The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 per cent from 7.5 per cent. The Minister, in a statement signed by him, affirmed that the VAT rate as contained in relevant … [Read more…]
Vice President Kashim Shettima has called an urgent meeting with the Minister of State for Petroleum, Heineken Lokpobiri, and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address the ongoing fuel scarcity across the country. The meeting, held on behalf of President Bola Tinubu, who is currently on … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE). As of December 31, 2023, NNPC has repaid $625 million of the principal … [Read more…]
Currency traders have attributed the persistent weakening of the naira and the volatility of the foreign exchange market to the lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). The BDC operators, who admitted to the positive impact of the dollar sales by the … [Read more…]
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry. Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in … [Read more…]
The Central Bank of Nigeria has auctioned a total sum of $876.26m to 26 qualified banks, who participated in the latest Retail Dutch Auction System undertaken by the apex bank. The auction process conducted on Tuesday, August 6, 2024, aimed to enhance FX liquidity in the market, alleviate demand pressure, and support price discovery in … [Read more…]
Nigeria’s Central Bank approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Nairametrics. According to the apex bank, the bailout is aimed at strengthening the stability of Nigeria’s financial system, as confirmed in an official letter from the CBN, … [Read more…]
The naira continued its recovery against the American dollar on Tuesday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency gained N6 to trade at N1,601/$1, down from N1,607/$1 it traded on Monday. The intra-day high and low recorded during the day were N1,623/$1 and N1,560/$1 respectively, representing a very … [Read more…]
The nationwide protest that kicked off on Aug. 1 across Nigeria, to draw the attention of President Bola Tinubu to the economic challenges confronting Nigerians, soon snowballed into a conflagration. Scores of innocent Nigerians were mowed, and others had their businesses wantonly looted. Yet again, government offices were destroyed, equipment carted away, and quite a … [Read more…]
The International Monetary Fund (IMF) has cut its forecast for Nigeria’s economic growth in 2024 to 3.1%. The downgrade is contained in a newly released report ‘in the July 2024 World Economic Outlook’ published Tuesday. The IMF cited a weaker growth recorded in the first quarter of the year, Q1’24 as reason for the new … [Read more…]
Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024, according to the latest data from the National Bureau of State Statistics (NBS). This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS. “In June 2024, the headline inflation rate increased … [Read more…]
The Federal Inland Revenue Service (FIRS) says tax collection in the first quarter of the year increased by 56% to N3.94 trillion when compared to the N2.52 trillion it collected in the same period of last year. According to the News Agency of Nigeria (NAN), the Special Adviser to the FIRS Chairman, Femi Olarinde made this statement … [Read more…]