Ooni of Ife urges FG to boost tourism

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi has advised the Federal Government to invest heavily in the nation’s tourism potential. Oba Ogunwusi gave the advice in Owo, Ondo State at an event organised a businessman, prince Rotimi Ibidapo. The monarch said it is high time the federal government made tourism another source of generating revenue now that oil is no longer economically viable. He noted that some countries in the world who don’t have oil rely on tourism to boost their economy. The monarch also called for involvement of private individuals in business management in the country. Prince Ibidapo on his part stressed the need to engage Nigerian youths in productive ventures....

FG to inject N350 billion to economy – Minister

TVC E, NEWS - The Federal Government will inject N350 billion into the Nigerian economy in the next few months. the minister of finance, Kemi Adeosun has said. The Minister disclosed this to State House correspondents at the end of the two-day National Economic Council (NEC) Retreat at the Presidential Villa, Abuja. Adeosun said the money is intended to revive significant activities back into the economy. It will partly be used to offset contractual debts in the country. ...

Naira devaluation will hurt the poor, says Oshiomhole

Debate on whether to devalue or not to devalue the naira became fiercer yesterday with Edo State Governor, Comrade Adams Oshiomhole joining the discussion. The Governor, who did not hide his disdain for a weaker naira, said a devaluation of the local currency at this time will make the poor poorer. Oshiomhole, who spoke at the maiden edition TheCable Colloquium with theme: The Naira on Trail: To Devalue or Not? said the rich, who constitute about five per cent of the population; portfolio investors and collaborative private sector operators canvassing for devaluation will benefit from the decision. He said devaluation of the naira at this time when Nigeria’s productive base is very low and the desire for foreign goods keep rising will be a big mistake. The Governor said previous devaluations never benefitted the poor and workers, whom he described as the best economists because of their prudent management of the N18, 000 minimum...

Experts worry over economy, differ on naira

 Economic and financial experts on Wednesday expressed divergent views on the latest decision of the Central Bank of Nigeria, but agreed that the economic crisis plaguing the nation had yet to be addressed. The CBN’s Monetary Policy Committee had on Tuesday decided not to devalue the naira and left the Monetary Policy Rate, Cash Reserve Requirement and liquidity ratio unchanged at 11 per cent, 20 per cent and 30 per cent, respectively. While some of the experts said they had expected a devaluation of the ailing currency, others hailed the CBN’s decision on the naira....

Cash crunch : FG mulls tinkering with tax regime

TVC E, BUSINESS - The Federal Government is considering changes to Nigeria's tax regime as part of efforts to bolster the economy amid the financial crunch brought by falling oil prices. Indications that the government will increase Value Added Tax emerged on Saturday. The idea had been suggested by the International Monetary Fund, whose Managing Director, Ms. Christine Lagarde, visited the country early this month. Vice President Yemi Osinbajo, who said changes to taxation were being considered, told CNBC in a television interview, “We are looking at increasing our tax coverage. He added, “VAT, for instance — we have been doing just about 20 per cent coverage. We think that just by increasing coverage, we could do much more, and so we could earn more in terms of local resources,” he said. Increasing VAT from 5 per cent, among the world’s lowest VAT rates, and broadening the tax base were among suggestions put forward by...

4,000 Seater Seats Scrapped by Organizers -2016 Rio Olympics

Organizers of the 2016 Rio Olympics have expressed worry over the low rate at which the Olympic tickets are being sold. This is as a result of the economic recession the country is experiencing at the moment. Brazil is in a deep recession which is affecting all aspect of the Olympics The organizers have scrapped plans to build a 4,000-seater stand at the rowing and canoeing venue as part of a $500m (£353m) cost-cutting measure. The organizing committee spokesman Mario Andrada said ‘’We are a bit worried with the Paralympics,'' "We have to educate, publicize." He went further to say "We have cut some services and made some important corrections. We have a balanced budget, with some creative solutions. Many of the future Games will be inspired by what we do today’’ The Olympic Organizers are scaling back on a number of areas to balance the operating budget of £1.3bn....

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