The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis. He, therefore, … [Read more…]
The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ and low of N720/$ before … [Read more…]
The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The … [Read more…]
The three tiers of government on Friday shared a total sum of N1.088.783 trillion as revenue allocation for November. The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja. According to the committee, the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax … [Read more…]
Federal Inland Revenue Service (FIRS) has granted taxpayers and businesses full waiver on accumulated penalties and interests for outstanding tax liabilities. Chairman of the revenue service, Zacch Adedeji, made the decision known in a notice he signed. The agency imposes penalties and interests for failure by companies to fulfil their tax obligation as and when … [Read more…]
With plans by the Central Bank of Nigeria (CBN) to introduce a new capital base for deposit money banks in Nigeria, economists have cautioned the apex bank from making some mistakes made during the last recapitalisation of commercial banks in the country. The Founder of Centre for Promotion of Private Enterprise, Muda Yusuf; and Prof Segun … [Read more…]
Governor of Central Bank of Nigeria, CBN, Mr Yemi Cardoso said yesterday that the apex bank will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation and achieve exchange rate stability. The CBN, according to him, will also conduct a new recapitalisation exercise for the banking industry, by directing … [Read more…]
Odengene Air Shuttle (OAS) Helicopters; an offshore and allied aviation services company, has announced acquisition of a new equipment, 2023 model Leonardo AW-139. OAS, one of the leading indigenous helicopter companies with many years of experience, known for efficiency, safety and a multi-services provider in the sub-sector in a statement issued on Friday, said that … [Read more…]
The Central Bank of Nigeria (CBN) has warned against the rejection of any bank notes it has issued in line with the provision of the CBN Act 2007. This comes amidst fears that the old banknotes may cease to be legal tender by December 2023. On March 3, the Supreme court had ordered that old … [Read more…]
The Central Bank of Nigeria (CBN), has started clearing over $10 billion foreign exchange backlogs of commercial banks and foreign airline operators. This is as the apex bank also assured the public that it has enough volume of banknotes to go around even in the approaching festive period, calling off allegations of cash in the … [Read more…]
The federal government has approved a supplementary budget totaling N2.1 trillion. The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa. Bagudu explained, “We submitted a supplementary budget, and the council considered … [Read more…]
Inflation rate is projected to increase by 83 basis points (bps) year-on-year (y/y) to 27.54 in October. The figure would represent a 1.9 per cent rise when compared to 26.72 per cent recorded in September. According to Cordros Capital Research, there are indications that food prices will temper in October due to the impact of … [Read more…]