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Emefiele: N35tn Infrastructure Investment Needed for Double-digit Growth
The Governor of the Central Bank of Nigeria (CBN),Godwin Emefiele, has said Nigeria requires about N35 trillion investments in infrastructure for the economy to post a double-digit growth.
Emefiele, in a goodwill message he delivered yesterday at a webinar on “Financing Public-Private Partnership to Boost Infrastructure Delivery in Nigeria,” organised by the Bureau of Public Enterprises (BPE) in Abuja, added that given the paucity of government revenues, it will be difficult to support such investments using government funds alone.
Illegal oil deals: FG fails to recover $69bn loot in American banks
An American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, has traced $69bn (about N28.3tn) to different Texas bank accounts accrued from illegal oil deals by the Nigerian National Petroleum Corporation.
The money was believed to have been siphoned from undeclared crude oil sales under the Goodluck Jonathan administration allegedly by the NNPC officials and their collaborators in the Central Bank of Nigeria.
Out of the stash, $9bn was traced to a Texas bank account allegedly belonging to a former National Security Adviser, General Andrew Azazi.
Azazi died in a helicopter crash in Okoroba, Nembe Local Government Area of Bayelsa State, in December 2012, alongside the Governor of Kaduna State, Patrick Yakowa, Warrant Officer Kamal Mohammed; a prominent politician from Kaduna, Dauda Psokho; the pilot, identified as Commander Muritala Daba; and co-pilot, Lt Col. Adeyemi Sowole.
25 generals, others may go as Yahaya emerges COAS
The President, Major General Muhammadu Buhari (retd.), on Thursday appointed Major General Farouk Yahaya as the new Chief of Army Staff, one week after the demise of the former COAS, Lt. Gen. Ibrahim Attahiru and 10 others in a plane crash in Kaduna.
Until his appointment, Yahaya was the Theatre Commander, Operation Hadin Kai, responsible for counter-terrorism and counter-insurgency operations in the North-East.
Yahaya’s emergence may however spell the end of the careers of about 25 major generals who were of the Regular Course 35 and Regular Course 36.
According to military tradition, the new COAS, who is of Course 37 is junior to these officers and cannot superintend over them.
Nigerians to pay more for imported vehicles from June 1
Beginning from June 1, 2021, Nigerians with a low budget would be unable to purchase cars while those with a high budget will pay double, as terminal operators have announced a 50 per cent increase in terminal handling charges.
Two Roll On Roll Off (RORO) terminals at the Tin Can Island Port, Ports and Terminal Multipurpose Limited (PTML) as well as Five Star Logistics Terminal had two weeks ago announced an increase in their terminal handling charges by 50 per cent.
According to the circular released by both terminal operators, the increment is expected to take effect from Tuesday next week. However, the terminals have blamed the increment on inflation and huge operational cost due to the nature of Nigerian ports, among others.
Naira slips to 490/$ at parallel market, CBN plans digital currency
The naira exchanged to the dollar at N490/$ at the parallel market on Thursday.
According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening.
The naira had earlier exchanged to the dollar at N483 in previous week.
The CBN recently adopted the the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.
It confirmed this new official rate on its website on Monday night, after it had removed N379/$.
It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
