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2017 budget at risk as FG incurs N404b deficit in Feb

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By Babajide Komolafe President Muhammadu Buhari presenting the 2017 Budget before a joint session of the National Assembly on Wednesday, December 14, 2016.  LAGOS — In spite of increase in federally-collected revenue, buoyed by increase in crude oil price, the Federal Government recorded a deficit of N404 billion for the month of February, 2017.  The Central Bank of Nigeria, CBN, disclosed this in its economic report for February posted on its website, yesterday, indicating another threat to the budget.  The report among other things showed that banks borrowed N4.2 trillion from the apex bank during the month, while they paid N3.2 billion as interest to the apex bank.  The report stated: “The estimated Federal Government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48bn and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively. Of the total receipt, ...
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The World's Most Valuable Brands 2016

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Kurt Badenhausen   ,   FORBES STAFF Apple   AAPL -0.39% ’s 13-year run of quarterly revenue growth came to a crashing halt last month when the tech giant reported revenue of $50.6 billion, off 13% thanks to soft iPhone sales and a slowdown in China. The gloom-and-doom sentiment around the company has reached a zenith with the stock off 30% from its all-time peak 12 months ago. (AP Photo/Matthias Schrader, File) But Forbes’ annual study of the world’s most valuable brands shows that Apple is still in a class by itself with a value of $154.1 billion, 87% more than second-ranked  Google   GOOGL -0.83% . It is the sixth straight time Apple has finished first since Forbes began valuing the richest brands in 2010. “Brands get their value from how customers perceive them,” says David Reibstein, a professor of marketing and branding expert at the  University of Pennsylvania ’s  Wharton School . “What makes it valuable from a company perspectiv...
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Nigeria spends $2bn importing agric products annually — Amaechi

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By Favour Nnabugwu  The Minister of Transportation, Mr Rotimi Amaechi, has said the the country spends a total of $2 billion annually to import agricultural products into the country. Amaechi disclosed this to journalists during an inspection tour from Rigasa rail station in Kaduna to Idu Station in Abuja last Friday. Rotimi Amaechi Even as the world’s 7th largest population in the world at a base line of 170million, the Minister said agriculture is an exceptionally important element of Nigeria’s economy. Amaechi went to say that the large import of food products include wheat, rice, flour, fish, tomato paste, eggs, textile and sugar. The Minister however, stressed the need to diversify the mono-cultural tendencies of the Nigerian economy by developing other sectors of the economy especially agriculture. “Major agricultural imports are wheat, rice and sugar. Most agricultural imports come from the US and the EU. The country’s main agricultural exports are cocoa beans, rubber, ...
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