FINANCING

The Federal Government has said it will make provision for subsidy in 2023 to the tune of N6.72 trillion. Minister of Finance Budget and National Planning, Mrs Zainab Ahmed made this disclosure in Abuja on Thursday during the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF and FSP) Public Consultation. Zainab Ahmed stated the government has ...

The World Bank Group says it has responded to the overlapping global crises by deploying 114.9 billion dollars in financing in 2022. The bank said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises. It said it provided advice and financing in response to the sharpest economic ...

Ardova Plc (AP) has posted a profit of N1.54 billion for the financial year ended Dec. 31, 2021. The integrated energy company made this known in its audited financial statements and first quarter (Q1) 2022 unaudited financial results which was released on Thursday in Lagos. The statement said, however, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail ...

The company stated this at its 29th annual general meeting in Lagos, while assuring its shareholders of improved performance and returns on their investment in the years ahead as it sought to consolidate the gains from recent initiatives by the new board and management. Eterna, an indigenous integrated energy company, has reiterated its commitment to making solid investment in Liquefied ...

Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the ...

………by Jenifer Dike…… The World Bank has again warned Nigeria of the rising inflationary rate as it highlights the consequences if measures are not put in place to check this economic trend The world bank insists that there is need to mount fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy (estimated to cost up ...

*Eyes operations in Chad and Cameroon by Q3 2022 Savannah Energy Plc, the British independent energy company focused around the delivery of projects in Africa, has recorded a full year revenues of US$230.5million in 2021 financial year, reflecting an increase of seven per cent over 2020 total revenues of US$215.9million and more than the Company’s previously issued full year 2021 ...

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn as of December 2021 to N19.01tn as of April 2022. According to data from the CBN, this represents an increase of N1.55tn within the first four months of 2022. The N19.01tn owed the apex bank by the Federal Government is not ...

Mr Fadi Ghazale, the Chief Executive Officer, AG Vision Mining Company has called for adequate funding for the mining sector to unravel the hidden mineral potential across the country. Ghazale made the call in an interview on the sidelines of the just-concluded three days Nigeria-Africa Natural Resources and Energy Investment Summit in Abuja. According to him, Nigeria is endowed with ...

Despite higher oil prices than projected in the 2022 budget, Nigeria’s economy continues to suffer. Even the rise in tax payments and collections from FIRS, customs, and other sources, have not stopped government still relies largely on oil money. Oil prices have risen in recent months, but Nigeria is missing out on revenue that may rescue the economy. The Central ...