The Federal Government wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said yesterday. The economy needs to plug a gap in its record N7.3 trillion ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter

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Accounts of government agencies are now to be audited weekly to improve compliance with the provision of reports, Auditor-General of the Federation Anthony Ayine said yesterday. Ayine spoke during his visit to the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello, in Abuja. He said one of the purposes of sending auditors

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The Federal Executive Council (FEC) yesterday approved N126 billion contracts for 12 roads across eight states. Minister of Power, Works and Housing Babatunde Fashola, unveiled this at the end of the seven- hour FEC meeting presided over by Acting President Yemi Osinbajo. Fashola, who was with Minister of Budget and National Planning

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The Chairman of the Independent Corrupt Practices and Other Related Offences Commission(ICPC), Mr. Ekpo Nta, yesterday confirmed the recovery of N8, 705, 750, 426.15 from Infrastructure Bank and other five sources in 2016. He said of the funds about N6billion was frozen in the bank alone. He also said the commission received 1,569

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Fed Govt owes 105, 920 retirees N705b, says PenCom The Federal Government owes 105,920 retirees about N705 billion, the National Pension Commission (PenCom), has said. It urged the National Assembly to intervene by appropriating the needed fund to enable the government to meet up its obligations to its former employees. In a

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The Federal Government plans to generate as much as $16.4 billion through assets sale in the next four years to reduce the burden on the public budget, a Budget Ministry document, has shown. The sales will help to tackle inefficiencies and stem “corruption in public enterprises,” according to the document obtained by Bloomberg, which outlines

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New managers were yesterday appointed for Arik Air to save the airline from a debilitating financial turbulence. The Asset Management Company of Nigeria (AMCON) took over the management of Nigeria’s biggest airline. But the airline rejected the takeover and vowed to challenge it in court. AMCON, according to a statement, appointed Captain Roy

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