Gencos Record N304bn Payment Shortfall In Nine Months   A Chinese company, Chinese Civil Engineering Construction Corporation, has handled the majority of railway projects in Nigeria worth over $25.51bn (N10.5tn)s, according to the United States-based Fitch Solutions’ latest report on Nigeria railway system. The report, titled ‘Nigeria...

Consumer Loans Rise By 37%, Now N2trn   The upward trend in consumer loans persisted as at October last year, rising 37 per cent, year-on-year, YoY, to N2 trillion, driven by improved credit appraisal and products diversifications offered by banks and other lenders. Volume of consumer...

Insurance Firms’ Assets Hit N2.09trn Amidst Recapitalisation Suspension     The insurance sector’s total assets have risen by N228.24bn in 15 months despite the abrupt suspension of the National Insurance Commission’s segmented recapitalisation exercise. The second and final phases of the Nigerian insurance industry’s recapitalisation exercise which should...

Fed Govt Agencies Fail To Remit N2.8trn Independent Revenue In Six Years   The Federal Government recorded a shortfall of N2.8tn in independent revenue from revenue generating agencies between 2015 and 2020, an analysis of data from the Budget Office has shown. According to the Fiscal Responsibility...

FG Gives Customs N4.1trn Revenue Target   The Federal Government has set a revenue target of N4.1trillion for the Nigeria Customs Service (NCS) this year. The service contributed N2.24trillion into the Consolidated Revenue Account (CRA) last year. The N4.1trillion revenue target was disclosed by the Customs Area Controller...

Ministry, Police, Seven Others Spent N49.5bn Without NASS Approval – Auditor General     The Office of the Auditor General of the Federation has disclosed that nine Ministries, Departments and Agencies of the Federal Government spent about N49.5bn above their approved budgets between 2018 and 2019. The OAuGF...