Finance
FG Signs Agreement with Egyptian Company on Gold Mining

The Federal government has signed an expression of interest agreement with leading Luxembourg incorporated private gold development and mining company in Cairo, Egypt.
The agreement signed between the Ministry of mines and steel development and the company Messrs la Mancha incorporated is for the investment in gold mining in Nigeria.
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Minister of state, mines and steel development, Uchechukwu Ogah, stated that with the signing of the expression of interest by la Mancha, efforts to attract big investors into the sector have started yielding the desired result.
He added this will boost the diversification of the economy through the minerals and metals sector.
Director of press for the Ministry Etore Thomas, in a statement, said Nigeria as the largest economy in Africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.
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Finance
Nigeria Exited Recession Faster Than Expected – World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected.
Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.
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Finance
ICPC cautions Federal hospitals, finance directors against budget-padding

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission ICPC, Prof Bolaji Owasanoye, SAN, has condemned the padding of budget by government officials, warning that the Commission won’t tolerate breach of government financial rules and regulations.
Owasanoye, according to a statement on Friday, by the ICPC spokesperson, Azuka Ogaga, advised the hospitals managements to carry out a proper evaluation of the number of personnel needed and for which services so as not to overshoot the number of non-regular staff required.
He pointed out that it was an aberration for Federal Medical Centres to have more staff than teaching hospitals and criticised the fraudulent practices associated with outsourcing of services which was prevalent in the hospitals.
He noted that a review of the health sector undertaken by the Commission revealed that funds meant for specific projects in hospitals had been diverted to other unimportant areas.
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On internally generated revenue, Owasanoye told the finance directors that agencies which receive allocations from government were expected to pay 100 per cent of their IGRs into the government treasury to avoid abuse.
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Finance
Osinbajo Calls For Coordination Between Govt, MDAs To Promote Economic Diversification

Vice President, Yemi Osinbajo, has called for synergy between various tiers of government, Ministries, Departments, and Agencies at all levels.
Professor Osinbajo stated this on Friday in a keynote address delivered virtually at the 19th meeting of the National Council on Development Planning themed “National Development Planning in Nigeria: Issues and Challenges”.
He said the coordination between the government and the MDAs was important to ensure that national plans are inclusive In other to promote high growth and economic diversification.
According to him, Nigeria’s economic plan should be modern and ambitious but yet realistic and flexible enough to absorb shocks and adapt to swiftly changing domestic and international conditions.
He further stressed that these plans must accelerate domestic resource mobilisation and capacity building While noting that the best possible environment for the private sector to invest and operate must be created in other for Nigeria’s economy to thrive
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