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Following the sack of 850 refinery and oil workers by the Nigerian National Petroleum Corporation, NNPC, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has condemned the action of the corporation as uncharitable and appalling. In a joint statement, the unions lambasted the…
July 14, 2020
In a bid to address the COVID-19 pandemic, advance policy reforms, and support African countries growth recovery efforts from the pandemic, the African Development Bank Group (AfDB) has announced the appointment of Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management, with effect from October 1, 2020. Arezki, who is…
July 14, 2020
President Muhammadu Buhari on Friday signed the revised 2020 budget of N10.8 trillion into law after months of stalling. He said the budget was revised to take into consideration, the impact of the Covid-19 pandemic on the economy. The National Assembly had passed the budget in June and forwarded it to the president for assent.…
July 10, 2020
After series of revisions of the 2020 budget occassiioned by the COVID 19 pandemic and oil price crash, President Muhammadu Buhari will today sign the revised 2020 budget into law following its passage by the National Assembly last month. This was confirmed by the Presidency in a tweet on its handle late on Thursday. “President…
July 10, 2020
The Executive Secretary of the UN Economic Commission for Africa (ECA), Ms. Vera Songwe has disclosed that the African Continental Free Trade Area (AFCFTA) is capable of playing the same role as Europe’s Marshall Plan while accelerating regional and economic integration in the continent. Songwe made this statement during a virtual panel by the African…
July 8, 2020
Worrying signals emanated from the Debt Management Office, DMO earlier today as it emerges that the country spent $1.69 billion (N609.13 billion) to service its domestic debt in the first quarter of 2020 alone. This is even as Africa’s largest economy’s total public debt rose to a whopping $79.5 billion, N28.63 trillion as of the…
July 4, 2020
The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed. IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that…
July 2, 2020
Blames Dwindling Oil Revenue, Reduced Diasporan Remittances Global rating agency, Moody’s has raised a fresh alarm that Nigeria's banks are facing acute foreign currency shortages. This, according to a Moody's Investors Service report released today is occasioned by dwindling oil revenue, volatile foreign investment inflows, and reduced remittances from abroad. "Lower dollar inflows at a…
July 1, 2020
As revenue from oil earnings continue to plummet, the Federal Government, it was learnt, might be considering a more robust effort aimed at mobilizing diaspora remittances to serve as a catalyst for economic development. The New Diplomat gathered that with plummeting oil revenue occasioned by a multiplicity of factors including a glut in international storage capabilities,…
July 1, 2020
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Following the sack of 850 refinery and oil workers by the Nigerian National Petroleum Corporation, NNPC, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has condemned the action of the corporation as uncharitable and appalling. In a joint statement, the unions lambasted the…
July 14, 2020
In a bid to address the COVID-19 pandemic, advance policy reforms, and support African countries growth recovery efforts from the pandemic, the African Development Bank Group (AfDB) has announced the appointment of Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management, with effect from October 1, 2020. Arezki, who is…
July 14, 2020
President Muhammadu Buhari on Friday signed the revised 2020 budget of N10.8 trillion into law after months of stalling. He said the budget was revised to take into consideration, the impact of the Covid-19 pandemic on the economy. The National Assembly had passed the budget in June and forwarded it to the president for assent.…
July 10, 2020
After series of revisions of the 2020 budget occassiioned by the COVID 19 pandemic and oil price crash, President Muhammadu Buhari will today sign the revised 2020 budget into law following its passage by the National Assembly last month. This was confirmed by the Presidency in a tweet on its handle late on Thursday. “President…
July 10, 2020
The Executive Secretary of the UN Economic Commission for Africa (ECA), Ms. Vera Songwe has disclosed that the African Continental Free Trade Area (AFCFTA) is capable of playing the same role as Europe’s Marshall Plan while accelerating regional and economic integration in the continent. Songwe made this statement during a virtual panel by the African…
July 8, 2020
Worrying signals emanated from the Debt Management Office, DMO earlier today as it emerges that the country spent $1.69 billion (N609.13 billion) to service its domestic debt in the first quarter of 2020 alone. This is even as Africa’s largest economy’s total public debt rose to a whopping $79.5 billion, N28.63 trillion as of the…
July 4, 2020
The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed. IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that…
July 2, 2020
Blames Dwindling Oil Revenue, Reduced Diasporan Remittances Global rating agency, Moody’s has raised a fresh alarm that Nigeria's banks are facing acute foreign currency shortages. This, according to a Moody's Investors Service report released today is occasioned by dwindling oil revenue, volatile foreign investment inflows, and reduced remittances from abroad. "Lower dollar inflows at a…
July 1, 2020
As revenue from oil earnings continue to plummet, the Federal Government, it was learnt, might be considering a more robust effort aimed at mobilizing diaspora remittances to serve as a catalyst for economic development. The New Diplomat gathered that with plummeting oil revenue occasioned by a multiplicity of factors including a glut in international storage capabilities,…
July 1, 2020
