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FG’ll Pay Foreign Debts Before Other Obligations – Emefiele

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the Federal Government will ensure the payment of foreign debts before settling other obligations. Emefiele said this while answering questions during a press briefing at the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC. He said, “We have ensured that any of our debts due ...

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Nigeria’s Debt Burden Worrisome May Stifle Domestic Investment – ADB President

………..by Ben Ndubuwa…….The President of the African Development Bank (ADB) Group, Dr. Akinwumi Adesina has expressed worries over Nigeria’s current debt burden and how to service the debt and what this means for the nation’s resources for domestic investments needed to spur faster economic growth and development.. Speaking at the recent Mid-Term Ministerial Performance Review Retreat in Abuja, the ADB ...

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FirstBank Partners NIBSS On Digital Payment

First Bank Nigeria has sealed a partnership with the Nigeria Inter-Bank Settlement System Plc. (NIBSS) on its Nigeria Quick Response (NQR) payment solution. A statement issued on Wednesday quoted the Bank’s Chief Executive Officer, Dr Adesola Adeduntan as saying NQR is an innovative payment option implemented for all financial service providers. It is designed to promote quick and fast transactions ...

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Nigeria Not Keen on Suspension of Debt- Servicing Because of Future Borrowing – World Bank

The World Bank has said that Nigeria is not keen embarking on suspension of debt servicing because she considers borrowing in future. World Bank noted that same applies with some other African countries refused to participate in a temporary suspension of debt-service payments due to concerns about future access to debt and credit-rating downgrades. The bank disclosed this in the ...

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CBN to Banks: Review Loans to Oil & Gas, Agric, Other Sectors

Commercial banks must review their loan exposure to oil and gas, agriculture, telecommunication sectors among others, the Central bank of Nigeria (CBN) has directed. According to the apex bank, this will guarantee the stability of their operations. CBN Governor Godwin Emefiele spoke on this at the weekend at the Financial Market Dealers Association (FMDA) annual conference in Lagos. He said ...

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NNPC Records Crude Oil, Gas Sales of $219.75 Million in May

……..…Posts ₦295.72bn from Sale of Petroleum Products……… The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to ...

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Scarcity of Dollar May Stall Sale of Shell $2.3 Billion Assets

The Chief Executive Officer of the Guaranty Trust Holding Company Plc, Mr Segun Agbaje, has said that scarcity of dollars may Stall the sale of Shell $2.3 billion assets in Nigeria. According to Agbaje Nigerian lenders likely do not have enough dollars to fund clients interested in acquiring assets of Shell Petroleum Development Company Limited. Shell had said in May ...

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DPR Targets N3.2 Trillion Revenue by December 2021

The Director/ Chief Executive Officer of Department of Petroleum Resources (DPR) , Eng Sarki Auwalu, says the department will hit N3.2 trillion revenue target by December 2021. Auwalu made the disclosure when he led a delegation of DPR management team to the Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr Bello Gusau, in Abuja on Wednesday. He said that ...

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We facilitated N802.82 Billion Domestic Borrowing in 2019 – DMO

The Debt Management Office has reported a surplus of N1.92bn in two years, consisting of N538.4m in2018 and N1.31bn in 2019. Between 2018 and2019, DMO recorded a 144.1 per cent increase in profit. This was contained in the DMO’s 2019 Annual Report, which was published on Tuesday. Despite the increase in profit, there was a decrease in revenue generated in ...

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