The Senate Committee on Customs, Excise and Tariff is investigating an alleged N4 trillion ($12.8 billion) revenue leakage in the Nigerian Customs Service between 2006 and 2016. “What we are investigating is not money spent. It is the leakages. The committee frowns at the quantum of revenue losses and it will stop at nothing in ensuring that those involved in this ugly act return all...

Capital releases by the Federal Government of Nigeria to Ministries and Agencies in the 2016 budget has amounted to N1trillion ($3.2billion). The Minister of Finance, Kemi Adeosun (photo), who disclosed this on Sunday said the capital spending is the highest so far in the country’s history. The amount according to her, was released for various projects including the commencement of the...

The Trade and Development Bank (TDB), formerly known as Preferential Trade Area Bank or PTA, is set to establish in Mauritius an office. This was revealed by Mauritius’ Prime Minister, Praving Jugnauth, in a statement released on March 21 after a meeting with TDB’s managing director, Admassu Yilma Tadesse, in Port Louis. “The opening of the Trade and Development Bank office is proof that...

Cote d’Ivoire’s government will seek a new budget support from the International Monetary Fund (IMF) to plug the deficit arising from drop in cocoa prices, Bloomberg reported on March 27, citing government’s spokesperson, Bruno Koné. “With cocoa prices decreasing, we have new budget constraints,” Koné said. According to the officials, Cote d’Ivoire will ask for the support from...

The World Bank, in order to boost agricultural productivity in Nigeria, has approved a $200 million credit facility during the weekend to further support small and medium scale farmers in the country. The loan attests that the World Bank recognizes agriculture as the gateway to Nigeria’s long-term economic growth and diversification, according to Word Bank Country Director, Rachid...

Subsequent to the signing of a Memorandum of Understanding (MoU) on the supply of phosphate between Nigeria and Morocco, 50,000 jobs have been created. According to the Group Managing Director of NNPC, Maikanti Baru (photo), who revealed the news on the sidelines of a meeting with the National Coordinator of the New Partnership for African Development (NEPAD-Nigeria), Princess Gloria Akobundu,...

In Senegal, the government invested CFA30.2 billion in the 2016-17 groundnut campaign. This was revealed by the minister of agriculture and rural equipment, Papa Abdoulaye Seck. In regards to the profits that the investment will bring about, the official said so far 417,000 tons of the crop have been harvested. Of this volume, 188,000 tons have been exported while 128,000 tons were sold to...

Dakar has signed with the African Development Bank (AfDB) a loan agreement to build the Rosso bridge which will connect Senegal to Mauritania. The bridge will close the 1,461 linear metres gap separating Mauritania from Senegal. The gap is explained by the presence of River Senegal. AfDB’s loan which is estimated at about CFA26.7 billion represents 46.5% of the project’s total cost, that is...

The Arab Fund for Economic and Social Development (AFESD) provided Mauritania a loan facility of $43.7 million. The funding will serve to improve water and energy supply in the country. The agreement related to the facility was signed on March 22 by Mauritania’s minister of economy and finance, Moctar Ould Diaye, and AFESD’ president Hassab Rassoul Al Abid. In regards to the funding, it...

At the end of the council of ministers held last March 22, two bills related to the establishment, organization and operating structure of the National Directorate of Cadaster and that of Domains were adopted. The two institutions will arise from the division of the National Cadaster and Domains Directorate, which is in charge of land affairs in Mali. “The adoption of these bills will help...