FG To Inject $1.1 Billion To Revive the Economy – Kemi Adeosun

Hamilton Nwosa
Writer

Ad

Dismisses Prime Minister over Compromising Phone Call with Cambodian Leader

Thailand’s Constitutional Court on Friday dismissed Paetongtarn Shinawatra from her position as prime minister, ruling that as the country’s leader she violated constitutional rules on ethics in a phone call with Cambodia’s Senate President Hun Sen. The ruling means she immediately loses her job, which she had held for about a year. Paetongtarn was suspended…

Oil Prices Dip but Stay on Track to Extend Last Week’s Gains

Crude oil prices were set for another weekly rise after additional 25% tariffs on Indian exports to the United States kicked in on Wednesday, raising doubts about the supply of Russian crude. At the time of writing, Brent crude was trading at $68.17 per barrel, with West Texas Intermediate at $64.20 per barrel, both slightly down from Thursday’s close…

Tesla sales tumble 40% in Europe as BYD surges past rival

By Obinna Uballa Tesla’s grip on the European electric vehicle market continued to loosen in July, with sales plunging 40% year-on-year even as Chinese challenger BYD posted explosive growth, according to data from the European Automobile Manufacturers Association (ACEA) on Thursday. New car registrations of Tesla vehicles totaled 8,837 in July, down 40% year-on-year, according…

Ad

The Federal Government is set to inject an additional 350 billion naira (1.1 billion dollars) into the economy and raise 1 billion dollars from Eurobonds by mid-December to ease the recession.

 The Minister of Finance, Mrs Kemi Adeosun told journalists in Abuja that the additional funding, on top of the initial 420 billion naira released in May, is primarily for capital expenditure projects that would also involve support from local banks and transaction partners.

Mrs Adeosun noted that Nigeria plans to borrow a total of 1.8 trillion naira at home and abroad to fund an expected budget deficit of 2.2 trillion naira.

Aimed at reviving the crashed economy, the government has approved borrowing from the African Development Bank, China, Japan and World Bank with rates of 1.25 percent and a 20-year maturity.

Ad

X whatsapp