Economy

The Minister of Works and Housing, Mr. Babatunde Fashola, said on Thursday that his ministry owed 3,504 contractors handlings its various housing projects, about N69.9bn. Fashola stated this when he appeared before the joint National Assembly Committee on Housing, to defend his ministry’s 2021 budget estimates. He, therefore, said the …

Dubai-based Emirates airline on Thursday posted a $3.4 billion half-year loss, its first in more than three decades, saying it had been badly hit by the coronavirus lockdown that brought air transport to “a literal standstill”. “In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded …

The National Leader of the All Progressives Congress (APC), Bola Tinubu, has commended the move by the Lagos State government to repeal the Public Office Holder (Payment of Pension Law 2007) in the state. The law provides for the payment of pension and other entitlements to former governors and their …

GAC Motor, a Fortune 500 vehicle maker, has entered a partnership with four banks and an insurance company to introduce a ‘Drive Now, Pay Later’ scheme for Nigerians. The partnering companies are Wema Bank, Access Bank, Ecobank Transnational Plc, Globus Bank, and Sunu Assurance. The automaker said the scheme will …

 World markets advanced Monday as investors evinced relief over the end of U.S. presidential election limbo after Joe Biden was declared the president-elect. France’s CAC 40 jumped 1.7% in early trading to 5,045.70, while Germany’s DAX surged nearly 2.0% to 12,724.48. Britain’s FTSE 100 gained 1.3% to 5,987.32. U.S. shares …

The Group Head of Tax, Nestoil, Stanley Ezekobe, has advised the federal government to prioritise transaction-based taxes such as Value Added Tax (VAT). Ezekobe, who disclosed this recently at a virtual media roundtable organised by the Nestoil Group said while other forms of tax such as company income tax, are …

The Nigerian bourse on Thursday closed lower to reverse the previous day’s gain as bears regained their grip following the sell-off that has persisted on the equities market. Market breadth closed positive as Transcorp lead 17 other losers to close the trading session on the negative. Consequently, the All-Share Index …

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Thursday that the resurgence of COVID-19 pandemic in Europe may affect the 2021 budget estimate. She said her ministry did not anticipate the second phase of the pandemic, which has caused the oil price to decline in the …

In a further round of sanctions last week, the U.S. blacklisted virtually all of Iran’s financial sector. Perhaps in anticipation, Iran’s central bank announced that it had adopted the yuan (also known as renminbi), as its main foreign reserve currency, replacing the U.S. dollar. With a 25-year strategic partnership with …

The Federal Government and the Organized Labour, on the completion of the two weeks suspension of electricity tariff have resolved to provide tariff relief of N10.20 per kilowatt hour for Nigerians for the next three months and to distribute six million free meters. In a communique made available to journalists …