The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
The Inspector-General of Police, Mohammed Adamu, has instructed his team of lawyers to commence legal action against the publisher of Sahara Reporters, Omoyele Sowore, over a report by the medium wherein the IGP was alleged to have expended N2 billion on his purported quest to get a one-year tenure extension at the helms of the Nigeria Police Force, spokesman, Frank Mba said on Monday. Adamu was due to retire from the service on February 1 but his tenure has now been extended by President Muhammadu Buhari, albeit under controversial circumstances. Mba, in a statement in Abuja said the three-month extension of tenure of the Inspector General of Police (I-G), Mohammed Adamu, is strictly the prerogative of the President which needed no bribe to effect. He said the reports in some sections of ...
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...