Reps Summon NIMASA DG, Halt $700m Cabotage Fund Disbursement   The House of Representatives has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to stop the planned disbursement of the $700 million Cabotage Vessels Financing Fund (CVFF). The lawmakers adopted a motion on matters of urgent...

Nigeria’s Foreign Reserves Decline By $1.82bn In Four Months   The external reserve is expected to continue its downward trend in the coming weeks as major sources of forex inflows deteriorate. Nigeria’s foreign exchange reserves have dropped by $1.82 billion over the past four months, official data...

AMCON Heightens Moves To Recover Over N4trn Debt   The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru, said the corporation is taking more steps to recover the over N4 trillion government debts from private individuals. Kuru stated this at the weekend when...

IMF Says Nigeria, Others May Lose $10bn To Political Tensions   The International Monetary Fund (IMF) has said Nigeria could lose an estimated $10bn of foreign direct investment and official development assistance inflows to geo-political tensions. The IMF in its country focus on Sub-Saharan Africa, released on...

Senate Demands N3.2bn Tractor Loan Recovery   The Senate has indicted the Bank of Agriculture in Kaduna over a N3.2bn loan disbursed to 10 vendors to purchase tractors and other equipment for allocation to end users. The indictment was sequel to the 2016 report of the Auditor...

Fed Govt Dumps 5% Telecom Tax Waiver   The Federal Government is reportedly set to proceed with its implementation of a five per cent excise duty tax on mobile telephone services, fixed telephone, and Internet services. This is despite a recent communication by the Minister of Communications...