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MayThe Presidency has declared that the N200 billion facility set aside for the Federal Government Social Housing Scheme is available for disbursement, allowing the project to get underway. This follows the signing of an agreement with the Central Bank of Nigeria (CBN) and a guarantee from the Federal Ministry of Finance for the project, which is intended to produce 1.8 million employment and provide housing to 1.5 million Nigerian families at a rate of 5% each year. The information was revealed in a statement released by Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, […]
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AprThe government demands that SBT increase collection by N65 billion and 600,000 meters. Ahmad Rufai Zakari, the President’s Special Adviser on Infrastructure, yesterday slammed a World Bank study claiming that the Federal Government spends at least $1.5 billion to address the country’s electricity shortage. According to the presidential aide, the World Bank report, which also reported that 78 percent of power users in Nigeria have less than 12 hours of regular electricity supply, was unfounded. Although the World Bank reported that the Nigerian government is currently subsidizing the power sector with about $1.5 billion, mostly due to tariff shortfalls, Zakari[…]
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AprMrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, explained how the federal government rejected governors’ bid to borrow N50 billion from the Central Bank of Nigeria (CBN) to cover a revenue deficit in March and allocate the money through the Federation Account Allocation Committee (FAAC). According to the minister, who appeared on a National Television Authority (NTA) program monitored in Abuja, the federal government found reports by Edo State Governor, Mr. Godwin Obaseki, that it printed N60 billion to supplement funds shared to states in March surprising. Governors bemoaned the state’s precarious finances as a result of the[…]