In the news: Nigeria external reserves to hit 54 months high
The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base.
The House of Representatives is unhappy over the lingering scarcity of petrol in the country and has asked the Executive to submit a N800bn supplementary budget to the National Assembly to offset the debts allegedly owed fuel marketers.
Many workers who are retiring under the Contributory Pension Scheme are either unable to get their pensions or earning ridiculously low stipends because the government has been inconsistent with the remittance of its deductions into their Retirement Savings Accounts.
Fluctuations in the exchange rate of the naira to the United States dollar, vandalism of gas pipelines and violence in parts of the country are preventing the sale of 10 electricity generation plants under the National Integrated Power Projects.
Many Nigerians are still paying far above N145 per litre pump price of petrol approved by the Federal Government for the product, a report of the National Bureau of Statistics has indicated.
The Federal Government has relaxed its new cargo import policy on palletisation, urging all importers to comply with international standards and stacking prescription by the original manufacturers of products.
Despite the huge funds expended on the micro pension initiative by the National Pension Commission (PenCom), it could not keep to its assurance of commencing the scheme by the end of 2017.
Nigeria’s external reserves will rise to 54 months high of $45 billion this month following the conclusion of federal government’s $2.5 billion Eurobond this week. The Eurobond, which commenced last week with the announcement of its pricing on Thursday, will be concluded on Friday.
Only about 36 percent of vehicles plying Nigerian roads are currently insured as records indicate that most of the vehicles run on fake insurance certificates.
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