Nigeria, others at high risk of debt distress, IMF warns
Nigeria and 72 other countries are at high risk of debt distress or already in debt distress, according to a new report by the International Monetary Fund, IMF. The report, titled “Restructuring debt of poorer nations requires more efficient coordination,” noted that low-income countries face fewer debt challenges today than
Ghana bans spending in foreign currencies, makes Cedi sole legal tender
The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country. The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies. According to the country’s apex
IEA members agree to release 120m barrels of oil from reserves
Member countries of the International Energy Agency (IEA) have agreed to release 120 million barrels of crude oil from their reserves, a development that is cooling global oil markets. Half of these 120 million barrels of oil have already gone into the market being part of the United States’ contribution
CBN warns Nigerians against unlicensed investors
By Dooshima Fidelis The Central Bank of Nigeria (CBN) has advised Nigerians to shun unlicensed financial operators offering mouthwatering returns on investments. On Monday, the CBN, through its Financial Services Regulation Coordinating Committee (FSRCC), advised Nigerians to stop dealing with such firms. It noted that many Nigerians have fallen victims
FG’s N1.3trn electricity intervention fund underperformed—Finance Minister
The minister of finance, budget and planning, Zainab Ahmed, said that the N1.3 trillion intervention fund the federal government provided for the power sector has not yielded any significant result. On March 1, 2017, the federal government had approved the sum of N701 billion as a power assurance guarantee fund
Electricity: Power generation plunges to 495MW with 3 plants on grid
Nigeria’s electricity challenge worsened yesterday as grid power generation crashes to 495.20 Megawatts with just Jebba Hydro (335MW), Olorunsogo NIPP (107.20MW) and Sapele (53MW) on the grid as at 3pm. Earlier checks by the Energy Reportdaily on data from the National System Operator, NSO, showed that as at 2pm total
Crude oil prices: Nigeria’s Bonny light, other OPEC grades drop
Despite significant rises in the world’s leading crude oil grades in the international market yesterday, Nigeria’s crude oil grade, Bonny light, declined to $110 per barrel from $111.5 per barrel recorded last Friday. Crude oil prices in the international market witnessed an average three percent rise yesterday as the release
High diesel prices add strain to battered economy
A popular, large modern grocery in Surulere Lagos shut down for days because it couldn’t find diesel to power generators, leaving fresh food to rot. An Indian business owner in Nigeria travels to Mumbai for medical checks and the cause of his high-blood pressure was traced to his constant worry
Two million people’ll start receiving N20bn monthly from June -FG
Two million people will start receiving about N20bn from June this year as basic cash transfers and conditional cash transfers. Under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash
National carrier: Emirates Airlines ready to partner Nigeria – FG
Emirates Airlines has of recent made an offer to partner with Nigeria in its quest to establish a national carrier. Special Assistant to Senator Hadi Sirika, Minister of Aviation, Mr. James Odaudu, stated in Abuja on Monday that the President of Emirates Airlines, Mr. Tim Clark, made the offer