Naira Redesign: CBN replies Finance Minister, says Nigeria under threat

The Central Bank of Nigeria (CBN) has officially responded to the Minister of Finance, Budget and National Planning‘s claim that she was not informed of the decision to redesign the naira notes. Recall that the CBN governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he said would be in circulation by December 15, 2022. Giving further reason why the decision was taken, CBN spokesman, Osita Nwanisobi, in a statement said: “Currency management in the country had faced several escalating…

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Group calls for minister’s sack for opposing new Naira notes

A socio-cultural group, Oduduwa Youths, has called on President Muhammadu Buhari to immediately sack the Minister of Finance, Zainab Ahmed over her disapproval of the decision by the Central Bank of Nigeria (CBN), Governor, Godwin Emefiele, to redesign the Naira. The group, in an issued statement by one Ade Balogun, said the Minister’s attack on the new naira, despite knowing that the CBN Governor got approval from the President shows that she wants to ruin Buhari’s agenda to save the economy. The group insisted that the apex bank doesn’t owe…

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Planned New Naira Notes: Finance Minister disagrees with CBN over currency redesigning

…Warns of consequences Two days after the Central Bank of Nigeria (CBN) announced a planned redesign of the naira the minister of Finance, Budget and National Planning, Zainab Ahmad, has rejected the idea, warning that it will have a devastating effect on the economy. Zainab, who totally disowned the policy during budget defence at the Senate, said there would be severe consequences. Recall that the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he…

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“Nigeria’s foreign debt unsustainable” – Finance Minister, Zainab Ahmed, finally admits

After a long period of insisting that Nigeria had no debt problem, but only revenue short-fall, the Finance Minister, Zainab Ahmed, has finally admitted to the contrary, saying that the nation’s debt stock is no longer sustainable. Recall that the Minister had argued stridently in the past three years that Nigeria’s debt-GDP (Gross Domestic Product) was within a safe threshold, which became the administration’s mantra for contracting more frivolous loans for consumption. However, she recently made a U-turn, as she was quoted to have stated that Nigeria was considering re-ordering…

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Mounting Debt: ‘More taxation the only way to reduce Nigeria’s debt burden’ – Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, says more tax collection and blockage of revenue leakages were the only realistic ways of reducing the country’s mounting debt burden. Ahmed stated this at a workshop on tax expenditure, organised by the ECOWAS Commission under the Context of the Implementation of the Support Programme for Tax Transition in West Africa (PATF) in Abuja, on Tuesday. The Minister, who was represented by the Director, Technical Services in the Ministry, Fatima Hayatu, said the issue of tax expenditure was a great…

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Debt servicing surpasses revenue as FG releases Q1 data

…N1.94 tr spent between January-April The cost of servicing debt surpassed the federal government’s retained revenue by N310 billion in the first four months of 2022. This is contained in the 2023 – 2025 Medium-Term Fiscal Framework/ Fiscal Strategy Paper (MTFF/FSP) report, presented by the Minister of Finance, Dr. Zainab Ahmed. According to the report, as of April 2022, a sum of N1.63 trillion was earned as the federal government retained revenue, accounting for 49% of the prorated target of N3.32 trillion. This is significantly lower than the projected revenue…

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H/Reps summon Petroleum, Finance Ministers, NNPC, CBN, others over poor state of refineries

The House of Representatives has invited the minister of Finance, Budget and National Planning, Zainab Ahmed, the Minister of State for Petroleum Resources, Timipre Sylva, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Ltd, Mele Kyari, and the governor of Central Bank (CBN), Godwin Emefiele, to appear before it next week Thursday to give an account of the true state of refineries and what is needed to be done for them to function at maximum refining capacity. The House Adhoc Committee investigating the state of refineries in the…

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“Electricity subsidy removed, fuel next to follow” – Finance Minister

…Says FG delaying fuel subsidy removal because of 2023 election The Minister of Finance, Mrs. Zainab Ahmed, has revealed how the Federal Government quietly removed the subsidy on electricity tariff. Ahmed, who disclosed this at the second day of a virtual meeting of African Finance Ministers and the International Monetary Fund (IMF), on Thursday, said the government had to carefully adjust the prices incrementally at some levels. According to her, the Federal Government stood down the planned removal of fuel subsidy due to pushback from citizens and to avoid consequences…

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Amidst economic hardship, Finance Minister hints at additional taxes for Nigerians in 2022

The Minister of Finance, Zainab Ahmed, has disclosed that there might be an introduction of new tariffs and levies for its citizens in 2022, as according to her, “the economy was now on a recovery path”. Mrs. Ahmed made this known yesterday, while addressing ‘stakeholders’ during a public hearing on the 2021 Finance Bill, organised by the House of Representatives Committee on Finance, in Abuja. She said that a couple of ”reforms and amendments” had been recommended in the draft 2021 Finance Amendment Bill, adding that more will be introduced…

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Covid-19: 109 million Nigerians to be plunged into poverty by 2022 – FG reveals

The Federal Government yesterday said the total number of poor Nigerians would hit about 109 million by the end of next year as a result of the negative impact of the Covid-19 pandemic on the nation’s economy. The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this yesterday, at the on-going National Covid-19 Summit, in Abuja. Represented by the Director-General of Budget Office, Ben Akabueze, at the event, themed “Pushing Through the Last Mile to End the Pandemic and Build Back Better”, the Minister explained that the pandemic…

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