Business

FG spent N609bn on debt servicing between January-March ― DMO

FG spent N609bn on debt servicing between January-March ― DMO

The federal government spent a total of N609,134,926,039.42 in debt service between January and March 2020. The data obtained from the website of the Debt Management Office (DMO), Thursday evening, indicated interest on NTBs stood at N111.605 billion; interest on FGN Bonds, N488.935 billion; FGN Savings Bonds debt servicing took N392.794 billion while; Rentals amounted…

Petrol price: NLC demands reversal, NECA backs govt

Petrol price: NLC demands reversal, NECA backs govt

The Nigeria Labour Congress has kicked against the new fuel price of N143.8 announced by the Petroleum Products Price Regulatory Agency on Wednesday, saying “this might just be the last straw that would break the camel’s back.” The congress demanded a reversal of the pump price to the old price, arguing that that the prices…

Investors lose N115bn as stocks reverse gains

Investors lose N115bn as stocks reverse gains

Investors lost a total of N115bn on Thursday as the nation’s stock market closed in the red amid profit-taking activities. The Nigerian Stock Exchange All-Share Index declined by 0.89 per cent as market breadth closed negative with only seven gainers as against 26 losers. The ASI dipped by 220.65 basis points to close at 24,374.40bps…

Chinese bank, Sinosure to fund $2.6bn Ajaokuta-Kano pipeline

Chinese bank, Sinosure to fund $2.6bn Ajaokuta-Kano pipeline

The Bank of China and Sinosure, a Chinese export and credit insurance corporation, are to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline, the Federal Government said on Tuesday. Also, two Chinese firms will work along with their counterparts in Nigeria to execute the project, which was officially inaugurated virtually by the President, Major General Muhammadu Buhari…

Lagos, Abuja, three airports to reopen June 21 – FG

Lagos, Abuja, three airports to reopen June 21 – FG

Ahead of the June 21 date for the resumption of domestic flights in the country, the Federal Government has said only five airports will be operational while others are to remain closed for further assessment. This was contained in a circular to airlines signed by the Director-General of the Nigerian Civil Aviation Authority, Capt. Musa…

Foreign reserves gained $2.7bn in one month –CBN

Foreign reserves gained $2.7bn in one month –CBN

The nation’s foreign reserves rose by $2.7bn in May after declining for several months, figures from the Central Bank of Nigeria showed on Tuesday. According to the CBN, the foreign reserves, which stood at $33.52bn as of April 30, 2020, rose to $36.59bn as of May 29, 2020. The reserves had plunged to a record…