Financial
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Concern As 4 Nigerians Commit Suicide Over Financial Difficulties Days Apart
Concern As 4 Nigerians Commit Suicide Over Financial Difficulties Days Apart Fisayo Oyeniyi Commits Suicide In Ifewara Road Ile Ife A worker at Obafemi Awolowo University, Ile-Ife, Osun State, named Fisayo Oyeniyi, hung himself in his residence after sending suicide text to his mother, wife and children According to report, Oyeniyi who was one of the armed guards in the security department left his working place for his house around Kanmi bus stop, at Ifewara road, Ile-Ife to commit suicide on Thursday the 25th of March 2021. Oyeniyi sent text messages to his mother, wife and his two children informing them that he was not interested in living again. A source in the area named Tolani, said, “the incident happened around noon. I saw people rushing to his apartment to get to see for themselv...
NCC contributes N2.272 trillion to Nigeria’s GDP – chief
The Executive Vice Chairman of the Nigeria Communications Commission (NCC), Umar Garba Danbatta, has said that the contribution of the Telecommunication sector to the country’s Gross Domestic Product (GDP) has risen from 8.5 per cent in 2015 to 14.3 per cent as at September this year amounting to N2.272 trillion. Danbata disclosed this when members of the House of Representatives Committee on Telecommunication led by its Chairman, Rep. Akeem Adeyemi visited the Commission on an oversight The Executive Vice Chairman of the Commission also disclosed that Investments in the sector had risen from 38 billion dollars in 2015 to over 70 billion dollars now while the Commission had also paid over N344 billion into the Consolidated Revenue Fund of the federation within the period under review, an a...
Lagos financially, economically viable – official
Contrary to the publication by BudgIT, a public finance analyst, the Lagos State Government said it is economically and financially solid. The state Commissioner for Finance, Dr. Rabiu Olowo, made the assertion in a statement on Monday in reaction to BudgIT, publication, titled: ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’, which the state Governor, Babajide Sanwo-Olu, administration described as “misinformation”. According to Olowo, BudgIT has apologized for its error in the report. According to Olowo, the facts are: “Lagos State continues to meet all its recurrent and loan service obligations and the information that was published in incorrect, inaccurate and a gross distortion of the actual facts. “The accurate information that ought to ...
House of Reps probes immigration documents of Chinese in Nigeria
The investigation which began on July 20 in Abuja, is being conducted by the joint house committees on Interior, Nigeria Content Development and Monitoring and Commerce. The Speaker of the house, Rep. Femi Gbajabimila, recalled that in April, photos and videos which went viral on the social media allegedly depicted institutionalised racial discrimination, maltreatment of Nigerians in China. He said it also showed xenophobic assaults, embarrassments, illegal detentions and forceful evictions of Nigerians and other Africans living in Guangzhou, China. Gbajabimila said that he summoned the Chinese Ambassador to Nigeria, Dr. Zhou Pingjian precisely on April, 10 to register Nigeria’s displeasure with the incident. “Subsequently, the House of Representatives on Tuesday, April 28, issued a strong...
Governor Fayemi: Lockdown violators swell Ekiti internal revenue by N2 million
Governor Kayode Fayemi on Friday disclosed that not less than N2million has accrued to the coffers of the State being the various fines paid by the lockdown violators since the outbreak of the COVID-19 pandemic. The governor also said that over 100 offenders have been prosecuted. Speaking during the press briefing, the Commissioner for Health, Dr Mojisola Yaya-Kolade, said the laboratory located at the Ekiti State University Teaching Hospital will be commissioned by Governor Kayode Fayemi. “We are still perfecting some regulatory procedure with the Nigeria Centre for Disease Control, but everything will be finetuned before Monday. “We have had 20 COVID-19 cases so far, two are still active, we have recorded two deaths and 16 have been treated with investigational drugs and discharged,” she...
Lagos university inaugurates financial sustainability committee
Lagos State University (LASU) has inaugurated a 21-man Financial Sustainability Committee to evolve strategies to create revenue sources and guarantee the financial sustainability of the institution after the coronavirus pandemic. Inaugurating the committee at a virtual meeting on Tuesday in Lagos, LASU Vice-Chancellor, Prof. Olanrewaju Fagbohun, said the step became imperative in the light of financial challenges that were envisaged in the wake of, and aftermath of the pandemic. “As a management, we do recognise that our institution, like almost every other institution around the world, are already facing and will face serious financial challenges. “A lot will depend on how institutions chose to manage their affairs that is why the management of LASU felt the need to put in place strategi...
