Category: Economy

China/Exim Bank. By Advocatenewsng.com THE outgoing House of Representatives, on Tuesday, approved the Federal Government’s request to borrow $973,474,971.38 from China Development Bank. This is coming on the heels of China-Exim Bank’s decline of an earlier agreement to grant Nigeria a loan of $22,798,446,773 earlier approved by the National Assembly. Chairman of House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval to the failed commercial deal. The…

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Godwin Emefiele, CBN governor. By Advocatenewsng.com A Federal High Court, Abuja has summoned the governor of Central Bank of Nigeria, Godwin Emefiele, over a $53 million judgment debt arising from the Paris Club refund. In an application for garnishee made on October 20, 2022, Justice Inyang Ekwo, ordered Emefiele to appear on Wednesday, January 18 as the hearing date for the matter. Prior, on January 23, 2020, the court ruled that Emefiele must appear “to be examined on oath…

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CBN Governor, Godwin Emefiele. By Advocatenewsng.com THERE was confusion Monday afternoon at the Central Bank of Nigeria’s headquarters in Abuja as the embattled governor of the bank, Godwin Emefiele, resumed duty weeks after he left the country on alleged health grounds. Mr Emefiele has been out of the country for several weeks amidst fears he would be arrested by operatives of the State Security Service (SSS) who are investigating allegations against him, including corruption and terrorism financing, even though…

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President Muhammadu Buhari, Nigeria. By Advocatenewsng.com PRESIDENT Muhammadu Buhari has asked the National Assembly to reconsider its position on his request to pay an outstanding N22.7 trillion to the Central Bank of Nigeria (CBN). He made the appeal on Tuesday when he signed the 2023 budget into law. The money, he had said, was taken by the federal government from the apex bank and it is the balance accumulated for over 10 years. PREMIUM TIMES reported how senators disagreed…

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By Advocatenewsng.com. THE Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022. He also said that existing notes would seize to be regarded as legal tender by January 31, 2023. Emefiele disclosed this during a press briefing in Abuja on Wednesday. The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians. He further urged Nigerians to…

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Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed. By Advocatenewsng.com. Seven months to the end of President Muhammadu Buhari’s administration, his Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday, disclosed that the estimated cost of Nigeria’s Sustainable Development Goals (SDG) financing requirements is about US$100 billion, saying the government was determined to look for the money and fund the programme against all odds. The minister stated this in Abuja at the 52nd national…

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VP Yemi Osinbajo (left) and President Muhammadu Buhari, at a public function……. recently. By Advocatenewsng.com. THE offices of the President and Vice-President will spend N11.92billion on local and foreign trips and the presidential air fleet. The amount also includes N1.58b earmarked for aircraft maintenance and N1.60b allocated for the overhaul of the Gulfstream GV and CL605 aircraft engines. Members of the National Assembly, on the other hand, will get N100bn for constituency projects, which according to the Independent Corrupt…

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•How Sylva, NNPC Kyari brokered new deal; the Senator Omo-Agege connection •Misguided backlash from Arewa youths,  counter attack •Ex-militant leader to collaborate with JTF, engage ex-agitators, stakeholders “It is indeed disturbing that under the APC administration, according to official reports, oil thieves are having a field day stealing up to 400,000 barrels of crude oil every day. This amounts to a daily siphoning of about $40m ..”There is no way they will arrest the big-time oil thieves under the…

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Head of Civil Service of the Federation, Dr. Folasade Yemi-Esan. By Advocatenewsng.com. THE Federal Government has issued a circular for the appointment of a new and substantive Accountant-General of the Federation, The PUNCH has learnt. In a circular dated June 21, 2022, emanating from the Office of Head of Civil Service of the Federation, Dr Folasade Yemi-Esan, the Federal Government said, “Following the approval of Mr President, the Office of the Head of Service of the Federation is commencing…

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By Advocate News Online. A European owned energy company with the knack for pursuing cheap assets across Africa is at it again. This time, we gathered reliably that its resolve is to stop at nothing until the Nigerian asset is craftily acquired. The same company that acquired assets in Niger and Cameroon a few years back is fiercely gunning for a Nigerian company with a subsidiary in one of the popular tax haven Islands and would stop at nothing…

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