Finance & Economy Archives - Page 55 of 261

CBN Revokes 132 Microfinance Banks’ Licences

3 years ago 0

The Central Bank of Nigeria (CBN) has withdrawn the operational licences of 132 microfinance banks,...

Seven Banks Fined N1bn For Forex Offences

3 years ago 0

Seven Deposit Money Banks paid a total of N1,088,334,000 as fines to the Central Bank...

Nigeria Needs N350trn For Development Plan, Says FG

3 years ago 0

The Federal Government has stated that about N350 trillion would be needed to secure Nigeria’s future in line with the National Development Plan (2021-2025). According to the government , the NDP would ease constraints hindering the economy from attaining its full potential, particularly in the product-mapping space as it will expunge obstacles to businesses. Minister of Finance, Budget and National Planning, Zainab Ahmed, who spoke during a special TV forum that examined binding constraints to the implementation of NDP, 2021-2025 recently in Abuja said the government would work to ensure it meets the target. The meeting was attended by the Special Adviser to the President on Finance and the Economy, Dr. Sarah Alade; Minister of State for Finance, Budget and National Planning, Clem Agba and Permanent Secretary, Nebeolisa Anako. The TV forum was also featured the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole; Acting Director, Macro-Economic Analysis Department, Felix Amaechi Okonkwo and an Economist, Dayo Alao. Speaking at the occasion, Okonkwo said the NDP would be driven by the private sector with N300 trillion investment. He said, “Let me just mention that this plan is different from other plans we have in the past, very different. It is going to be driven by the private sector. The funding, the investment size envelope of this plan is about N350 trillion, out of which the private sector is providing N300 trillion, while the government is providing N50 trillion approximately. “The actual figure is N348 trillion but I just decided to round up the number. So 68 per cent of investment size of the plan is from the private sector, while only 14 per cent is from the public.” On her part, Ahmed gave an insight on why the government decided to drive the NDP (2021-2025). She said, “I want to place on record that this plan is sufficiently comprehensive with the capacity to attain various regional and global agendas including the AU Agenda 2063, the ECOWAS Integration Agenda 2050 and the Sustainable Development Goals 2030. “In order to have the future we all desire, the plan is developed to play a sizeable role in the product complexity space internationally and also adopt measures to easing constraints that have hindered the economy from attaining its full potentials, particularly in the product mapping space.” According to Agba, the plan was carefully done to ensure that it is not seen as an agenda of the President Muhammadu Buhari; Federal Government of Nigeria and All Progressives Congress. He said, “We wanted the plan to be a National Development Plan where there is inclusiveness and participation and that no one is left behind. The plan itself is already running because the budget is derived from the plan. But again you know that, the plan sometimes cannot be so sacrosanct, you know there is also room for flexibility.” “Some of the projections we made in terms of revenues, we are challenged this year when from the oil sector, there were so much theft coming on that the oil producers, that is the international oil companies had a short in production, so that affected revenue drastically.” Alade also shed light on the contents of the NDP saying Volume Three is the legislative imperatives and reforms that government needed to do to be able to attract private investors and achieve relevant goals....