• Low-income, developing countries to access new $50b IMF funding Federal Government, yesterday, said the World Bank-supported $750 million COVID-19 Action Recovery and Economic Stimulus, also known as NG-CARES, will leverage on existing job creation, wealth creation and poverty reduction …
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To increase cocoa production from the current 250,000 metric tonnes (MT) to 500,000MT in the next five years, the Cocoa Farmers Association of Nigeria (CFAN) has urged the Federal Government to establish a development fund. CFAN, in a communiqué issued …
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A former Managing Director of Alpha Beta Consulting, Dapo Apara, the All Progressives Congress leader, Bola Tinubu; and the current Managing Director of the company, Akin Doherty, have begun discussions on a possible out-of-court settlement following allegations that Tinubu ordered …
Read More »Nigeria’s total import bill for the period January to September 2021 rose to $8.92bn from $4.29bn in the same period of 2020, according to a report. This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr …
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The National Bureau of Statistics disclosed on Monday that Nigeria’s headline inflation rate rose to 15.36 per cent in December 2021. Earlier data from the NBS showed that headline inflation had maintained a consecutive decline for a period of eight …
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The Manufacturers Association of Nigeria says the implementation of the Central Bank of Nigeria’s Covid-19 intervention funds and other similar initiatives of the Federal Government have fallen short of its expectations. It said the various credit facilities and supports earmarked …
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The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 per cent to $500m in October 2021, from $660m recorded in September. The CBN disclosed these figures in its latest monthly economic report (October) …
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The Nigeria’s total debt stock rose from N32.9tn as of December 2020 to N39.6tn in November 2021, media has learnt. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed …
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The value of capital imported into Nigeria in the third quarter of 2021 stood at $1.73 billion from $875.62 million in the preceding quarter of 2021, the National Bureau of Statistics (NBS) has said. According to a report published by …
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The Federal Government is planning to source $1.5bn (N620bn) loan from pension funds to support its proposed N7.73tn investment in transport infrastructure over the next five years. Specifically, the government is seeking to obtain the facility to finance transport sector …
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The International Monetary Fund says crypto currencies’ high volatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries with widespread crypto adoption. The IMF disclosed this in a blogpost …
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The Nigeria Labour Congress has directed its members, affiliate unions, and civil society partners to prepare for the planned January 27 and February 1 nationwide protests against the proposed removal of fuel subsidy by the Federal Government. The congress also …
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The National Association of Nigerian Students in the South-West zone has condemned the Federal Government’s plan to introduce N10 per litre tax on carbonated drinks. The Minister of Finance, Budget and National Planning, Zainab Ahmed, recently announced the plan while …
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A new report has said likely stronger dollar demand will convince the Central Bank of Nigeria of the need to tighten monetary conditions as with the trend across global central banks to manage foreign exchange reserve depletion. Sigma Pensions said …
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Foreign investors appear to have boycotted the Nigerian market as capital importation has dropped by $4.08bn (N1.68tn) in one year, latest statistics have shown Between January and September 2020, total capital importation amounted to $8.55bn, data from the National Bureau …
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The Federal Government’s excessive borrowing from the Central Bank of Nigeria through the Means and Ways Advances window can have adverse effects on the apex bank’s monetary policy and subsequently harm domestic prices and exchange rates. This was disclosed in …
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The reign of the bulls continued unabated on the equities sector of the Nigerian Exchange Limited (NGX), as many blue-chip stocks, especially BUA Foods and Academy Press join the league of gainers, resulting in a further rise in the All-Share …
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The Federal Government spent $1.68bn on food importation from January to September last year. The Central Bank of Nigeria disclosed this in a report on sectoral utilisation of foreign exchange for the third quarter of 2021. According to the CBN, …
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• Nigerians to pay VAT on digital services The Federal Government has introduced an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages. Excise duty is a form of tax imposed on the production, licensing and …
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Nigerians may have to pay more for digital services as the Federal Government has introduced a policy requiring foreign companies that provide digital services in the country to collect and remit Value Added Tax to the Federal Inland Revenue Service. …
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