GISTTALKS

The administration of President Muhammadu Buhari is to reinburse state governments for the claims of over-deduction for external debt service arising between 1995 and 2002 as a result of first line charge deductions from the Federation Account Allocation Committee (FAAC). The state governments made the submission to the federal government in respect of the debt service deductions having to do with the Paris Club and multilateral debts. buhari and state governors Some states were said to have been overcharged when Nigeria reached a final agreement for debt relief with the Paris Club in October 2005. The president however directed that the claims be subject to verification by the Debt Management Office (DMO). To this end, the ministry of Finance announced that a team was established and given the mandate to scrutinise and reconcile the available records. READ ALSO:   How Buhari's government is being derailed by mini

They’ll also limit choice and increase the cost of borrowing by   Mark Brown   November 30th, 2016 Online only.   0 Are you thinking about going to one of the smaller non-bank lenders for your next mortgage? If your property is worth more than $1 million you may be out of luck. That’s just one of the conditions consumers shopping for a mortgage will now need to consider as the latest round of federal mortgage rules take hold. Under the new rules non-bank lenders will likely have to turn away sizeable portion of mortgage seekers, leaving the big banks as their only option. For consumers it will mean less choice and higher rates on their next mortgage. How much more you need to earn to buy a home The new  regulations , which kicked in on Nov. 30, impose stricter limitations on the types of mortgages that will qualify for mortgage insurance. In the past these tighter rules targeted risker, high-ratio mortgages, bu

TORONTO Canada Mortgage and Housing Corp., the Crown corporation that controls about half of the mortgage default insurance market in the country, continues to shrink its business. CMHC released its third quarter results Tuesday which show that as of Sept., 30, 2016, the Crown Corp.’s total insurance-in-force was $514 billion, down $9 billion from the previous quarter. The federal government, which backstops 100 per cent of CMHC’s insurance business, has a $600-billion limit on the Crown corporation. “Despite some economic challenges in parts of the country, we continue to generate a positive return for all Canadians. What’s more, our portfolio remains strong as evidenced by the increasing equity borrowers have in their homes and the downward trend of our overall arrears rate,” said Wojo Zielonka, the chief financial officer of CMHC, in a release. Steve Mennill, senior vice-president with CMHC, participated in a conference call Tuesday to discuss results. He

Nigerians are having a hard time trying to survive under the harsh economy, so when the news of a hike in data price hits the drums of their eyes, the people refuse to dance to the rhythm of more deprivation. Nigerians say the Buhari-led government cannot agree to a price increase on Data plans, stressing that any network that cannot operate at the current rates should pack up and leave the nation. The Hike Debate The recent directive by the Nigerian Communications Commission (NCC) to the five big telecoms operators in the country to increase their data tariffs is said to have been posed as to  allow small operators and new entrants acquire market share  and operate profitably, an official of the commission had disclosed. However the Trade Union Congress argue that such a move would only be fine, if the nation was not already experiencing a harsh economy that has seen the folding up of many business, and the demise of some Nigerians who cannot bear  the intensit

The election materials were offloaded in the presence of the representatives of participating political parties. Published:  01.12.2016 Pulse News Agency Local By NAN Print eMail play INEC Official  (NAN)