According to figures from the National Bureau of Statistics NBS and the Debt Management Office DMO, Cross River’s external debt grew from $184.6 million in June 2021 to $279.71million (N129,640,000000. current official exchange rate), in December 2021. While our internal debt has also risen from N159 billion to N197.2 billion at the end of December
In 2019, despite being the only State out of the 36 states of the Federation that exceeded the borrowing ceiling due to a high debt burden, Cross River State Government went on to acquire loans including an unapproved foreign loan of N1.4 billion for what it tagged “AFD CRS National Program for Food Security”. The
By Unini Chioma, The Nigerian Lawyer For the first time since she left office in 2021, the former Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, revealed in her book titled: “Stepping on Toes”, how her battle to streamline excesses in the nation’s port system cost her job. According to her, the
By News Agency of Nigeria, NAN Mr. Festus Olumati, Port Manager, Nigerian Port Authority (NPA), Calabar Port, has said that the volume of vessels berthing at the Calabar Port has led to massive economic prosperity. Olumati said this on Sunday in Calabar while on oversight duty at the Port terminal where over four vessels were
By Ogar Monday Claim: Nigeria’s Minister of Finance, Zainab Ahmed, recently claimed that the country’s 7.5% VAT rate is the lowest in the world. Verdict: False. At least three other countries have a lower VAT rate than Nigeria. Full Text As Nigeria struggles with a rising cost of governance and depleting revenue, the government continues
By Ogar Monday The Presidential Enabling Business Environment Council, PEBEC, a Federal Government Agency responsible for facilitating the ease of doing business in Nigeria, has listed Cross River as one of the worst States in Nigeria to do business. In the report made publicly available recently, Cross River State ranked 33 out of 37, with
By Abiodun Alade, Daily Post The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays
By Bridget Edokwe, BarristerNG Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences. These licensed mobile operators have provided relief to many Nigerians at the