The Central Bank of Nigeria (CBN) Deputy Governor (Economic Policy), Dr. Sarah Alade has revealed that oil and gas exposures constitute about 40 per cent of the banks’ loan portfolio.   However, Alade, who disclosed this in an interview with The Banker magazine, pointed out that only about 50 per cent, of the 40 per cent mentioned above, was to the upstream sector, where the greatest risk currently resides.   Read ...

For 2017, the Federal Government has proposed a budget of N6,866,335,052,740. The Presidency which formally informed the National Assembly of the proposal yesterday also disclosed that it would set up a $25 billion Infrastructural Development Fund as a means of attracting non-budgetary resources to fund its development projects.   This information was contained in the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and ...

An economist and policy analyst, Professor Pat Utomi, has said that President Muhammadu Buhari’s statements that he would not agree to devaluation of the naira sent wrong signal to would be investors.   Speaking at the Third Awomolo & Associates’ Annual Colloquium held in Abuja on on a theme, ‘Global Economy Beyond Oil: Challenges and Solutions; Nigeria in Focus’, Utomi said that as at the time when investors ...

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that the central bank frittered away a whopping $66 billion over an 11-year period funding Bureau de Change (BDC) operators, blaming this as one of the several policies that led to the erosion of Nigeria’s foreign reserves and is partly to blame for the economic crisis in the country today.   Read More...

Nigeria’s foreign exchange reserves have plummeted to a new low of $24.88 billion, indicating dwindling confidence in the economy, despite reassurances by authorities.   In the last one week, it lost $230 million, understandably due to series of interventions by the Central Bank of Nigeria (CBN), as post recession announcement pressure continued.   Read More...