Wednesday, January 28, 2009

[News Update] E-Pay: Govt Stops All Cash and Cheque Payments as ARF Awards Virgins (girls)

Latest from the Economic Confidential www.economicconfidential.com

 

E-Payment: FG Stops All Cash, Cheque payments

The Federal Government has stopped all cash and cheque payments from January 2009 as it introduced electronic payments in all business transactions in Ministries, Departments and Agencies (MDAs). Payments would henceforth be done electronically to the beneficiary's account and not with cash or cheque instruments, the Accountant-General of the Federation (AGF), Mr. Ibrahim Dankwanmbo, declared at a Seminar in Abuja.

 

Federation Account: 37 Governors May Join Suit Against FG

All the 37 States' governors in Nigeria may join the suit instituted by 14 states against Federal Government at the Supreme Court over illegal deductions from the Federation Account and abuse of the Excess Crude Account.

 

Fiscal Implications of the 2009 Budget

By Ifueko Omoigui Okauru, MFR

In summary, despite the reduction in oil prices and buoyed by the early start in the reform of the tax system, the Federal Government intends to increase its level of spending albeit funded more by non-oil revenues than by oil revenues.

 

 

More From Media Updates in the Home Page:

www.economicconfidential.com:

*ARF confers award on 41 virgins

*A Nigerian donates $1m to US university

*Nigeria' Capital market loses N9tr

*Sokoto to recover N4bn from Bafarawa

*House Jacks Up 2009 Budget By N170bn

*MDAs barred from awarding new contracts

*NNPC Spends N4.7tr on Dwater Discoveries

*Foreign reserves drop by 11 per cent

*Union queries Yuguda's N300m wedding

*Oceanic, UBA at war over N1bn MTEL

*Nigerian Bribe- Halliburton to Pay $559m


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posted by Economic Confidential at 11:58 PM 0 comments

Sunday, January 25, 2009

[News Update] Excess Crude: States Demand N1.4 trillion as LG Boss Places Ad on Yar'Adua's Daughter

Latest from the Economic Confidential (www.economicconfidential.com)

 

 

States Insist Excess Crude Funds Should be Put in Escrow Account

...Lagos State joins the Suit on illegal Deductions at the Apex Court

…. Demands for Refunds now N1.4 trillion from N1.1trillion

The states in the federation has insisted that the funds accrued into the Excess Crude Account should be Deposited in an Escrow Account just as the total amount for refunds over illegal deductions from the Federation rises to N1.4 trillion as Lagos State joins 13 other states at the Supreme Court over the operation of the Federation Account... Read

 

Local Governments' Funds: Boss Places Congratulatory Advert on Wedding of Yar'Adua's Daughter

When many local areas are crying for developments, in what may sound like a Mother-of-all-congratulatory-message, a Chairman of a Local Government Council in Nigeria has placed a full page advertorial in national media to congratulate President Umaru Musa Yar'Adua over the wedding of his daughter in Katsina to the Governor of Bauchi State… Read

 

 Other News Items

Ø  VP Inaugurates NEMA Governing Council

Ø  Nigerian Banks' Performance 2008 and First Week of January 2009

Ø  New policy vests tax variation powers in N' Assembly

Ø  Excess Crude Account Not for Sharing – Finance Minister of State

Ø  Ministry of Science to Stem Natural Disaster

Ø  FIRS' Boss dedicates award to taxpayers as it nets N2.972trillion

Ø  Infrastructure Concession will be transparent – Shonekan

 

Media Updates in the Homepage

v  Police parade goat as robbery suspect

v  Petrol now N65 a litre

v  Kano, Now Most Populous – Census

v  FIRS boss advises FG on 2009 budget

v  Spain partners Kano on industrial growth

v  2009 budget- Reps postpone passage

v  Excess crude fund- FG opts for settlement

 

 

 

All of these and more from www.economicconfidential.com

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posted by Economic Confidential at 11:39 PM 0 comments

Friday, January 09, 2009

[News Update] Federation Account: How They Share N495bn in Dec. 2008 & This New Finance Minister

Latest from the Economic Confidential www.economicconfidential.com:

 

FEDERATION ACCOUNT: A Detail Allocation of N495bn in December 2008

- Statutory N389bn, Excess Crude N106bn

From documents obtained by Nigeria's economic journal, the Economic Confidential, the highest recipients are mostly oil producing states of Rivers which receives N15.5bn, Akwa Ibom N11.2bn, Delta N8.2bn, Bayelsa N7bn and Ondo N5bn. The lowest recipients with less thanN3bn in the table are Ekiti N1.3bn, Nasarawa N2.5bn, Gombe N2.5bn and Ebonyi N2.9bn… Read

 

Dr. Mansur Muhtar: Another First Class Finance Minister

The new Minister of Finance, Dr. Mansur Muhtar was in the team of technocrats who negotiated the exit of Nigeria from emasculated foreign debts from multilateral institutions… He obtained First Class in B.Sc. Economics from Ahmadu Bello University, Zaria and passed with Distinction in postgraduate programme (M.Phil), Economics and Politics of Development from University of Cambridge United Kingdom. He also holds Ph.d. in Economic from University of Sussex…. Read

   

Information Management: Between Odey and Akunyili

Other sensitive ministries like that of justice, health, finance, science and technology have always had relevant professionals with requisite qualification as ministers. Since the reemergence of democratic dispensation in 1999 some of the past ministers of Federal Ministry of Information were Emeka Chikelu, a lawyer; Frank Nweke Jnr., a zoologist and John Odey a banker by qualifications… Read

 

Bush: Farewell to legacy of 'sorrow, tears and blood'

Today, few days to inaugurating the new President elect Barrack Obama the world is far from being a better place. As I am talking to you, an all out war is going on in Palestine where we are witnessing the 20th century Holocaust – a victim turned oppressor. Even Iraq, where we are told the country is free from the clutches of a despot, the country was better of during Saddam than during the time of American imposed government of Nouri Elmaliky… Read

 

Editor's Suite

As the Economic Confidential celebrates its second anniversary in January 2009, we have commenced the circulation of its print edition to all the 774 local government councils in Nigeria to make it truly accessible. We have been encouraged by the supports and encouragement of our patrons, advertisers, subscribers and readers to embark on this new frontier… Read


Also in Media News Updates from

the Home Page www.economicconfidential.com:

 

*Govt to power Abuja with generators

*Nigeria's oil wells may dry up in 30 years

*Naira's value drops, now 140 to one dollar

*FG Considers Fuel Tax

*No new oil discovery in Nigeria since 2005

*Ministry asks for N4.1b to furnish offices

*Telcoms, Differ With Akunyili On Tariff

*FCT to spend N16b on rail project

*Shekarau jinx breaker... Won at Appeal

*ICPC Probes Gov. over N65b on wives, etc

*CBN deploys fraud monitors in banks

*Oil Price Wont Affect 2009 Budget
 

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posted by Economic Confidential at 12:04 AM 0 comments

Wednesday, January 07, 2009

[News Update] Over $100bn for Infrastructure Developments in Nigeria- DG ICRC

Latest from Economic Confidential www.economicconfidential.com

 

 

INTERVIEW: Over $100bn for Infrastructure Developments in Nigeria- DG ICRC

Engineer Mansur Ahmed is the Director General of the newly inaugurated Infrastructure Concession Regulatory Commission ICRC. Before his new appointment he had served as Director General/Chief Executive Officer of the Nigerian Economic Summit Group (NESG) since 2004 where he became a great advocate for public private partnership toward revitalization of the economy. He believes neither the public institution nor the private sector can solely shoulder the responsibility of providing the required infrastructures for a teeming populace like Nigeria. In this exclusive interview granted to the Economic Confidential he bares his mind on the newly inaugurated Infrastructure Concession Regulatory Commission (ICRC) and expectations… Read

 

 

Kano's Budget of Sustainable Economic Growth and Development II

The total size of the proposed Budget of Sustainable Economic Growth and Development II is N108,731,536,152:00 made up of a recurrent expenditure of N40,442,000,940:00 and capital expenditure component of N68,289,535,212:00. The recurrent size of the budget is made up of N20,407,564,988:00 of Personnel cost and N20,034,435,952:00 as Overhead cost. The proposal is expected to be funded from a total recurrent revenue receipt of N81,863,920,879:00 (Federally Collected Revenue and IGR) and capital receipts of N26,867,615,273 (Grants and Miscellaneous Capital Receipts). It is a balanced budget… Read

 

More also in our Media Updates from the Homepage on:

*Naija pirates seize French Ship Want$25m

*ICPC Probes Gov. over N65b on wives, etc

*FG to review of oil prices; crude nears $50

*OBJ's ex-aides evicted from  Villa

*CBN deploys fraud monitors in banks

*Budget- House Soft-pedals

*States, LGs may now fund police

*Oil Price Wont Affect 2009 Budget

*Akunyili wants telecom tariff reduced

*Ports to be decongested within 60 days

*Anambra, Delta Pull Out Of Niger Bridge Project

 

Editor's Suite

As the Economic Confidential celebrates its second anniversary in January 2009, we have commenced the circulation of its print edition to all the 774 local government councils in Nigeria to make it truly accessible. We have been encouraged by the supports and encouragement of our patrons, advertisers, subscribers and readers to embark on this new frontier… Read

 
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posted by Economic Confidential at 12:47 AM 0 comments