the appointment of the Nigerian Shippers Council, NSC, as Economic Regulators of the Nigerian Ports.
Justice Ibrahim Buba in his judgment, dismissed the claims of shipping companies and the Terminal Operator and granted the counter claims of the Nigerian Shippers’ Council, NSC. Read more
India launches largest rocket and unmanned capsule
India has successfully launched its largest rocket and an unmanned capsule which could send astronauts into space.
The 630-tonne Geosynchronous Satellite Launch Vehicle (MK III) blasted off from Sriharikota in the southern state of Andhra Pradesh on Thursday morning.
The new rocket will be able to carry heavier satellites into space. Read more
China police chief who let off drunk son charged with graft
The former police chief of a major city in northern China has been charged with corruption, state media said on Thursday, after he was sacked for allowing his drunk son to be set free, despite having attacked a policeman.
Li Yali was the top police officer in Taiyuan, which lies about 500 km (300 miles) southwest of Beijing, until last year, when footage of his son’s drunken violence went viral on the Internet. Read more
Palestinian draft peace plan put before UN Security Council
A draft resolution setting out a Palestinian timetable for a peace deal with Israel has been submitted to the UN Security Council.
The document, presented by Jordan, calls for a deal within one year and Israeli withdrawal from occupied territories by the end of 2017. Read more
Cubans Hope for Better Future with US-Havana Deal
Cubans cheered the surprise announcement that their country will restore relations with the United States, hopeful they’ll soon see expanded trade and new economic vibrancy even though the 53-year-old economic embargo remains in place for the time being.
“This opens a better future for us,” said Milagros Diaz, 34. “We have really needed something like this because the situation has been bad and the people very discouraged.” Read more
SONY Cancels Release of The Interview
‘U.S. investigators have determined the attacks against Sony was the work of hackers working on behalf of the North Korean government,’ reported CNN Justice Correspondent Evan Perez.
He then added that government officials believe that there is no way this attack could have been carried out unless it came from the top. Read more
Disbursement of N212bn power fund to commence soon — CBN
The Facility is aimed at settling certain outstanding debts in the Nigerian Electricity Supply Industry (NESI) amounting to 213 billion and guarantee the take-off of the Transitional Electricity Market (TEM). In specific terms, the proposed facility will cover legacy gas debts and the shortfall in revenue during the Interim Rule period (IRP).
In a communiqué issued at the end of the annual Bankers Committee retreat, CBN Governor, Mr. Godwin Emefiele said that, “Following the signing of agreements with relevant stakeholders, the CBN has agreed with the Bankers’ Committee to begin disbursements towards these legacy debts by early next year.” Read more
NFF not under pressure to renew Keshi’s contract – Pinnick
The President of the Nigeria Football Federation (NFF), Amaju Pinnick, has denied reports that the NFF board is under pressure to renew Coach Stephen Keshi’s before the year runs out.
Though, Keshi failed to qualify Nigeria for the 2015 Africa Cup of Nations, there are claims that he has the backing of the Presidency and has been lorded over the NFF for a new contract. Read more
Okocha tips Yaya Toure to win CAF award
Former Super Eagles captain, Austin Okocha, has tipped Cote d’ Ivoire captain, Yaya Toure, to win the 2014 African Footballer of the Year award ahead of Nigerian duo of Ahmed Musa and Vincent Enyeama.
Musa and Enyeama will have to contend with Ghana captain, Asamoah Gyan, Pierre-Emerick Aubameyang of Gabon and the current African Footballer of the Year, Yaya Toure.
Siasia sets for Egypt test
Under-23 team coach, Samson Siasia, says the Nigeria Football Federation (NFF) has secured a four-legged international friendly against Egypt U-23.
The first game will take place in Nigeria on the 15th of January, and the 2nd game on the 17th of January, while the team will take on Egypt in Egypt on the 20th and 22nd. Read more
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