Connect with us

Finance

Nigerian officials signed loan documents in Chinese language-Ben Ibakpa, Reps member.

Published

on

officials loan Nigerian chinese language

Nigerian officials signed loan documents in Chinese language-Ben Ibakpa, Reps member.

Ben Ibakpa, a member of the house of reps, said Nigerian officials signed loan documents in the Chinese language without looking at the terms properly.

He added that the National Assembly is not being carried along by the federal government when taking loans from China.

The lawmaker who represents Ethiope Federal Constituency said the national assembly will start playing more active roles in the loan procurement process.

Also Read:

On Tuesday, May 14, Ben Ibakpa, a member of the house of reps made the allegation while appearing as a guest on Channels Television.

The member of the house of reps, Ibakpa said that the loans are obtained via the China Civil Engineering Construction Corporation (CCECC). According to him, the loans are overpriced.

His words: “The National Assembly is kept in the dark in all these loans. The National Assembly is not part of it.”

President Muhammadu Buhari-led administration which campaigned with an anti-corruption mantra to do better, saying corruption is fueled by awarding of contracts. The lawmaker said.

The Senate had resolved to give approval to President Buhari’s request to raise a fresh loan of N850 billion from the domestic capital market to fund projects in the 2020 budget.

On Tuesday, April 28, the request made by President Buhari was read by Ahmad Lawan, the president of the Senate, on the floor of the Senate.

Which after the letter was read, the Senate approved the request made by the President.

The Senate also made mandated its finance and Appropriation Committees to liaise with Zainab Ahmed, the minister of finance, budget and national planning to obtain more information on the loan request.

Finance

Global Economy to grow by 6%, Nigeria at 2.5% – IMF

Published

on

Global Economy to grow by 6%, Nigeria at 2.5% – IMF

The International Monetary Fund retained its growth outlook for both Nigeria and the global economy for the year 2021, stating that the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022, while Nigeria’s growth outlook has been maintained at 2.5% for the period.

The IMF disclosed this on Tuesday in its World Economic Outlook (WEO) for July titled “Fault Lines Widen in the Global Recovery.”

Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia.
By contrast, the forecast for advanced economies is revised up,” it said.

Follow us on Facebook

They also stated that “better global cooperation on vaccines could help prevent renewed waves of infection and the emergence of new variants, end the health crisis sooner than assumed, and allow for faster normalization of activity, particularly among emerging market and developing economies.

Moreover, a sooner-than-anticipated end to the health crisis could lead to a faster than-expected release of excess savings by households, higher confidence and more front-loaded investment spending by firms.”

For 2022, IMF says it forecasts Nigeria’s economy to grow by 2.6% and South Africa’s by 2.2%.

Read Also:

Stocks Rise After Yellen Rate Comments, G7 Tax Plan

China Exports Post Surprise 32% Spike in June

Continue Reading

Finance

IMF Retains Nigeria’s Growth Prospect at 2.5% Amid Slow Vaccinations

Published

on

IMF: Reinstatement of Fuel Subsidy Worries IMF

The International Monetary Fund (IMF)I in its July World Economic Outlook (WEO) Update released on Monday, has retained its projection for Nigeria’s economic growth prospect for this year at 2.5 per cent.

Nigeria’s projection is 0.9 percentage points lower than sub-Saharan Africa’s estimated growth of 3.4 percent. It is also far less than the six per cent global average growth estimate.

In the new document, the global institution marked down growth prospects of low-income developing countries (LIDCs) by 0.4 percentage points, citing slow rollout of vaccines as the main factor weighing on the recovery.

Follow us on Facebook

“The overall fiscal deficit in 2021 was revised up by 0.3 percentage points from the April 2021 WEO, mainly because of the re-emergence of fuel subsidies as well as the additional COVID-19 and security-related support in Nigeria’’, it stated.

Still, at 5.2 per cent of gross domestic product (GDP), the overall fiscal deficit remains well below that of advanced and emerging market economies, reflecting financing constraints, adding that about 60 percent of LIDCs are assessed to be at high risk of or in debt distress,” the Fund said of Nigeria.

The IMF also estimated the country’s public debt-to-GDP ratio, which is currently at about 35 per cent, for 2021 at 48.5 per cent.

Read Also:

Commodity Import Index Increases by 0.82 Per Cent in Q1 2021

External reserves drop by $180m in two weeks

Continue Reading

Finance

CBN Stops Forex Sales to Bureau De Change

Published

on

CBN Stops Forex Sales to Bureau De Change

The Central Bank of Nigeria (CBN) says it has stopped forex sales to Bureau De Change (BDC) operators in the country.
Godwin Emefiele, governor of the apex bank, announced this at the end of the monetary policy committee’s meeting in Abuja on Tuesday.

Follow us on Facebook
Emefiele said BDC operators have become a channel for illegal financial flows working with corrupt people to conduct illegal flows and money laundering in Nigeria.

Read Also:

F.G., UNICEF to Launch Programme to Empower 20 Million Young Nigerians

NCDC Registers 15 Confirmed Cases of Monkey-Pox

Continue Reading

Trending