Oil Imports Gulped $1.32bn In 2020 - CBN       The quantity of foreign exchange used for oil imports in 2020 was $1.32bn, compared to $2.10bn in 2019, the latest data from the Central Bank of Nigeria have shown. The CBN’s data on sectoral utilisation for transactions valid...

FG Spends N568.5bn Yearly On Power Tariff Shortfalls – W/Bank       The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further increase if...

Nigeria Faces Serious Debt Sustainability Risk - LCCI       The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns that Nigeria faces serious fiscal sustainability risk over its national debt profile. LCCI noted that the country’s debt-to-GDP ratio, which the government is using as a measure...

COVID-19: Financial Institution'll Fund N1.8trn Stimulus Package – FG       The Federal Government on Thursday said about N1.8tn of its N2.3tn COVID-19 economic stimulus package would be funded by financial institutions. It also disclosed that about N288bn from the N500bn of the package funded through the 2021...

States’ Cash Cruch: CBN Kicks As Govs Beg FG To Postpone $2.1bn Support Repayment         State governors on Thursday at the monthly meeting of the National Economic Council appealed to the Federal Government to postpone the repayment of the $2.1bn budget support facility to states which...

Reps Query FG, Agency Reports On Gas Flaring     The House of Representatives has resolved to investigate the amount of gas so far flared in Nigeria to address the discrepancies in the figures being released by both government and oil companies. At the plenary on Thursday, the...