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Mon,21May2018

Kemi Adeosun

Nigeria to allocate $180m more in capital spending

Nigeria's Finance Minister Kemi Adeosun. Photo©Akintunde Akinleye/ReutersNigeria's government is to allocate 60 billion naira ($180 million) more spending on capital projects as part of the 2016 budget and in addition to earlier releases, Finance Minister Kemi Adeosun said on Friday, as it tries to boost the economy.

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No need to panic about Nigeria sliding into recession

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. Photo©Reuters/Akintunde AkinleyeNigeria will face only a short recession if its economy shrinks again in the second quarter, because removing fuel subsidies and implementing policies to reduce dependency on oil will pay off, Finance Minister Kemi Adeosun said on Thursday.

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Finance: Nigeria plans to put up to $1.7 billion into capital projects in coming days

Nigeria's budget minister Udoma Udo Udoma said the impact of the move would be seen by the third quarterNigeria's government will next week pump much of the $1.76 billion earmarked for capital projects this quarter into Africa's biggest economy, the budget minister said on Wednesday.

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Nigeria foreign exchange conundrum, damaging investor, business sentiment

Nigerian currency, Naira. Photo©Sunday Alamba/AP/SIPAA two-week silence from Nigeria's government and central bank on further details or even a timescale for naira liberalisation has left international investors and domestic firms anxious about whether a gameplan has been even formulated or agreed.

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Nigeria's central bank governor and finance minister to explain foreign exchange shift to Senate

File Photo©ReutersNigeria's Senate on Wednesday passed a motion to invite Central bank governer, Godwin Emefiele and Finance Minister, Kemi Adeosun to explain how a shift to a more flexible foreign exchange policy could help the economy to contend with its worst crisis in decades.

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Nigeria: President Muhammadu Buhari signs delayed 2016 record budget into law

File Photo©ReutersNigeria's President Muhammadu Buhari signed the delayed 2016 budget into law on Friday, ending weeks of wrangling with lawmakers and tripling capital expenditure as Africa's biggest economy contends with its worst crisis in years.

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World Bank and Nigerian president discuss economic crisis and former president's loot

Swiss authorities are holding $320 million in stolen money by former military leader Sani Abacha. Photo©ReutersThe World Bank's managing director and Nigeria's president on Wednesday discussed how the multilateral lender could help Nigeria overcome its economic crisis and repatriate more than $300 million stolen by a former military ruler.

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Nigeria: World Bank and Buhari discuss the country's economic crisis

President Muhammadu Buhari. Photo©Vahid Salemi/AP/SIPAThe World Bank held talks with the Nigerian president on Wednesday on how it could help Nigeria overcome an economic crisis caused mainly by a sharp fall in crude prices eating into its oil revenues.

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Finance: Nigeria considers selling Chinese Panda bonds

Nigeria's Finance Minister Kemi Adeosun. Photo©ReutersNigeria is considering selling Chinese Panda bonds to help finance the 2016 budget, its finance minister said on Saturday.

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Nigerian parliament approves 2016 record budget

Photo©ReutersNigeria's parliament approved record spending for 2016 in a budget on Thursday that gave few clues about how Africa's top oil producer can find the money with energy prices still struggling to recover.

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Finance: Nigeria may reduce $38/barrel budget oil benchmark if prices fall further

Nigeria's Finance minister Kemi Adeosun says the country is borrowing to finance critical sectors of the economy. Photo©ReutersNigeria may reduce the oil benchmark of $38 per barrel outlined in its 2016 budget if global crude prices continue to fall, the budget and planning minister said on Thursday.

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Nigeria puts Eurobond sale on hold as it seeks China loan

Nigeria's Finance Minister Kemi Adeosun. Photo©ReutersNigerian Finance Minister Kemi Adeosun plans to travel to China next week, aiming to negotiate a loan of up to $2 billion to help fund record budget spending, financial and government sources said on Wednesday.

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Nigeria requests $1 bn AfDB budget support loan

Nigeria, reeling from the oil price plunge that has slashed vital revenues, has asked the African Development Bank for a $1 billion loan to help fund an increased budget deficit, the AFDB said on Tuesday.

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Nigeria considering widening tax coverage

IMF head Christine Lagarde has suggested Nigeria increases its VAT from 5%, which is among the world's lowest. Photo©ReutersNigeria's government is considering changes to the tax regime as part of efforts to overcome the crisis in Africa's biggest economy brought on by falling oil prices, Vice President Yemi Osinbajo said on Friday.

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Nigeria's monetary and fiscal policy must reinforce each other - Finance Minister, Adeosun

Kemi Adeosun, Finance Minister, Nigeria. Photo©Reuters Monetary and budgetary policies in Nigeria need to be "harmonised" to boost the economy, Finance Minister Kemi Adeosun said on Friday, adding that moves towards this can be expected.

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