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…]
Nigeria has a total Treasury Bills (T-Bills) debt of N10.4 trillion, a 60% rise in just three months, according to data from the Debt Management Office (DMO). This is the largest T-Bills debt balance on record based on an analysis by Nairalytics, the research arm of Nairametrics, dating back to at least 2010 per central … [Read more…]
Nigeria’s external reserve hit a new milestone in June, rising to $34.07 billion, the highest level since March 2024. This information comes from the Central Bank’s external reserve position as of June 26, 2024. Nairametrics reported last week that the external reserve reached a three-month high when it rose to $33.5 billion. Reserves have continued … [Read more…]
President Bola Ahmed Tinubu’s efforts at stabilising the economy and scaling up support for the most vulnerable citizens have received a $2.25 billion World Bank boost. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, broke the news of two major financial support packages in a statement last night. They include $1.5 … [Read more…]
There is no N5.4trillion provision for fuel subsidy this year, the Presidency said yesterday. It said its position on fuel subsidy removal has not changed. In a statement by Mr Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, the presidency said subsidy on fuel ended in May last year. It said: “Our … [Read more…]