Business Eye

Transparency, Mr. President, Not Subsidy Removal

As the battle line appears drawn between advocates of the withdrawal of fuel subsidy and those opposed to it, observers are calling on the federal government to concentrate more on reducing corruption than removing subsidy.

The recent revelation of the avowed intention of the federal government to remove fuel subsidy for the past month has dominated national discourse. Perhaps, this issue would not have taken this shape if the federal government h...

Nigerian central bank sells N80.91 billion worth of treasury bills

The Central Bank of Nigeria (CBN) says it has sold N80.91 billion worth of treasury bills on Friday in both the 91-day tenor bills and 182-day tenor bills at the regular debt auction.

                The CBN also said on Friday in Abuja that the 91-day treasury bills was worth N21.83 billion at a 14.19 percent marginal rate, as against the 14.30 percent yield at the previous auction.

                The central bank recorded N59.08 billion on the 1...

Jonathan seeks approval to borrow N1.24trn as Senate uncovers N1trn fraud in 2012 budget

President Goodluck Jonathan yesterday sought the approval of the Senate to borrow $7.9bn (about N1.24trn) for some pipeline projects. In a letter to the President of the Senate, Senator David Mark, and read on the floor of the chamber President Jonathan said that the pipeline projects were already in final stages. President Jonathan explained that the borrowing would cover the period of the medium term framework of the present administration. He ...

A clamour for better service

For Kunle Durojaiye, a businessman in Apapa area of Lagos State, the return of the trains is really a relief not only for his physical body but his finances.  A resident of Ijoko in Ogun state, Durojaiye says that before the trains, he spent about N800 on transportation everyday to work but these days, "it just costs me N300 back and forth. So, as early as 5.30am, he heads for the train station in order to meet up with the 6.20am train ride which...