Finance minister: Revenue is Nigeria’s problem, not debt

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, says lack of adequate revenue to finance both human and capital  infrastructure should be the major worry of Nigeria, not the current debt it owes.

Ahmed made the remarks at the Public presentation and Breakdown of the Highlights of the 2022 Appropriation Bill to justify the current level of the federal government borrowing to finance the deficit of the budget.

She stated that with the federal government expected to spend N16 trillion in the proposed 2022 Budget, its expenses are minute to the combined over N100 trillion spent on

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How to Select a Cryptocurrency to Trade

Cryptocurrencies are valued by investors because they are a new technology capable of transformation, as well as being a store of value – attributes that have seen several cryptocurrencies soar in value since inception. That said, cryptocurrencies have also been used to enable fraud, scams, and theft.

There are thousands of cryptocurrencies in existence.

While many of these cryptos have little to no following or trading volume, some enjoy immense popularity among dedicated communities of backers and investors. In any case, investors are always on the look-out for a cryptocurrency that will provide a good return on investment.

Here are

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Stocks edge lower as Wall Street prepares for earnings

Stocks edged lower in afternoon trading on Wall Street Monday as communications companies and banks fell broadly.

The S&P 500 fell 0.3% as of 2:40 p.m. Eastern after rising as much as 0.6% earlier. The Dow Jones Industrial Average fell 146 points, or 0.4%, to 34,593 and the Nasdaq also fell 0.1%.

The price of U.S. crude oil rose 1.5% to over $80 a barrel.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the

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Wall Street banks set to profit again when Fed withdraws pandemic stimulus

A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 28, 2021. REUTERS/Andrew Kelly/File Photo

NEW YORK, Oct 15 (Reuters) – Wall Street banks have been among the biggest beneficiaries of the pandemic-era trading boom, fueled by the Federal Reserve’s massive injection of cash into financial markets.

With the central bank nearing the time when it will start winding down its asset purchases, banks are set to profit again as increased volatility encourages clients to buy and sell more stocks and bonds, analysts, investors and executives

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5 things to know before the stock market opens Friday, Oct. 15

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street on track for a winning week on strong earnings

Traders work on the floor of the New York Stock Exchange (NYSE), October 12, 2021.

Brendan McDermid | Reuters

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Stock jumps as Wilsonville battery maker ESS begins trading on Wall Street, reversing wobbly debut

ESS Tech, a small Wilsonville battery manufacturer, made an emphatic debut on Wall Street as a sudden spate of investor enthusiasm overcame a difficult week for the company.

Shares jumped 27%, $2.22, to close at $10.43 after trading began Monday on the New York Stock Exchange. The stock trades under the ticker symbol GWH (a nod to “gigawatt hour,” 1 billion watt hours of electricity).

ESS makes iron-based batteries that it says will enable clean electricity generators, like solar and wind farms, to store their energy. Energy storage for clean power is an essential element of any move away from

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FG shortlists 10,000 youths for investment loans

The Federal Ministry of Sports and Youths Development on Wednesday said 10,000 out of the three million youths who applied for the Nigeria Youth Investment Fund have been shortlisted.

The Youth Development arm of the ministry said this in a statement it issued in Abuja on Wednesday.

The statement titled ‘Nigeria Youth Investment Fund: 10,000 youths shortlisted, await training and disbursement’ added that the selected youths would be entitled to loans between N250,000 and N3m.

It said, “The Ministry of Youth and Sports Development stated that out of the ongoing screening of over three million applicants

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Tax on carbonated drinks to increase in 2022, says finance minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced a possible increase in the taxation on carbonated drinks, which would lead to a price increase.

She said this at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill on Friday in Abuja, stating that it will be part of the additions in the 2021 Finance Act which will take effect from January 2022.

She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.

“The introduction of new and further increases

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Bitcoin slumps as China bans all cryptocurrency transactions | Crypto News

China has delivered its toughest blow yet to the crypto industry by declaring that all crypto-related transactions will be considered illicit – including services provided to offshore exchanges.

China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry.

Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.

Bitcoin slumped in the wake of the announcement, falling 8% to

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Wall Street eases as caution rises over earnings

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By Caroline Valetkevitch

U.S. stocks ended a choppy session lower on Monday as investors grew more nervous ahead of the third-quarter earnings reporting season.

Supply chain problems and higher costs for energy and other things have fueled concern about earnings, set to kick off with JPMorgan Chase & Co results on Wednesday.

Indexes reversed early gains, and JPMorgan shares were down and among the biggest drags on the S&P 500, while the S&P financial index was also lower.

According to preliminary data, the

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