Reps Probe NIPC Over N1.19bn Unapproved Spending   The House of Representatives’ Committee on Public Accounts has commenced investigation of the Nigeria Investment Promotion Commission for spending N1.19bn in the 2018 and 2019 financial years without appropriation by the National Assembly. The...

In One Month, FG Recorded N643.09bn Fiscal Deficit The Federal Government’s fiscal deficit rose from N491.28bn in March to N643.09bn in April, according to figures obtained from the Central Bank of Nigeria. The banking regulator’s April economic report stated that, “The...

Undisbursed Loans Raise Nigeria’s World Bank Debt To $21.15bn   Undisbursed loans may drive Nigeria’s debt to the World Bank from $12.72bn to $21.15bn. This shows that the yet-to-be disbursed loans can increase Nigeria’s debt to the lending institution by 66.27 per...

FG Spent N1trn On Steel Imports In Nine Months Federal Government has spent $1.038 trillion on iron and steel imports in the last nine months. In a similar fashion, the Federal Government pumped N21.3 billion into the moribund Ajaokuta Steel Complex...

Osinbajo Says FG Is Ready To Resolve Tariff Shortfalls In Power Sector   The Vice President, Prof. Yemi Osinbajo has assured Nigerians that the inauguration of a board for the Nigeria Electricity Liability Management Company (NELMCO) would enhance ongoing efforts to...

Foreign Portfolios Hit Three-month Low   Foreign investors’ transactions in the market have dropped to lowest point in the past three months as concerns mounted over worsening foreign exchange (forex) crisis. Trading data on foreign portfolio investments (FPIs) released at the weekend...