Monday, 13 June 2016

Another Bailout Likely for States after N2.8tr Allocation in One Year

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Economic Crisis: FG Plans Fresh Bailout For State Govts
A conditional budget support facility to provide financial relief to state governments is being finalised by the Federal Government, the Ministry of Finance has said.
 
PMB's One Year: N2.8tr: How States Shared N2.8tr from Federation Account
The new report by the Economic Confidential only reveals that not all oil producing states are richer, as not all non-oil producing are poorer based because of revenue indices. While some states received less than N50bn other got over N170 within the same period
 
FG, Not States, to Fund Free Meal Programme – Minister
FEDERAL Government, and not the states, will fund the A-Meal-A-Day programme launched last week, Minister of Informa­tion and Culture, Alhaji Lai Mohammed has said.
 
CBN to Limit Across-the-Counter Cash Withdrawals to N10,000
To deepen cashless policy and upscale electronic banking, the Central Bank of Nigeria (CBN) has concluded plans to implement the limiting of the across the counter cash withdrawals to N10, 000.
 
UK approves N4.74bn for solar power in Nigeria
The United Kingdom, through its Department for International Development, has approved N4.74bn (£16.7m) for the development of electricity from solar energy in Nigeria.
 
Banks Sacking: NECA Opposes Planned Picketing By Union
The Nigeria Employers' Consultative Association has condemned the planned picketing of selected banks by the National Union of Banks, Insurance and Financial Institutions Employees.
 
Resuscitating Ajaokuta Steel Coy: Ukraine's $1bn Lifeline
It is finally confirmed that that Nigeria will hand over the $4.5 billion Ajaokuta Steel Complex to private operators this year as part of a plan to kick-start its industrial and mining industries.
 
Still On The Minimum Wage Challenge
Is it morally right to review upward salaries of workers considering the current economic realities leading to the deregulation of the downstream sector?
 
CBN Releases N2 Billion to SMEs in Kano
Central Bank of Nigeria has released N2 billion Small and Medium Enterprises fund to the government of Kano state for disbursements to artisans and other entrepreneurs.
 
After Crash, Jobs Portal, N-power, Records 400,000 Registrations in 36 Hours
The newly launched Jobs portal of the Federal Government "N-Power. gov.ng," has recorded over 400,000 successful registrations less than three days after it opened.
 
Govt Urged to Promote CNG Powered Vehicles
Former President, Chief Olusegun Obasanjo, has urged the Federal Government to promote the use of Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) in the country.
 
Nigerian Equities Recorded Highest Returns On Investment in May
The Nigerian equities market fetched investors the highest returns in the month of May, 2016 globally despite the economic headwinds.
 
World Bank Releases $39m For Fadama Projects
The World Bank spends N7.78bn ($39m) on the third National Fadama Development Project Additional Financing as part of efforts to support Nigeria's agriculture and economic diversification.
 
Government Loses N10b Daily to Oil Facilities' Attack
With the series of attacks carried out by the Niger Delta militants in the last few weeks, the country's crude oil production has dropped to about 1.1million from the normal output level of 2.2 million barrels per day.
 
Chinese Investment Worth $56m Coming to Kwara – Gov. Ahmed
A $56m Chinese investment has been secured by the Kwara Government for the establishment of a textile industrial park in the state.
 
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